<SEC-DOCUMENT>0001193125-19-176599.txt : 20190619
<SEC-HEADER>0001193125-19-176599.hdr.sgml : 20190619
<ACCEPTANCE-DATETIME>20190619172436
ACCESSION NUMBER:		0001193125-19-176599
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190618
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190619
DATE AS OF CHANGE:		20190619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEABODY ENERGY CORP
		CENTRAL INDEX KEY:			0001064728
		STANDARD INDUSTRIAL CLASSIFICATION:	BITUMINOUS COAL & LIGNITE SURFACE MINING [1221]
		IRS NUMBER:				134004153
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16463
		FILM NUMBER:		19906850

	BUSINESS ADDRESS:	
		STREET 1:		701 MARKET ST
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63101-1826
		BUSINESS PHONE:		3143423400

	MAIL ADDRESS:	
		STREET 1:		701 MARKET ST
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63101-1826

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	P&L COAL HOLDINGS CORP
		DATE OF NAME CHANGE:	19980623
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>d694538d8ka.htm
<DESCRIPTION>8-K/A
<TEXT>
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<TITLE>8-K/A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT
STYLE="white-space:nowrap">8-K/A</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;1) </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): June&nbsp;18, 2019 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>PEABODY ENERGY CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-16463</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">13-4004153</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>701 Market Street, St. Louis, Missouri</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>63101-1826</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (314)
<FONT STYLE="white-space:nowrap">342-3400</FONT> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b) of the Act: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on which registered</B></P></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Common Stock, par value $0.01 per share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BTU</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Explanatory Note </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Peabody Energy Corporation, a Delaware corporation, is filing this Amendment No.&nbsp;1 to Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT>
(this &#147;<U>Amendment</U>&#148;) to amend its Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> as originally filed with the U.S. Securities and Exchange Commission on June&nbsp;19, 2019 (the &#147;<U>Original Form <FONT
STYLE="white-space:nowrap">8-K</FONT></U>&#148;), solely for the purpose of filing a copy of the Implementation Agreement referenced therein as Exhibit 2.1 to the Original Form <FONT STYLE="white-space:nowrap">8-K</FONT> and to revise the last
paragraph of Item 1.01 and the exhibit index in Item 9.01 of the Original Form <FONT STYLE="white-space:nowrap">8-K</FONT> to reflect that the Implementation Agreement is being filed as an exhibit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as noted above, this Amendment does not modify or update in any way the disclosures made in the Original Form
<FONT STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Entry into a Material Definitive Agreement. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June&nbsp;18, 2019, Peabody Energy Corporation, a Delaware corporation (&#147;<U>Peabody</U>&#148;), entered into a definitive implementation agreement (the
&#147;<U>Implementation Agreement</U>&#148;) with Arch Coal, Inc., a Delaware corporation (&#147;<U>Arch</U>&#148;), to establish a joint venture that will combine the respective Powder River Basin and Colorado mining operations of Peabody and Arch.
Pursuant to the terms of the Implementation Agreement, Peabody will hold a 66.5% economic interest in the joint venture and Arch will hold a 33.5% economic interest. At the closing, certain of the respective subsidiaries of Peabody and Arch will
enter into an Amended and Restated Limited Liability Company Agreement (the &#147;<U>LLC Agreement</U>&#148;) in substantially the form attached as an exhibit to the Implementation Agreement. Under the terms of the LLC Agreement, the governance of
the joint venture will be overseen by the joint venture&#146;s board of managers, which will initially be comprised of three representatives appointed by Peabody and two representatives appointed by Arch. Decisions of the board of managers will be
determined by a majority vote subject to certain specified matters set forth in the LLC Agreement that will require a supermajority vote. Peabody, or one of its affiliates, will initially be appointed as the operator of the joint venture and will
manage the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of the joint venture, subject to the supervision of the joint venture&#146;s board of managers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Formation of the joint venture is subject to customary closing conditions, including the termination or expiration of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the receipt of certain other required regulatory approvals and the absence of injunctions or other legal restraints preventing the formation of the joint venture. The obligation of
Peabody to consummate the transaction is also conditioned upon Peabody having obtained consents or refinanced all outstanding indebtedness under Peabody&#146;s existing senior secured credit facility, the indenture governing Peabody&#146;s 6.000%
Notes due 2022 and 6.375% Notes due 2025 and Peabody&#146;s existing receivables securitization facility. The obligation of Arch to consummate the transaction is also conditioned upon (a)&nbsp;Arch having obtained consents or refinanced all
outstanding indebtedness under Arch&#146;s senior secured term loan facility, Arch&#146;s inventory based revolving credit facility and Arch&#146;s existing accounts receivable securitization facility and (b)&nbsp;Arch having either obtained an
exemptive order from the U.S. Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) or other exemptive determination under the Investment Company Act of 1940 (the &#147;<U>1940 Act</U>&#148;). Formation of the joint venture does not
require approval of the respective stockholders of either Peabody or Arch. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Implementation Agreement contains customary representations, warranties
and covenants, including an obligation for each of Peabody and Arch to use its best efforts to take all actions necessary to obtain required regulatory approvals, subject to the limitations set forth in the Implementation Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Implementation Agreement may be terminated by mutual written agreement of Peabody and Arch and by either Peabody or Arch if, among other things, the
closing has not occurred on or prior to December&nbsp;18, 2020, except that (a)&nbsp;the right to terminate will not be available to a party whose failure to perform any of its obligations under the Implementation Agreement has been a principal
cause of or resulted in the failure of the closing to occur on or prior to such date and (b)&nbsp;the right to terminate will not be available to Arch until June&nbsp;18, 2021 if all closing conditions have been satisfied other than the receipt by
Arch of an exemptive order (or other determination) under the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, if the closing has not occurred on or prior to June&nbsp;18, 2020
and all required regulatory approvals have not been obtained, the Implementation Agreement may be terminated by either Peabody or Arch no later than June 29, 2020 following written notice and the payment by the terminating party to the <FONT
STYLE="white-space:nowrap">non-terminating</FONT> party of a termination fee of $40&nbsp;million; <U>provided</U>, <U>however</U>, that the <FONT STYLE="white-space:nowrap">non-terminating</FONT> party may elect to extend the Implementation
Agreement until September&nbsp;18, 2020. If the <FONT STYLE="white-space:nowrap">non-terminating</FONT> party exercises this option to extend, the termination fee payable to the <FONT STYLE="white-space:nowrap">non-terminating</FONT> party by the
terminating party if the closing does not occur on or prior to September&nbsp;18, 2020 will be reduced to $25&nbsp;million. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as set forth above, neither party will be required to pay a termination fee if the Implementation
Agreement is terminated. If all closing conditions have been satisfied other than the receipt by Arch of an exemptive order (or other determination) under the 1940 Act, Arch will reimburse Peabody for regulatory transaction expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the Implementation Agreement and the LLC Agreement and the transactions contemplated thereby does not purport to be complete and
is subject to, and qualified in its entirety by reference to, the Implementation Agreement, including the form of LLC Agreement attached as an exhibit thereto, a copy of which is filed as Exhibit 2.1 hereto and is incorporated by reference herein.
The Implementation Agreement, including the form of LLC Agreement attached as an exhibit thereto, is included solely to provide investors with information regarding its terms. It is not intended to provide any other factual information about
Peabody, Arch or the operations of their respective businesses. In particular, the assertions embodied in the representations and warranties in the Implementation Agreement were made as of a specified date, are modified or qualified by information
in confidential disclosure letters prepared in connection with the execution and delivery of the Implementation Agreement, may be subject to a contractual standard of materiality different from what might be viewed as material to shareholders, or
may have been used for the purpose of allocating risk between the parties. Accordingly, the representations and warranties in the Implementation Agreement are not necessarily characterizations of the actual state of facts about Peabody, Arch or the
operations of their respective businesses at the time they were made or otherwise and should only be read in conjunction with the other information that Peabody makes publicly available in reports, statements and other documents filed with the SEC.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Regulation FD Disclosure. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June&nbsp;19, 2019, Peabody issued a press release that includes, among other matters, information related to the Implementation Agreement. A copy of the
press release is furnished as Exhibit 99.1 hereto and is incorporated into this Item 7.01 by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, on June&nbsp;19, 2019, Peabody
posted on the &#147;Investor Center&#148; section of Peabody&#146;s website, www.peabodyenergy.com, an investor presentation by Peabody that includes, among other matters, information related to the Implementation Agreement. A copy of the investor
presentation posted by Peabody is furnished as Exhibit 99.2 hereto and is incorporated into this Item 7.01 by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information set forth in and
incorporated into this Item 7.01 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and Exhibit 99.1 and Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> and shall not
be deemed to be &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated
by reference into any of Peabody&#146;s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the
extent expressly set forth by specific reference in such a filing. The filing of this Item 7.01 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> shall not be deemed an admission as to the materiality of any information
herein that is required to be disclosed solely by reason of Regulation FD. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>2.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d694538dex21.htm">Implementation Agreement, dated as of June&nbsp;18, 2019, between Peabody Energy Corporation and Arch Coal, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1064728/000119312519176043/d762324dex991.htm">Press Release, dated June&nbsp;
19, 2019 (incorporated by reference to Exhibit 99.1 to the Original Form <FONT STYLE="white-space:nowrap">8-K).</FONT> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1064728/000119312519176043/d762324dex992.htm">Investor Presentation, dated June&nbsp;19, 2019 (incorporated by reference to Exhibit 99.2 to the Original Form <FONT
STYLE="white-space:nowrap">8-K).</FONT> </A></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Certain schedules to the Implementation Agreement have been omitted pursuant to Item 601(a)(5) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> Peabody hereby undertakes to furnish copies of any of the omitted schedules upon request by the SEC. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed </P></TD></TR></TABLE>
</DIV></Center>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Note Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The press release, investor presentation and related statements by management contain forward-looking statements within the meaning of the
securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as &#147;expects,&#148; &#147;anticipates,&#148;
&#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;seeks,&#148; &#147;estimates,&#148; &#147;projects,&#148; &#147;forecasts,&#148; &#147;targets,&#148; &#147;would,&#148; &#147;will,&#148; &#147;should,&#148; &#147;goal,&#148;
&#147;could&#148; or &#147;may&#148; or other similar expressions. Forward-looking statements provide management&#146;s current expectations or predictions of future conditions, events or results. All statements that address operating performance,
events or developments that Peabody expects or anticipates will occur in the future are forward-looking statements. They may include estimates of value accretion, joint venture synergies, closing of the joint venture, revenues, income, earnings per
share, cost savings, capital expenditures, dividends, share repurchases, liquidity, capital structure, market share, industry volume, or other financial items, descriptions of management&#146;s plans or objectives for future operations or
descriptions of assumptions underlying any of the above. All forward-looking statements speak only as of the date they are made and reflect Peabody&#146;s good faith beliefs, assumptions and expectations, but they are not guarantees of future
performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are
beyond Peabody&#146;s control, including (i)&nbsp;risks that the proposed joint venture may not be completed, including as a result of a failure to obtain required regulatory approvals, (ii)&nbsp;risks that the anticipated synergies from the
proposed joint venture may not be fully realized, including as a result of actions necessary to obtain regulatory approvals, (iii)&nbsp;other factors that are described in Peabody&#146;s Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2018 and (iv)&nbsp;other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody&#146;s
website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="45%"></TD>
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<TD WIDTH="4%"></TD>
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<TD WIDTH="4%"></TD>
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<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>PEABODY ENERGY CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">June&nbsp;19, 2019</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Amy B. Schwetz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Amy B. Schwetz</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>d694538dex21.htm
<DESCRIPTION>EX-2.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-2.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IMPLEMENTATION AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PEABODY ENERGY
CORPORATION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARCH COAL,
INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of June&nbsp;18, 2019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">DEFINITIONS AND GENERAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Definitions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Rules of Construction</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Headings</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Exhibits and Schedules</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">JOINT VENTURE FORMATION AND CONTRIBUTIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Formation of the JV Company</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganizations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Transfer of Peabody Transferred Subsidiaries and Peabody Contributed Assets to the JV Company</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Transfer of Arch Transferred Subsidiaries and Arch Contributed Assets to the JV Company</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Excluded Assets</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Assumed Liabilities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Excluded Liabilities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Transfer Taxes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">CLOSING</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Closing</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Deliveries by Peabody at Closing</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Deliveries by Arch at Closing</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Closing Capital Call</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Net Working Capital Adjustment</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">REPRESENTATIONS AND WARRANTIES OF PEABODY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Due Organization; Good Standing; Power</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Authorization and Validity of Agreements</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Absence of Conflicts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Consents</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Financial Information; Absence of Undisclosed Liabilities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Material Changes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Real Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Title to Tangible Personal Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Compliance with Laws; Permits</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Taxes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Legal Proceedings</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Sufficiency and Condition of Assets</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Material Contracts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Intellectual Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Labor Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Employee Benefits</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Environmental Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Mining; Financial Assurances</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Insurance</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Peabody Transferred Subsidiaries</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Broker&#146;s Fees</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Other Representations or Warranties by Arch</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">REPRESENTATIONS AND WARRANTIES OF ARCH</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Due Organization; Good Standing; Power</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Authorization and Validity of Agreements</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Absence of Conflicts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Consents</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Financial Information; Absence of Undisclosed Liabilities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Material Changes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Real Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Title to Tangible Personal Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Compliance with Laws; Permits</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Taxes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Legal Proceedings</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Sufficiency and Condition of Assets</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Material Contracts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Intellectual Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Labor Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Employee Benefits</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Environmental Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Mining; Financial Assurances</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Insurance</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Arch Transferred Subsidiaries</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Broker&#146;s Fees</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Other Representations or Warranties by Peabody</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">COVENANTS OF THE PARTIES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conduct of Business</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Notice of Certain Events</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Access to Information</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Required Efforts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Public Announcements</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Branding and Cooperation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U><FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Assets</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Improper or Unintended Transfers</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Employee Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Replacement of Financial Assurances</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Reorganizations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Insurance</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Termination of Affiliate Contracts and Intercompany Accounts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Further Assurances</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Bulk Transfer Laws</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Confidentiality</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Resignations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Guarantees</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Right of First Refusal</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Intellectual Property Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Tax Covenants</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Arch Royalty Credits</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Federal Leases</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VII</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">CLOSING CONDITIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Mutual Conditions of Closing</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conditions to Peabody&#146;s Obligation to Effect the Closing</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conditions to Arch&#146;s Obligation to Effect the Closing</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VIII</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">INDEMNIFICATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Survival of Representations, Warranties and Covenants</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Indemnification by Peabody</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Indemnification by Arch</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Indemnification by the JV Company</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Limitation of Liability</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Notice of Claim</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Direct Claims</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Defense of Third Party Claims</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Duplicate Recovery</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Duty to Mitigate; Adjustments</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Exclusive Remedy</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Waiver of Right to Rescission</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IX</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">TERMINATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Termination</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Effect of Termination</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Fees and Expenses</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Return of Documentation and Confidentiality</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE X</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">GENERAL PROVISIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Notices</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Governing Law; Consent to Jurisdiction; Venue</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Waiver of Jury Trial</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Entire Agreement</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Third-Party Beneficiaries</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Severability</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Extension; Waiver</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Specific Performance</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

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<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Amendments</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Assignment</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Counterparts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Time of the Essence</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedules </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule
1.1(a) &#150; Arch Mining Sites </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule 1.1(b) &#150; Peabody Mining Sites </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule 2.5(e) &#150; Excluded Properties </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule 3.5 &#150;
Net Working Capital Calculations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule 7.1(c) &#150; Required Regulatory Approvals </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibits </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit A &#150; Form of LLC Agreement </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This IMPLEMENTATION AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of June&nbsp;18, 2019, is between PEABODY ENERGY CORPORATION, a
Delaware corporation (&#147;<U>Peabody</U>&#148;), and ARCH COAL, INC., a Delaware corporation (&#147;<U>Arch</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS,
Peabody and Arch desire to form a joint venture to own, manage and operate the Peabody Business and the Arch Business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, in
furtherance of the foregoing, subject to the terms and conditions set forth herein, at the Closing, Peabody shall contribute the Peabody Contributed Assets and the Peabody Transferred Subsidiaries to the JV Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, in furtherance of the foregoing, subject to the terms and conditions set forth herein, at the Closing, Arch shall contribute the Arch
Contributed Assets and the Arch Transferred Subsidiaries to the JV Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, in furtherance of the foregoing, subject to the
terms and conditions set forth herein, at the Closing, Peabody and Arch shall cause the JV Company to assume, directly or indirectly, the Peabody Assumed Liabilities and the Arch Assumed Liabilities; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, on the Closing Date, subject to the terms and conditions set forth herein, Peabody and Arch (or one of their respective wholly-owned
Subsidiaries) shall enter into the LLC Agreement to govern their respective rights, interests and obligations with respect to the JV Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the premises and the respective representations, warranties, covenants, agreements and conditions contained
herein, the Parties agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE I </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DEFINITIONS AND GENERAL </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.1. <U>Definitions</U>. In this Agreement (including the recitals and the Schedules hereto), the following terms shall have the
respective meanings set forth below and grammatical variations of such terms shall have the corresponding meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>1940
Act</U>&#148; means the Investment Company Act of 1940, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Accounting Firm</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;3.5(c)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Accounting Principles</U>&#148; means (a)&nbsp;the principles, procedures and
methodologies set forth on <U>Schedule 3.5</U> and (b)&nbsp;with respect to any matter not covered by <U>clause (a)</U>, GAAP, consistently applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any Person, any Person which directly or indirectly Controls, or is Controlled by, or is
under common Control with, that Person; <U>provided</U>, <U>however</U>, </P>
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that for purposes of this Agreement, (a)&nbsp;after the Closing, the JV Entities shall be deemed not to be Affiliates of either Party and (b)&nbsp;Wyoming Quality Healthcare Coalition, LLC and
its Subsidiaries shall be deemed not to be Affiliates of Peabody. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; has the meaning set forth in the preamble
hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Antitrust Laws</U>&#148; means the Sherman Antitrust Act, the Clayton Antitrust Act of 1914, the HSR Act and all other
multinational, federal, state and foreign Laws and Orders that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger, joint
venture or acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch</U>&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Assumed Liabilities</U>&#148; means all Liabilities (other than Excluded Liabilities) of Arch and its Affiliates to the extent
relating to, arising out of or associated with the Arch Contributed Assets or the operation or conduct of the Arch Business, whether arising prior to, on or after the Closing Date (and whether accrued, contingent, unasserted or otherwise),
including: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) all Environmental Liabilities to the extent relating to, arising out of or associated with the Arch Contributed Assets or
the operation or conduct of the Arch Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all Liabilities under Contracts (or portions of Contracts) included in the Arch
Contributed Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all capitalized lease obligations to the extent relating to, arising out of or associated with the Arch
Contributed Assets or the operation or conduct of the Arch Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) all Liabilities under the Arch Financial Assurances; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) all Liabilities in respect of any Proceeding, pending or threatened, and claims, whether or not presently asserted, to the extent relating
to, arising out of or associated with the Arch Contributed Assets or the operation or conduct of the Arch Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) all Liabilities in
respect of Reclamation and Mine Closure (including reporting obligations and costs) to the extent relating to, arising out of or associated with the Arch Contributed Assets or the operation or conduct of the Arch Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) all Transferred Employee Liabilities in respect of any Arch Business Employees who are Transferred Employees; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) all Liabilities for Taxes described in <U>Schedule 3.5</U> and specifically included in Arch Net Working Capital as finally determined
pursuant to <U>Section</U><U></U><U>&nbsp;3.5(c)</U> and specifically identified as such; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) all Liabilities, including any
indemnification obligations, in connection with any divestiture or disposal of any Arch Contributed Assets pursuant to <U>Section</U><U></U><U>&nbsp;6.4(e)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Balance Sheet</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;5.5(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Benefit Plan</U>&#148; means any Employee Benefit Plan sponsored, maintained or
contributed to, or required to be contributed to, by Arch or any ERISA Affiliate of Arch providing benefits to any Arch Business Employees or any of their respective dependents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Business</U>&#148; means (a)&nbsp;the business of Arch and its Affiliates with respect to the Arch Mining Sites, including the
exploration, mining, processing, blending, refining, storing, loading, marketing, selling, trading, shipping, transporting and delivering of coal and <FONT STYLE="white-space:nowrap">non-coal</FONT> gases or minerals at or from the Arch Mining
Sites, and (b)&nbsp;any Reclamation and Mine Closure activities associated with any of the Arch Mining Sites. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Business
Employee</U>&#148; means any employee of Arch or its Affiliates who is employed primarily in connection with the Arch Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Contributed Assets</U>&#148; means all of the right, title and interest of Arch and each of its Affiliates in or to each of the
following (in each case, excluding any Excluded Assets) as the same shall exist as of the Closing Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Arch Mining Sites; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(A) all real property owned by Arch and its Affiliates located in the Area of Interest (including any Arch Mining Sites that
constitute owned real property, the &#147;<U>Arch Owned Real Property</U>&#148;) and (B)&nbsp;all leasehold estates in real property located in the Area of Interest leased by Arch or any of its Affiliates (including any Arch Mining Sites that
constitute leased real property, the &#147;<U>Arch Leases</U>&#148;), in each case together with (1)&nbsp;all Mining Rights related or appurtenant thereto, (2)&nbsp;all the immovable property, easements, rights of way, use rights and other
appurtenances related thereto, and (3)&nbsp;all plant, buildings, structures, improvements and fixtures (including fixed machinery and fixed equipment) located thereon or forming part thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all inventories, raw materials, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">work-in-process,</FONT></FONT> finished
goods, purchased goods, merchandise held for resale, materials and supplies, spare parts and stores, including <FONT STYLE="white-space:nowrap">in-transit</FONT> inventories and all coal inventory located at, mined or extracted from the Arch Mining
Sites; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) all assets under any Assumed Arch Benefit Plans required to be transferred to the JV Company or its Affiliates pursuant to
<U>Section</U><U></U><U>&nbsp;6.9</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) all rights, claims, causes of action, credits or rights of
<FONT STYLE="white-space:nowrap">set-off</FONT> against third parties, whether liquidated or unliquidated, fixed or contingent, warranties (whether express or implied), rights of indemnification, hold harmless agreements, covenants not to prosecute
and other similar arrangements to the extent relating to any other Arch Contributed Assets or any Arch Assumed Liabilities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) all rights
under all covenants and warranties to the extent related to any other Arch Contributed Assets or the operation or conduct of the Arch Business, express or implied (including title warranties and manufacturers&#146;, suppliers&#146; and
contractors&#146; warranties); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) all insurance proceeds, reserves, benefits or claims under the insurance policies
maintained by Arch and its Affiliates to the extent relating to any other Arch Contributed Assets or any Arch Assumed Liabilities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) all
books and records to the extent relating to any other Arch Contributed Assets or any Arch Assumed Liabilities (including, to the extent permitted by applicable Law, all personnel records for Transferred Employees); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) all machinery, equipment, vehicles, transportation equipment (including rail tracks and platforms) and other Tangible Personal Property
(whether owned or leased), in each case, used or held for use by Arch or any of its Affiliates primarily in connection with or otherwise primarily related to the Arch Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) all Contracts and portions of Contracts that have continuing rights or obligations, in each case, used or held for use by Arch or any of
its Affiliates primarily in connection with or otherwise primarily related to the Arch Business (subject to the receipt of any required consents to assignment or transfer); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) all Permits (to the extent such Permits are transferable pursuant to applicable Law), in each case, used or held for use by Arch or any of
its Affiliates primarily in connection with or otherwise primarily related to the Arch Business (the &#147;<U>Arch Contributed Permits</U>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) all accounts receivable (whether billed or unbilled), rebates, notes and negotiable instruments, in each case, used or held for use by Arch
or any of its Affiliates primarily in connection with or otherwise primarily related to the Arch Business, other than trade accounts receivable; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) all deposits and prepaid expenses paid by Arch or one of its Affiliates, in each case, used or held for use by Arch or any of its
Affiliates primarily in connection with or otherwise primarily related to the Arch Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) subject to
<U>Section</U><U></U><U>&nbsp;6.22</U>, all Arch Royalty Credits; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) all goodwill and going concern value incident thereto, in each case,
used or held for use by Arch or any of its Affiliates primarily in connection with or otherwise primarily related to the Arch Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) all Tax Assets described in <U>Schedule 3.5</U> and specifically included in Arch Net Working Capital as finally determined pursuant to
<U>Section</U><U></U><U>&nbsp;3.5(c)</U> and specifically identified as such; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) all of the other properties, assets and rights that
are used or held for use by Arch or any of its Affiliates primarily in connection with or otherwise primarily related to the Arch Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Contributed Permits</U>&#148; has the meaning set forth in the definition of &#147;Arch Contributed Assets&#148; in this
<U>Section</U><U></U><U>&nbsp;1.1</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Disclosure Letter</U>&#148; has the meaning set forth in <U>Article V</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Entities</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Financial Assurances</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.18(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Financial Statements</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.5(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Fundamental Representations</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.1(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Indemnified Party</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Leases</U>&#148; has the meaning set forth in the definition of &#147;Arch Contributed Assets&#148; in this
<U>Section</U><U></U><U>&nbsp;1.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Material Adverse Effect</U>&#148; means any fact, circumstance, effect, change,
event or development that, individually or in the aggregate, (a)&nbsp;has had or would reasonably be expected to have a material adverse effect on the business, assets, financial condition or results of operations of the Arch Business, the Arch
Contributed Assets and the Arch Assumed Liabilities, taken as a whole, excluding the Excluded Assets and the Excluded Liabilities, in each case excluding any fact, circumstance, effect, change, event or development to the extent that it results from
or arises out of (i)&nbsp;changes or conditions generally affecting the coal mining industry, including changes in the market price of thermal coal or other carbon based sources of energy or power, or any geographic markets in which the Arch
Business operates, (ii)&nbsp;general economic or political conditions or securities, credit, financial or other capital markets conditions, including changes in interest rates or exchange rates, in each case in the United States or any foreign
jurisdiction, (iii)&nbsp;an act of terrorism, sabotage or cyber-intrusion, an outbreak or escalation of hostilities or war (whether declared or not declared) or any fire, hurricane, tornado, flood, earthquake or other natural disaster, (iv)&nbsp;any
failure, in and of itself, of the Arch Business to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings, production or other financial or operating metrics for any period (it being agreed
that the underlying facts or circumstances giving rise to or contributing to such failure may be deemed to constitute, or be taken into account in determining whether there has been or would reasonably be expected to be, an Arch Material Adverse
Effect), (v) changes after the date hereof in applicable Law or GAAP (or any authoritative interpretation thereof), or (vi)&nbsp;the public announcement or pendency of the transactions contemplated by this Agreement, including the impact thereof on
relationships, contractual or otherwise, of Arch and its Affiliates with employees, distributors, customers, suppliers, regulators or partners (<U>provided</U> that the exception in this <U>clause (vi)</U>&nbsp;shall not apply with respect to
representations and warranties in <U>Sections</U><U></U><U>&nbsp;5.3</U> and <U>5.4</U>); <U>provided</U>, <U>however</U>, that any fact, circumstance, effect, change, event or development referred to in <U>clauses</U><U></U><U>&nbsp;(a)(i)</U>,
<U>(ii)</U>, <U>(iii)</U> or <U>(v)</U>&nbsp;may be taken into account in determining whether there has been or would reasonably be expected to be an Arch Material Adverse Effect to the extent such fact, circumstance, effect, change, event or
development has a materially disproportionate effect on the Arch Business relative to other participants in the coal mining industry in the Area of Interest; or (b)&nbsp;would reasonably be expected to prevent or materially impair or delay the
ability of Arch and its Affiliates to consummate the transactions contemplated hereby. For purposes of <U>clause (a)</U>, an adverse effect shall be deemed to be </P>
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material if it has a value, individually or in the aggregate, equal to or in excess of $100,000,000, and shall be deemed not to be material if it has a value, individually or in the aggregate,
less than such amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Material Contract</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.13(a)</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Mining Sites</U>&#148; means all of Arch&#146;s and its Affiliates&#146; right, title and interest in and to the following
(in each case, excluding any Excluded Assets): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the active coal mining sites located in the Area of Interest that are set forth on
<U>Schedule 1.1(a)</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all undeveloped coal deposits located in the Area of Interest; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all inactive coal mining sites and closure or reclamation coal mining properties located in the Area of Interest, including Arch of
Wyoming. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Net Working Capital</U>&#148;, which may be a negative number, means (a)&nbsp;the current assets included in the
Arch Contributed Assets, as of 11:59 p.m. (New York City time) on the Business Day immediately prior to the Closing Date <U>minus</U> (b)&nbsp;the current liabilities included in the Arch Assumed Liabilities, as of 11:59 p.m. (New York City time) on
the Business Day immediately prior to the Closing Date, in each case calculated in accordance with the Accounting Principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Owned Real Property</U>&#148; has the meaning set forth in the definition of &#147;Arch Contributed Assets&#148; in this
<U>Section</U><U></U><U>&nbsp;1.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Pension Plan</U>&#148; means any defined benefit plan, program, agreement or
arrangement that is subject to Title IV of ERISA or the minimum funding requirements of Section&nbsp;302 of ERISA sponsored or maintained by Arch or its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Preliminary Statement</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.5(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Prepared Returns</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.21(a)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Properties</U>&#148; means the real properties that are Arch Contributed Assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Retained IP</U>&#148; means all Intellectual Property that is owned by Arch or any of its Affiliates or to which Arch or any of
its Affiliates otherwise has rights and that is used in connection with the operation or conduct of the Arch Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch
Retained Marks</U>&#148; means all trademarks, tradenames, servicemarks, trade dress, internet domain names and logos that are owned by Arch or any of its Affiliates or to which Arch or any of its Affiliates otherwise has rights, including the
&#147;Arch&#148; and &#147;Arch Coal, Inc.&#148; names, together with all variations, translations, acronyms and other derivations thereof and all other trademarks, tradenames, servicemarks, trade dress, internet domain names and logos containing,
incorporating or associated with any of the foregoing (together with all applications, registrations and renewals therefor). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Royalty Credits</U>&#148; means the federal royalty credits to be received by
Arch or its Affiliates pursuant to United States Senate Bill 47, Section&nbsp;1121. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Target Net Working Capital</U>&#148;
has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.5(b)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Transferred Subsidiaries Interests</U>&#148; has
the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.20</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Transferred Subsidiary</U>&#148; has the meaning set forth
in <U>Section</U><U></U><U>&nbsp;5.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Transferring Affiliate</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;5.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Area of Interest</U>&#148; means the states of Wyoming, Colorado and Montana. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assumed Arch Benefit Plan</U>&#148; means any Arch Benefit Plan to the extent set forth on Section&nbsp;1.1(a) of the Arch Disclosure
Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assumed Benefit Plan</U>&#148; means (a)&nbsp;any Assumed Peabody Benefit Plan and (b)&nbsp;any Assumed Arch Benefit
Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assumed Liabilities</U>&#148; means, collectively, the Peabody Assumed Liabilities and the Arch Assumed Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assumed Peabody Benefit Plan</U>&#148; means any Peabody Benefit Plan to the extent set forth on Section&nbsp;1.1(a) of the Peabody
Disclosure Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Black Lung Benefits Act</U>&#148; means the Black Lung Benefits Act, 30 U.S.C. &#167;&#167; 901 <I>et.
seq.</I>, the Black Lung Benefits Reform Act of 1977, Pub. L. <FONT STYLE="white-space:nowrap">No.&nbsp;95-239,</FONT> 92 Stat. 95 (1978), the Black Lung Benefits Amendments of 1981, Pub. L. <FONT STYLE="white-space:nowrap">No.&nbsp;97-119,</FONT>
95 Stat. 1643, the Black Lung Consolidation of Administrative Responsibility Act, Pub. L. <FONT STYLE="white-space:nowrap">No.&nbsp;107-275,</FONT> 116 Stat. 1925 and Section&nbsp;1556 of the Patient Protection and Affordable Care Act, Pub. L. <FONT
STYLE="white-space:nowrap">No.&nbsp;111-148,</FONT> &#167;1556, 124 Stat. 119. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business 401(k) Plan</U>&#148; has the meaning
set forth in <U>Section</U><U></U><U>&nbsp;6.9(h)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day, other than (a)&nbsp;a Saturday or a
Sunday or (b)&nbsp;a day on which banking and savings and loan institutions are authorized or required by Law to be closed in New York City. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control Payments</U>&#148; means the aggregate amount of all change of control, bonus, retention, termination, severance or
other payments that are payable by any Transferred Subsidiary to any Peabody Business Employees or Arch Business Employees, as the case may be, as a result of or in connection with the consummation of the transactions contemplated hereby, together
with any employer-paid portion of any employment and payroll taxes related thereto; <U>provided</U>, <U>however</U>, that in no event shall any bonus, termination, severance or other similar payments to any Peabody Business Employee or Arch Business
Employee, as the case may be, pursuant to any agreement or arrangement adopted or entered into by the JV Entities (including by the Transferred Subsidiaries at the written direction of the JV Company) after the date hereof or any <FONT
STYLE="white-space:nowrap">so-called</FONT> double trigger arrangement that is triggered by the termination of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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any Peabody Business Employees or Arch Business Employees, as the case may be, following the consummation of the transactions contemplated hereby be considered Change of Control Payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Charter Documents</U>&#148; means, with respect to any Person, (a)&nbsp;the articles or certification of formation, incorporation or
organization (or the comparable organizational documents) of such Person, (b)&nbsp;the bylaws or limited liability company agreement or regulations (or the comparable governing documents) of such Person and (c)&nbsp;each document setting forth the
designation, amount and relative rights, limitations and preferences of any class or series of equity ownership in such Person or any rights in respect of such Person&#146;s equity ownership interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Claim</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Statement</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.5(c)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Common Interest Agreement</U>&#148; means the Common Interest Agreement, dated as of January&nbsp;19, 2018, between Peabody and Arch,
as amended by the First Amendment to Common Interest Agreement, dated May&nbsp;28, 2019, between Peabody and Arch. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Confidentiality Agreement</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.3(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consent</U>&#148; means any consent, approval, authorization, license, permission, clearance, waiver, Permit or Order from any
Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Continuation Deadline</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;9.1(e)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Continuation Notice</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;9.1(e)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contract</U>&#148; means any legally binding agreement, indenture, contract, lease, deed of trust, royalty, license, option,
instrument, arrangement, understanding or other commitment, whether written or oral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contributed Assets</U>&#148; means,
collectively, the Peabody Contributed Assets and the Arch Contributed Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contributor Taxes</U>&#148; means any <FONT
STYLE="white-space:nowrap">(i)&nbsp;Pre-Closing</FONT> Taxes (A)&nbsp;of any Transferred Subsidiary or (B)&nbsp;otherwise relating to the Peabody Business or the Arch Business, (ii)&nbsp;Taxes of either Party or their respective Affiliates,
(iii)&nbsp;Taxes of any other Person for which any Transferred Subsidiary is liable (A)&nbsp;under Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.1502-6</FONT> (or any comparable provision of any state, local or foreign Law) as
a result of such Transferred Subsidiary being or having been a member of an affiliated, consolidated, combined, unitary or similar group for Tax </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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purposes prior to the Closing Date, (B)&nbsp;as a transferee or successor as a result of a transaction occurring prior to the Closing Date or (C)&nbsp;under any Contract entered into prior to the
Closing Date (other than any Contract the principal purpose of which is not the sharing of Taxes) or (iv)&nbsp;any Transfer Taxes attributable to the <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganizations of Arch or Peabody, as the case
may be; <U>provided</U> that Taxes described in this definition shall not include any Liabilities for Taxes described in <U>Schedule 3.5</U> and specifically included in Peabody Net Working Capital or Arch Net Working Capital, as the case may be, as
finally determined pursuant to <U>Section</U><U></U><U>&nbsp;3.5(c)</U> and specifically identified as such. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Control</U>&#148;
means possession, directly or indirectly, of the power to direct or cause the direction of management and policies through ownership of voting shares, interests or securities, or by contract, voting trust or otherwise; and
&#147;<U>Controlled</U>&#148; and &#147;<U>Controlling</U>&#148; shall have corresponding meanings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Direct Claim</U>&#148; has
the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.6(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Employee Benefit Plan</U>&#148; means any pension,
retirement, profit-sharing, medical, vacation, hospitalization, vision, dental, health, life, welfare benefit, disability, incentive compensation, deferred compensation, equity or equity-based compensation, employment, change of control, retention,
severance or termination of employment plan, program, policy, agreement and arrangement, including any &#147;employee benefit plan&#148; as defined in Section&nbsp;3(3) of ERISA, whether or not subject to ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Encumbrance</U>&#148; means, with respect to any property or other asset of any Person (or any revenues, income, profits or
production of that Person therefrom), any mortgage, lien, security interest, pledge, attachment, levy, Royalty, adverse right, claim, or other charge or encumbrance of any kind or nature thereupon or in respect thereof (in each case whether the same
is consensual or nonconsensual or arises by Contract, operation of Law, legal process or otherwise). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental
Claim</U>&#148; means any Proceeding or written or oral notice of noncompliance or violation by or from any Person alleging Liability of whatever kind or nature arising out of, based on or resulting from Environmental Law, including (a)&nbsp;the
presence or Release of, or exposure to, any Hazardous Materials at any location or (b)&nbsp;the failure to comply with any Environmental Law or any Environmental Permit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Laws</U>&#148; means all Laws or Orders relating to pollution or protection of endangered or threatened species, the
climate, human health and safety, the environment (including air, surface water, groundwater, land surface, sediments or subsurface strata) or natural resources or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, Release, transport or handling of Hazardous Materials, including the relevant portions of all Mining and Mining Safety Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Liabilities</U>&#148; means all Liabilities, including in respect of any Environmental Claim, whether initiated by or
owing to Governmental Authorities or any other Persons, relating to or arising out of or under or pursuant to any Environmental Law or Environmental Permit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Permit</U>&#148; means any Permit required or issued pursuant to
applicable Environmental Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of 1974, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Affiliate</U>&#148; means, with respect to any Person, any other entity, trade or business that, together with such Person,
would be treated as a single employer at the relevant time under Section&nbsp;414 of the Code or under Section&nbsp;4001 of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Estimated Arch Working Capital</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.5(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Estimated Peabody Working Capital</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.5(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Assets</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.5</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Employee</U>&#148; means (a)&nbsp;any Peabody Business Employee whose name is set forth on Section&nbsp;1.1(e) of the
Peabody Disclosure Letter (as amended from time to time in accordance with this Agreement) as of the Closing Date and (b)&nbsp;any Arch Business Employee whose name is set forth on Section&nbsp;1.1(e) of the Arch Disclosure Letter (as amended from
time to time in accordance with this Agreement) as of the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Liabilities</U>&#148; has the meaning set forth
in <U>Section</U><U></U><U>&nbsp;2.7</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FASB 410</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.18(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financial Assurances</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.18(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means generally accepted accounting principles in the United States.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Approval</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.4</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means any (a)&nbsp;multinational, national, federal, state, provincial, territorial, municipal,
local or other government (whether domestic or foreign), (b)&nbsp;governmental or quasi-governmental authority of any nature, including any stock exchange or any governmental ministry, regulator, agency, branch, department, commission, commissioner,
board, tribunal, bureau or instrumentality (whether domestic or foreign), or (c)&nbsp;body exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory or taxing authority or power under or for the account of
any of the foregoing, including any court, judicial authority, arbitrator or arbitration tribunal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Materials</U>&#148;
means (a)&nbsp;any petroleum or petroleum products, byproducts or distillates, including crude oil and natural gas, explosive or radioactive materials or wastes, asbestos in any form, chromium and other metals, coal ash and other combustion
residuals, slag, silica and silica dust, hydrochloric acid and polychlorinated biphenyls and (b)&nbsp;any other chemical, material, substance or waste that in relevant form or concentration is prohibited,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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limited or regulated as hazardous or toxic or as a pollutant or contaminant (or words of similar import) under any Environmental Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>HSR Act</U>&#148; means the Hart-Scott-Rodino Antitrust Improvements Act of 1976. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>HSR Filing</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.4(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ICA Order</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.4(g)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Inactive Employee</U>&#148; means each individual who would be a Specified Employee but for the fact that such individual is
receiving long-term disability benefits as of the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Income Tax</U>&#148; means any federal, state or local income or
franchise Tax measured by or imposed on the net income, profits, revenue or similar measure (including any Tax imposed by a state on gross or net income or capital for the privilege of engaging in business in that state). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; means, with respect to any Person, without duplication, (a)&nbsp;all obligations of such Person for borrowed
money, or with respect to deposits or advances of any kind to such Person, (b)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c)&nbsp;all obligations of such Person pursuant to securitization or
factoring programs or arrangements and (d)&nbsp;all guarantees and arrangements having the economic effect of a guarantee of such Person of any Indebtedness of any other Person, in each case excluding (i)&nbsp;all capitalized lease obligations of
such Person or obligations of such Person to pay the deferred and unpaid purchase price of property and equipment and (ii)&nbsp;all Financial Assurances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Party</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnifying Party</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnity Cap Amount</U>&#148; means $660,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Operating Budget</U>&#148; means an operating budget for the JV Company for each fiscal year during the period from the
Closing through the end of the first fiscal year ending at least six months after the Closing in a form to be mutually agreed between the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intellectual Property</U>&#148; means all intellectual property rights, whether registered or unregistered, in any and all countries,
including all: (a)&nbsp;patents and patent applications, utility models and industrial designs, and all applications and issuances therefor, together with all reissuances, divisions, renewals, revisions, extensions, reexaminations, provisionals,
continuations and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">continuations-in-part</FONT></FONT> with respect thereto; (b)&nbsp;trademarks, tradenames, servicemarks, trade dress and all applications, registrations and renewals
therefor, together with the goodwill associated with any of the foregoing; (c)&nbsp;all registrations of internet domain names; (d)&nbsp;copyrights, applications and registrations therefor; (e)&nbsp;software, computer programs (whether in source
code, object code or human readable form), databases and compilations and all documentation (including user manuals) relating to any of the foregoing; and (f)&nbsp;any trade secrets (as defined in the Uniform Trade Secrets Act), proprietary
information and confidential <FONT STYLE="white-space:nowrap">know-how.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>JV 401(k) Plan</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.9(h)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>JV Company</U>&#148; means a limited liability company to be formed under the laws of
the State of Delaware as the primary joint venture entity in connection with the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>JV
Entities</U>&#148; means, collectively, the JV Company and its Subsidiaries (including, from and after the Closing, the Peabody Transferred Subsidiaries and the Arch Transferred Subsidiaries). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>JV Indemnified Party</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>JV Welfare Benefit Plans</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.9(l)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Knowledge</U>&#148; means (a)&nbsp;with respect to Arch, with respect to any matter in question, the actual knowledge of any Person
set forth on Section&nbsp;1.1(b) of the Arch Disclosure Letter, or the knowledge any such Person would have had after making reasonable inquiry regarding such matter and (b)&nbsp;with respect to Peabody, with respect to any matter in question, the
actual knowledge of any Person set forth on Section&nbsp;1.1(b) of the Peabody Disclosure Letter, or the knowledge any such Person would have had after making reasonable inquiry regarding such matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Laws</U>&#148; means all multinational, federal, national, state, provincial, municipal and local laws (including common and civil
law), treaties, statutes, acts, codes, ordinances, directives, resolutions (ministerial or other), <FONT STYLE="white-space:nowrap">by-laws,</FONT> rules, regulations, implementing rules or regulations or other requirements enacted, adopted,
promulgated, applied or interpreted by any Governmental Authority, in each case, having the force of law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Legal
Restraints</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;7.1(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liabilities</U>&#148; means, as to
any Person, adverse claims, Proceedings, liabilities, commitments, responsibilities and obligations of any kind or nature whatsoever, direct or indirect, absolute or contingent, whether accrued, vested or otherwise, whether known or unknown and
whether or not actually reflected, or required to be reflected, in such Person&#146;s balance sheet or other books and records. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LLC Agreement</U>&#148; means the amended and restated limited liability company operating agreement of the JV Company, substantially
in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;A</U>, to be entered into between Peabody (or a wholly-owned Subsidiary of Peabody) and Arch (or a wholly-owned Subsidiary of Arch) on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loss</U>&#148; or &#147;<U>Losses</U>&#148; means any loss, liability, claim, damage or expense, including reasonable legal fees and
expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mining and Mining Safety Laws</U>&#148; means all Laws and Orders relating to the exploration, extraction, mining,
processing, storage, loading, selling, trading, shipping, transportation and delivery of coal and <FONT STYLE="white-space:nowrap">non-coal</FONT> minerals as well as safety and health and Reclamation and Mine Closure requirements related to or
arising out of such activities, including (a)&nbsp;the Surface Mining </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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Control and Reclamation Act of 1977, 30 U.S.C. &#167;&#167; 1201 <I>et. seq.</I>; (b) the Federal Mine Safety and Health Act of 1977, 30 U.S.C. &#167;&#167;801 <I>et. seq.</I>; and (c)&nbsp;the
Occupational and Safety Health Act of 1970, 29 U.S.C. &#167;&#167;652 <I>et. seq.</I>, in each case including any implementing regulations and any state analogs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mining Rights</U>&#148; means any and all underground and surface coal reserves, mineral rights, mining rights, surface claims, water
rights, concessions, leases, surface leases and similar rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mining Site Employee</U>&#148; means (a)&nbsp;any Peabody
Business Employee who is employed at a Peabody Mining Site and (b)&nbsp;any Arch Business Employee who is employed at an Arch Mining Site. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.7(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Terminating</FONT> Party</U>&#148; has the
meaning set forth in <U>Section</U><U></U><U>&nbsp;9.1(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Nonqualified DC Plans</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;2.7(f)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notice of Claim</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;8.6(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notice of Disagreement</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;3.5(c)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offer</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.19(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offer Deadline</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.19(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offer Notice</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.19(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offer Price</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.19(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offered Assets</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.19(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offering Party</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.19(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offeror</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.19(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Order</U>&#148; means any injunction, judgment, decision, consent decree, compliance
order, subpoena, verdict, ruling, award, arbitral award, assessment, direction, instruction, penalty, sanction, writ, decree or other order entered, issued, made, rendered or imposed by any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Outside Date</U>&#148; means December&nbsp;18, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Outstanding Financial Assurances</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.10</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Parent Insurance Policies</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Parties</U>&#148; means, collectively, Peabody and Arch, and &#147;<U>Party</U>&#148; means any one of them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody</U>&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Assumed Liabilities</U>&#148; means all Liabilities (other than Excluded Liabilities) of Peabody and its Affiliates to the
extent relating to, arising out of or associated with the Peabody Contributed Assets or the operation or conduct of the Peabody Business, whether arising prior to, on or after the Closing Date (and whether accrued, contingent, unasserted or
otherwise), including: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) all Environmental Liabilities to the extent relating to, arising out of or associated with the Peabody
Contributed Assets or the operation or conduct of the Peabody Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all Liabilities under Contracts (or portions of Contracts)
included in the Peabody Contributed Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all capitalized lease obligations to the extent relating to, arising out of or associated
with the Peabody Contributed Assets or the operation or conduct of the Peabody Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) all Liabilities under the Peabody Financial
Assurances; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) all Liabilities in respect of any Proceeding, pending or threatened, and claims, whether or not presently asserted, to the
extent relating to, arising out of or associated with the Peabody Contributed Assets or the operation or conduct of the Peabody Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) all Liabilities in respect of Reclamation and Mine Closure (including reporting obligations and costs) to the extent relating to, arising
out of or associated with the Peabody Contributed Assets or the operation or conduct of the Peabody Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) all Transferred Employee
Liabilities in respect of any Peabody Business Employees who are Transferred Employees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) all Liabilities for Taxes described in
<U>Schedule 3.5</U> and specifically included in Peabody Net Working Capital as finally determined pursuant to <U>Section</U><U></U><U>&nbsp;3.5(c)</U> and specifically identified as such; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) all Liabilities, including any indemnification obligations, in connection with any divestiture or disposal of any Peabody Contributed
Assets pursuant to <U>Section</U><U></U><U>&nbsp;6.4(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Balance Sheet</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.5(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Benefit Plan</U>&#148; means any Employee Benefit Plan sponsored, maintained
or contributed to, or required to be contributed to, by Peabody or any ERISA Affiliate of Peabody providing benefits to any Peabody Business Employees or any of their respective dependents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Business</U>&#148; means (a)&nbsp;the business of Peabody and its Affiliates with respect to the Peabody Mining Sites,
including the exploration, mining, processing, blending, refining, storing, loading, marketing, selling, trading, shipping, transporting and delivering of coal and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<FONT STYLE="white-space:nowrap">non-coal</FONT> gases or minerals at or from the Peabody Mining Sites, and (b)&nbsp;any Reclamation and Mine Closure activities associated with any of the Peabody
Mining Sites. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Business Employee</U>&#148; means any employee of Peabody or its Affiliates who is employed primarily in
connection with the Peabody Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Contributed Assets</U>&#148; means all of the right, title and interest of Peabody
and each of its Affiliates in or to each of the following (in each case, excluding any Excluded Assets) as the same shall exist as of the Closing Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Peabody Mining Sites; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(A) all real property owned by Peabody and its Affiliates located in the Area of Interest (including any Peabody Mining Sites that
constitute owned real property, the &#147;<U>Peabody Owned Real Property</U>&#148;) and (B)&nbsp;all leasehold estates in real property located in the Area of Interest leased by Peabody or any of its Affiliates (including any Peabody Mining Sites
that constitute leased real property, the &#147;<U>Peabody Leases</U>&#148;), in each case together with (1)&nbsp;all Mining Rights related or appurtenant thereto, (2)&nbsp;all the immovable property, easements, rights of way, use rights and other
appurtenances related thereto, and (3)&nbsp;all plant, buildings, structures, improvements and fixtures (including fixed machinery and fixed equipment) located thereon or forming part thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all inventories, raw materials, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">work-in-process,</FONT></FONT> finished
goods, purchased goods, merchandise held for resale, materials and supplies, spare parts and stores, including <FONT STYLE="white-space:nowrap">in-transit</FONT> inventories and all coal inventory located at, mined or extracted from the Peabody
Mining Sites; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) all assets under any Assumed Peabody Benefit Plans required to be transferred to the JV Company or its Affiliates
pursuant to <U>Section</U><U></U><U>&nbsp;6.9</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) all rights, claims, causes of action, credits or rights of <FONT
STYLE="white-space:nowrap">set-off</FONT> against third parties, whether liquidated or unliquidated, fixed or contingent, warranties (whether express or implied), rights of indemnification, hold harmless agreements, covenants not to prosecute and
other similar arrangements to the extent relating to any other Peabody Contributed Assets or any Peabody Assumed Liabilities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) all
rights under all covenants and warranties to the extent related to any other Peabody Contributed Assets or the operation or conduct of the Peabody Business, express or implied (including title warranties and manufacturers&#146;, suppliers&#146; and
contractors&#146; warranties); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) all insurance proceeds, reserves, benefits or claims under the insurance policies maintained by Peabody
and its Affiliates to the extent relating to any other Peabody Contributed Assets or any Peabody Assumed Liabilities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) all books and
records to the extent relating to any other Peabody Contributed Assets or any Peabody Assumed Liabilities (including, to the extent permitted by applicable Law, all personnel records for Transferred Employees); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) all machinery, equipment, vehicles, transportation equipment (including rail tracks and
platforms) and other Tangible Personal Property (whether owned or leased), in each case, used or held for use by Peabody or any of its Affiliates primarily in connection with or otherwise primarily related to the Peabody Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) all Contracts and portions of Contracts that have continuing rights or obligations, in each case, used or held for use by Peabody or any of
its Affiliates primarily in connection with or otherwise primarily related to the Peabody Business (subject to the receipt of any required consents to assignment or transfer); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) all Permits (to the extent such Permits are transferable pursuant to applicable Law), in each case, used or held for use by Peabody or any
of its Affiliates primarily in connection with or otherwise primarily related to the Peabody Business (the &#147;<U>Peabody Contributed Permits</U>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) all accounts receivable (whether billed or unbilled), rebates, notes and negotiable instruments, in each case, used or held for use by
Peabody or any of its Affiliates primarily in connection with or otherwise primarily related to the Peabody Business, other than trade accounts receivable; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) all deposits and prepaid expenses paid by Peabody or one of its Affiliates, in each case, used or held for use by Peabody or any of its
Affiliates primarily in connection with or otherwise primarily related to the Peabody Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) all shares of capital stock or other
equity securities of Wyoming Quality Healthcare Coalition, LLC held by Peabody or any of its Affiliates; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) all goodwill and going
concern value incident thereto, in each case, used or held for use by Peabody or any of its Affiliates primarily in connection with or otherwise primarily related to the Peabody Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) all Tax Assets described in <U>Schedule 3.5</U> and specifically included in Peabody Net Working Capital as finally determined pursuant to
<U>Section</U><U></U><U>&nbsp;3.5(c)</U> and specifically identified as such; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) all of the other properties, assets and rights that
are used or held for use by Peabody or any of its Affiliates primarily in connection with or otherwise primarily related to the Peabody Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Contributed Permits</U>&#148; has the meaning set forth in the definition of &#147;Peabody Contributed Assets&#148; in this
<U>Section</U><U></U><U>&nbsp;1.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Disclosure Letter</U>&#148; has the meaning set forth in
<U>Article</U><U></U><U>&nbsp;IV</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Entities</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Financial Assurances</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.18(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Financial Statements</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.5(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Fundamental Representations</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;8.1(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Indemnified Party</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;8.3</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Leases</U>&#148; has the meaning set forth in the definition of &#147;Peabody
Contributed Assets&#148; in this <U>Section</U><U></U><U>&nbsp;1.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Material Adverse Effect</U>&#148; means any
fact, circumstance, effect, change, event or development that, individually or in the aggregate, (a)&nbsp;has had or would reasonably be expected to have a material adverse effect on the business, assets, financial condition or results of operations
of the Peabody Business, the Peabody Contributed Assets and the Peabody Assumed Liabilities, taken as a whole, excluding the Excluded Assets and the Excluded Liabilities, in each case excluding any fact, circumstance, effect, change, event or
development to the extent that it results from or arises out of (i)&nbsp;changes or conditions generally affecting the coal mining industry, including changes in the market price of thermal coal or other carbon based sources of energy or power, or
any geographic markets in which the Peabody Business operates, (ii)&nbsp;general economic or political conditions or securities, credit, financial or other capital markets conditions, including changes in interest rates or exchange rates, in each
case in the United States or any foreign jurisdiction, (iii)&nbsp;an act of terrorism, sabotage or cyber-intrusion, an outbreak or escalation of hostilities or war (whether declared or not declared) or any fire, hurricane, tornado, flood, earthquake
or other natural disaster, (iv)&nbsp;any failure, in and of itself, of the Peabody Business to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings, production or other financial or
operating metrics for any period (it being agreed that the underlying facts or circumstances giving rise to or contributing to such failure may be deemed to constitute, or be taken into account in determining whether there has been or would
reasonably be expected to be, a Peabody Material Adverse Effect), (v) changes after the date hereof in applicable Law or GAAP (or any authoritative interpretation thereof), or (vi)&nbsp;the public announcement or pendency of the transactions
contemplated by this Agreement, including the impact thereof on relationships, contractual or otherwise, of Peabody and its Affiliates with employees, distributors, customers, suppliers, regulators or partners (<U>provided</U> that the exception in
this <U>clause (vi)</U>&nbsp;shall not apply with respect to representations and warranties in <U>Sections</U><U></U><U>&nbsp;4.3</U> and <U>4.4</U>); <U>provided</U>, <U>however</U>, that any fact, circumstance, effect, change, event or development
referred to in <U>clauses</U><U></U><U>&nbsp;(a)(i)</U>, <U>(ii)</U>, <U>(iii)</U> or <U>(v)</U>&nbsp;may be taken into account in determining whether there has been or would reasonably be expected to be a Peabody Material Adverse Effect to the
extent such fact, circumstance, effect, change, event or development has a materially disproportionate effect on the Peabody Business relative to other participants in the coal mining industry in the Area of Interest; or (b)&nbsp;would reasonably be
expected to prevent or materially impair or delay the ability of Peabody and its Affiliates to consummate the transactions contemplated hereby. For purposes of <U>clause (a)</U>, an adverse effect shall be deemed to be material if it has a value,
individually or in the aggregate, equal to or in excess of $200,000,000, and shall be deemed not to be material if it has a value, individually or in the aggregate, less than such amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Material Contract</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.13(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Mining Sites</U>&#148; means all of Peabody&#146;s and its Affiliates&#146;
right, title and interest in and to the following (in each case, excluding any Excluded Assets): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the active coal mining sites located
in the Area of Interest that are set forth on Schedule 1.1(b); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all undeveloped coal deposits located in the Area of Interest; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all inactive coal mining sites and closure or reclamation coal mining properties located in the Area of Interest, including Sage Creek.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Net Working Capital</U>&#148;, which may be a negative number, means (a)&nbsp;the current assets included in the Peabody
Contributed Assets, as of 11:59 p.m. (New York City time) on the Business Day immediately prior to the Closing Date <U>minus</U> (b)&nbsp;the current liabilities included in the Peabody Assumed Liabilities, as of 11:59 p.m. (New York City time) on
the Business Day immediately prior to the Closing Date, in each case calculated in accordance with the Accounting Principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Owned Real Property</U>&#148; has the meaning set forth in the definition of &#147;Peabody Contributed Assets&#148; in this
<U>Section</U><U></U><U>&nbsp;1.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Pension Plan</U>&#148; means any defined benefit plan, program, agreement or
arrangement that is subject to Title IV of ERISA or the minimum funding requirements of Section&nbsp;302 of ERISA sponsored or maintained by Peabody or its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Preliminary Statement</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.5(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Prepared Returns</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.21(a)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Properties</U>&#148; means the real properties that are Peabody Contributed Assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Retained IP</U>&#148; means all Intellectual Property that is owned by Peabody or any of its Affiliates or to which Peabody
or any of its Affiliates otherwise has rights and that is used in connection with the operation or conduct of the Peabody Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Retained Marks</U>&#148; means all trademarks, tradenames, servicemarks, trade dress, internet domain names and logos that
are owned by Peabody or any of its Affiliates or to which Peabody or any of its Affiliates otherwise has rights, including the &#147;Peabody&#148; and &#147;Peabody Energy Corporation&#148; names, together with all variations, translations, acronyms
and other derivations thereof and all other trademarks, tradenames, servicemarks, trade dress, internet domain names and logos containing, incorporating or associated with any of the foregoing (together with all applications, registrations and
renewals therefor). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Target Net Working Capital</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;3.5(b)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Transferred Subsidiaries Interests</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.20</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Transferred Subsidiary</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.1</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Transferring Affiliate</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permits</U>&#148; means permits, licenses, approvals, registrations, consents,
certificates, clearances and other similar authorizations issued by any Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Encumbrances</U>&#148;
means the following Encumbrances: (a)&nbsp;any inchoate right, lien or interest of a Governmental Authority; (b)&nbsp;liens for Taxes not yet due and payable or that are being contested in good faith in appropriate proceedings and for which adequate
reserves have been established in accordance with GAAP; (c)&nbsp;zoning laws and ordinances and similar Laws; (d)&nbsp;rights reserved to any Governmental Authority to regulate the affected assets or properties; (e)&nbsp;servitudes, easements, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rights-of-way,</FONT></FONT> restrictions, surface rights, permits, conditions, covenants, exceptions, reservations and other similar Encumbrances, as well as encroachments, which do not,
individually or in the aggregate, impair, detract from the value of or impair the use of the Peabody Contributed Assets or the Arch Contributed Assets, as the case may be, in any material respect; (f)&nbsp;the paramount title of the United States of
America or any other Governmental Authority; (g)&nbsp;the Royalties existing on the date of this Agreement affecting the Peabody Mining Sites which are set forth on Section&nbsp;1.1(c) of the Peabody Disclosure Letter; (h)&nbsp;the Royalties
existing on the date of this Agreement affecting the Arch Mining Sites which are set forth in Section&nbsp;1.1(c) of the Arch Disclosure Letter; (i)&nbsp;purchase money Encumbrances and Encumbrances securing rental payments under capitalized lease
arrangements; (j)&nbsp;Encumbrances arising under worker&#146;s compensation, unemployment insurance, social security, retirement and similar legislation; (k)&nbsp;mechanic&#146;s, carriers&#146;, workers&#146;, repairmen&#146;s,
warehousemen&#146;s, landlords&#146; and similar statutory liens arising or incurred in the ordinary course of business for amounts which are not delinquent; (l)&nbsp;restrictions imposed under Permits;
<FONT STYLE="white-space:nowrap">(m)&nbsp;non-exclusive</FONT> licenses of Intellectual Property granted in the ordinary course of business; (n)&nbsp;imperfections of title and other minor title defects which (i)&nbsp;are consistent with industry
practice, (ii)&nbsp;do not require payment of a sum of money to discharge and (iii)&nbsp;do not, individually or in the aggregate, impair, detract from the value of or impair the use of the Peabody Contributed Assets or the Arch Contributed Assets,
as the case may be, in any material respect; and (o)&nbsp;solely prior to the Closing Date, any existing liens in favor of secured parties under the applicable Party&#146;s and its Affiliates&#146; secured debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; includes any natural person, corporation or other body corporate, partnership, limited liability company, trustee,
trust or unincorporated association, joint venture, syndicate, sole proprietorship, other form of business enterprise, executor, administrator or other legal representatives, regulatory body or agency or Governmental Authority, however designated or
constituted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Post-Closing Taxable Period</U>&#148; means any taxable period (or portion thereof) beginning after the Closing
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganization Plans</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.11</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganizations</U>&#148; has the
meaning set forth in <U>Section</U><U></U><U>&nbsp;6.11</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax
Assets</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.5(j)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period</U>&#148; means any
taxable period ending on or prior to the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Taxes</U>&#148; means
Taxes arising with respect to any taxable period (or portion thereof) ending on or before the Closing Date. With respect to any taxable period that includes but does not end on the Closing Date: (a)&nbsp;real, personal and intangible property Taxes
(including ad valorem taxes assessed against minerals) for such period shall be deemed to be <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Taxes based on a daily <I>pro rata</I> allocation of such Taxes in such taxable period and (b)&nbsp;all
other Taxes shall be deemed to be <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Taxes as determined based on an interim closing of the books as of the Closing Date, and in the case of any Taxes attributable to the ownership of any equity
interest in any partnership or other &#147;flowthrough&#148; entity or &#147;controlled foreign corporation&#148; (within the meaning of Section&nbsp;957(a) of the Code or any comparable state, local or foreign Law), as if a taxable period of such
partnership or other &#147;flowthrough&#148; entity or &#147;controlled foreign corporation&#148; ended as of 11:59&nbsp;p.m. (New York City time) on the day immediately prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proceeding</U>&#148; means any suit, litigation, arbitration, claim (including any cross-claim or counter-claim), action,
investigation or other proceeding (including any civil, criminal, administrative, judicial, investigative or appellate proceeding). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reclamation and Mine Closure</U>&#148; means activities relating to closure, rehabilitation or restoration of mined areas and areas
impacted by mining activities, including environmental remediation, reclamation, revegetation, filling and recontouring, treatment or containment of mining waste, dismantling or decommissioning of equipment and facilities, closure and post-closure
monitoring and abatement, control or prevention of adverse effects of mining activities, as well as obtaining and maintaining any Permits and Financial Assurances in connection with such activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Release</U>&#148; means any actual or threatened release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal,
discharge, dispersal, leaching or migration into or through the environment (including air, surface water, groundwater, land surface, sediments or subsurface strata) or within or from any building, structure, facility or fixture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Representatives</U>&#148; means, with respect to any Person, the directors, officers, employees, consultants, accountants, legal
counsel, investment bankers or other financial advisors, agents and other representatives of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restriction</U>&#148;
has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.4(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ROFR Assets</U>&#148; means all of the right, title and
interest of Peabody, Arch and each of their respective Affiliates in, to and under any real property or any Mining Rights located in the Area of Interest, whether owned, leased or otherwise held and whether now owned or hereafter acquired, together
with any properties, assets and rights related thereto, including the undeveloped deposits set forth on <U>Schedule 2.5(e)</U> (as amended from time to time in accordance with this Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ROFR Election Notice</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.19(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Royalties</U>&#148; means any Liability for advance or minimum royalties,
production royalties, overriding royalties, net profits interests, production payments, wheelage or haulage royalties or payments and any other payments out of or measured by production. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC</U>&#148; means the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Employee</U>&#148; means (a)&nbsp;each individual other than any Excluded Employee who is a Mining Site Employee as of the
Closing Date, (b)&nbsp;any Peabody Business Employee whose name is set forth on Section&nbsp;1.1(d) of the Peabody Disclosure Letter (as amended from time to time in accordance with this Agreement) as of the Closing Date and (c)&nbsp;any Arch
Business Employee whose name is set forth on Section&nbsp;1.1(d) of the Arch Disclosure Letter (as amended from time to time in accordance with this Agreement) as of the Closing Date; <U>provided</U>, <U>however</U>, that no individual receiving
long-term disability benefits as of the Closing Date shall be a Specified Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Straddle Period</U>&#148; means any taxable
period that begins before the Closing Date and ends after the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; of any Person means any other
Person of which an amount of the securities having by the terms thereof voting power to elect at least a majority of the board of directors (or comparable governing body) of such other Person (or, if there are no such voting securities or voting
interest, of which at least a majority of the equity interests) is directly or indirectly owned or controlled by such first Person, or the general partner of which is such first Person; <U>provided</U>, <U>however</U>, that for purposes of this
Agreement, Wyoming Quality Healthcare Coalition, LLC and its Subsidiaries shall be deemed not to be Subsidiaries of Peabody. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Survival Period</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.1(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tangible Personal Property</U>&#148; means all inventory, machinery, equipment and tooling, tangible embodiments of Intellectual
Property, furniture, fixtures, vehicles, transportation equipment, computing and telecommunications equipment and any other fixed assets or tangible personal property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax</U>&#148; or &#147;<U>Taxes</U>&#148; means all taxes, levies, duties, assessments, reassessments and other charges, including
income tax, franchise tax, profits tax, capital gains tax, gross receipts tax, corporation tax, mining tax, sales and use tax, wage tax, payroll tax, workers&#146; compensation levy, capital tax, property tax, customs or excise duty, value added
tax, withholding tax, severance tax, ad valorem, real and personal property tax, reclamation tax and black lung excise tax, imposed by any Governmental Authority, in each case in the nature of a tax, together with any interest, penalties or other
additions thereto, in each case excluding Royalties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Assets</U>&#148; means all Tax assets, including all refunds or
prepayments of, or credits or rebates, for Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Contest</U>&#148; means any inquiry, claim, assessment, audit or other
Proceeding with respect to Taxes or a refund or rebate of Taxes<U>.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Terminating Party</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;9.1(e)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Notice</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;9.1(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third Party</U>&#148; means any Person other than any of the Parties, the JV Company
or any of their respective Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third Party Claim</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;8.6(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Documents</U>&#148; means this Agreement and the LLC Agreement, together
with all other agreements, documents and instruments required to be delivered by either Party or their respective Affiliates pursuant to this Agreement, and any other agreements, documents or instruments entered into at or prior to the Closing in
connection with this Agreement or the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Modification</U>&#148; has the meaning set
forth in <U>Section</U><U></U><U>&nbsp;6.4(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer Taxes</U>&#148; means all sales (including bulk sales), use,
transfer, real estate transfer, recording, ad valorem, privilege, documentary, gross receipts, registration, conveyance, excise, license, stamp or similar Taxes and fees arising out of, in connection with or attributable to the transactions
contemplated by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Employee</U>&#148; means each Specified Employee (a)&nbsp;who accepts an offer of
employment with a JV Entity and commences employment with such JV Entity effective upon the Closing or (b)&nbsp;whose employment otherwise transfers automatically to a JV Entity upon the Closing Date pursuant to the transfer of all the shares,
limited liability company interests or other equity interests of the Transferred Subsidiaries to the JV Company or one of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Employee Liabilities</U>&#148; means (a)&nbsp;all Liabilities relating to, arising from or in connection with the Assumed
Benefit Plans (to the extent such Liabilities are assumed by the JV Company pursuant to <U>Section</U><U></U><U>&nbsp;6.9(d)</U>), (b) the accrued and unpaid vacation, leaves of absence, personal days and sick days of each Transferred Employee in
accordance with the terms and conditions of the applicable Employee Benefit Plans as in effect immediately prior to the Closing and (c)&nbsp;all other employment, labor, compensation (including variable compensation), retiree health, workers&#146;
compensation, employee welfare and employee benefits related liabilities, commitments and obligations relating to each Transferred Employee (or any dependent or beneficiary of any Transferred Employee) (including any Liabilities arising under the
Black Lung Benefits Act or the Federal Coal Mine Health and Safety Act and any Liabilities assumed by the JV Entities pursuant to <U>Sections</U><U></U><U>&nbsp;6.9(e)</U>, <U>6.9(f)</U>, <U>6.9(g)</U> and <U>6.9(h)</U>), in each case with respect
to <U>clauses (a)</U>, <U>(b)</U> and <U>(c)</U>, other than (i)&nbsp;any Excluded Liabilities and (ii)&nbsp;any Liabilities arising out of claims incurred by the Transferred Employees for employee benefits under &#147;employee welfare benefit
plans&#148; within the meaning of Section&nbsp;3(l) of ERISA that are not Assumed Benefit Plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred
Subsidiaries</U>&#148; means, collectively, the Peabody Transferred Subsidiaries and the Arch Transferred Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>WARN
Act</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.9(f)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.2. <U>Rules of Construction</U>. The Parties have participated jointly in the
negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the Parties and no presumption or burden of proof shall arise favoring
or disfavoring any Party by virtue of the authorship of any provision of this Agreement. In this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the terms
&#147;Agreement&#148;, &#147;this Agreement&#148;, &#147;the Agreement&#148;, &#147;hereto&#148;, &#147;hereof&#148;, &#147;herein&#148;, &#147;hereby&#148;, &#147;hereunder&#148; and similar expressions refer to this Agreement in its entirety and
not to any particular provision hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) references to an &#147;Article&#148;, &#147;Section&#148;, &#147;Exhibit&#148; or
&#147;Schedule&#148; refer to the corresponding article of, section of, exhibit to or schedule to this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) words importing the
singular number only shall include the plural and vice versa and words importing the masculine gender shall include the feminine and neuter genders and vice versa; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) unless otherwise indicated, any reference to a statute, regulation or rule shall be construed to be a reference thereto as the same may
from time to time be amended, <FONT STYLE="white-space:nowrap">re-enacted</FONT> or replaced, and any reference to a statute shall include any regulations or rules made thereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) the words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; mean &#147;include&#148;, &#147;includes&#148; or
&#147;including&#148;, in each case, &#147;without limitation&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) reference to any agreement or other instrument in writing means
such agreement or other instrument in writing as amended, modified, replaced or supplemented from time to time; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) unless otherwise
indicated, time periods within which a payment is to be made or any other action is to be taken hereunder shall be calculated excluding the day on which the period commences and including the day on which the period ends; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) the terms &#147;or&#148;, &#147;any&#148; and &#147;either&#148; are not exclusive; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) the term &#147;extent&#148; in the phrase &#147;to the extent&#148; means the degree to which a subject or other thing extends, and such
phrase does not mean simply &#147;if&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) the words &#147;shall&#148; and &#147;will&#148; are used interchangeably and have the
same meaning; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) the terms &#147;date hereof&#148; or &#147;date of this Agreement&#148; refer to the date set forth in the initial
caption of this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) whenever any payment to be made or action to be taken hereunder is required to be made or taken on a day
other than a Business Day, such payment shall be made or action taken on the next following Business Day; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) &#147;days&#148; means calendar days unless otherwise indicated; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) references to a Person are also to its permitted successors and assigns; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) unless otherwise specifically indicated, all references to &#147;dollars&#148; and &#147;$&#148; refer to the lawful money of the United
States of America; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;(i) whenever this Agreement requires a JV Entity to take any action, such requirement shall be deemed to
include an undertaking on the part of each Party to cause such JV Entity to take such action (to the extent such action is within such Party&#146;s control) and (ii)&nbsp;whenever this Agreement requires an Affiliate of either Party to take any
action, such requirement shall be deemed to include an undertaking on the part of such Party to cause such Affiliate to take such action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.3. <U>Headings</U>. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.4. <U>Exhibits and Schedules</U>. All exhibits and schedules or other documents
expressly incorporated into this Agreement are hereby incorporated into this Agreement and are hereby made a part hereof as if set forth in full in this Agreement, and any references to this Agreement shall, unless the context otherwise requires,
include references to the exhibits and schedules hereto. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE II
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>JOINT VENTURE FORMATION AND CONTRIBUTIONS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.1. <U>Formation of the JV Company</U>. At or prior to the Closing, Peabody shall, or shall cause a wholly-owned Subsidiary of
Peabody to, form the JV Company as a limited liability company under the laws of the State of Delaware. Prior to the Closing, Peabody shall cause the JV Company not to conduct any activities other than such activities as are reasonably necessary in
connection with its formation and the consummation of the transactions contemplated by this Agreement. As of immediately prior to the Closing, Peabody will, directly or indirectly, own all of the outstanding limited liability company interests of
the JV Company and there will not be outstanding any limited liability company interest held by any other Person, or except as expressly contemplated by this Agreement, any options, warrants, subscriptions or other rights of any Person to acquire,
or any instruments that are convertible into, any limited liability company interest in the JV Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.2. <U><FONT
STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganizations</U>. Prior to the Closing, each Party shall engage in the reorganization steps set forth in the <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganization Plans adopted by each
Party in accordance with <U>Section</U><U></U><U>&nbsp;6.11</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.3. <U>Transfer of Peabody Transferred Subsidiaries and Peabody
Contributed Assets to the JV Company</U>. On the terms and subject to the conditions set forth in this Agreement, at the Closing, Peabody shall, and shall cause its Affiliates to, transfer or cause to be transferred to the JV Company or one or more
of its wholly-owned Subsidiaries the assets, shares, limited liability company interests and other equity interests included in <U>Sections</U><U></U><U>&nbsp;2.3(a)</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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and <U>2.3(b)</U> (in each case subject to <U>Section</U><U></U><U>&nbsp;6.7</U>) in exchange for a 66.5% limited liability company membership interest in the JV Company and the assumption by the
JV Company or one or more of its wholly-owned Subsidiaries of the Liabilities set forth in <U>Section</U><U></U><U>&nbsp;2.3(c)</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
all of the shares, limited liability company interests or other equity interests of the Peabody Transferred Subsidiaries that conduct the Peabody Business, after giving effect to Peabody&#146;s <FONT STYLE="white-space:nowrap">Pre-Closing</FONT>
Reorganization Plan; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all of Peabody&#146;s and its Affiliates&#146; right, title and interest in, to and under the Peabody Contributed
Assets (including the Peabody Contributed Assets held by the Peabody Transferred Subsidiaries transferred pursuant to <U>Section</U><U></U><U>&nbsp;2.3(a)</U>); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all Peabody Assumed Liabilities (including the Peabody Assumed Liabilities of the Peabody Transferred Subsidiaries transferred pursuant to
<U>Section</U><U></U><U>&nbsp;2.3(a)</U>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.4. <U>Transfer of Arch Transferred Subsidiaries and Arch Contributed Assets to the
JV Company</U>. On the terms and subject to the conditions set forth in this Agreement, at the Closing, Arch shall, and shall cause its Affiliates to, transfer or cause to be transferred to the JV Company or one or more of its wholly-owned
Subsidiaries the assets, shares, limited liability company interests and other equity interests included in <U>Sections</U><U></U><U>&nbsp;2.4(a)</U> and <U>2.4(b)</U> (in each case subject to <U>Section</U><U></U><U>&nbsp;6.7</U>) in exchange for a
33.5% limited liability company membership interest in the JV Company and the assumption by the JV Company or one or more of its wholly-owned Subsidiaries of the Liabilities set forth in <U>Section</U><U></U><U>&nbsp;2.4(c)</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) all of the shares, limited liability company interests or other equity interests of the Arch Transferred Subsidiaries that conduct the Arch
Business, after giving effect to Arch&#146;s <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganization Plan; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all of
Arch&#146;s and its Affiliates&#146; right, title and interest in, to and under the Arch Contributed Assets (including the Arch Contributed Assets held by the Arch Transferred Subsidiaries transferred pursuant to
<U>Section</U><U></U><U>&nbsp;2.4(a)</U>); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all Arch Assumed Liabilities (including the Arch Assumed Liabilities of the Arch
Transferred Subsidiaries transferred pursuant to <U>Section</U><U></U><U>&nbsp;2.4(a)</U>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.5. <U>Excluded Assets</U>.
Notwithstanding <U>Section</U><U></U><U>&nbsp;2.3</U> or <U>2.4</U> or anything else in this Agreement to the contrary, the following assets (the &#147;<U>Excluded Assets</U>&#148;) of Peabody and its Affiliates, on the one hand, and of Arch and its
Affiliates, on the other hand, shall be retained by the respective Parties and their Affiliates and not be transferred to the JV Company or any of its Subsidiaries: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) all cash and cash equivalents, except as provided in <U>Section</U><U></U><U>&nbsp;3.4</U>, <U>3.5</U> or <U>6.4(e)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all trade accounts receivable (whether billed or unbilled); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all insurance policies and contracts maintained by Peabody, Arch or their respective Affiliates, subject to the rights of the JV Entities
pursuant to <U>Section</U><U></U><U>&nbsp;6.12</U>; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) all Intellectual Property, including the Peabody Retained IP and the Arch Retained IP;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) the real property interests set forth on <U>Schedule 2.5(e)</U> (as amended from time to time in accordance with this Agreement),
together with any properties, assets and rights (including Mining Rights) related or appurtenant thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) all shares of capital stock
or other equity interests of Peabody, Arch or any of their respective Affiliates (other than the Peabody Transferred Subsidiaries and the Arch Transferred Subsidiaries), or any securities convertible into or exchangeable or exercisable for any of
the foregoing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) all minute books, stock ledgers, corporate seals and stock certificates and other records having to do with the
corporate organization of Peabody, Arch and their respective Affiliates (other than the JV Entities); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) any records prepared in
connection with the transactions contemplated by this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) all rights and claims under this Agreement and the other Transaction
Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) all Tax Assets relating to Contributor Taxes (&#147;<U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax
Assets</U>&#148;); <U>provided</U> that <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Assets shall not include any Tax Assets to the extent described in <U>Schedule 3.5</U> and specifically included in Peabody Net Working Capital or Arch
Net Working Capital, as the case may be, as finally determined pursuant to <U>Section</U><U></U><U>&nbsp;3.5(c)</U> and specifically identified as such; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) all assets of any Peabody Pension Plan or Arch Pension Plan, as the case may be, or any other Employee Benefit Plans that is not an Assumed
Benefit Plan; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;(i) the assets, other than real property interests, of Peabody and its Affiliates that are set forth in
Section&nbsp;2.5(l) of the Peabody Disclosure Letter and (ii)&nbsp;the assets, other than real property interests, of Arch and its Affiliates that are set forth in Section&nbsp;2.5(l) of the Arch Disclosure Letter; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) all rights, claims, causes of action, credits or rights of <FONT STYLE="white-space:nowrap">set-off</FONT> to the extent relating to any
Excluded Asset or Excluded Liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Party may amend <U>Schedule 2.5(e)</U> by written notice to the other Party from time to time prior to the
Closing to add any undeveloped properties (and related properties, assets and rights related thereto) to <U>Schedule 2.5(e)</U>, subject to <U>Section</U><U></U><U>&nbsp;6.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.6. <U>Assumed Liabilities</U>. Upon the terms and subject to the conditions of this Agreement, effective as of the Closing, the
Parties shall cause the JV Company or one or more of its wholly-owned Subsidiaries to assume all of the Assumed Liabilities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.7. <U>Excluded Liabilities</U>. Notwithstanding
<U>Section</U><U></U><U>&nbsp;2.3</U>, <U>2.4</U> or <U>2.6</U>, or anything else in this Agreement to the contrary, Peabody and its Affiliates, on the one hand, and Arch and its Affiliates, on the other hand, shall retain, and none of the JV
Entities shall assume, all of the following Liabilities (the &#147;<U>Excluded Liabilities</U>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) any Liabilities to the extent
attributable to the Excluded Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) any Indebtedness for borrowed money and all obligations pursuant to securitization or factoring
programs or arrangements; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) any Liabilities owing (i)&nbsp;by Peabody or any of its Affiliates, on the one hand, to any Affiliate of
Peabody, on the other hand, or (ii)&nbsp;by Arch or any of its Affiliates, on the one hand, to any Affiliate of Arch, on the other hand; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) any Liabilities for Contributor Taxes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) any Liabilities in respect of any current or former employees who are not Transferred Employees (including Liabilities arising under the
Black Lung Benefits Act or the Federal Coal Mine Health and Safety Act of 1969), except to the extent expressly set forth in <U>Section</U><U></U><U>&nbsp;6.9(e)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) any Liabilities with respect to (i)&nbsp;any Peabody Pension Plan or Arch Pension Plan, as the case may be, or (ii)&nbsp;any defined
contribution plan sponsored or maintained by Peabody or any of its Affiliates or Arch or any of its Affiliates, as the case may be, for the benefit of U.S. employees that is not intended to be qualified under Section&nbsp;401(a) of the Code (the
&#147;<U>Nonqualified DC Plans</U>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) any Liabilities in respect of any equity or equity-based compensation plan or arrangement
and any awards granted by either Party or its Affiliates thereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) any Liabilities in respect of prorated bonuses and wages accrued
through the Closing Date and required to be paid pursuant to <U>Section</U><U></U><U>&nbsp;6.9(j)</U> or <U>6.9(m)</U>, in each case together with any employer-paid portion of any employment and payroll taxes related thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) any Liabilities in respect of any Change of Control Payments; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) any Liabilities in respect of severance payable under any Peabody Benefit Plan or Arch Benefit Plan in connection with the consummation of
the transactions contemplated by this Agreement (other than severance paid to Mining Site Employees pursuant to <U>Section</U><U></U><U>&nbsp;6.9(e)</U>); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) any expenses incurred by either Party or its Affiliates related to the consummation of the transactions contemplated by this Agreement;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) any Liabilities arising from or relating to any internal reorganization steps reflected in the
<FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganization Plans, regardless of when such steps occur; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) any Liability for Royalties for any period on or prior to the Closing Date, except for
any Royalties related to coal inventory included in the Contributed Assets or any Liabilities specifically included in Peabody Net Working Capital or Arch Net Working Capital, as the case may be, as finally determined pursuant to
<U>Section</U><U></U><U>&nbsp;3.5(c)</U>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) any Liabilities in respect of any Proceedings, pending or threatened, and any claims,
whether or not presently asserted, to the extent arising out of or relating to any impacts of greenhouse gas emissions or climate change (including the Proceedings set forth on Section&nbsp;2.7(n)(i) of the Peabody Disclosure Letter or
Section&nbsp;2.7(n)(i) of the Arch Disclosure Letter), in each case other than any Proceedings or claims that primarily contest the validity or issuance of, or that primarily seek the rescission or cancellation of, any Peabody Contributed Permit or
Peabody Lease or any Arch Contributed Permit or Arch Lease, as the case may be (including the Proceedings set forth on Section&nbsp;2.7(n)(ii) of the Peabody Disclosure Letter or Section&nbsp;2.7(n)(ii) of the Arch Disclosure Letter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.8. <U>Transfer Taxes</U>. The JV Company will be responsible for all Transfer Taxes imposed by reason of the transactions
contemplated by this Agreement (excluding the <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganizations). Each Party shall, and shall cause their respective Subsidiaries and the JV Entities to, (a)&nbsp;cooperate in timely making all
filings, returns, reports and forms as may be required in connection with the payment of such Transfer Taxes and (b)&nbsp;use commercially reasonable efforts, in accordance with the terms of this Agreement, to minimize the amount of such Transfer
Taxes. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE III </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CLOSING </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.1.
<U>Closing</U>. The closing of the transactions contemplated by this Agreement (the &#147;<U>Closing</U>&#148;) shall take place at the offices of Cravath, Swaine<U></U>&nbsp;&amp; Moore LLP, 825 Eighth Avenue, New York, New York 10019 at 10:00 a.m.
(New York City time) on a date to be specified by the Parties, which date shall be as soon as practicable following the satisfaction or waiver (to the extent such waiver is permitted by applicable Law) of the conditions set forth in
<U>Article</U><U></U><U>&nbsp;VII</U> (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions at such time), but in no event later than the fifth Business
Day following such satisfaction or waiver of such conditions, unless another date, time or place is agreed to in writing by Peabody and Arch. The date on which the Closing actually occurs is referred to in this Agreement as the &#147;<U>Closing
Date</U>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.2. <U>Deliveries by Peabody at Closing</U>. At the Closing, upon the terms and subject to the conditions of
this Agreement, Peabody shall deliver or cause to be delivered the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) a counterpart of the LLC Agreement, duly executed by
Peabody or a wholly-owned Subsidiary of Peabody; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) such bills of sale, deeds, assignments, affidavits, instruments and documents as may
be reasonably necessary in order to effectuate the transfer, assignment, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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assumption and conveyance of record or beneficial ownership of the Peabody Contributed Assets, the Peabody Transferred Subsidiaries and the Peabody Assumed Liabilities to the JV Company or one or
more of its wholly-owned Subsidiaries as contemplated herein and to consummate the other transactions contemplated by this Agreement, in each case in form and substance reasonably satisfactory to Arch; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) the certificates required to be delivered pursuant to <U>Sections</U><U></U><U>&nbsp;7.3(a)</U> and<U>&nbsp;7.3(b)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) properly executed statements from each of Peabody and any Affiliate thereof that is a transferor or, if any such transferor is a
&#147;disregarded entity&#148; for U.S. federal income tax purposes, the regarded parent entity of such transferor, of any Peabody Contributed Assets or Peabody Transferred Subsidiaries to the JV Company or one or more of its wholly-owned
Subsidiaries, in each case dated as of the Closing Date that meets the requirements of Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.1445-2(b)(2)</FONT> and Proposed Treasury Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.1446(f)-2(b)(2);</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) if required pursuant to <U>Section</U><U></U><U>&nbsp;3.4</U>
or <U>3.5(b)(i)</U>, a wire transfer to the JV Company of immediately available funds (to such account or accounts as Peabody shall have designated in writing not less than two Business Days prior to the Closing Date) in the amount required pursuant
to <U>Section</U><U></U><U>&nbsp;3.4</U> or <U>3.5(b)(i)</U>, as applicable; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) evidence in form and substance reasonably
satisfactory to Arch of (i)&nbsp;the release and discharge of all guarantees by any Peabody Transferred Subsidiary of the Indebtedness set forth on Section&nbsp;3.2(f) of the Peabody Disclosure Letter (and any refinancings thereof) and (ii)&nbsp;the
release of all Encumbrances securing such guarantees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.3. <U>Deliveries by Arch at Closing</U>. At the Closing, upon the terms
and subject to the conditions of this Agreement, Arch shall deliver or cause to be delivered the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) a counterpart of the LLC
Agreement, duly executed by Arch or a wholly-owned Subsidiary of Arch; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) such bills of sale, deeds, assignments, affidavits, instruments
and documents as may be reasonably necessary in order to effectuate the transfer, assignment, assumption and conveyance of record or beneficial ownership of the Arch Contributed Assets, the Arch Transferred Subsidiaries and the Arch Assumed
Liabilities to the JV Company or one or more of its wholly-owned Subsidiaries as contemplated herein and to consummate the other transactions contemplated by this Agreement, in each case in form and substance reasonably satisfactory to Peabody; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) the certificates required to be delivered pursuant to <U>Sections</U><U></U><U>&nbsp;7.2(a)</U> and<U>&nbsp;7.2(b)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) properly executed statements from each of Arch and any Affiliate thereof that is a transferor or, if any such transferor is a
&#147;disregarded entity&#148; for U.S. federal income tax purposes, the regarded parent entity of such transferor, of any Arch Contributed Assets or Arch </P>
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Transferred Subsidiaries to the JV Company or one or more of its wholly-owned Subsidiaries, in each case dated as of the Closing Date that meets the requirements of Treasury Regulations <FONT
STYLE="white-space:nowrap">Section&nbsp;1.1445-2(b)(2)</FONT> and Proposed Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.1446(f)-2(b)(2);</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) if required pursuant to <U>Section</U><U></U><U>&nbsp;3.4</U> or <U>3.5(b)(ii)</U>, a wire transfer to the JV Company of immediately
available funds (to such account or accounts as Peabody shall have designated in writing not less than two Business Days prior to the Closing Date) in the amount required pursuant to <U>Section</U><U></U><U>&nbsp;3.4</U> or <U>3.5(b)(ii)</U>, as
applicable; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) evidence in form and substance reasonably satisfactory to Peabody of (i)&nbsp;the release and discharge of all
guarantees by any Arch Transferred Subsidiary of the Indebtedness set forth on Section&nbsp;3.3(f) of the Arch Disclosure Letter (and any refinancings thereof) and (ii)&nbsp;the release of all Encumbrances securing such guarantees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.4. <U>Closing Capital Call</U>. At least ten Business Days prior to Closing, the Parties shall mutually approve the Initial
Operating Budget. At the Closing, Peabody and Arch shall contribute, or cause their respective Affiliates, to contribute to the JV Company an amount of cash needed to fund the operations of the JV Company pursuant to the Initial Operating Budget for
the first 90 days immediately following the Closing, which amount shall be determined by Peabody, acting in accordance with its role as the &#147;Operator&#148; under the LLC Agreement, in accordance with the Initial Operating Budget. Peabody (or
its Affiliates) shall contribute 66.5% of the cash required to be contributed to the JV Company pursuant to this <U>Section</U><U></U><U>&nbsp;3.4</U>, and Arch (or its Affiliates) shall contribute 33.5% of the cash required to be contributed to the
JV Company pursuant to this <U>Section&nbsp;3.4</U><U>.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.5. <U>Net Working Capital Adjustment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Preliminary Statements</U>. At least three Business Days prior to the scheduled Closing Date, (i)&nbsp;Peabody shall deliver to Arch a
statement (the &#147;<U>Peabody Preliminary Statement</U>&#148;) setting forth Peabody&#146;s good faith estimate of the Peabody Net Working Capital (the &#147;<U>Estimated Peabody Working Capital</U>&#148;) and (ii)&nbsp;Arch shall deliver to
Peabody a statement (the &#147;<U>Arch Preliminary Statement</U>&#148;) setting forth Arch&#146;s good faith estimate of the Arch Net Working Capital (the &#147;<U>Estimated Arch Working Capital</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Closing Adjustment Payments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) If the Estimated Peabody Working Capital is less than negative $178,152,000 (the &#147;<U>Peabody Target Net Working
Capital</U>&#148;), Peabody or its Affiliates shall contribute cash to the JV Company at the Closing in an amount equal to (A)&nbsp;the Peabody Target Net Working Capital <U>minus</U> (B)&nbsp;the Estimated Peabody Working Capital. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) If the Estimated Arch Working Capital is less than negative $68,832,000 (the &#147;<U>Arch Target Net Working
Capital</U>&#148;), Arch or its Affiliates shall contribute cash to the JV Company at the Closing in an amount equal to (A)&nbsp;the Arch Target Net Working Capital <U>minus</U> (B)&nbsp;the Estimated Arch Working Capital. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Closing Statements</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) As promptly as practicable, but in no event more than 60 days after the
Closing Date, each of Peabody and Arch shall prepare and deliver to the other Party a statement (each, a &#147;<U>Closing Statement</U>&#148;) setting forth the Peabody Net Working Capital and the Arch Net Working Capital, respectively, as of the
Closing Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Each Party shall have a period of 60 days after the delivery to it of the Closing Statement of the
other Party to review such Closing Statement. During such period, each Party shall have the right to review the related work papers and to conduct due diligence with respect to each Closing Statement and the underlying assets and liabilities. Each
Party&#146;s Closing Statement shall become final and binding upon the Parties on the 61st day following delivery thereof unless the other Party gives written notice of its disagreement with such Closing Statement (a &#147;<U>Notice of
Disagreement</U>&#148;) to such Party prior to such date. Any Notice of Disagreement shall specify in reasonable detail the nature of any disagreement so asserted and shall quantify the disagreements to the extent reasonably practicable. If a Notice
of Disagreement is received by either Party in a timely manner, the Parties shall attempt in good faith to resolve the matter or matters in dispute in such Notice of Disagreement during the <FONT STYLE="white-space:nowrap">30-day</FONT> period
following the delivery of such Notice of Disagreement. If such disputes cannot be resolved by the Parties within 30 days after the delivery of any Notice of Disagreement, then all matters that were included in any Notice of Disagreement that remain
in dispute shall be submitted to a mutually selected nationally recognized independent accounting firm (other than Peabody&#146;s or Arch&#146;s then-current independent accounting firm) (the &#147;<U>Accounting Firm</U>&#148;) for resolution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) In resolving matters submitted to it pursuant to <U>Section</U><U></U><U>&nbsp;3.5(c)(ii)</U>, the Accounting Firm
(A)&nbsp;shall not be entitled to take or order the taking of depositions or other testimony under oath or conduct any other oral or written discovery, (B)&nbsp;with respect to each matter submitted to it, shall not resolve such matter in a manner
that is more favorable to either Party than the applicable Closing Statement and the Notice of Disagreement, (C)&nbsp;shall have no ex parte communications with either Party (or such Party&#146;s Representatives) and (D)&nbsp;shall resolve only
those matters that were submitted to it by the Parties pursuant to <U>Section</U><U></U><U>&nbsp;3.5(c)(ii)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) The
Accounting Firm, acting as an expert and not an arbitrator, shall render its opinion on all matters submitted to it pursuant to <U>Section</U><U></U><U>&nbsp;3.5(c)(ii)</U> within 60 days of its appointment. Based on that determination, the
Accounting Firm shall then send to each Party a written determination of (A)&nbsp;the Peabody Net Working Capital or the Arch Net Working Capital, as the case may be, and (B)&nbsp;any adjustments to the applicable Closing Statement, whereupon the
confirmed or revised Closing Statements shall be final and binding upon the Parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) Absent manifest error, the
determinations of the Accounting Firm shall be final, binding and conclusive. Judgment may be entered upon the determination of the Accounting Firm in any court having jurisdiction over the Party against which such determination is to be enforced.
Each Party shall bear its own costs and expenses incurred in connection with this <U>Section</U><U></U><U>&nbsp;3.5(c)</U>, except that the fees and expenses of the </P>
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Accounting Firm in connection with its engagement pursuant to this <U>Section</U><U></U><U>&nbsp;3.5(c)</U> shall be borne equally by Peabody and Arch. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Post-Closing Adjustment Payments</U>. If the Peabody Net Working Capital or the Arch Net Working Capital reflected on the applicable
Closing Statement as finalized pursuant to <U>Section</U><U></U><U>&nbsp;3.5(c)</U> is less than the Peabody Target Net Working Capital or the Arch Target Net Working Capital, respectively, the Parties shall recalculate the adjusting payments, if
any, previously made pursuant to <U>Section</U><U></U><U>&nbsp;3.5(b)</U>. If Peabody and its Affiliates made an adjusting payment pursuant to <U>Section</U><U></U><U>&nbsp;3.5(b)(i)</U> or Arch and its Affiliates made an adjusting payment pursuant
to <U>Section</U><U></U><U>&nbsp;3.5(b)(ii)</U> that was too large, the Parties shall cause the JV Company or another JV Entity to refund the overage to the payor. If Peabody and its Affiliates made an adjusting payment pursuant to
<U>Section</U><U></U><U>&nbsp;3.5(b)(i)</U> or Arch and its Affiliates made an adjusting payment pursuant to <U>Section</U><U></U><U>&nbsp;3.5(b)(ii)</U> that was too small or made no adjusting payment, Peabody or Arch, as the case may be, shall, or
shall cause its Affiliates to, contribute additional cash to the JV Company in an amount necessary to cure such shortfall, plus interest on such amount from the Closing Date to the date of payment at a rate per annum equal to the prime rate as
published in the Wall Street Journal, Eastern Edition, in effect on the Closing Date plus 2% per annum. The payments required pursuant to this <U>Section</U><U></U><U>&nbsp;3.5(d)</U> shall be made within five Business Days after the Closing
Statements are finalized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>REPRESENTATIONS AND WARRANTIES OF PEABODY </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Except as set forth in the corresponding section of the disclosure letter delivered by Peabody to Arch at or before the execution and delivery
by Peabody of this Agreement (the &#147;<U>Peabody Disclosure Letter</U>&#148;), it being understood that any disclosure set forth in the applicable Section or paragraph of the Peabody Disclosure Letter shall be deemed to be disclosed for any other
Section or paragraph of the Peabody Disclosure Letter or for any portion of this <U>Article</U><U></U><U>&nbsp;IV</U> to which the relevance of such disclosure is reasonably apparent from the context of such disclosure, Peabody represents and
warrants to Arch, as of the date of this Agreement and as of the Closing Date (except to the extent such representations and warranties expressly relate to a specified date, in which case only at and as of such specified date), as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.1. <U>Due Organization; Good Standing; Power</U>. Peabody is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority under applicable Law and its Charter Documents to own or lease and to operate its assets and to conduct or cause to be conducted the Peabody Business as it
is now being conducted by Peabody. Each Subsidiary of Peabody that is being contributed or transferred to the JV Entities as a part of the Peabody Business (each, a &#147;<U>Peabody Transferred Subsidiary</U>&#148;) and each of the other Affiliates
of Peabody that is transferring or contributing assets or Liabilities to the JV Entities pursuant to this Agreement (collectively, the &#147;<U>Peabody Transferring Affiliates</U>&#148; and, together with the Peabody Transferred Subsidiaries, the
&#147;<U>Peabody Entities</U>&#148;) is, or will be at the Closing Date, a corporation, limited liability company or other entity duly organized and validly existing under the laws of its jurisdiction of organization. Each Peabody Entity has all
requisite corporate or other power and authority to own or lease and to operate its assets and to conduct the Peabody Business now </P>
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being or to be conducted by it at the time of the Closing. Each of Peabody and each Peabody Entity is, or will be at the Closing Date, duly authorized, qualified or licensed to do business as a
foreign corporation or other organization in good standing in each of the jurisdictions in which its right, title or interest in or to any of the Peabody Contributed Assets held by it or the Peabody Business conducted by it requires such
authorization, qualification or licensing, except where the failure to have such authorization, qualification or licensing has not had and would not reasonably be expected to have, individually or in the aggregate, a Peabody Material Adverse Effect.
Peabody has all requisite corporate power and authority under applicable Law and its Charter Documents to enter into this Agreement and the other Transaction Documents to which it is or will be a party and to perform its obligations hereunder and
thereunder and to consummate the transactions contemplated hereby and thereby. Each Peabody Entity has, or will have at the Closing Date, all corporate or other requisite power and authority under applicable Law and its Charter Documents to enter
into the Transaction Documents to which it is or will be a party, to perform its obligations thereunder and to consummate the transactions contemplated thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.2. <U>Authorization and Validity of Agreements</U>. The execution and delivery by Peabody of this Agreement, the execution and
delivery by Peabody and each Peabody Entity of the other Transaction Documents to which any of them is or will be a party and the consummation by them of the transactions contemplated hereby and thereby have been (in the case of Peabody), or will be
at the Closing Date (in the case of each Peabody Entity), duly authorized and approved by all necessary corporate or other action under applicable Law and the relevant Charter Documents on the part of Peabody and such Peabody Entity, as the case may
be, and do not and will not require the approval of the stockholders of Peabody. This Agreement has been duly executed and delivered by Peabody, and at the Closing each of the other Transaction Documents to which Peabody or any Peabody Entity is a
party will have been duly executed and delivered by Peabody and such Peabody Entity, as the case may be. This Agreement is the legal, valid and binding obligation of Peabody, enforceable against Peabody in accordance with its terms, except as that
enforceability may be (i)&nbsp;limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights generally and (ii)&nbsp;subject to general principles of equity
(regardless of whether that enforceability is considered in a proceeding in equity or at law). At the Closing, each other Transaction Document to which Peabody or any Peabody Entity is a party will be the legal, valid and binding obligation of
Peabody and such Peabody Entity, as the case may be, in each case enforceable against Peabody and such Peabody Entity in accordance with its terms, except as that enforceability may be (i)&nbsp;limited by any applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights generally and (ii)<U></U>&nbsp;subject to general principles of equity (regardless of whether that enforceability is considered in a proceeding in equity
or at law). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.3. <U>Absence of Conflicts</U>. Neither the execution and delivery by Peabody of this Agreement nor the execution
and delivery by Peabody or any Peabody Entity of any other Transaction Document to which Peabody or any such Peabody Entity is or will be a party, nor the consummation by them of the transactions contemplated hereby and thereby, does or will
(a)&nbsp;conflict with, or result in the breach of any provision of, the Charter Documents of Peabody or any such Peabody Entity, (b)&nbsp;violate any applicable Law or any Permit or Order of any Governmental Authority applicable to or binding upon
Peabody or any such Peabody Entity or to </P>
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which any of their respective properties or assets is subject, (c)&nbsp;result in the creation of any Encumbrance upon any of the Peabody Contributed Assets or (d)&nbsp;violate, conflict with or
result in the breach or termination of, or otherwise give any other Person the right to terminate, or constitute a default, event of default or an event that with notice, lapse of time or both, would constitute a default or event of default under
the terms of, any Contract included in the Peabody Contributed Assets or by which any of the Peabody Contributed Assets is subject, except in the case of <U>clauses (b)</U>, <U>(c)</U> and<U>&nbsp;(d)</U> for such violations, Encumbrances, conflicts
or breaches as have not had and would not reasonably be expected to have, individually or in the aggregate, a Peabody Material Adverse Effect. As of the Closing Date, none of the JV Entities will be, or will be required to become, a &#147;restricted
subsidiary&#148; or will otherwise be subject to restrictions on payment of cash distributions under any debt documents or in connection with any indebtedness of Peabody or its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.4. <U>No Consents</U>. Neither the execution and delivery by Peabody of this Agreement nor the execution and delivery by Peabody or
any Peabody Entity of any other Transaction Document to which Peabody or any such Peabody Entity is or will be a party, nor the consummation by Peabody or any such Peabody Entity of the transactions contemplated by the Transaction Documents in
accordance with the terms thereof will require any Consent of, or any registration, declaration, notice of filing made to or with, any Governmental Authority (a &#147;<U>Governmental Approval</U>&#148;), other than compliance with and filings
required under the HSR Act or any applicable <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Antitrust Laws. At the Closing, no Governmental Approval or other Consent will be required by Peabody or any Peabody Entity for the consummation of the
transactions contemplated by this Agreement and the other Transaction Documents to which Peabody or any such Peabody Entity is a party, except for such Governmental Approvals or Consents as have not had and would not reasonably be expected to have,
individually or in the aggregate, a Peabody Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.5. <U>Financial Information; Absence of Undisclosed
Liabilities</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Section&nbsp;4.5(a) of the Peabody Disclosure Letter sets forth copies of (i)&nbsp;the unaudited combined balance
sheet for the Peabody Business as of March&nbsp;31, 2019 (the &#147;<U>Peabody Balance Sheet</U>&#148;), (ii) the unaudited combined statements of operations of the portion of the Peabody Business operating in the State of Wyoming for the
three-month periods ending June&nbsp;30, 2018, September&nbsp;30, 2018, December&nbsp;31, 2018 and March&nbsp;31, 2019 and (iii)&nbsp;the unaudited combined statements of operations of the portion of the Peabody Business operating in the State of
Colorado for the three-month periods ending June&nbsp;30, 2018, September&nbsp;30, 2018, December&nbsp;31, 2018 and March&nbsp;31, 2019 (the financial statements described in <U>clauses (i)</U>, <U>(ii)</U> and <U>(iii)</U>, collectively, the
&#147;<U>Peabody Financial Statements</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Peabody Financial Statements have been derived from, and are consistent with,
the underlying books, records and accounts of Peabody and its Affiliates and represent actual, bona fide transactions. The Peabody Financial Statements have been prepared in accordance with GAAP (subject to the assumptions set forth therein) and
fairly represent in all material respects the combined financial position, assets and liabilities and results of operations of the Peabody Business, as of the respective dates and for the respective periods indicated therein (subject to the
assumptions set forth therein, the absence of notes and normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) There are no material Liabilities included in the Peabody Assumed Liabilities, except
(i)&nbsp;as included, reserved against or reflected in the Peabody Balance Sheet and (ii)&nbsp;for those arising in the ordinary course of business consistent with past practice since March&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.6. <U>No Material Changes</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Since January&nbsp;1, 2019, there has not been a Peabody Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) From January&nbsp;1, 2019 to the date of this Agreement, Peabody and its Affiliates have caused the Peabody Business to be conducted in the
ordinary course of business consistent with its past practice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.7. <U>Real Property</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Section&nbsp;4.7(a) of the Peabody Disclosure Letter sets forth a correct and complete list as of the date hereof of (i)&nbsp;all Peabody
Owned Real Property, (ii)&nbsp;all Peabody Leases and (iii)&nbsp;all Mining Rights included in the Peabody Properties. Section&nbsp;4.7(a) of the Peabody Disclosure Letter also identifies all Peabody Properties that also are used as of the date
hereof by other businesses of Peabody or its Affiliates and describes the nature of such use by such other businesses of Peabody or its Affiliates, and such use does not interfere with the operation of the Peabody Business. No Peabody Property is
leased or subleased to any third party, and Peabody has not granted any third party any license, possessory or occupancy right or other similar right therein other than Permitted Encumbrances. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Peabody or a controlled Affiliate of Peabody, as applicable, has (i)&nbsp;good and indefeasible fee title to all Peabody Owned Real
Property, (ii)&nbsp;good and valid title to the leasehold estates in all Peabody Leases and (iii)&nbsp;good and valid title to all Mining Rights included in the Peabody Properties, in the case of each of <U>clauses (i)</U>, <U>(ii)</U> and
<U>(iii)</U>, free and clear of all Encumbrances (including Royalties), other than Permitted Encumbrances. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) There are no outstanding
options, rights of first offer or rights of first refusal to purchase any Peabody Property or any portion of or any interest therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
Each of the Peabody Leases is in full force and effect and constitutes the legal, valid and binding obligations of Peabody or its Affiliates that are parties thereto and, to the Knowledge of Peabody, the other parties thereto, enforceable against
Peabody or such Affiliates and, to the Knowledge of Peabody, the other parties thereto, in accordance with their respective terms. No Peabody Lease has been amended, modified or supplemented. No party to any Peabody Lease has repudiated any
provision thereof, and neither Peabody (nor its Affiliates that are parties thereto, as the case may be) nor, to the Knowledge of Peabody, any other party thereto, is in breach of any of its respective obligations thereunder, and no event has
occurred (including the failure to obtain any consent) which, with notice or lapse of time or both, would constitute a breach or default thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Except for the Peabody Properties, neither Peabody nor any of its Affiliates owns or leases any real property used or held for use
primarily in or related primarily </P>
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to or necessary for the operation or conduct of the Peabody Business or has any options to acquire any fee interest or leasehold interest in any real property for use primarily in or related
primarily to or necessary for the operation or conduct of the Peabody Business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) There are no pending or, to the Knowledge of Peabody,
threatened condemnation, eminent domain or similar proceedings affecting the Peabody Properties. There are no existing public improvements which may reasonably be expected to result in any special assessment against any Peabody Owned Real Property.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) All utility easements, rights of access and other easements and similar rights serving the Peabody Properties are legally enforceable
to permit the operation of the Peabody Business in substantially the manner in which the Peabody Business is currently operated. Other than Permitted Encumbrances, there are no encroachments upon the Peabody Properties and no improvements to any
Peabody Properties encroach onto any adjacent property, except for such encroachments as have not had and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on a particular item of real property.
The improvements to the Peabody Properties (and the current uses thereof) do not (i)&nbsp;violate <FONT STYLE="white-space:nowrap">set-back,</FONT> building or side lines, or any applicable land use covenants, zoning regulations or similar
enforceable restrictions or (ii)&nbsp;encroach on any easements located on the Peabody Properties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.8. <U>Title to Tangible
Personal Property</U>. Peabody or a controlled Affiliate of Peabody has good and valid title to or leasehold interest in all Tangible Personal Property included in the Peabody Contributed Assets, in each case, free and clear of all Encumbrances,
subject only to Permitted Encumbrances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.9. <U>Compliance with Laws; Permits</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as have not had and would not reasonably be expected to have, individually or in the aggregate, a Peabody Material Adverse Effect,
(i)&nbsp;the Peabody Contributed Assets and the Peabody Business are, and since January&nbsp;1, 2016 have been, operated or conducted by Peabody or its Affiliates, as the case may be, in compliance with all applicable Laws and Permits,
(ii)&nbsp;there is no, and since January&nbsp;1, 2016, there has been no, action, demand or investigation by or before any Governmental Authority pending or, to the Knowledge of Peabody, threatened alleging that the operation or conduct of the
Peabody Contributed Assets or the Peabody Business is in violation of any applicable Law or Permit. There is no pending Order of any Governmental Authority against or binding upon any of the Peabody Contributed Assets or Peabody or any of its
Affiliates to the extent relating to the Peabody Business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as have not had and would not reasonably be expected to have,
individually or in the aggregate, a Peabody Material Adverse Effect, (i)&nbsp;the Peabody Contributed Permits constitute all of the Permits necessary for the ownership and operation of the Peabody Contributed Assets and the operation and conduct of
the Peabody Business as presently conducted, (ii)&nbsp;each Peabody Contributed Permit has been duly obtained, is valid and in full force and effect, and is not subject to any pending or, to the Knowledge of Peabody, threatened Proceeding to revoke,
cancel, suspend or declare such Peabody Contributed Permit invalid in any respect and (iii)&nbsp;the Peabody Business is not being conducted in a manner that violates any of the terms or conditions under which any Peabody Contributed Permit was
granted. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Section&nbsp;4.9(c) of the Peabody Disclosure Letter contains a list of all material
mining Permits and all Environmental Permits included in the Peabody Contributed Permits. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Sections 4.9(a)</U> and <U>4.9(b)</U> do
not relate to compliance with Environmental Laws or Environmental Permits, which are exclusively the subject of <U>Sections 4.9(c)</U> and <U>4.17</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.10. <U>Taxes</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except with respect to Permitted Encumbrances, (i)&nbsp;there are no Encumbrances for Taxes on any of the Peabody Contributed Assets or on
the equity interests in any Peabody Transferred Subsidiary and (ii)&nbsp;no claim has been made by any Governmental Authority that could give rise to any such Encumbrance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Solely with respect to the Peabody Business: (i)&nbsp;Peabody has timely paid or caused to be paid all material Taxes of the Peabody
Transferred Subsidiaries or, solely to the extent a failure to timely pay could reasonably be expected to result in an Encumbrance, other than a Permitted Encumbrance, on any of the Peabody Contributed Assets or in any of the JV Entities becoming
liable for such Taxes, with respect to the Peabody Contributed Assets; (ii)&nbsp;Peabody has filed or caused to be filed all Tax returns for material Taxes required to be filed by the Peabody Transferred Subsidiaries or, solely to the extent a
failure to file could reasonably be expected to result in an Encumbrance, other than a Permitted Encumbrance, on any of the Peabody Contributed Assets or in any of the JV Entities becoming liable for Taxes attributable to such Tax returns, with
respect to the Peabody Contributed Assets, in each case taking into account applicable extensions, and all such Tax returns are true, correct and complete in all material respects; (iii)&nbsp;the Peabody Transferred Subsidiaries have withheld or
deducted all material Taxes from payments to customers, employees, creditors, independent contractors, equity holders or other Persons required to be so withheld or deducted, and have timely paid over such Taxes to the appropriate Governmental
Authority to the extent due and payable; (iv)&nbsp;no material Tax audits or other material administrative proceedings or court proceedings are pending with regard to any Taxes for which any Peabody Transferred Subsidiary may be liable or, solely to
the extent such proceedings could reasonably be expected to result in an Encumbrance, other than a Permitted Encumbrance, on any of the Peabody Contributed Assets or in any of the JV Entities becoming liable for Taxes attributable to such
proceedings, with respect to the Peabody Contributed Assets, and to the Knowledge of Peabody no such material administrative proceedings or court proceedings has been threatened in writing by any Governmental Authority; (v)&nbsp;there is no
agreement with any Governmental Authority extending the period for assessment or collection of any material Taxes of any Peabody Transferred Subsidiary or, solely to the extent such extension could reasonably be expected to result in an Encumbrance,
other than a Permitted Encumbrance, on any of the Peabody Contributed Assets or in any of the JV Entities becoming liable for such Taxes, with respect to the Peabody Contributed Assets; (vi)&nbsp;no unresolved written claim has ever been made by a
Governmental Authority in a jurisdiction where a Peabody Transferred Subsidiary does not file Tax returns that such Peabody Transferred Subsidiary may be subject to taxation in that jurisdiction with respect to such Tax return; (vii)&nbsp;no Peabody
Transferred Subsidiary is party to or is bound by or has any obligation under any material <FONT STYLE="white-space:nowrap">Tax-sharing</FONT> agreement, Tax indemnity agreement or similar agreement or arrangement (other than customary provisions
contained in agreements entered into </P>
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in the ordinary course of business and not primarily related to Tax); (viii) no Peabody Transferred Subsidiary has any liability for any material Taxes of any Person (other than Peabody or any of
its Affiliates) under Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.1502-6</FONT> (or any similar provision of state, local or foreign law), as a transferee or successor, by contract or otherwise; and (ix)&nbsp;no Peabody
Transferred Subsidiary has been a party to a &#147;listed transaction,&#148; as such term is defined in Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.6011-4(b)(2),</FONT> or any other transaction requiring disclosure under
analogous provisions of state, local or foreign Tax law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) As of immediately prior to the Closing Date, none of the Peabody Contributed
Assets will consist of equity interests in any entity (other than equity interests in Wyoming Quality Healthcare Coalition, LLC and the Peabody Transferred Subsidiaries). Immediately prior to the Closing, each Peabody Transferred Subsidiary to be
contributed to the JV Company pursuant to <U>Section</U><U></U><U>&nbsp;2.3(a)</U> shall be disregarded as an entity separate from its owner for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The representations and warranties in this <U>Section</U><U></U><U>&nbsp;4.10</U> are the exclusive representations and warranties by
Peabody relating to Tax matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.11. <U>Legal Proceedings</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) There are no Proceedings pending or, to the Knowledge of Peabody, threatened against Peabody or any of its Affiliates or otherwise relating
to the Peabody Business before any Governmental Authority (i)&nbsp;seeking to prevent or delay the Closing or (ii)&nbsp;relating to the Peabody Business, except in each case for such Proceedings as have not had and would not reasonably be expected
to have, individually or in the aggregate, a Peabody Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) This <U>Section</U><U></U><U>&nbsp;4.11</U> does not
relate to (i)&nbsp;Tax matters, which are exclusively the subject of <U>Section</U><U></U><U>&nbsp;4.10</U>, (ii) labor matters, which are exclusively the subject of <U>Section</U><U></U><U>&nbsp;4.15</U>, (iii) employee benefit matters, which are
exclusively the subject of <U>Section</U><U></U><U>&nbsp;4.16</U> or (iv)&nbsp;compliance with Environmental Laws or Environmental Permits, which are exclusively the subject of <U>Section</U><U></U><U>&nbsp;4.17</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.12. <U>Sufficiency and Condition of Assets</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Peabody Contributed Assets, together with the Peabody Retained IP and the services to be provided to the JV Company by the Operator (as
defined in the LLC Agreement) pursuant to the LLC Agreement, constitute all property and other rights necessary to operate and conduct the Peabody Business in substantially the same manner as it is currently being operated and conducted. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Peabody Material Adverse Effect,
all of the Tangible Personal Property currently used in the Peabody Business and included in the Peabody Contributed Assets (i)&nbsp;is in good operating condition and repair (ordinary wear and tear excepted) and (ii)&nbsp;has been maintained in a
manner consistent with industry practice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.13. <U>Material Contracts</U>.<U> </U> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Section&nbsp;4.13(a) of the Peabody Disclosure Letter sets forth a correct and complete
list as of the date hereof of all of the following types of Contracts used or held for use primarily in or related primarily to the operation or conduct of the Peabody Business that are to be transferred to and assumed by the JV Entities as of the
Closing Date and to which Peabody or any of its Affiliates is a party or to which any of the Peabody Contributed Assets or the Peabody Transferred Subsidiaries are subject, in each case other than any Excluded Assets (each, a &#147;<U>Peabody
Material Contract</U>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) any loan and credit agreement, Contract, note, debenture, bond, indenture, mortgage,
security agreement, pledge or other similar agreement pursuant to which any material Indebtedness for borrowed money is outstanding or may be incurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) any Contract (other than any coal supply agreement, or purchase order or commitment to sell or offer to sell coal) with a
remaining term of more than one year from the date hereof which is expected to involve the payment of an amount in excess of $10,000,000 or receipt of an amount in excess of $10,000,000 in the aggregate over the remaining term of such Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) any joint venture, partnership or similar organizational Contract involving a sharing of profits or losses related to all
or any portion of the Peabody Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) any Contract granting to any Person an option, right of first offer or right
of first refusal to purchase or acquire any Peabody Contributed Asset (other than purchase options for additional coal volumes); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) any Contract that (A)&nbsp;provides for exclusive rights for the benefit of any third party, (B)&nbsp;grants &#147;most
favored nation&#148; status to any third party or (C)&nbsp;requires Peabody or any of its Affiliates to provide any minimum level of service, in each case which (1)&nbsp;are, or in a manner which is, material to the Peabody Business taken as a whole
and (2)&nbsp;may not be terminated (including such restrictive provisions) by Peabody or its Affiliates on less than 90 days&#146; notice without payment by Peabody or any of its Affiliates of any material penalty; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) any Contract that restricts in any material respect the ability of Peabody or its Affiliates (or could restrict in any
material respect the ability of the JV Entities) to compete in any business or with any Person in any geographical area and which may not be terminated (including such restrictive provisions) by Peabody or its Affiliates on less than 90 days&#146;
notice without payment by Peabody or any of its Affiliates of any material penalty; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) any Contract with a remaining
term of more than one year from the date hereof that could require the JV Entities to purchase all (or a specified portion of) their total requirements of any product or service from a third party or that contains &#147;take or pay&#148; provisions
and which (A)&nbsp;is expected to involve the payment of an amount in excess of $10,000,000 in the aggregate during the fiscal year ending December&nbsp;31, 2019 or any future fiscal year and (B)&nbsp;may not be terminated (including such
restrictive </P>
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provisions) by Peabody or its Affiliates on less than 90 days&#146; notice without payment by Peabody or any of its Affiliates of any material penalty; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) any Contract relating to the disposition or acquisition by Peabody or any of its Affiliates of any material business or
any material amounts of assets (other than in the ordinary course of business) with obligations remaining to be performed or Liabilities continuing after the date hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) any lease or agreement (including capital lease arrangements) under which Peabody or any of its Affiliates is lessee of,
or holds or operates, any Tangible Personal Property for which the annual rental costs exceed $10,000,000; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) any coal
supply agreement, or purchase order or commitment to sell or offer to sell coal, (A)&nbsp;with a remaining term of more than three years from the date hereof or (B)&nbsp;with remaining deliverable tonnage of (1) 10,000,000 tons from any mines
located in Wyoming that are set forth on <U>Schedule 1.1(b)</U> or (2) 1,500,000 tons from any mines located in Colorado that are set forth on <U>Schedule 1.1(b)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) any Contract involving swaps, futures, derivatives or similar instruments, regardless of value, except such Contracts
entered into as a hedging activity in the ordinary course of business consistent with Peabody&#146;s past practice and internal policy guidelines; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) any Contract pursuant to which a Governmental Authority is providing tax abatements or other similar economic incentives
in connection with the Peabody Business; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii) any other Contract that is material to the Peabody Business. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Peabody and its Affiliates have duly performed and complied in all material respects with their respective obligations under each Peabody
Material Contract. None of Peabody or any of its Affiliates has received any notice of termination or default from any other party to such Peabody Material Contract. To the Knowledge of Peabody, no other party to such Peabody Material Contract is in
default of its obligations thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except as set forth on Section&nbsp;4.13(c) of the Peabody Disclosure Letter, Peabody has made
available to Arch true and complete copies of each Peabody Material Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.14. <U>Intellectual Property</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Section&nbsp;4.14(a) of the Peabody Disclosure Letter sets forth a correct and complete list as of the date hereof of all Contracts in
effect between Peabody or any of its Affiliates and any Third Party a primary purpose of which is to grant Peabody or such Affiliate, as the case may be, a license to use any Third Party&#146;s Intellectual Property that is material to the operation
or conduct of the Peabody Business, taken as a whole, other than any <FONT STYLE="white-space:nowrap">(i)&nbsp;non-disclosure</FONT> and confidentiality agreements and (ii)&nbsp;Contracts for any <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">off-the-shelf,</FONT></FONT> commercially available software (including shrink wrap or click wrap agreements). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(i) Peabody and its Affiliates own or possess adequate licenses or other valid
rights to use all the Intellectual Property used by Peabody and its Affiliates in the operation or conduct of the Peabody Business free and clear of all Encumbrances other than Permitted Encumbrances and (ii)&nbsp;to the Knowledge of Peabody, the
operation and conduct of the Peabody Business does not conflict with or infringe upon any Intellectual Property of others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.15.
<U>Labor Matters</U>.<U> </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) As of the date hereof, none of Peabody or the Peabody Transferred Subsidiaries is party to any
collective bargaining agreement or similar agreement with a labor organization, works council, union or association applicable to the Peabody Business Employees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) With respect to the Peabody Business: (i)&nbsp;there is no unfair labor practice charge or complaint against Peabody or any of its
Affiliates pending or, to the Knowledge of Peabody, threatened before the National Labor Relations Board; (ii)&nbsp;there is no labor strike, slowdown or stoppage actually pending or, to the Knowledge of Peabody, threatened against or affecting
Peabody or any of its Affiliates; (iii)&nbsp;there are no activities or proceedings by any labor union or other employee representative organization to organize any Peabody Business Employees and no demand for recognition as the exclusive bargaining
representative of any Peabody Business Employees has been made by or on behalf of any labor or similar organization; (iv)&nbsp;Peabody and its Affiliates have complied in all material respects with all applicable Laws pertaining to the employment or
termination of employment of the Peabody Business Employees, including all applicable Laws relating to labor relations, equal employment opportunities fair employment practices, prohibited discrimination, applicable information and consultation
obligations, occupational safety and health standards, terms and conditions of employment, payment of wages, workers&#146; compensation, immigration and visa requirements and other similar employment activities; and (v)&nbsp;except as have not had
and would not reasonably be expected to have, individually or in the aggregate, a Peabody Material Adverse Effect, there is no Proceeding pending or, to the Knowledge of Peabody, threatened by a Peabody Business Employee relating to such applicable
Laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Within the last three months, there has not been any plant closing, relocation of work or mass layoff (in each case, within the
meaning of the WARN Act) or term of similar import under any applicable similar Law with respect to the Peabody Business Employees. To the extent that, after the Closing, the JV Company operates the Peabody Business in the same manner operated by
Peabody and its Affiliates during the <FONT STYLE="white-space:nowrap">six-month</FONT> period prior to the Closing, the JV Company will not incur any liability or obligation under the WARN Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The representations and warranties in this <U>Section</U><U></U><U>&nbsp;4.15</U> are the exclusive representations and warranties by
Peabody relating to labor matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.16. <U>Employee Benefits</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Copies of Documents</U>. Peabody has made available to Arch the following with respect to each Peabody Benefit Plan: (i)&nbsp;a summary
of such Peabody Benefit Plan; (ii)&nbsp;the </P>
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governing plan documents, including all amendments thereto and (iii)&nbsp;the most recent summary plan description and summary of material modifications. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Compliance with Applicable Laws</U>. Each Assumed Peabody Benefit Plan and all related trusts, insurance Contracts and funds have been
maintained, funded and administered in material compliance with all applicable Laws. Except as have not had and would not reasonably be expected to have, individually or in the aggregate, a Peabody Material Adverse Effect, no Proceedings with
respect to any Assumed Peabody Benefit Plan (other than routine claims for benefits) or with respect to any fiduciary or other Person dealing with any Assumed Peabody Benefit Plan are pending or, to the Knowledge of Peabody, threatened. Peabody and
all ERISA Affiliates of Peabody have complied with the requirements of Sections&nbsp;4980B and 4980D of the Code with respect to Peabody Business Employees and former employees of the Peabody Transferred Subsidiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>No Multiemployer, Defined Benefit or Post-Retirement Benefit Plans</U>. (i)&nbsp;No Assumed Peabody Benefit Plan is, and no Peabody
Transferred Subsidiary has any Liability (including, but not limited to, actual or potential withdrawal liability) under, (A)&nbsp;a &#147;multiemployer plan&#148;, as such term is defined in Section&nbsp;3(37) of ERISA, or with respect to any
employee benefit plan of the type described in Sections&nbsp;4063 and 4064 of ERISA or Section&nbsp;413(c) of the Code or (B)&nbsp;a plan that is subject to Title IV of ERISA and (ii)&nbsp;no Peabody Benefit Plan provides for any post-employment or
post-retirement health, disability, life or similar benefits (whether insured or self-insured) to any Peabody Business Employee, except as required by Law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U><FONT STYLE="white-space:nowrap">Tax-Qualified</FONT> Plans</U>. Each Peabody Benefit Plan that is intended to be &#147;qualified&#148;
within the meaning of Section&nbsp;401(a) of the Code has received a favorable determination letter from the Internal Revenue Service or is entitled to rely upon a favorable opinion issued by the Internal Revenue Service, and, to the Knowledge of
Peabody, there are no existing circumstances or any events that have occurred that could reasonably be expected to cause the loss of any such qualification status of any such Peabody Benefit Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>No Excess Parachute Payments</U>. No Assumed Peabody Benefit Plan provides, and neither Peabody nor any ERISA Affiliate of Peabody is
otherwise obligated to provide, any amount constituting an excess parachute payment (as defined in Section&nbsp;280G of the Code) with respect to any Peabody Business Employee that will become a liability of the JV Entities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Accelerated Payments, Benefits or Funding</U>. None of the execution and delivery of this Agreement or the consummation of the
transactions contemplated by this Agreement will, except as expressly contemplated by this Agreement or as required by applicable Laws, (i)&nbsp;entitle any Peabody Business Employee to retention, change in control or similar compensation or
benefits under any Peabody Benefit Plan or cause any Peabody Business Employee to become eligible for any increase in severance benefits under any Peabody Benefit Plan or (ii)&nbsp;accelerate the payment or vesting, or trigger any funding of,
compensation or benefits, or increase the amount payable or trigger any other obligation due to, or in respect of, any Peabody Business Employee, except, in each case, for arrangements that will not result in any liability under this Agreement or
otherwise to the JV Entities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The representations and warranties in this <U>Section</U><U></U><U>&nbsp;4.16</U> are
the exclusive representations and warranties by Peabody relating to employee benefit matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.17. <U>Environmental
</U><U>Matters</U>. Except as have not had and would not reasonably be expected to have, individually or in the aggregate, a Peabody Material Adverse Effect: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Peabody Contributed Assets and the Peabody Business are, and since January&nbsp;1, 2016 have been, operated in compliance with all
applicable Environmental Laws and Environmental Permits, and since January&nbsp;1, 2016 neither Peabody nor any of its Affiliates has received any (i)&nbsp;written communication from a Governmental Authority or other Person that alleges that the
operation of the Peabody Contributed Assets or the Peabody Business is in violation of any Environmental Law or any Environmental Permit or (ii)&nbsp;written request for information from any Governmental Authority relating to the Peabody Contributed
Assets or the Peabody Business pursuant to any Environmental Law that is outstanding or unresolved that could form the basis of any Liability to Peabody or any of its Affiliates under any Environmental Law or Environmental Permit; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(i) Peabody and its Affiliates possess all Environmental Permits necessary for the ownership and operation of the Peabody Contributed
Assets and the operation and conduct of the Peabody Business; (ii)&nbsp;each such Environmental Permit is valid and in full force and effect, and is not subject to any pending or, to the Knowledge of Peabody, threatened Proceeding to revoke, cancel,
suspend or declare such Environmental Permit invalid in any respect; and (iii)&nbsp;the Peabody Business is not being conducted in a manner that violates any of the terms or conditions under which any such Environmental Permit was granted; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) there is no (i)&nbsp;Order of any Governmental Authority against or binding upon any of the Peabody Contributed Assets or Peabody or any of
its Affiliates or (ii)&nbsp;Proceeding pending or, to the Knowledge of Peabody, threatened against Peabody or any of its Affiliates before any Governmental Authority, in each case, relating to the Peabody Business and arising under or relating to
Environmental Laws; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) since January&nbsp;1, 2016, all Hazardous Materials have been generated, used, handled, transported, disposed of,
treated or stored on or from the Peabody Properties in compliance with all applicable Environmental Laws; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) there has been no Release
of, or exposure to, any Hazardous Materials at, in, under or migrating to or from any Peabody Property (or, to the extent relating to the Peabody Business, any other location) that could reasonably be expected to form the basis of any Environmental
Claim against Peabody or any of its Affiliates or against any Person whose Liabilities for such Environmental Claim Peabody or any of its Affiliates has, or may have, retained or assumed, either contractually or by operation of Law; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) neither Peabody nor any of its Affiliates has retained or assumed, either contractually or by operation of Law, any Liabilities or
obligation (including any obligation for Reclamation and Mine Closure) of any other Person relating to the Peabody Contributed Assets </P>
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that could reasonably be expected to form the basis of any Environmental Claim against Peabody or any of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.18. <U>Mining; Financial Assurances</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Peabody and its Affiliates have, in the amounts and forms required, obtained or provided all bonds, sureties, letters of credit,
guarantees, indemnity agreements and other financial assurances (collectively, &#147;<U>Financial Assurances</U>&#148;) as are (i)&nbsp;required under any applicable Peabody Contributed Permits, Mining and Mining Safety Laws or Environmental Laws in
connection with the Peabody Business for Reclamation and Mine Closure, including for land, water or other natural resources at any Peabody Property, or otherwise or (ii)&nbsp;otherwise required or maintained in connection with the Peabody Business
(collectively, the &#147;<U>Peabody Financial Assurances</U>&#148;). Section&nbsp;4.18(a) of the Peabody Disclosure Letter sets forth a correct and complete list as of the date hereof of all Peabody Financial Assurances, categorized by Peabody
Property, and including (to the extent applicable) the name of the obligor, the name of the beneficiary, the name of the provider, the amount provided, the Peabody Contributed Permit, Peabody Lease or Contract under which such Peabody Financial
Assurance is required and the amounts and type of collateral held by the provider. The consummation by Peabody and each Peabody Entity of the transactions contemplated by this Agreement will not violate, conflict with or result in the breach or
termination of, or otherwise give any other Person the right to terminate, or constitute a default, event of default or an event that, with notice, lapse of time or both, would constitute a default or event of default under the terms of, any Peabody
Financial Assurance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Liability for asset retirement obligations recorded on the Peabody Balance Sheet has been properly accrued in
accordance with the requirements of Financial Accounting Standards Board Codification Topic 410, Asset Retirement and Environmental Obligations, formerly known as Financial Accounting Standard No.&nbsp;143 (&#147;<U>FASB 410</U>&#148;) and the
amount of such Liability is equal to or in excess of the amount of such obligations, determined on the basis of Peabody and its Affiliates&#146; actual historic Reclamation and Mine Closure costs and currently planned mine life and escalated for
inflation, in accordance with FASB 410 and applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.19. <U>Insurance</U>. Section&nbsp;4.19 of the Peabody Disclosure
Letter sets forth a correct and complete list as of the date hereof of each insurance policy maintained by Peabody or any of its Affiliates that provides coverage for or in respect of the Peabody Contributed Assets or the Peabody Assumed Liabilities
(including amounts and types of coverage). All such insurance policies are in full force and effect, and the policyholders are in compliance in all material respects with the terms of such policies. There is no claim pending under any such insurance
policy as to which coverage with respect to the policyholder or insured party has been denied or disputed by the underwriters or issuers of such insurance policy. The consummation by Peabody and each Peabody Entity of the transactions contemplated
by this Agreement will not result in the loss of coverage or benefits under any such insurance policy with respect to any events or circumstances that first occurred or existed prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.20. <U>Peabody Transferred Subsidiaries</U>. Section&nbsp;4.20 of the Peabody Disclosure Letter sets forth a list of each entity
identified as a Peabody Transferred Subsidiary as </P>
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of the date of this Agreement, together with the authorized, issued and outstanding equity capitalization of each such entity (the &#147;<U>Peabody Transferred Subsidiaries Interests</U>&#148;)
as of the date of this Agreement. As of the Closing Date, Peabody shall have made available to Arch correct and complete copies of the Charter Documents of each Peabody Transferred Subsidiary. Peabody is the direct or indirect beneficial owner of
all of the issued and outstanding Peabody Transferred Subsidiaries Interests, free and clear of all Encumbrances other than Permitted Encumbrances. Except for the Peabody Transferred Subsidiaries Interests, there are no shares of capital stock or
other equity securities of any of the Peabody Transferred Subsidiaries issued and outstanding. The Peabody Transferred Subsidiaries Interests have not been issued in violation of, and the Peabody Transferred Subsidiaries Interests are not subject
to, any purchase option, call, right of first refusal, preemptive, subscription or similar rights under any provision of applicable Law, the Charter Documents of Peabody or any Peabody Transferred Subsidiary or any Contract to which Peabody or any
Peabody Transferred Subsidiary is a party or is otherwise bound. There are no outstanding warrants, options, rights, phantom stock rights, agreements, convertible or exchangeable securities or other commitments (other than this Agreement) pursuant
to which any of the Peabody Transferred Subsidiaries is or may become obligated to issue, sell, purchase, return or redeem any shares of capital stock or other equity securities. There are no equity securities of any of the Peabody Transferred
Subsidiaries reserved for issuance for any purpose. There are no outstanding bonds, debentures, notes or other securities having the right to vote on any matter on which stockholders or equity owners of any of the Peabody Transferred Subsidiaries
may vote. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.21. <U>Broker</U><U>&#146;</U><U>s Fees</U>. Except for the Persons set forth on
<U>Section</U><U></U><U>&nbsp;4.21</U> of the Peabody Disclosure Letter, the fees and expenses of which will be paid by Peabody, no broker, investment banker, financial advisor or other Person is entitled to any broker&#146;s, finder&#146;s,
financial advisor&#146;s or other similar fee or commission in connection with the transactions contemplated by this Agreement and the other Transaction Documents based upon arrangements made by or on behalf of Peabody or any of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.22. <U>No Other Representations or Warranties by Arch</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Peabody acknowledges that it is relying on its own investigation, examination and valuation of the transactions contemplated by this
Agreement, including the Arch Contributed Assets and the Arch Assumed Liabilities. Peabody has made all inspections and investigations of the Arch Contributed Assets and the Arch Assumed Liabilities deemed necessary or desirable by Peabody. Peabody
is entering into this Agreement based on the results of its inspections and investigations and specifically disclaims that it is relying upon or has relied upon any express or implied representations or warranties made by Arch, any Affiliates of
Arch, any of their respective Representatives or any other Person on behalf of Arch in connection with the transactions contemplated by this Agreement except for the representations and warranties contained in <U>Article V</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the generality of <U>Section</U><U></U><U>&nbsp;4.22(a)</U>, Peabody acknowledges that in connection with Peabody&#146;s
investigation, examination and valuation of the Arch Contributed Assets and the Arch Assumed Liabilities, Peabody has received from or on behalf of Arch and its Representatives various forward-looking statements regarding the Arch Contributed Assets
and the Arch Assumed Liabilities (including estimates, assumptions, projections, </P>
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forecasts, plans and life of mine plans furnished to it in due diligence, in negotiations leading to this Agreement and in other circumstances). Peabody acknowledges and agrees that
(i)&nbsp;there are uncertainties inherent in attempting to make such forward-looking statements; (ii)&nbsp;Peabody is familiar with such uncertainties; (iii)&nbsp;Peabody is taking full responsibility for making its own investigation, examination
and valuation of the Arch Contributed Assets and Arch Assumed Liabilities and has employed outside professionals to assist it with the foregoing; (iv)&nbsp;Peabody is taking full responsibility for making its own evaluation of the adequacy and
accuracy of all such forward-looking statements; and (v)&nbsp;Peabody specifically disclaims that it is relying on any such forward-looking statement in any manner whatsoever (except for the representations and warranties contained in <U>Article
V</U>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE V </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>REPRESENTATIONS AND WARRANTIES OF ARCH </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Except as set forth in the corresponding section of the disclosure letter delivered by Arch to Peabody at or before the execution and delivery
by Arch of this Agreement (the &#147;<U>Arch Disclosure Letter</U>&#148;), it being understood that any disclosure set forth in the applicable Section or paragraph of the Arch Disclosure Letter shall be deemed to be disclosed for any other Section
or paragraph of the Arch Disclosure Letter or for any portion of this <U>Article V</U> to which the relevance of such disclosure is reasonably apparent from the context of such disclosure, Arch represents and warrants to Peabody, as of the date of
this Agreement and as of the Closing Date (except to the extent such representations and warranties expressly relate to a specified date, in which case only at and as of such specified date), as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.1. <U>Due Organization; Good Standing; Power</U>. Arch is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority under applicable Law and its Charter Documents to own or lease and to operate its assets and to conduct or cause to be conducted the Arch Business as it is
now being conducted by Arch. Each Subsidiary of Arch that is being contributed or transferred to the JV Entities as a part of the Arch Business (each, an &#147;<U>Arch Transferred Subsidiary</U>&#148;) and each of the other Affiliates of Arch that
is transferring or contributing assets or Liabilities to the JV Entities pursuant to this Agreement (collectively, the &#147;<U>Arch Transferring Affiliates</U>&#148; and, together with the Arch Transferred Subsidiaries, the &#147;<U>Arch
Entities</U>&#148;) is, or will be at the Closing Date, a corporation, limited liability company or other entity duly organized and validly existing under the laws of its jurisdiction of organization. Each Arch Entity has all requisite corporate or
other power and authority to own or lease and to operate its assets and to conduct the Arch Business now being or to be conducted by it at the time of the Closing. Each of Arch and each Arch Entity is, or will be at the Closing Date, duly
authorized, qualified or licensed to do business as a foreign corporation or other organization in good standing in each of the jurisdictions in which its right, title or interest in or to any of the Arch Contributed Assets held by it or the Arch
Business conducted by it requires such authorization, qualification or licensing, except where the failure to have such authorization, qualification or licensing has not had and would not reasonably be expected to have, individually or in the
aggregate, an Arch Material Adverse Effect. Arch has all requisite corporate power and authority under applicable Law and its Charter Documents to enter into this Agreement and the other Transaction Documents to which it is or will be a party and to
perform its obligations </P>
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hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. Each Arch Entity has, or will have at the Closing Date, all corporate or other requisite power and
authority under applicable Law and its Charter Documents to enter into the Transaction Documents to which it is or will be a party, to perform its obligations thereunder and to consummate the transactions contemplated thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.2. <U>Authorization and Validity of Agreements</U>. The execution and delivery by Arch of this Agreement, the execution and delivery
by Arch and each Arch Entity of the other Transaction Documents to which any of them is or will be a party and the consummation by them of the transactions contemplated hereby and thereby have been (in the case of Arch), or will be at the Closing
Date (in the case of each Arch Entity), duly authorized and approved by all necessary corporate or other action under applicable Law and the relevant Charter Documents on the part of Arch and such Arch Entity, as the case may be, and do not and will
not require the approval of the stockholders of Arch. This Agreement has been duly executed and delivered by Arch, and at the Closing each of the other Transaction Documents to which Arch or any Arch Entity is a party will have been duly executed
and delivered by Arch and such Arch Entity, as the case may be. This Agreement is the legal, valid and binding obligation of Arch, enforceable against Arch in accordance with its terms, except as that enforceability may be (i)<U></U> limited by any
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights generally and (ii)<U></U> subject to general principles of equity (regardless of whether that enforceability is
considered in a proceeding in equity or at law). At the Closing, each other Transaction Document to which Arch or any Arch Entity is a party will be the legal, valid and binding obligation of Arch and such Arch Entity, as the case may be, in each
case enforceable against Arch and such Arch Entity in accordance with its terms, except as that enforceability may be (i)<U></U>&nbsp;limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors<U>&#146;</U> rights generally and (ii)&nbsp;subject to general principles of equity (regardless of whether that enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.3. <U>Absence of Conflicts</U>. Neither the execution and delivery by Arch of this Agreement nor the execution and delivery by Arch
or any Arch Entity of any other Transaction Document to which Arch or any such Arch Entity is or will be a party, nor the consummation by them of the transactions contemplated hereby and thereby, does or will (a)&nbsp;conflict with, or result in the
breach of any provision of, the Charter Documents of Arch or any such Arch Entity, (b)&nbsp;violate any applicable Law or any Permit or Order of any Governmental Authority applicable to or binding upon Arch or any such Arch Entity or to which any of
their respective properties or assets is subject, (c)&nbsp;result in the creation of any Encumbrance upon any of the Arch Contributed Assets or (d)&nbsp;violate, conflict with or result in the breach or termination of, or otherwise give any other
Person the right to terminate, or constitute a default, event of default or an event that with notice, lapse of time or both, would constitute a default or event of default under the terms of, any Contract included in the Arch Contributed Assets or
by which any of the Arch Contributed Assets is subject, except in the case of <U>clauses (b)</U>, <U>(c)</U> and <U>(d)</U>&nbsp;for such violations, Encumbrances, conflicts or breaches as have not had and would not reasonably be expected to have,
individually or in the aggregate, an Arch Material Adverse Effect. As of the Closing Date, none of the JV Entities will be, or will be required to become, a &#147;restricted subsidiary&#148; or will otherwise be subject to any restrictions on
payment of cash distributions under any debt documents or in connection with any indebtedness of Arch or its Affiliates. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.4. <U>No Consents</U>. Neither the execution and delivery by Arch of this
Agreement nor the execution and delivery by Arch or any Arch Entity of any other Transaction Document to which Arch or any such Arch Entity is or will be a party, nor the consummation by Arch or any such Arch Entity of the transactions contemplated
by the Transaction Documents in accordance with the terms thereof will require any Governmental Approval, other than compliance with and filings required under the HSR Act or any applicable <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Antitrust
Laws. At the Closing, no Governmental Approval or other Consent will be required by Arch or any Arch Entity for the consummation of the transactions contemplated by this Agreement and the other Transaction Documents to which Arch or any such Arch
Entity is a party, except for such Governmental Approvals or Consents as have not had and would not reasonably be expected to have, individually or in the aggregate, an Arch Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.5. <U>Financial Information; Absence of Undisclosed Liabilities</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Section&nbsp;5.5(a) of the Arch Disclosure Letter sets forth copies of (i)&nbsp;the unaudited combined balance sheet for the Arch Business
as of March&nbsp;31, 2019 (the &#147;<U>Arch Balance Sheet</U>&#148;) and (ii)&nbsp;the unaudited combined statements of income of each Arch Transferred Subsidiary for the three-month periods ending June&nbsp;30, 2018, September&nbsp;30, 2018,
December&nbsp;31, 2018 and March&nbsp;31, 2019 (the financial statements described in <U>clauses (i)</U>&nbsp;and <U>(ii)</U>, collectively, the &#147;<U>Arch Financial Statements</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Arch Financial Statements have been derived from, and are consistent with, the underlying books, records and accounts of Arch and its
Affiliates and represent actual, bona fide transactions. The Arch Financial Statements have been prepared in accordance with GAAP (subject to the assumptions set forth therein) and fairly represent in all material respects the combined financial
position, assets and liabilities and results of operations of the Arch Business, as of the respective dates and for the respective periods indicated therein (subject to the assumptions set forth therein, the absence of notes and normal <FONT
STYLE="white-space:nowrap">year-end</FONT> adjustments). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) There are no material Liabilities included in the Arch Assumed Liabilities,
except (i)&nbsp;as included, reserved against or reflected in the Arch Balance Sheet and (ii)&nbsp;for those arising in the ordinary course of business consistent with past practice since March&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.6. <U>No Material Changes</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Since January&nbsp;1, 2019, there has not been an Arch Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) From January&nbsp;1, 2019 to the date of this Agreement, Arch and its Affiliates have caused the Arch Business to be conducted in the
ordinary course of business consistent with its past practice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.7. <U>Real Property</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Section&nbsp;5.7(a) of the Arch Disclosure Letter sets forth a correct and complete list as of the date hereof of (i)&nbsp;all Arch Owned
Real Property, (ii)&nbsp;all Arch Leases and (iii)&nbsp;all Mining Rights included in the Arch Properties. Section&nbsp;5.7(a) of the Arch Disclosure Letter also identifies all Arch Properties that also are used as of the date hereof by other
</P>
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businesses of Arch or its Affiliates and describes the nature of such use by such other businesses of Arch or its Affiliates, and such use does not interfere with the operation of the Arch
Business. No Arch Property is leased or subleased to any third party, and Arch has not granted any third party any license, possessory or occupancy right or other similar right therein other than Permitted Encumbrances. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Arch or a controlled Affiliate of Arch, as applicable, has (i)&nbsp;good and indefeasible fee title to all Arch Owned Real Property,
(ii)&nbsp;good and valid title to the leasehold estates in all Arch Leases and (iii)&nbsp;good and valid title to all Mining Rights included in the Arch Properties, in the case of each of <U>clauses (i)</U>, <U>(ii)</U> and <U>(iii)</U>, free and
clear of all Encumbrances (including Royalties), other than Permitted Encumbrances. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) There are no outstanding options, rights of first
offer or rights of first refusal to purchase any Arch Property or any portion of or any interest therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each of the Arch Leases is
in full force and effect and constitutes the legal, valid and binding obligations of Arch or its Affiliates that are parties thereto and, to the Knowledge of Arch, the other parties thereto, enforceable against Arch or such Affiliates and, to the
Knowledge of Arch, the other parties thereto, in accordance with their respective terms. No Arch Lease has been amended, modified or supplemented. No party to any Arch Lease has repudiated any provision thereof, and neither Arch (nor its Affiliates
that are parties thereto, as the case may be) nor, to the Knowledge of Arch, any other party thereto, is in breach of any of its respective obligations thereunder, and no event has occurred (including the failure to obtain any consent) which, with
notice or lapse of time or both, would constitute a breach or default thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Except for the Arch Properties, neither Arch nor any
of its Affiliates owns or leases any real property used or held for use primarily in or related primarily to or necessary for the operation or conduct of the Arch Business or has any options to acquire any fee interest or leasehold interest in any
real property for use primarily in or related primarily to or necessary for the operation or conduct of the Arch Business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) There are
no pending or, to the Knowledge of Arch, threatened condemnation, eminent domain or similar proceedings affecting the Arch Properties. There are no existing public improvements which may reasonably be expected to result in any special assessment
against any Arch Owned Real Property. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) All utility easements, rights of access and other easements and similar rights serving the Arch
Properties are legally enforceable to permit the operation of the Arch Business in substantially the manner in which the Arch Business is currently operated. Other than Permitted Encumbrances, there are no encroachments upon the Arch Properties and
no improvements to any Arch Properties encroach onto any adjacent property, except for such encroachments as have not had and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on a particular item
of real property. The improvements to the Arch Properties (and the current uses thereof) do not (i)&nbsp;violate <FONT STYLE="white-space:nowrap">set-back,</FONT> building or side lines, or any applicable land use covenants, zoning regulations or
similar enforceable restrictions or (ii)&nbsp;encroach on any easements located on the Arch Properties. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.8. <U>Title to Tangible Personal Property</U>. Arch or a controlled Affiliate of
Arch has good and valid title to or leasehold interest in all Tangible Personal Property included in the Arch Contributed Assets, in each case, free and clear of all Encumbrances, subject only to Permitted Encumbrances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.9. <U>Compliance with Laws; Permits</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as have not had and would not reasonably be expected to have, individually or in the aggregate, an Arch Material Adverse Effect,
(i)&nbsp;the Arch Contributed Assets and the Arch Business are, and since January&nbsp;1, 2016 have been, operated or conducted by Arch or its Affiliates, as the case may be, in compliance with all applicable Laws and Permits, (ii)&nbsp;there is no,
and since January&nbsp;1, 2016, there has been no, action, demand or investigation by or before any Governmental Authority pending or, to the Knowledge of Arch, threatened alleging that the operation or conduct of the Arch Contributed Assets or the
Arch Business is in violation of any applicable Law or Permit. There is no pending Order of any Governmental Authority against or binding upon any of the Arch Contributed Assets or Arch or any of its Affiliates to the extent relating to the Arch
Business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as have not had and would not reasonably be expected to have, individually or in the aggregate, an Arch Material
Adverse Effect, (i)&nbsp;the Arch Contributed Permits constitute all of the Permits necessary for the ownership and operation of the Arch Contributed Assets and the operation and conduct of the Arch Business as presently conducted, (ii)&nbsp;each
Arch Contributed Permit has been duly obtained, is valid and in full force and effect, and is not subject to any pending or, to the Knowledge of Arch, threatened Proceeding to revoke, cancel, suspend or declare such Arch Contributed Permit invalid
in any respect and (iii)&nbsp;the Arch Business is not being conducted in a manner that violates any of the terms or conditions under which any Arch Contributed Permit was granted. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Section&nbsp;5.9(c) of the Arch Disclosure Letter contains a list of all material mining Permits and all Environmental Permits included in
the Arch Contributed Permits. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Sections 5.9(a)</U> and <U>5.9(b)</U> do not relate to compliance with Environmental Laws or
Environmental Permits, which are exclusively the subject of <U>Sections 5.9(c)</U> and <U>5.17</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.10. <U>Taxes</U>.<U> </U>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except with respect to Permitted Encumbrances, (i)&nbsp;there are no Encumbrances for Taxes on any of the Arch Contributed Assets or
the equity interests of any Arch Transferred Subsidiary and (ii)&nbsp;no claim has been made by any Governmental Authority that could give rise to any such Encumbrance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Solely with respect to the Arch Business: (i)&nbsp;Arch has timely paid or caused to be paid all material Taxes of the Arch Transferred
Subsidiaries or, solely to the extent a failure to timely pay could reasonably be expected to result in an Encumbrance, other than a Permitted Encumbrance, on any of the Arch Contributed Assets or in any of the JV Entities becoming liable for such
Taxes, with respect to the Arch Contributed Assets; (ii)&nbsp;Arch has filed or caused to be filed all Tax returns for material Taxes required to be filed by the Arch Transferred Subsidiaries or, solely to the extent a failure to file could
reasonably be expected to </P>
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result in an Encumbrance, other than a Permitted Encumbrance, on any of the Arch Contributed Assets or in any of the JV Entities becoming liable for Taxes attributable to such Tax returns, with
respect to the Arch Contributed Assets, in each case taking into account applicable extensions, and all such Tax returns are true, correct and complete in all material respects; (iii)&nbsp;the Arch Transferred Subsidiaries have withheld or deducted
all material Taxes from payments to customers, employees, creditors, independent contractors, equity holders or other Persons required to be so withheld or deducted, and have timely paid over such Taxes to the appropriate Governmental Authority to
the extent due and payable; (iv)&nbsp;no material Tax audits or other material administrative proceedings or court proceedings are pending with regard to any Taxes for which any Arch Transferred Subsidiary may be liable or, solely to the extent such
proceedings could reasonably be expected to result in an Encumbrance, other than a Permitted Encumbrance, on any of the Arch Contributed Assets or in any of the JV Entities becoming liable for Taxes attributable to such proceedings, with respect to
the Arch Contributed Assets, and to the Knowledge of Arch no such material administrative proceedings or court proceedings has been threatened in writing by any Governmental Authority; (v)&nbsp;there is no agreement with any Governmental Authority
extending the period for assessment or collection of any material Taxes of any Arch Transferred Subsidiary or, solely to the extent such extension could reasonably be expected to result in an Encumbrance, other than a Permitted Encumbrance, on any
of the Arch Contributed Assets or in any of the JV Entities becoming liable for such Taxes, with respect to the Arch Contributed Assets; (vi)&nbsp;no unresolved written claim has ever been made by a Governmental Authority in a jurisdiction where an
Arch Transferred Subsidiary does not file Tax returns that such Arch Transferred Subsidiary may be subject to taxation in that jurisdiction with respect to such Tax return; (vii)&nbsp;no Arch Transferred Subsidiary is party to or is bound by or has
any obligation under any material <FONT STYLE="white-space:nowrap">Tax-sharing</FONT> agreement, Tax indemnity agreement or similar agreement or arrangement (other than customary provisions contained in agreements entered into in the ordinary course
of business and not primarily related to Tax); (viii) no Arch Transferred Subsidiary has any liability for any material Taxes of any Person (other than Arch or any of its Affiliates) under Treasury Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.1502-6</FONT> (or any similar provision of state, local or foreign law), as a transferee or successor, by contract or otherwise; and (ix)&nbsp;no Arch Transferred Subsidiary has been a party to a
&#147;listed transaction,&#148; as such term is defined in Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.6011-4(b)(2),</FONT> or any other transaction requiring disclosure under analogous provisions of state, local or foreign
Tax law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) As of immediately prior to the Closing Date, none of the Arch Contributed Assets will consist of equity interests in any
entity (other than equity interests in the Arch Transferred Subsidiaries). Immediately prior to the Closing, each Arch Transferred Subsidiary to be contributed to the JV Company pursuant to <U>Section</U><U></U><U>&nbsp;2.4(a)</U> shall be
disregarded as an entity separate from its owner for U.S. federal income tax purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The representations and warranties in this
<U>Section</U><U></U><U>&nbsp;5.10</U> are the exclusive representations and warranties by Arch relating to Tax matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.11.
<U>Legal Proceedings</U>.<U> </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) There are no Proceedings pending or, to the Knowledge of Arch, threatened against Arch or any of its
Affiliates or otherwise relating to the Arch Business before any Governmental Authority (i)&nbsp;seeking to prevent or delay the Closing or (ii)&nbsp;relating to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>

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Arch Business, except in each case for such Proceedings as have not had and would not reasonably be expected to have, individually or in the aggregate, an Arch Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) This <U>Section</U><U></U><U>&nbsp;5.11</U> does not relate to (i)&nbsp;Tax matters, which are exclusively the subject of
<U>Section</U><U></U><U>&nbsp;5.10</U>, (ii) labor matters, which are exclusively the subject of <U>Section</U><U></U><U>&nbsp;5.15</U>, (iii) employee benefit matters, which are exclusively the subject of <U>Section</U><U></U><U>&nbsp;5.16</U> or
(iv)&nbsp;compliance with Environmental Laws or Environmental Permits, which are exclusively the subject of <U>Section</U><U></U><U>&nbsp;5.17</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.12. <U>Sufficiency and Condition of Assets</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Arch Contributed Assets, together with the Arch Retained IP and the services to be provided to the JV Company by the Operator (as
defined in the LLC Agreement) pursuant to the LLC Agreement, constitute all property and other rights necessary to operate and conduct the Arch Business in substantially the same manner as it is currently being operated and conducted. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, an Arch Material Adverse Effect, all
of the Tangible Personal Property currently used in the Arch Business and included in the Arch Contributed Assets (i)&nbsp;is in good operating condition and repair (ordinary wear and tear excepted) and (ii)&nbsp;has been maintained in a manner
consistent with industry practice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.13. <U>Material Contracts</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Section&nbsp;5.13(a) of the Arch Disclosure Letter sets forth a correct and complete list as of the date hereof of all of the following
types of Contracts used or held for use primarily in or related primarily to the operation or conduct of the Arch Business that are to be transferred to and assumed by the JV Entities as of the Closing Date and to which Arch or any of its Affiliates
is a party or to which any of the Arch Contributed Assets or the Arch Transferred Subsidiaries are subject, in each case other than any Excluded Assets (each, an &#147;<U>Arch Material Contract</U>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) any loan and credit agreement, Contract, note, debenture, bond, indenture, mortgage, security agreement, pledge or other
similar agreement pursuant to which any material Indebtedness for borrowed money is outstanding or may be incurred; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)
any Contract (other than any coal supply agreement, or purchase order or commitment to sell or offer to sell coal) with a remaining term of more than one year from the date hereof which is expected to involve the payment of an amount in excess of
$10,000,000 or receipt of an amount in excess of $10,000,000 in the aggregate over the remaining term of such Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) any joint venture, partnership or similar organizational Contract involving a sharing of profits or losses related to all
or any portion of the Arch Business; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) any Contract granting to any Person an option, right of first offer or
right of first refusal to purchase or acquire any Arch Contributed Asset (other than purchase options for additional coal volumes); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) any Contract that (A)&nbsp;provides for exclusive rights for the benefit of any third party, (B)&nbsp;grants &#147;most
favored nation&#148; status to any third party or (C)&nbsp;requires Arch or any of its Affiliates to provide any minimum level of service, in each case which (1)&nbsp;are, or in a manner which is, material to the Arch Business taken as a whole and
(2)&nbsp;may not be terminated (including such restrictive provisions) by Arch or its Affiliates on less than 90 days&#146; notice without payment by Arch or any of its Affiliates of any material penalty; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) any Contract that restricts in any material respect the ability of Arch or its Affiliates (or could restrict in any
material respect the ability of the JV Entities) to compete in any business or with any Person in any geographical area and which may not be terminated (including such restrictive provisions) by Arch or its Affiliates on less than 90 days&#146;
notice without payment by Arch or any of its Affiliates of any material penalty; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) any Contract with a remaining term
of more than one year from the date hereof that could require the JV Entities to purchase all (or a specified portion of) their total requirements of any product or service from a third party or that contains &#147;take or pay&#148; provisions and
which (A)&nbsp;is expected to involve the payment of an amount in excess of $10,000,000 in the aggregate during the fiscal year ending December&nbsp;31, 2019 or any future fiscal year and (B)&nbsp;may not be terminated (including such restrictive
provisions) by Arch or its Affiliates on less than 90 days&#146; notice without payment by Arch or any of its Affiliates of any material penalty; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) any Contract relating to the disposition or acquisition by Arch or any of its Affiliates of any material business or any
material amounts of assets (other than in the ordinary course of business) with obligations remaining to be performed or Liabilities continuing after the date hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) any lease or agreement (including capital lease arrangements) under which Arch or any of its Affiliates is lessee of, or
holds or operates, any Tangible Personal Property for which the annual rental costs exceed $10,000,000; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) any coal
supply agreement, or purchase order or commitment to sell or offer to sell coal, (A)&nbsp;with a remaining term of more than three years from the date hereof or (B)&nbsp;with remaining deliverable tonnage of (1) 10,000,000 tons from any mines
located in Wyoming that are set forth on <U>Schedule 1.1(a)</U> or (2) 1,500,000 tons from any mines located in Colorado that are set forth on <U>Schedule 1.1(a)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) any Contract involving swaps, futures, derivatives or similar instruments, regardless of value, except such Contracts
entered into as a hedging activity in the ordinary course of business consistent with Arch&#146;s past practice and internal policy guidelines; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) any Contract pursuant to which a Governmental Authority is providing
tax abatements or other similar economic incentives in connection with the Arch Business; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii) any other Contract
that is material to the Arch Business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Arch and its Affiliates have duly performed and complied in all material respects with their
respective obligations under each Arch Material Contract. None of Arch or any of its Affiliates has received any notice of termination or default from any other party to such Arch Material Contract. To the Knowledge of Arch, no other party to such
Arch Material Contract is in default of its obligations thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except as set forth on Section&nbsp;5.13(c) of the Arch Disclosure
Letter, Arch has made available to Peabody true and complete copies of each Arch Material Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.14. <U>Intellectual
Property</U>.<U> </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Section&nbsp;5.14(a) of the Arch Disclosure Letter sets forth a correct and complete list as of the date hereof
of all Contracts in effect between Arch or any of its Affiliates and any Third Party a primary purpose of which is to grant Arch or such Affiliate, as the case may be, a license to use any Third Party&#146;s Intellectual Property that is material to
the operation or conduct of the Arch Business, taken as a whole, other than any <FONT STYLE="white-space:nowrap">(i)&nbsp;non-disclosure</FONT> and confidentiality agreements and (ii)&nbsp;Contracts for any <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">off-the-shelf,</FONT></FONT> commercially available software (including shrink wrap or click wrap agreements). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(i) Arch and its Affiliates own or possess adequate licenses or other valid rights to use all the Intellectual Property used by Arch
and its Affiliates in the operation or conduct of the Arch Business free and clear of all Encumbrances other than Permitted Encumbrances and (ii)&nbsp;to the Knowledge of Arch, the operation and conduct of the Arch Business does not conflict with or
infringe upon any Intellectual Property of others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.15. <U>Labor Matters</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) As of the date hereof, none of Arch or the Arch Transferred Subsidiaries is party to any collective bargaining agreement or similar
agreement with a labor organization, works council, union or association applicable to the Arch Business Employees. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) With respect to
the Arch Business: (i)&nbsp;there is no unfair labor practice charge or complaint against Arch or any of its Affiliates pending or, to the Knowledge of Arch, threatened before the National Labor Relations Board; (ii)&nbsp;there is no labor strike,
slowdown or stoppage actually pending or, to the Knowledge of Arch, threatened against or affecting Arch or any of its Affiliates; (iii)&nbsp;there are no activities or proceedings by any labor union or other employee representative organization to
organize any Arch Business Employees and no demand for recognition as the exclusive bargaining representative of any Arch Business Employees has been made by or on behalf of any labor or similar organization; (iv)&nbsp;Arch and its Affiliates have
complied in all material respects with all applicable Laws pertaining to the employment or termination of employment of the Arch Business Employees, including all applicable Laws relating to labor relations, equal employment opportunities fair
employment practices, prohibited </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

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discrimination, applicable information and consultation obligations, occupational safety and health standards, terms and conditions of employment, payment of wages, workers&#146; compensation,
immigration and visa requirements and other similar employment activities; and (v)&nbsp;except as have not had and would not reasonably be expected to have, individually or in the aggregate, an Arch Material Adverse Effect, there is no Proceeding
pending or, to the Knowledge of Arch, threatened by an Arch Business Employee relating to such applicable Laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Within the last three
months, there has not been any plant closing, relocation of work or mass layoff (in each case, within the meaning of the WARN Act) or term of similar import under any applicable similar Law with respect to the Arch Business Employees. To the extent
that, after the Closing, the JV Company operates the Arch Business in the same manner operated by Arch and its Affiliates during the <FONT STYLE="white-space:nowrap">six-month</FONT> period prior to the Closing, the JV Company will not incur any
liability or obligation under the WARN Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The representations and warranties in this <U>Section</U><U></U><U>&nbsp;5.15</U> are the
exclusive representations and warranties by Arch relating to labor matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.16. <U>Employee Benefits</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Copies of Documents</U>. Arch has made available to Peabody the following with respect to each Arch Benefit Plan: (i)&nbsp;a summary of
such Arch Benefit Plan; (ii)&nbsp;the governing plan documents, including all amendments thereto and (iii)&nbsp;the most recent summary plan description and summary of material modifications. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Compliance with Applicable Laws</U>. Each Assumed Arch Benefit Plan and all related trusts, insurance Contracts and funds have been
maintained, funded and administered in material compliance with all applicable Laws. Except as have not had and would not reasonably be expected to have, individually or in the aggregate, an Arch Material Adverse Effect, no Proceedings with respect
to any Assumed Arch Benefit Plan (other than routine claims for benefits) or with respect to any fiduciary or other Person dealing with any Assumed Arch Benefit Plan are pending or, to the Knowledge of Arch, threatened. Arch and all ERISA Affiliates
of Arch have complied with the requirements of Sections&nbsp;4980B and 4980D of the Code with respect to Arch Business Employees and former employees of the Arch Transferred Subsidiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>No Multiemployer, Defined Benefit or Post-Retirement Benefit Plans</U>. (i)&nbsp;No Assumed Arch Benefit Plan is, and no Arch
Transferred Subsidiary has any Liability (including, but not limited to, actual or potential withdrawal liability) under, (A)&nbsp;a &#147;multiemployer plan&#148;, as such term is defined in Section&nbsp;3(37) of ERISA, or with respect to any
employee benefit plan of the type described in Sections&nbsp;4063 and 4064 of ERISA or Section&nbsp;413(c) of the Code or (B)&nbsp;a plan that is subject to Title IV of ERISA and (ii)&nbsp;no Arch Benefit Plan provides for any post-employment or
post-retirement health, disability, life or similar benefits (whether insured or self-insured) to any Arch Business Employee, except as required by Law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U><FONT STYLE="white-space:nowrap">Tax-Qualified</FONT> Plans</U>. Each Arch Benefit Plan that is intended to be &#147;qualified&#148;
within the meaning of Section&nbsp;401(a) of the Code has received a favorable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

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determination letter from the Internal Revenue Service or is entitled to rely upon a favorable opinion issued by the Internal Revenue Service, and, to the Knowledge of Arch, there are no existing
circumstances or any events that have occurred that could reasonably be expected to cause the loss of any such qualification status of any such Arch Benefit Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>No Excess Parachute Payments</U>. No Assumed Arch Benefit Plan provides, and neither Arch nor any ERISA Affiliate of Arch is otherwise
obligated to provide, any amount constituting an excess parachute payment (as defined in Section&nbsp;280G of the Code) with respect to any Arch Business Employee that will become a liability of the JV Entities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Accelerated Payments, Benefits or Funding</U>. None of the execution and delivery of this Agreement or the consummation of the
transactions contemplated by this Agreement will, except as expressly contemplated by this Agreement or as required by applicable Laws, (i)&nbsp;entitle any Arch Business Employee to retention, change in control or similar compensation or benefits
under any Arch Benefit Plan or cause any Arch Business Employee to become eligible for any increase in severance benefits under any Arch Benefit Plan or (ii)&nbsp;accelerate the payment or vesting, or trigger any funding of, compensation or
benefits, or increase the amount payable or trigger any other obligation due to, or in respect of, any Arch Business Employee, except, in each case, for arrangements that will not result in any liability under this Agreement or otherwise to the JV
Entities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The representations and warranties in this <U>Section</U><U></U><U>&nbsp;5.16</U> are the exclusive representations and
warranties by Arch relating to employee benefit matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.17. <U>Environmental Matters</U>. Except as have not had and would not
reasonably be expected to have, individually or in the aggregate, an Arch Material Adverse Effect: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Arch Contributed Assets and the
Arch Business are, and since January&nbsp;1, 2016 have been, operated in compliance with all applicable Environmental Laws and Environmental Permits, and since January&nbsp;1, 2016 neither Arch nor any of its Affiliates has received any
(i)&nbsp;written communication from a Governmental Authority or other Person that alleges that the operation of the Arch Contributed Assets or the Arch Business is in violation of any Environmental Law or any Environmental Permit or
(ii)&nbsp;written request for information from any Governmental Authority relating to the Arch Contributed Assets or the Arch Business pursuant to any Environmental Law that is outstanding or unresolved that could form the basis of any Liability to
Arch or any of its Affiliates under any Environmental Law or Environmental Permit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(i) Arch and its Affiliates possess all
Environmental Permits necessary for the ownership and operation of the Arch Contributed Assets and the operation and conduct of the Arch Business; (ii)&nbsp;each such Environmental Permit is valid and in full force and effect, and is not subject to
any pending or, to the Knowledge of Arch, threatened Proceeding to revoke, cancel, suspend or declare such Environmental Permit invalid in any respect; and (iii)&nbsp;the Arch Business is not being conducted in a manner that violates any of the
terms or conditions under which any such Environmental Permit was granted; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) there is no (i)&nbsp;Order of any Governmental Authority against or binding upon any of
the Arch Contributed Assets or Arch or any of its Affiliates or (ii)&nbsp;Proceeding pending or, to the Knowledge of Arch, threatened against Arch or any of its Affiliates before any Governmental Authority, in each case, relating to the Arch
Business and arising under or relating to Environmental Laws; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) since January&nbsp;1, 2016, all Hazardous Materials have been generated,
used, handled, transported, disposed of, treated or stored on or from the Arch Properties in compliance with all applicable Environmental Laws; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) there has been no Release of, or exposure to, any Hazardous Materials at, in, under or migrating to or from any Arch Property (or, to the
extent relating to the Arch Business, any other location) that could reasonably be expected to form the basis of any Environmental Claim against Arch or any of its Affiliates or against any Person whose Liabilities for such Environmental Claim Arch
or any of its Affiliates has, or may have, retained or assumed, either contractually or by operation of Law; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) neither Arch nor any
of its Affiliates has retained or assumed, either contractually or by operation of Law, any Liabilities or obligation (including any obligation for Reclamation and Mine Closure) of any other Person relating to the Arch Contributed Assets that could
reasonably be expected to form the basis of any Environmental Claim against Arch or any of its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.18. <U>Mining;
Financial Assurances</U>.<U> </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Arch and its Affiliates have, in the amounts and forms required, obtained or provided all Financial
Assurances as are (i)&nbsp;required under any applicable Arch Contributed Permits, Mining and Mining Safety Laws or Environmental Laws in connection with the Arch Business for Reclamation and Mine Closure, including for land, water or other natural
resources at any Arch Property, or otherwise or (ii)&nbsp;otherwise required or maintained in connection with the Arch Business (collectively, the &#147;<U>Arch Financial Assurances</U>&#148;). Section&nbsp;5.18(a) of the Arch Disclosure Letter sets
forth a correct and complete list as of the date hereof of all Arch Financial Assurances, categorized by Arch Property, and including (to the extent applicable) the name of the obligor, the name of the beneficiary, the name of the provider, the
amount provided, the Arch Contributed Permit, Arch Lease or Contract under which such Arch Financial Assurance is required and the amounts and type of collateral held by the provider. The consummation by Arch and each Arch Entity of the transactions
contemplated by this Agreement will not violate, conflict with or result in the breach or termination of, or otherwise give any other Person the right to terminate, or constitute a default, event of default or an event that, with notice, lapse of
time or both, would constitute a default or event of default under the terms of, any Arch Financial Assurance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Liability for asset
retirement obligations recorded on the Arch Balance Sheet has been properly accrued in accordance with the requirements of FASB 410 and the amount of such Liability is equal to or in excess of the amount of such obligations, determined on the basis
of Arch and its Affiliates&#146; actual historic Reclamation and Mine Closure </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>

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costs and currently planned mine life and escalated for inflation, in accordance with FASB 410 and applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.19. <U>Insurance</U>. Section&nbsp;5.19 of the Arch Disclosure Letter sets forth a correct and complete list as of the date hereof
of each insurance policy maintained by Arch or any of its Affiliates that provides coverage for or in respect of the Arch Contributed Assets or the Arch Assumed Liabilities (including amounts and types of coverage). All such insurance policies are
in full force and effect, and the policyholders are in compliance in all material respects with the terms of such policies. There is no claim pending under any such insurance policy as to which coverage with respect to the policyholder or insured
party has been denied or disputed by the underwriters or issuers of such insurance policy. The consummation by Arch and each Arch Entity of the transactions contemplated by this Agreement will not result in the loss of coverage or benefits under any
such insurance policy with respect to any events or circumstances that first occurred or existed prior to the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.20.
<U>Arch Transferred Subsidiaries</U>. Section&nbsp;5.20 of the Arch Disclosure Letter sets forth a list of each entity identified as an Arch Transferred Subsidiary as of the date of this Agreement, together with the authorized, issued and
outstanding equity capitalization of each such entity (the &#147;<U>Arch Transferred Subsidiaries Interests</U>&#148;) as of the date of this Agreement. As of the Closing Date, Arch shall have made available to Peabody correct and complete copies of
the Charter Documents of each Arch Transferred Subsidiary. Arch is the direct or indirect beneficial owner of all of the issued and outstanding Arch Transferred Subsidiaries Interests, free and clear of all Encumbrances other than Permitted
Encumbrances. Except for the Arch Transferred Subsidiaries Interests, there are no shares of capital stock or other equity securities of any of the Arch Transferred Subsidiaries issued and outstanding. The Arch Transferred Subsidiaries Interests
have not been issued in violation of, and the Arch Transferred Subsidiaries Interests are not subject to, any purchase option, call, right of first refusal, preemptive, subscription or similar rights under any provision of applicable Law, the
Charter Documents of Arch or any Arch Transferred Subsidiary or any Contract to which Arch or any Arch Transferred Subsidiary is a party or is otherwise bound. There are no outstanding warrants, options, rights, phantom stock rights, agreements,
convertible or exchangeable securities or other commitments (other than this Agreement) pursuant to which any of the Arch Transferred Subsidiaries is or may become obligated to issue, sell, purchase, return or redeem any shares of capital stock or
other equity securities. There are no equity securities of any of the Arch Transferred Subsidiaries reserved for issuance for any purpose. There are no outstanding bonds, debentures, notes or other securities having the right to vote on any matter
on which stockholders or equity owners of any of the Arch Transferred Subsidiaries may vote. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.21. <U>Broker</U><U>&#146;</U><U>s
Fees</U>. Except for the Persons set forth on Section<U></U> 5.21 of the Arch Disclosure Letter, the fees and expenses of which will be paid by Arch, no broker, investment banker, financial advisor or other Person is entitled to any broker&#146;s,
finder&#146;s, financial advisor&#146;s or other similar fee or commission in connection with the transactions contemplated by this Agreement and the other Transaction Documents based upon arrangements made by or on behalf of Arch or any of its
Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.22. <U>No Other Representations or Warranties by Peabody</U>.<U> </U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Arch acknowledges that it is relying on its own investigation, examination and valuation
of the transactions contemplated by this Agreement, including the Peabody Contributed Assets and the Peabody Assumed Liabilities. Arch has made all inspections and investigations of the Peabody Contributed Assets and the Peabody Assumed Liabilities
deemed necessary or desirable by Arch. Arch is entering into this Agreement based on the results of its inspections and investigations and specifically disclaims that it is relying upon or has relied upon any express or implied representations or
warranties made by Peabody, any Affiliates of Peabody, any of their respective Representatives or any other Person on behalf of Peabody in connection with the transactions contemplated by this Agreement except for the representations and warranties
contained in <U>Article IV</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the generality of <U>Section</U><U></U><U>&nbsp;5.22(a)</U>, Arch acknowledges that
in connection with Arch&#146;s investigation, examination and valuation of the Peabody Contributed Assets and the Peabody Assumed Liabilities, Arch has received from or on behalf of Peabody and its Representatives various forward-looking statements
regarding the Peabody Contributed Assets and the Peabody Assumed Liabilities (including estimates, assumptions, projections, forecasts, plans and life of mine plans furnished to it in due diligence, in negotiations leading to this Agreement and in
other circumstances). Arch acknowledges and agrees that (i)&nbsp;there are uncertainties inherent in attempting to make such forward-looking statements; (ii)&nbsp;Arch is familiar with such uncertainties; (iii)&nbsp;Arch is taking full
responsibility for making its own investigation, examination and valuation of the Peabody Contributed Assets and Peabody Assumed Liabilities and has employed outside professionals to assist it with the foregoing; (iv)&nbsp;Arch is taking full
responsibility for making its own evaluation of the adequacy and accuracy of all such forward-looking statements; and (v)&nbsp;Arch specifically disclaims that it is relying on any such forward-looking statement in any manner whatsoever (except for
the representations and warranties contained in <U>Article IV</U>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>COVENANTS OF THE PARTIES </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.1. <U>Conduct of Business</U>. Except (w)&nbsp;as expressly permitted or expressly contemplated by this Agreement, (x)&nbsp;as set
forth in Section&nbsp;6.1(a) of the Peabody Disclosure Letter or Section&nbsp;6.1(a) of the Arch Disclosure Letter, as the case may be, (y)&nbsp;as required by applicable Law or reasonably required to respond appropriately and prudently to an
emergency or a disaster or (z)&nbsp;with the express prior written consent of the other Party (which consent shall not be unreasonably withheld, conditioned or delayed), from the date of this Agreement to the Closing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) each Party shall, and shall cause its Affiliates to, (i)&nbsp;conduct the Peabody Business or the Arch Business, as the case may be, in the
ordinary course consistent with past practice (including with respect to the payment of payables and other liabilities, marketing activities, bidding and sales practices, equipment maintenance, replacements or upgrades, inventory levels,
contributions to or accruals to or in respect of Employee Benefit Plans and conducting and funding Reclamation and Mine Closure in accordance with any Reclamation and Mine Closure plans that have been approved by any Governmental Authority), (ii)
use its commercially reasonable efforts to maintain the Peabody Contributed Assets or the Arch </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

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Contributed Assets, as the case may be, in good operating condition and repair (ordinary wear and tear excepted), including by making and funding budgeted capital and operating expenditures and
(iii)&nbsp;use its commercially reasonable efforts to preserve intact the current organization, business and franchise of the Peabody Business or the Arch Business, as the case may be, and to maintain the services of, and good relations with, its
current employees, distributors, customers, suppliers, regulators and partners in connection with the Peabody Business or the Arch Business, as the case may be; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) each Party shall not, and shall cause its Affiliates not to, take any of the following actions in connection with the Peabody Business or
the Arch Business, as the case may be: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) amend the Charter Documents of any Transferred Subsidiary or any Person owning
Peabody Contributed Assets or Arch Contributed Assets or conducting the Peabody Business or the Arch Business, as the case may be, in a manner that would impair the ability of that Person to consummate the transactions contemplated by this Agreement
in accordance with the terms hereof or otherwise delay such consummation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) acquire any Person, business or assets,
other than in the ordinary course of business consistent with past practice, in the Area of Interest; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) sell,
transfer, dispose of, lease, encumber, relinquish or abandon any of the Peabody Transferred Subsidiaries Interests or the Peabody Contributed Assets or any of the Arch Transferred Subsidiaries Interests or the Arch Contributed Assets, as the case
may be, or any ROFR Assets, except for sales of inventory, relinquishments of leases or sales of de minimis property interests that are not used in the operation or conduct of the Peabody Business or the Arch Business, as the case may be, as
presently conducted (or as proposed by either Party to be conducted), and the sale, transfer or other disposition of uneconomic or obsolete equipment, in each case in the ordinary course of business consistent with past practice; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) enter into any Contract which would be a Peabody Material Contract or an Arch Material Contract, as the case may be, if in
effect as of the date hereof, or amend or terminate any Contract that constitutes a Peabody Material Contract or an Arch Material Contract, as the case may be, other than in the ordinary course of business consistent with past practice; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) make or change any material Tax election; adopt or change any method of Tax accounting; enter into any closing agreement
with respect to a material amount of Taxes; settle or compromise any material Tax claim, audit or assessment; change any annual Tax accounting period; file any amended material Tax return; enter into any Tax allocation agreement, Tax sharing
agreement, Tax indemnity agreement or closing agreement relating to any material Tax; surrender any right to claim a material Tax refund; or consent to any extension or waiver of the statute of limitations period applicable to any material Tax claim
or assessment; in each case, (A)&nbsp;with respect to the Peabody Business or Peabody Transferred Subsidiaries or the Arch Business or Arch </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>

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Transferred Subsidiaries, as the case may be, (B)&nbsp;except as it relates to Income Taxes, and (C)&nbsp;except as would not reasonably be expected to result in or otherwise affect material
Taxes of any JV Entity in any Post-Closing Taxable Period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) incur, assume, guarantee, endorse or otherwise become
liable or responsible for any Indebtedness that would, if outstanding as of the Closing Date, constitute an Assumed Liability, other than (A)&nbsp;Indebtedness (other than Indebtedness for borrowed money) incurred in the ordinary course of business
consistent with past practice or (B)&nbsp;Financial Assurances to the extent required pursuant to any applicable Peabody Contributed Permit or Arch Contributed Permit, as the case may be, or Mining and Mining Safety Law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) other than in the ordinary course of business consistent with past practice, settle or compromise, or offer to settle or
compromise, any Proceeding relating to the Peabody Business or the Arch Business, as the case may be, if such settlement or compromise would have, or would reasonably be expected to have, individually or in the aggregate, a material impact on the
operations or conduct of the business of the JV Entities after the Closing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) waive, release or assign any material
claims or causes of action or cancel or compromise any Indebtedness owed to it relating to the Peabody Business or the Arch Business, other than in the ordinary course of business consistent with past practice; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) mortgage, pledge or subject to any Encumbrance any of the Peabody Transferred Subsidiaries Interests or the Peabody
Contributed Assets or any of the Arch Transferred Subsidiaries Interests or the Arch Contributed Assets, as the case may be, except for Permitted Encumbrances or Encumbrances that would, by their terms, be released on or prior to the Closing Date;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) abandon, permit to lapse, modify in any material respect or fail to renew any Peabody Lease that is material to the
Peabody Business or any Arch Lease that is material to the Arch Business, as the case may be; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) abandon, permit to
lapse, modify in any material respect or fail to renew any Peabody Contributed Permit or Arch Contributed Permit, as the case may be, or any Mining Rights; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) enter into any agreement creating a joint venture or partnership or effecting a business combination or other similar
arrangement with another Person relating to the Peabody Business or the Arch Business, as the case may be; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii) abandon,
dispose of, exclusively license or permit to lapse any material Intellectual Property used in the operation or conduct of the Peabody Business or the Arch Business, as the case may be; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiv) close any facilities which are material to the operations of the Peabody Business or the Arch Business, as the case may
be; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xv) enter into, amend, extend, renew or terminate any collective bargaining
agreement or similar Contract with any labor organizations, works councils, unions or associations applicable to any Peabody Business Employees or Arch Business Employees, as the case may be; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvi)&nbsp;(A) adopt or amend any Peabody Benefit Plan or Arch Benefit Plan, as the case may be, if such adoption or amendment
would result in a material increase in costs to the JV Company or (B)&nbsp;materially increase salary or wages, as applicable, severance, bonus or other incentive compensation or other benefits or compensation relating to any Peabody Business
Employees or Arch Business Employees, as the case may be, in each case other than any such actions (1)&nbsp;in the ordinary course of business consistent with past practice, (2)&nbsp;required by applicable Law or the terms of any Employee Benefit
Plan in effect as of the date hereof, (3)&nbsp;that are generally applicable to employees of Peabody or Arch, as the case may be, or (4)&nbsp;for which Peabody or Arch, as the case may be, shall be solely liable; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvii) except in connection with a termination for cause, (A)&nbsp;take any action that would cause a Peabody Business Employee
or Arch Business Employee, as the case may be, at the level of general manager or higher to cease to be designated as a Peabody Business Employee or Arch Business Employee, as the case may be, or (B)&nbsp;take any action that would cause any
employee at the level of general manager or higher who is not a Peabody Business Employee or Arch Business Employee to be designated as a Peabody Business Employee or Arch Business Employee, as the case may be; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xviii) agree, resolve or commit to take any of the foregoing actions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Nothing in this <U>Section</U><U></U><U>&nbsp;6.1</U> or elsewhere in this Agreement shall give Peabody or Arch, directly or indirectly,
the right to control or direct the other Party&#146;s operations prior to the Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.2. <U>Notice of Certain Events</U>. From
the date of this Agreement to the Closing, Peabody and Arch agree that, subject to applicable Laws, each shall provide the other with prompt notice in writing (together with copies of all related documents and correspondence) of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) any notice or communication from any Person alleging that the consent of such Person is or may be required in connection with the
transactions contemplated by this Agreement or the other Transaction Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) any material Proceeding commenced or threatened
against it or its Affiliates relating to the consummation of the transactions contemplated by this Agreement or the other Transaction Documents; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) the occurrence or existence of any fact, circumstance, effect, change, event or development that has had or would reasonably be expected to
have, individually or in the aggregate, a Peabody Material Adverse Effect or an Arch Material Adverse Effect, as the case may be; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>however</U>, that no such notification shall affect the representations, warranties,
covenants or agreements of the Parties under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.3. <U>Access to Information</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) From the date of this Agreement to the Closing, except to the extent prohibited by applicable Law, each Party shall, and shall cause its
Affiliates to, afford the other Party and its Representatives reasonable access to the premises, books, Contracts, commitments, personnel and records relating to the Peabody Business and the Arch Business, as the case may be, in each case at
mutually agreeable times during regular business hours and subject to applicable health and safety rules and regulations and the health and safety protocols established by each Party and provided to the other Party; <U>provided</U>, <U>however</U>,
that (i)&nbsp;the requesting Party and its Representatives shall conduct any such activities in such a manner that will minimize disruptions to the business or operations of the providing Party and, if necessary with respect to any competitively
sensitive information, with adequate safeguards in place to ensure compliance with applicable Antitrust Laws, (ii)&nbsp;either Party may withhold any Contract or other information that is subject to the terms of a confidentiality agreement with a
Third Party (<U>provided</U> that the withholding Party shall use its commercially reasonable efforts to obtain the required consent of such Third Party to such access or disclosure) or subject to any attorney-client privilege (<U>provided</U> that
the withholding Party shall use its commercially reasonable efforts to allow for such access or disclosure (or as much of it as possible) in a manner that does not result in a loss of attorney-client privilege, including by entering into a customary
joint defense agreement or common interest agreement with the requesting Party to the extent such an agreement would preserve the applicable privilege) and (iii)&nbsp;each Party shall have the right, upon reasonable notice and at its sole cost and
expense, to (A)&nbsp;conduct a Phase I environmental site assessment at any Arch Mining Site or Peabody Mining Site, as the case may be, and (B)&nbsp;to the extent any &#147;Recognized Environmental Condition&#148; (as defined by ASTM Standard <FONT
STYLE="white-space:nowrap">1527-13)</FONT> is identified in any such Phase I environmental site assessment, to conduct further environmental testing or sampling as the Parties, acting good faith, may mutually agree is reasonably necessary or
advisable to further define or delineate any such &#147;Recognized Environmental Condition&#148; or to budget for its remediation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) All
information exchanged pursuant to this <U>Section</U><U></U><U>&nbsp;6.3</U> shall be subject to the Confidentiality Agreement dated January&nbsp;2, 2018, between Peabody and Arch (as amended, the &#147;<U>Confidentiality Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.4. <U>Required Efforts</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to the terms of this Agreement, each Party shall use, and shall cause its Affiliates to use, its best efforts (unless, with respect
to any action, another standard of performance is expressly provided for herein) to take, or cause to be taken, all actions, and do, or cause to be done, and assist and cooperate with the other Party in doing, all things necessary, proper or
advisable to consummate and make effective the transactions contemplated by this Agreement as soon as reasonably possible and in any event prior to the Outside Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In furtherance and not in limitation of <U>Section</U><U></U><U>&nbsp;6.4(a)</U>, each Party shall, and shall cause its Affiliates to,
cooperate in good faith to obtain all Consents required by the terms </P>
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of any Contracts with Third Parties or Permits in connection with the transactions contemplated by this Agreement; <U>provided</U>, <U>however</U>, that, subject to
<U>Section</U><U></U><U>&nbsp;6.4(d)</U>, neither Party shall be obligated to pay any material amount as consideration therefor to, or make any material financial accommodation in favor of, the Person or Governmental Authority from whom such Consent
is sought, other than filing and processing fees. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) In furtherance and not in limitation of <U>Section</U><U></U><U>&nbsp;6.4(a)</U> but
subject to <U>Section</U><U></U><U>&nbsp;6.4(e)</U>, each Party shall (i)&nbsp;if required by the HSR Act, submit no later than ten Business Days after the date hereof a Notification and Report Form pursuant to the HSR Act (an &#147;<U>HSR
Filing</U>&#148;) with respect to the transactions contemplated by this Agreement, (ii)&nbsp;submit as promptly as reasonably practicable after the date hereof (A)&nbsp;any appropriate filings required pursuant to other Antitrust Laws in connection
with the transactions contemplated by this Agreement and (B)&nbsp;any other necessary filings with other Governmental Authorities in connection with the transactions contemplated by this Agreement, (iii)&nbsp;supply, and assist and cooperate with
the other Party in supplying, as promptly as practicable any additional information and documentary material that may be formally requested pursuant to such Laws or by such Governmental Authorities (including any &#147;second request&#148;, civil
investigative demand, subpoena or other similar request pursuant to compulsory process) and (iv)&nbsp;use its best efforts to take, or cause to be taken, all actions, and do, or cause to be done, and assist and cooperate with the other Party in
doing, all things necessary, proper or advisable to cause the expiration or termination of any applicable waiting periods and the receipt of any applicable Governmental Approvals as may be necessary or advisable in order to consummate and make
effective the transactions contemplated by this Agreement as soon as reasonably possible. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) For purposes of this
<U>Section</U><U></U><U>&nbsp;6.4</U>, the &#147;best efforts&#148; of each Party shall include, subject to <U>Section</U><U></U><U>&nbsp;6.4(e)</U>, taking all actions and doing all things necessary, proper or advisable to resolve as soon as
reasonably possible and in any event prior to the Outside Date such objections, if any, as may be asserted by any Governmental Authority or any other Person pursuant to the HSR Act (regardless of whether such Party is required to submit an HSR
Filing) or any other applicable Laws with respect to this Agreement or the transactions contemplated hereby, including by (i)&nbsp;defending any lawsuits or other Proceedings instituted, or threatened to be instituted, by any Person, whether
judicial or administrative, challenging this Agreement or the transactions contemplated hereby, (ii)&nbsp;attempting to have repealed, rescinded or made inapplicable any Law, and to prevent the entry of, or to have vacated, lifted, reversed or
overturned, any Order (whether temporary, preliminary or permanent) or other legal restraint or prohibition that is enacted, issued, promulgated, enforced or entered by a Governmental Authority that would restrain, enjoin, make illegal or otherwise
prohibit or delay the consummation of the transactions contemplated by this Agreement or (iii)&nbsp;proposing, negotiating, committing to and effecting by consent decree, hold separate order or otherwise, (A)&nbsp;(1) any requirement to divest, hold
separate or otherwise dispose of any Peabody Contributed Assets or any Arch Contributed Assets, (2)&nbsp;any requirement to conduct the business of the Peabody Business or the Arch Business in a specified manner, (3)&nbsp;any requirement to
terminate any existing relationship, contractual rights or obligations, (4)&nbsp;any requirement to create any relationship, contractual rights or obligations or (5)&nbsp;any other limitation on its ability to, or the manner in which it does,
operate, conduct or exercise decision-making over the Peabody Business or the Arch Business (any such action or limitation described in <U>clauses (1)</U>&nbsp;through <U>(5)</U>, a &#147;<U>Restriction</U>&#148;) or (B)&nbsp;any requirement to
modify the terms of this Agreement or the </P>
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other Transaction Documents in order to modify the activities or business to be conducted by the JV Entities or the scope of the Contributed Assets (any such action or limitation described in
this <U>clause</U><U></U><U>&nbsp;(B)</U>, a &#147;<U>Transaction Modification</U>&#148;), in each case as may be necessary to cause the conditions set forth in <U>Sections 7.1(a)</U>, <U>7.1(b)</U> and <U>7.1(c)</U> to be satisfied prior to the
Outside Date;<SUP STYLE="font-size:85%; vertical-align:top"> </SUP><U>provided</U>, <U>however</U>, that neither Party shall be required to agree to, accept or undertake any Restrictions that are not conditioned on the Closing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Nothing in this <U>Section</U><U></U><U>&nbsp;6.4</U> shall require Peabody or Arch or any of their respective Affiliates to agree to,
accept or undertake (i)&nbsp;any Restriction relating to any Excluded Assets or any assets, categories of assets, Subsidiaries or Affiliates not relating to the Peabody Business or the Arch Business or (ii)&nbsp;any Restrictions or Transaction
Modifications if such Restrictions and Transaction Modifications, individually or in the aggregate, would reasonably be expected to materially reduce the synergies and other economic benefits expected to be realized through the formation of, and the
transfer of the Peabody Business and the Arch Business to, the JV Company. In the event that Peabody, Arch or any of their respective Affiliates is required to divest or otherwise dispose of (or hold separate and commit or agree to divest or
otherwise dispose of) any Peabody Contributed Assets or any Arch Contributed Assets, (x)&nbsp;all net <FONT STYLE="white-space:nowrap">after-Tax</FONT> proceeds from such divestiture or disposal shall be contributed to the JV Company at the Closing
(or, if later, promptly upon receipt of such proceeds) for no additional consideration and (y)&nbsp;the Parties shall cause the JV Company, effective as of the Closing, to assume any Liabilities, including any indemnification obligations, in
connection with such divestiture or disposal. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The Parties shall jointly direct and control all aspects of the Parties&#146; efforts to
obtain any Governmental Approvals with respect to the transactions contemplated by this Agreement (including the termination or expiration of the waiting period under the HSR Act), including in any Proceeding initiated by any Governmental Authority,
and shall jointly develop the Parties&#146; strategy or appropriate course of action with respect to obtaining such Governmental Approvals. Each Party shall (i)&nbsp;promptly notify the other Party or its counsel of any substantive communication,
inquiry or investigation received by such Party from, or given by it to, any Governmental Authority and, to the extent reasonably practicable and permitted by applicable Law, permit the other Party to review in advance any proposed substantive
communication to any such Governmental Authority and consider the other Party&#146;s reasonable comments, (ii)&nbsp;not agree to participate in any substantive meeting or discussion with any such Governmental Authority in respect of any filing,
investigation or inquiry concerning this Agreement or the transactions contemplated hereby unless, to the extent reasonably practicable and permitted by such Governmental Authority, such Party gives the other Party the opportunity to attend and
participate therein and (iii)&nbsp;promptly furnish the other Party with copies of all correspondence, filings and written communications between them and their respective Affiliates, and Representatives, on the one hand, and any such Governmental
Authority or its staff, on the other hand, with respect to this Agreement and the transactions contemplated hereby in order for such other Party to meaningfully consult and participate in accordance with this
<U>Section</U><U></U><U>&nbsp;6.4(f)</U>; <U>provided</U>, <U>however</U>, that any materials furnished pursuant to this <U>Section</U><U></U><U>&nbsp;6.4(f)</U> may be redacted or restricted to external legal counsel to the extent necessary to
comply with applicable Laws relating to the exchange of information and to address reasonable attorney-client privilege or other relevant legal privilege or confidentiality concerns. Notwithstanding the foregoing, in the event of any dispute between
the Parties relating to the strategy or appropriate course of action or </P>
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the content of any submission made in connection with the Parties&#146; efforts to obtain any Governmental Approvals with respect to the transactions contemplated by this Agreement (including the
termination or expiration of the waiting period under the HSR Act), where such dispute cannot be resolved through a good faith effort involving the Parties&#146; respective internal counsel, Peabody shall have the right, in its sole discretion, to
make the final determination with respect to such matter; <U>provided</U>, <U>however</U>, that each Party shall not, and shall cause its Affiliates not to, propose any Restriction or any Transaction Modification to any Governmental Authority or
commit to or effect any Restriction or any Transaction Modification, in each case without the prior written consent of the other Party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Unless otherwise recommended by outside counsel to each of Arch and Peabody after consultation with the SEC, Arch shall, as soon as
reasonably possible, but in no event later than 60 days after the date hereof, file with the SEC an application for an order to be issued by the SEC either (i)&nbsp;pursuant to Section&nbsp;3(b)(2) of the 1940 Act declaring that Arch is primarily
engaged in a business other than that of investing, reinvesting, owning, holding, or trading in securities, or, alternatively, (ii)&nbsp;pursuant to Section&nbsp;6(c) of the 1940 Act granting Arch an exemption from all provisions of the 1940 Act
(any such order, an &#147;<U>ICA Order</U>&#148;). Arch shall use, and shall cause its Affiliates to use, its best efforts to take, or cause to be taken, all actions, and do, or cause to be done, all things necessary, proper or advisable to obtain
an (x)&nbsp;ICA Order as soon as reasonably possible and in any event prior to the Outside Date and (y)&nbsp;opinion of counsel described in <U>Section</U><U></U><U>&nbsp;7.3(e)</U>, including delivering representation letters dated as of the
Closing Date and signed by an officer of Arch, in customary form and substance, to such counsel containing representations of Arch as may be necessary or appropriate to enable such counsel to render an opinion described in
<U>Section</U><U></U><U>&nbsp;7.3(e)</U> on the Closing Date; <U>provided</U>, <U>however</U>, that nothing in this <U>Section</U><U></U><U>&nbsp;6.4(g)</U> shall require Arch to purchase or divest any assets. Arch shall keep Peabody fully informed
on a timely basis of the status of its application for the ICA Order and shall supply as promptly as practicable any additional information and documentary material that may be requested by the SEC in connection with the application for the ICA
Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.5. <U>Public Announcements</U>. The Parties shall consult with each other before issuing, and give each other the
opportunity to review and comment upon, any press release or other public statements with respect to the transactions contemplated by or the terms of this Agreement, and shall not issue any such press release or make any such public statement prior
to such consultation, except to the extent such Party reasonably concludes is required by applicable Law, court process or by obligations pursuant to any rules, regulations or requirements of, or listing agreement with, any national securities
exchange or national securities quotation system. The Parties agree that all formal employee communication programs or announcements with respect to the transactions contemplated by this Agreement or the other Transaction Documents shall be in forms
mutually agreed between the Parties (such agreement not to be unreasonably withheld, conditioned or delayed). The Parties agree that each Party&#146;s initial press release to be issued with respect to the transactions contemplated by this Agreement
shall be in the form heretofore agreed to by the Parties. The restrictions set forth in this <U>Section</U><U></U><U>&nbsp;6.5</U> shall not apply to any press release or other public statement in connection with any dispute regarding this Agreement
or the other Transaction Documents or the transactions contemplated hereby or thereby. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.6. <U>Cooperation</U>. Prior to the Closing, subject to applicable Laws, the
Parties agree to cooperate in good faith to take such steps as may be reasonably necessary or advisable so that the JV Company shall be in a position to seamlessly begin operating the Peabody Business and the Arch Business immediately after the
Closing. In furtherance of the foregoing, Peabody and Arch shall discuss in good faith (a)&nbsp;the name, branding, logos and marks to be used by the JV Entities following the Closing, (b)&nbsp;the provision by either Party or their respective
Affiliates of any transition services, including information technology hosting and systems migration, as may be reasonably necessary or advisable for the JV Company to continue operating the Peabody Business and the Arch Business immediately after
the Closing in substantially the same manner as operated by the respective Parties immediately prior to the Closing Date and (c)&nbsp;the engagement of any Third Parties, including consultants, software providers and other vendors, to provide
services in connection with any such activities (it being acknowledged and agreed that Peabody shall be responsible for 66.5% of any amounts paid to any such Third Party by Arch or its Affiliates with Peabody&#146;s prior written consent and Arch
shall be responsible for 33.5% of any amounts paid to any such Third Party by Peabody or its Affiliates with Arch&#146;s prior written consent). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.7. <U><FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Assets</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) To the extent that any asset (including any Permit) included in the Peabody Contributed Assets or the Arch Contributed Assets cannot be
assigned to the JV Entities at the Closing without the prior Consent of any Person (or any attempted assignment without such prior Consent would result in a violation of Law or Contract or would materially and adversely affect the rights of the JV
Entities thereto or thereunder) and such Consent has not been obtained as of the Closing Date, the Closing shall, subject to the satisfaction of the conditions set forth in <U>Article</U><U></U><U>&nbsp;VII</U>, nevertheless take place on the terms
set forth herein but the assignment of such Contract or Permit (each, a &#147;<U><FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset</U>&#148;) to the applicable JV Entity shall not become effective unless and until such Consent has been
obtained. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Until such time as all <FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Assets have been assigned to the applicable JV
Entity, the Parties shall, and shall cause their Affiliates and the JV Company to, (i)&nbsp;use their commercially reasonable efforts to obtain any required Consents for the assignment of such <FONT STYLE="white-space:nowrap">Non-Assignable</FONT>
Assets; <U>provided</U>, <U>however</U>, that (A)&nbsp;neither Party shall be obligated to pay any material amount as consideration therefor to, or make any material financial accommodation in favor of, or commence litigation against, the Person or
Governmental Authority from whom such Consent is requested, other than filing and processing fees, and (B)&nbsp;neither Party shall take any action in connection with obtaining such Consent that would impose any conditions or obligations on any of
the JV Entities after the Closing without the prior written consent of the other Party (which consent shall not be unreasonably withheld, conditioned or delayed) and (ii)&nbsp;to the greatest extent permitted by Law, establish arrangements under
which a JV Entity (A)&nbsp;shall obtain the legal or economic claims, rights and benefits associated with such <FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset, (B)&nbsp;shall have dominion and control over such <FONT
STYLE="white-space:nowrap">Non-Assignable</FONT> Asset and (C)&nbsp;shall assume the legal and economic burden, obligations and Liabilities with respect to such <FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset and shall indemnify, defend
and hold harmless the Person that is party to or otherwise holds such <FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset therefor. The Person that is party to or otherwise holds any such
<FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset shall hold such <FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset in trust for the sole benefit and on behalf of the applicable JV Entity and shall, as soon as
</P>
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practicable following receipt, pay over to the JV Company or its designees all receipts of cash relating to such <FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset until such time as
such <FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset has been assigned to a JV Entity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) When and if all Consents required
for the assignment of any <FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset have been obtained, the assignment of such <FONT STYLE="white-space:nowrap">Non-Assignable</FONT> Asset to the applicable JV Entity shall become automatically
effective in accordance with the terms of this Agreement without the payment of any additional consideration. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In the event that, as of
the Closing, not all Governmental Approvals have been obtained with respect to the change in ownership and control of any Peabody Contributed Permit or any Arch Contributed Permit (including, as applicable, with respect to the transfer or reissuance
of any such Permits to the JV Entities), to the extent that the JV Entities operate under any such Permits after the Closing pending the receipt of such approvals, any recipient of a notice of violation of, or failure to comply with, any such Permit
shall notify the Parties and the JV Company immediately following receipt of such notice, and Peabody (in the case of any Peabody Contributed Permit) or Arch (in the case of any Arch Contributed Permit), as the case may be, in consultation with the
other Party shall be entitled to undertake any actions and measures that are reasonably necessary and appropriate to cure, remedy or abate such violations or failure to comply as soon as reasonably practicable. In such event, the JV Entities shall
cease any conduct and activities giving rise to such violations or failure to comply and shall provide the applicable Party with access to the relevant properties and facilities and information as may be reasonably requested or necessary in
connection with such Party&#146;s efforts to cure, remedy or abate such violations and failure to comply. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.8. <U>Improper or
Unintended Transfers</U>.<U> </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If, at any time after the Closing Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) a Party becomes aware that a JV Entity possesses any Excluded Asset, such asset shall be promptly transferred and conveyed
to the applicable Peabody Entity or Arch Entity that held or was responsible for such Excluded Asset prior to the Closing; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) a Party becomes aware that Peabody, Arch or any of their respective Affiliates possesses any Contributed Asset, such asset
shall be promptly transferred and conveyed to a JV Entity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Prior to the transfer of any asset pursuant to this
<U>Section</U><U></U><U>&nbsp;6.8</U>, the Person receiving or possessing such asset shall hold such asset in trust for such other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.9. <U>Employee Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Prior to the Closing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) the Parties shall cooperate in good faith to identify the Specified Employees (other than the Mining Site Employees) and,
from time to time from the date of this Agreement to the Closing, the Parties shall update Sections 1.1(d) and 1.1(e) of the </P>
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Peabody Disclosure Letter and Sections&nbsp;1.1(d) and 1.1(e) of the Arch Disclosure Letter, respectively, to reflect any mutually agreed changes to the lists of Specified Employees and Excluded
Employees, in each case other than changes to the Mining Site Employees (which agreement shall not be unreasonably withheld, conditioned or delayed); <U>provided</U>, <U>however</U>, that, except as expressly set forth in this
<U>Section</U><U></U><U>&nbsp;6.9</U>, no such updates shall affect the representations, warranties, covenants or agreements of the Parties under this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) the Parties shall, and shall cause their respective Affiliates to, take such steps as are required to transfer the
employment of each Specified Employee to a Peabody Transferred Subsidiary or an Arch Transferred Subsidiary, as the case may be, if such Specified Employee is not already employed by a Peabody Transferred Subsidiary or an Arch Transferred
Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) each Party shall, and shall cause its Affiliates to, take such steps as are required to transfer the
employment of (A)&nbsp;any employee who is employed by a Transferred Subsidiary and is not a Specified Employee and (B)&nbsp;any Inactive Employee, in each case to an Affiliate of such Party other than a Transferred Subsidiary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) the Parties shall cause the JV Company to make an offer of employment with a JV Entity (on terms and conditions to be
determined by the JV Company after good faith consultation with the Parties), effective as at and from the Closing Date, to each Specified Employee (other than any Inactive Employees) who is not employed by a Transferred Subsidiary and whose
employment is not expected to be transferred by the applicable Party to a Transferred Subsidiary prior to the Closing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)
the JV Company shall consider in good faith an application for employment from each Inactive Employee to the extent that such Inactive Employee is able to return to active employment within 180 days following the Closing Date or such later time as
may be required by applicable Law, and the Party that previously employed such Inactive Employee will promptly notify the JV Company of such Inactive Employee&#146;s ability to return to active employment; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) each Party shall not, and shall cause its Affiliates not to, discourage any employee to whom an offer of employment is
made by a JV Entity pursuant to this <U>Section</U><U></U><U>&nbsp;6.9(a)</U> from accepting such offer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Parties shall cooperate
in good faith to integrate the compensation and benefit arrangements for the Transferred Employees in order to achieve as of the Closing Date an integrated set of Employee Benefit Plans that treats all Transferred Employees fairly, regardless of
whether they were employed by Peabody or Arch prior to the Closing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Parties shall cause the JV Company to provide each Transferred
Employee whose employment is terminated within 120 days following the Closing Date due to redundancy by any JV Entity with eligibility for the severance benefits that would have been provided by Peabody and its Affiliates or Arch and its Affiliates,
as the case may be, based on such Transferred Employee&#146;s employer immediately prior to the Closing; <U>provided</U>, <U>however</U>, </P>
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that each Arch Business Employee listed on Section&nbsp;6.9(c) of the Arch Disclosure Letter shall instead be eligible for severance benefits at the levels set forth on Section&nbsp;6.9(c) of the
Peabody Disclosure Letter and otherwise on the terms and conditions determined by the JV Company, including a requirement that the Transferred Employee execute and not revoke a release of claims that is intended to protect each of Peabody, Arch and
their respective Affiliates from any claims. The Parties shall cause the JV Company to provide each Transferred Employee whose employment is terminated by any JV Entity from the end of such <FONT STYLE="white-space:nowrap">120-day</FONT> period
through the <FONT STYLE="white-space:nowrap">12-month</FONT> anniversary of the Closing Date, regardless of whether such Transferred Employee was employed by Peabody and its Affiliates or Arch and its Affiliates prior to the Closing, with
eligibility for severance benefits at the levels set forth on Section&nbsp;6.9(c) of the Peabody Disclosure Letter and otherwise on the terms and conditions determined by the JV Company, including a requirement that the Transferred Employee execute
and not revoke a release of claims that is intended to protect each of Peabody, Arch and their respective Affiliates from any claims. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
On the Closing Date, the Parties shall cause the JV Company, or one or more of its wholly-owned Subsidiaries, to assume all assets (other than any Excluded Assets) and all Liabilities relating to any Assumed Benefit Plans accrued prior to the
Closing Date in respect of the Transferred Employees. From and after the Closing Date, the Parties shall cause the JV Entities to honor all obligations accrued under all Assumed Benefit Plans prior to the Closing in respect of each Transferred
Employee in accordance with their terms as in effect immediately prior to the Closing. Except as required by applicable Law, effective as of the Closing Date, each Transferred Employee shall cease to actively participate in any Peabody Benefit Plan
or Arch Benefit Plan (other than any Assumed Benefit Plan). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The Parties shall cause the JV Company to reimburse each Party for any
claims or Liabilities, including severance, redundancy or similar termination payments or benefits, arising out of or in connection with the termination of employment of any Mining Site Employee who is not a Transferred Employee by either Party or
its Affiliates at or after the Closing if such termination occurs within three months following the Closing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Each Party shall,
severally and not jointly, bear the full and sole responsibility and Liability for providing proper notifications to its and its Affiliates&#146; respective employees and any state or municipal agency or authority as may be required pursuant to the
federal Workers&#146; Adjustment and Retraining Notification Act of 1988 (the &#147;<U>WARN Act</U>&#148;) or any similar state or municipal Law that may apply to any employment loss or the closure of work sites that may occur in connection with the
transactions contemplated by this Agreement. Notwithstanding the foregoing or anything else in this Agreement to the contrary, the JV Entities shall be solely responsible for providing proper notifications under the WARN Act and for any claims or
Liabilities, including severance, redundancy or similar termination payments or benefits, arising out of or in connection with the termination of employment of any Transferred Employees by any JV Entity after the Closing and the Parties shall cause
the JV Entities not to terminate the employment of any Transferred Employee until at least the day following the Closing Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The
Parties intend that the transactions contemplated by this Agreement should not constitute a separation, termination or severance of employment of any Transferred </P>
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Employee prior to or upon the occurrence of the Closing for purposes of any severance plan of the Parties or their respective Affiliates or the WARN Act, and that each Transferred Employee will
have continuous and uninterrupted employment immediately before and immediately after the Closing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) The Parties shall cause the JV
Entities to have in effect one or more defined contribution plans that each include a qualified cash or deferred arrangement within the meaning of Section&nbsp;401(k) of the Code (collectively, the &#147;<U>JV 401(k) Plan</U>&#148;) that will
provide benefits to the Transferred Employees who are currently participating in Peabody&#146;s 401(k) Savings Plan or Arch&#146;s 401(k) Savings Plan (together with Peabody&#146;s 401(k) Savings Plan, the &#147;<U>Business 401(k) Plans</U>&#148;)
as of the Closing Date (or as soon as practicable thereafter). As soon as practicable following the Closing Date, each Party shall cause to be transferred from the applicable Business 401(k) Plan to the JV 401(k) Plan the assets and Liabilities
relating to the account balances of the Transferred Employees in accordance with the terms of such Business 401(k) Plan, the JV 401(k) Plan, this Agreement and all applicable Laws, including the Code. Such transfer of assets and Liabilities shall
consist of a transfer in cash of all account balances referred to in the first sentence of this <U>Section</U><U></U><U>&nbsp;6.9(h)</U>, including (i)&nbsp;such Liabilities for the beneficiaries of the Transferred Employees, (ii)&nbsp;accrued
benefit Liabilities arising under any applicable qualified domestic relations order and (iii)&nbsp;the balances of all participant loans under the Business 401(k) Plans. The Parties shall cause the JV Entities to direct the trustee of the JV 401(k)
Plan to accept such transfers of assets and Liabilities from such Business 401(k) Plan. Upon such transfer of assets, the JV 401(k) Plan shall assume all Liabilities of each Party under the applicable Business 401(k) Plan with respect to all
participants in such Business 401(k) Plan whose balances were transferred to the JV 401(k) Plan and their beneficiaries pursuant to such transfer, and such Party and such Business 401(k) Plan shall have no Liabilities to provide such participants
with benefits under such Business 401(k) Plan following such transfer. Each Party shall, and shall cause the JV Company to, use its reasonable efforts to minimize the duration of any &#147;blackout period&#148; imposed in connection with each
transfer of account balances from the Business 401(k) Plans to the JV 401(k) Plan. The Parties shall, and shall cause the JV Entities to, cooperate in effecting a transition of all outstanding 401(k) loans of Transferred Employees in a
cost-efficient manner designed to prevent a deemed distribution from the applicable Business 401(k) Plan, either through plan amendment of the JV 401(k) plan to accept rollover of loans from such Business 401(k) Plan or through a bridge loan from
the JV Company to any Transferred Employees with outstanding loan balances under such Business 401(k) Plan as of the Closing Date (or as soon as practicable thereafter). The JV Entities shall be solely responsible for all ongoing rights of or
relating to the Transferred Employees for future participation (including the right to make contributions through payroll deductions) in the JV 401(k) Plan. The Parties shall, and shall cause the JV Entities to, cooperate in good faith to take the
actions described in this <U>Section</U><U></U><U>&nbsp;6.9(h)</U> in a cost-efficient manner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Effective as of the Closing, each
Transferred Employee who is a participant as of immediately prior to the Closing in a Peabody Pension Plan or Arch Pension Plan shall cease active participation in such applicable plan and service from and after the Closing with the JV Entities or
any other employer other than Peabody or Arch, as the case may be, or their respective Affiliates shall not be taken into account for any purpose under such plan. Notwithstanding any provision of this Agreement to the contrary, following the
Closing, (i)&nbsp;Peabody and its Affiliates shall retain sponsorship of each Peabody Pension Plan and all </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>

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assets and Liabilities arising out of or relating to such Peabody Pension Plan and (ii)&nbsp;Arch and its Affiliates shall retain sponsorship of each Arch Pension Plan and all assets and
Liabilities arising out of or relating to such Arch Pension Plan, in each case, in respect of the Transferred Employees with vested rights thereunder in accordance with the terms of such plan as in effect from time to time and their applicable
beneficiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) Each Party shall pay to each Transferred Employee who participated in an annual cash incentive plan or program or any
mining-level incentive plan or program sponsored by such Party or its Affiliates immediately prior to the Closing Date a prorated bonus in respect of the performance period in which the Closing occurs in an amount equal to the product of
(x)&nbsp;the amount of the annual bonus or mining-level incentive plan bonus that would have been payable to such Transferred Employee under the applicable plan or program based on actual performance through the end of the applicable performance
period as determined by such Party in its reasonable discretion pursuant to the terms of such plan or program, <U>multiplied by</U> (y)&nbsp;a fraction, the numerator of which is the number of days in such performance period that elapsed prior to
the Closing Date, and the denominator of which is the number of days in such performance period. Such prorated bonus shall be paid, in the case of annual cash incentive plans or programs, at the time that bonuses under the applicable plan or program
for such performance period are paid to similarly situated employees of the applicable Party and, in the case of mining-level incentive plans or programs, immediately prior to the Closing. For the avoidance of doubt, the JV Company shall not be
required to provide any such Transferred Employee the opportunity to earn a bonus for the portion of the performance period in which the Closing occurs that elapsed prior to the Closing Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) From and after the Closing, the JV Entities shall give or cause to be given to each Transferred Employee full credit for all purposes
(including for purposes of eligibility to participate or receive benefits, vesting, benefit accrual, level of benefits and early retirement subsidies and including for purposes of severance, vacation/paid time off, layoff and similar benefits and
for any purposes as may be required under applicable Law), other than for benefit accrual purposes under any Arch Pension Plan or Peabody Pension Plan, under each Employee Benefit Plan established or maintained by any JV Entity in which Transferred
Employees are eligible to participate on or after the Closing for service accrued or deemed accrued on or prior to the Closing with Arch or Peabody, as the case may be, or any Affiliate or predecessor thereof to the same extent that such credit was
recognized by Arch or Peabody, as the case may be, or any Affiliate thereof under comparable benefit plans immediately prior to the Closing; <U>provided</U>, <U>however</U>, that such credit need not be provided to the extent that such credit would
result in any duplication of benefits for the same period of service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) With respect to each welfare benefit plan, program or
arrangement maintained, sponsored or contributed to by the JV Entities after the Closing (collectively, the &#147;<U>JV Welfare Benefit Plans</U>&#148;) in which any Transferred Employee or spouse or dependent thereof may be eligible to participate
on or after the Closing, the JV Entities shall (i)&nbsp;waive, or cause its Affiliates or insurance carrier to waive, all limitations as to preexisting conditions,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">actively-at-work</FONT></FONT> requirements, exclusions and waiting periods, if any, with respect to participation and coverage requirements applicable to each Transferred Employee or
spouse or dependent thereof, and any other restrictions that would prevent immediate or full participation by such Transferred Employee or spouse or dependent thereof, under such JV Welfare Benefit Plan, to the same
</P>
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extent satisfied or waived under a comparable benefit plan of Arch or Peabody, as applicable, or any Affiliate thereof, and (ii)&nbsp;provide, or cause its Affiliates to provide, full credit to
each Transferred Employee or spouse or dependent thereof for any <FONT STYLE="white-space:nowrap">co-payments,</FONT> deductibles, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and for any
lifetime maximums paid by such Transferred Employee or spouse or dependent thereof under the comparable benefit plan of Arch or Peabody, as the case may be, or any Affiliate thereof during the relevant plan year up to and including the Closing Date
as if such amounts had been paid under such JV Welfare Benefit Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) In accordance with applicable Law, each Party shall pay each
Transferred Employee employed by such Party or one of its Affiliates immediately prior to the Closing all wages accrued through the Closing Date, to the extent earned on or prior to the Closing Date. With respect to each Transferred Employee subject
to U.S. payroll Taxes, pursuant to IRS Revenue Procedure <FONT STYLE="white-space:nowrap">2004-53,</FONT> each Party agrees to apply, and to cause the JV Company to apply, the &#147;alternate&#148; procedure for purposes of employee payroll
reporting and withholding. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) Nothing in this <U>Section</U><U></U><U>&nbsp;6.9</U> shall create any third-party beneficiary right in any
Transferred Employee, or the dependent or beneficiary thereof, or any right to employment or continued employment or to a particular term or condition of employment. Nothing in this <U>Section</U><U></U><U>&nbsp;6.9</U> shall be construed to
establish, amend or modify any benefit or compensation plan, program, agreement or arrangement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.10. <U>Replacement of Financial
Assurances</U>. From and after the date of this Agreement, each Party shall, and shall cause its Affiliates to, use its commercially reasonable efforts to cause it and its Affiliates (other than the Transferred Subsidiaries) to be completely and
unconditionally released, effective as of the Closing, from all obligations with respect to each Peabody Financial Assurance and each Arch Financial Assurance, as the case may be, including using its commercially reasonable efforts to cause the JV
Company to arrange for and substitute, on or prior to the Closing, each Peabody Financial Assurance and each Arch Financial Assurance with a Financial Assurance made or delivered by a JV Entity in such form or amount as is reasonably acceptable to
the Governmental Authority or other Person that holds or is the beneficiary of such Peabody Financial Assurance or Arch Financial Assurance, as the case may be. If the JV Company is unable or is not permitted under applicable Law to effectuate such
substitution on or prior to the Closing with respect to any Peabody Financial Assurance or Arch Financial Assurance (an &#147;<U>Outstanding Financial Assurance</U>&#148;), (a)&nbsp;the Parties shall continue to use their commercially reasonable
efforts to cause the JV Company to effectuate such substitution as soon as practicable following the Closing and (b)&nbsp;the applicable Party shall, and shall cause its Affiliates to, cause such Outstanding Financial Assurance to remain in place
and not be terminated or modified in any way until such substitution is effectuated. Upon substitution of any Outstanding Financial Assurance, any collateral furnished by a Party or its Affiliate in respect of such substituted Outstanding Financial
Assurance shall be returned to such Party or its Affiliate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.11. <U>Reorganizations</U>. At or prior to the Closing, each Party
shall cause, and shall reasonably cooperate with the other Party in causing, take all actions reasonably necessary to cause the transactions set forth in the reorganization plans set forth in Section&nbsp;6.11 of the Peabody Disclosure Letter and
Section&nbsp;6.11 of the Arch Disclosure Letter, respectively (the &#147;<U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganization Plans</U>&#148; and such transactions, the &#147;<U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT>
</U> </P>
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<U>Reorganizations</U>&#148;), to occur, with only such changes as would not reasonably be expected to be adverse to the Peabody Business, the Arch Business or the JV Entities (including from a
Tax perspective or otherwise). Each Party shall, and shall cause its Affiliates to, (a)&nbsp;consult with the other Party in good faith in connection with and in advance of any changes to the <FONT STYLE="white-space:nowrap">Pre-Closing</FONT>
Reorganizations and (b)&nbsp;keep the other Party reasonably informed on a timely basis with respect to all material activity concerning the status of the <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganizations. The agreements and
instruments to effectuate the <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganizations shall be in form and substance reasonably acceptable to each Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.12. <U>Insurance</U>. From and after the Closing, (a)&nbsp;unless otherwise agreed by Peabody in writing, the Peabody Business, the
Peabody Transferred Subsidiaries, the Peabody Contributed Assets and the Peabody Assumed Liabilities shall cease to be insured by the insurance policies and self-insured programs maintained by Peabody and its Affiliates and (b)&nbsp;the Arch
Business, the Arch Transferred Subsidiaries, the Arch Contributed Assets and the Arch Assumed Liabilities shall cease to be insured by the insurance policies and self-insured programs maintained by Arch and its Affiliates, in each case with respect
to events or circumstances that first occur on or after the Closing Date. With respect to events or circumstances that first occurred or existed prior to the Closing Date that are covered by occurrence-based insurance policies or self-insured
programs maintained by Peabody, Arch or their respective Affiliates (the &#147;<U>Parent Insurance Policies</U>&#148;), from and after the Closing, each Party shall, and shall cause its Affiliates to, use its commercially reasonable efforts (at the
JV Entities&#146; sole cost and expense) to cooperate with the JV Entities to submit any claims under the Parent Insurance Policies to the extent such coverage is available under the Parent Insurance Policies and the JV Entities elect to submit such
claims and use its commercially reasonable efforts (at the JV Entities&#146; sole cost and expense) to cooperate in collecting the insurance proceeds with respect thereto; <U>provided</U> that, to the extent that coverage for any such claims is also
available under any insurance policies of the JV Entities, the Parties shall cause the JV Entities to also submit claims under such insurance policies. The Parties shall cause the JV Entities to reimburse Peabody, Arch or their applicable Affiliates
for any increased costs (including premiums) incurred by such Persons as a result of any such claims (other than claims that constitute Excluded Liabilities), as such amounts are determined in accordance with those policies and programs generally
applicable from time to time; <U>provided</U> <U>further</U> that the JV Entities shall exclusively bear (and none of Peabody, Arch or their respective Affiliates shall have any obligation to repay or reimburse the JV Entities for) the amount of any
deductibles, retentions or loss adjustments associated with claims under the Parent Insurance Policies (other than claims that constitute Excluded Liabilities) and shall be liable for all uninsured or uncovered amounts of such claims. For the
avoidance of doubt, except as expressly set forth in this Agreement, Peabody, Arch and their respective Affiliates shall retain all rights to control their respective insurance policies and programs, notwithstanding whether any such policies or
programs apply to any Liabilities of the JV Entities, and nothing herein shall require Peabody, Arch or any of their respective Affiliates to maintain any insurance after the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.13. <U>Termination of Affiliate Contracts and Intercompany Accounts</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except for those Contracts set forth on Section&nbsp;6.13(a) of the Peabody Disclosure Letter, Peabody shall, and shall cause its
Affiliates to, cause any Contracts, Liabilities or other obligations relating to the Peabody Business between Peabody or any of its Affiliates, on </P>
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the one hand, and any Affiliate of Peabody, on the other hand, to be terminated or extinguished immediately prior to the Closing, and the parties to such Contracts, Liabilities or obligations
shall execute customary releases reasonably satisfactory to Arch to ensure that the JV Entities (including the Peabody Transferred Subsidiaries) shall have no Liability or obligation thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except for those Contracts set forth on Section&nbsp;6.13(b) of the Arch Disclosure Letter, Arch shall, and shall cause its Affiliates to,
cause any Contracts, Liabilities or other obligations relating to the Arch Business between Arch or any of its Affiliates, on the one hand, and any Affiliate of Arch, on the other hand, to be terminated or extinguished immediately prior to the
Closing, and the parties to such Contracts, Liabilities or obligations shall execute customary releases reasonably satisfactory to Peabody to ensure that the JV Entities (including the Arch Transferred Subsidiaries) shall have no Liability or
obligation thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.14. <U>Further Assurances</U>. Each Party shall, and shall cause its Affiliates to, from time to time
after the Closing Date and without further consideration, execute, acknowledge and deliver such other instruments of conveyance and transfer and take such other actions and execute and deliver such other documents, assignments, deeds, certifications
and further assurances as any Party may reasonably request to carry out, evidence and confirm the intended purposes of this Agreement and the other Transaction Documents or the transactions contemplated hereby or thereby.<U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.15. <U>Bulk Transfer Laws</U>. Each Party hereby waives compliance by it and each of its Affiliates with the notice requirements and
other applicable provisions relating to transferee liability of the &#147;bulk-sale&#148; or &#147;bulk-transfer&#148; Laws of any jurisdiction that may otherwise be applicable with respect to the transfer of any or all of the Peabody Contributed
Assets or the Arch Contributed Assets to any of the JV Entities in connection with the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.16. <U>Confidentiality</U>. From the date hereof until the Closing, each Party shall, and shall cause its Affiliates and its and
their respective Representatives to, keep confidential and not disclose to any other Person, or use for their own benefit or the benefit of any other Person, any confidential and <FONT STYLE="white-space:nowrap">non-public</FONT> information to the
extent relating to the Peabody Business or the Arch Business, as the case may be, in accordance with the provisions of the Confidentiality Agreement. The obligations of each Party under this Section&nbsp;6.16 shall not apply to information which
(a)&nbsp;is used by such Party in its other businesses, (b)&nbsp;is or becomes generally available to the public without breach of such Party&#146;s obligations under this Section&nbsp;6.16 or (c)&nbsp;is required to be disclosed by applicable Law
or any Order. The Parties expressly acknowledge and agree that, in the event that Closing occurs, the Confidentiality Agreement shall be terminated in its entirety effective as of the Closing Date, and all obligations with respect to confidentiality
shall be governed by the provisions of the LLC Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.17. <U>Resignations</U>. Each Party shall use its commercially
reasonable efforts to cause to be delivered to the JV Company on the Closing Date resignation letters of such members of the board of directors (or comparable governing body) and officers of each Transferred Subsidiary as the other Party shall have
requested in writing at least ten&nbsp;Business </P>
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Days prior to the Closing Date, such resignation letters to include customary mutual release of liability and waiver provisions and to be effective as of the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.18. <U>Guarantees</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Peabody Guarantee</U>. Peabody hereby absolutely, irrevocably and unconditionally guarantees to Arch, the JV Company and their
respective Affiliates the full and timely performance by any controlled Affiliate of Peabody of any agreements, covenants or other obligations that are required to be performed or satisfied by such Affiliate under any of the Transaction Documents to
the extent arising at or after the Closing (including any obligations to make payments in respect of capital contributions under the LLC Agreement). If such Affiliate fails to perform or satisfy any of such agreements, covenants or other
obligations, then Peabody will itself duly and promptly perform or satisfy, as the case may be, such agreements, covenants or other obligations, or cause the same to be duly and promptly performed or satisfied, in each case as if Peabody were itself
the obligor with respect to such agreements, covenants and obligations. The guarantee provided in this <U>Section</U><U></U><U>&nbsp;6.18(a)</U> shall become effective as of the Closing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Arch Guarantee</U>. Arch hereby absolutely, irrevocably and unconditionally guarantees to Peabody, the JV Company and their respective
Affiliates the full and timely performance by any controlled Affiliate of Arch of any agreements, covenants or other obligations that are required to be performed or satisfied by such Affiliate under any of the Transaction Documents to the extent
arising at or after the Closing (including any obligations to make payments in respect of capital contributions under the LLC Agreement). If such Affiliate fails to perform or satisfy any of such agreements, covenants or other obligations, then Arch
will itself duly and promptly perform or satisfy, as the case may be, such agreements, covenants or other obligations, or cause the same to be duly and promptly performed or satisfied, in each case as if Arch were itself the obligor with respect to
such agreements, covenants and obligations. The guarantee provided in this <U>Section</U><U></U><U>&nbsp;6.18(b)</U> shall become effective as of the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.19. <U>Right of First Refusal</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) From and after the Closing, if either Party or any of their respective Affiliates (the &#147;<U>Offering Party</U>&#148;) receives a
<I>bona fide </I>written offer (an &#147;<U>Offer</U>&#148;) from any Third Party (the &#147;<U>Offeror</U>&#148;) to purchase or otherwise acquire any or all of the ROFR Assets (the &#147;<U>Offered Assets</U>&#148;) in any transaction or series of
related transactions on terms that the Offering Party is willing to accept, the Offering Party shall, as promptly as practicable but in no event later than five Business Days after the Offering Party&#146;s receipt of such Offer, provide written
notice thereof (the &#147;<U>Offer Notice</U>&#148;) to the JV Company and each member of the JV Company that is not an Affiliate of the Offering Party. The Offer Notice shall describe in reasonable detail the terms of such Offer, including
(i)&nbsp;a description of the Offered Assets, (ii)&nbsp;the type and amount of consideration to be paid for such Offered Assets and the terms of the payment thereof (the &#147;<U>Offer Price</U>&#148;) and (iii)&nbsp;the identity of the Offeror
(including, to the Knowledge of the Offering Party, the identity of any Persons that Control the Offeror), and shall include copies of all documentation relating to the Offer, including all offer letters, term sheets and written draft Contracts
proposed to be entered into in connection therewith. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) During the <FONT STYLE="white-space:nowrap">30-day</FONT> period following the receipt
of such Offer Notice (5:00 p.m. (New York City time) on such 30th day, the &#147;<U>Offer Deadline</U>&#148;), the JV Company shall have the right to irrevocably elect to purchase, at the Offer Price (<U>provided</U> that if any portion of the Offer
Price includes <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration, the JV Company may substitute cash of equivalent value), all (but not less than all) of the Offered Assets by providing written notice of such election to purchase the
Offered Assets (a &#147;<U>ROFR Election Notice</U>&#148;) to the Offering Party on or prior to the Offer Deadline. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) A ROFR Election
Notice shall constitute a binding commitment of the JV Company to purchase all of the Offered Assets. If a valid ROFR Election Notice is delivered prior to the Offer Deadline, the closing of the purchase of the Offered Assets by the JV Company shall
occur not later than the later of (i) 30 days after the delivery of the ROFR Election Notice and (ii)&nbsp;such later date as may be necessary to comply with the requirements of any applicable Law or to obtain any necessary Governmental Approvals.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) If a valid ROFR Election Notice has not been delivered by the Offer Deadline, then for a period of 60 days immediately following the
Offer Deadline (which period shall be extended by any period of time required to comply with applicable Law or the requirements of any Governmental Authority), the Offering Party may sell the Offered Assets to the Offeror for consideration not less
than the Offer Price and otherwise on the terms and conditions described in the Offer Notice. If such sale is not consummated within such period or is proposed to be made for consideration less than the Offer Price or otherwise not on the same terms
and conditions or to the Offeror described in the Offer Notice, the Offering Party shall not, and shall not permit its Affiliates to, sell or dispose of the Offered Assets unless and until a further Offer Notice has been delivered (and the
procedures set forth in this <U>Section</U><U></U><U>&nbsp;6.19</U> have been complied with in connection with such further Offer Notice) with respect to such Offered Assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.20. <U>Intellectual Property Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Peabody and its Affiliates hereby unconditionally grant to the JV Entities as of the Closing a
<FONT STYLE="white-space:nowrap">non-exclusive,</FONT> royalty-free, perpetual, irrevocable, fully <FONT STYLE="white-space:nowrap">paid-up</FONT> license (with the right to grant sublicenses) to use the Peabody Retained IP (other than the Peabody
Retained Marks) as it exists as of the Closing; <U>provided</U>, <U>however</U>, that the Parties shall cause the JV Entities not to sublicense or disclose any confidential Peabody Retained IP to any Person unless such Person is subject to a
customary obligation of confidentiality. Each of Peabody and its Affiliates, on the one hand, and the JV Entities, on the other hand, may modify or improve the Peabody Retained IP licensed pursuant to this <U>Section</U><U></U><U>&nbsp;6.20(a)</U>,
and the Person making such modifications or improvements shall own all right, title and interest therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Arch and its Affiliates
hereby unconditionally grant to the JV Entities as of the Closing a <FONT STYLE="white-space:nowrap">non-exclusive,</FONT> royalty-free, perpetual, irrevocable, fully <FONT STYLE="white-space:nowrap">paid-up</FONT> license (with the right to grant
sublicenses) to use the Arch Retained IP (other than the Arch Retained Marks) as it exists as of the Closing; <U>provided</U>, <U>however</U>, that the Parties shall cause the JV Entities not to sublicense or disclose any confidential Arch Retained
IP to any Person unless such Person is subject to a customary obligation of confidentiality. Each of Arch and its Affiliates, on the one hand, and the JV Entities, on the other hand, may modify or improve the Arch Retained IP
</P>
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licensed pursuant to this <U>Section</U><U></U><U>&nbsp;6.20(b)</U>, and the Person making such modifications or improvements shall own all right, title and interest therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) From and after the Closing, except as expressly provided in this <U>Section</U><U></U><U>&nbsp;6.20(c)</U>, the Parties shall cause the JV
Entities not to use the Peabody Retained Marks or the Arch Retained Marks alone or together with other words, logos, symbols or designs in any form, variation or manner in connection with any business that the JV Entities may thereafter conduct. The
JV Entities shall use commercially reasonable efforts to remove and cease use of all Peabody Retained Marks or Arch Retained Marks, including removing or replacing all logos and signage on tangible items included in the Contributed Assets, as
promptly as reasonably practicable but in any event no later than the date that is six months after the Closing Date; <U>provided</U>, <U>however</U>, that during such <FONT STYLE="white-space:nowrap">six-month</FONT> period, the JV Entities may
continue to use any tangible items included in the Contributed Assets, including the existing signage and the existing stock of letterhead, labels, promotional materials and other documents and materials, that contain the Peabody Retained Marks and
the Arch Retained Marks in a manner consistent with (and for a purpose no different from) the use of such Peabody Retained Marks or Arch Retained Marks by Peabody or Arch, as the case may be, and their respective Affiliates prior to the Closing.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.21. <U>Tax Covenants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Tax Returns</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Returns</U>. From and after the Closing, Peabody shall prepare
or cause to be prepared all Tax returns required to be filed by the Peabody Transferred Subsidiaries or, other than Tax returns related to Income Taxes, with respect to the Peabody Contributed Assets for any
<FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period (the &#147;<U>Peabody </U><U>Prepared </U><U>Returns</U>&#148;), and Arch shall prepare or cause to be prepared all Tax returns required to be filed by the Arch Transferred Subsidiaries
or, other than Tax returns related to Income Taxes, with respect to the Arch Contributed Assets for any <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period (the &#147;<U>Arch </U><U>Prepared </U><U>Returns</U>&#148;). Except as otherwise
required by applicable Law, each of Peabody and Arch shall prepare such Tax returns in accordance with past practice. Peabody and Arch shall each deliver to the JV Company all Peabody Prepared Returns and Arch Prepared Returns, together with all
supporting documentation, no later than ten days prior to the due date for filing such Tax return, and, if any Peabody Prepared Return or any Arch Prepared Return would reasonably be expected to result in or otherwise affect material Taxes of any JV
Entity in any Post-Closing Taxable Period, Peabody or Arch, as the case may be, shall also deliver such Tax return, together with all supporting documentation to Arch or Peabody, as the case may be, no later than ten days prior to the due date for
filing such Tax return, for review and reasonable comment by the JV Company and Arch or Peabody, as the case may be, and the party filing such Tax return shall incorporate any reasonable comments received no later than five days prior to the due
date for filing such Tax return. Peabody and Arch shall use commercially reasonable efforts to determine which of Peabody, Arch or the JV Company shall file such Tax return. If after complying with the immediately preceding sentence in good faith,
Peabody and Arch are unable to agree on which of Peabody, Arch or the JV Company is responsible for filing such Tax return, then the JV Company shall be responsible for filing such Tax return. If the JV Company files any Tax return pursuant
</P>
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to this <U>Section</U><U></U><U>&nbsp;6.21(a)(i)</U> and if such Tax return shows Taxes as due and owing, Peabody or Arch, as applicable, shall pay the amount of Contributor Taxes with respect to
such Tax return to the JV Company no later than the due date for filing such Tax return and the JV Company shall remit such Taxes to the applicable Governmental Authority. If either Peabody or Arch files any Tax return pursuant to this
<U>Section</U><U></U><U>&nbsp;6.21(a)(i)</U>, such Tax return shows Taxes as due and owing, and such Taxes were specifically included in Peabody Net Working Capital or Arch Net Working Capital, as the case may be, as finally determined pursuant to
<U>Section</U><U></U><U>&nbsp;3.5(c)</U>, then the JV Company shall pay the amount of such identified Taxes to Peabody or Arch no later than the due date for filing such Tax return and Peabody or Arch, as the case may be, shall remit such Taxes to
the applicable Governmental Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) <U>Straddle Period Tax Returns</U>. The JV Company shall prepare and file or
cause to be prepared and filed all Tax returns required to be filed by the Peabody Transferred Subsidiaries or the Arch Transferred Subsidiaries or, other than Tax returns related to Income Taxes, with respect to the Peabody Contributed Assets or
the Arch Contributed Assets, in each case, for any Straddle Period. Except as required by applicable Law, the JV Company shall prepare such Tax returns in accordance with past practice. With respect to any material Straddle Period Tax return (which,
for the avoidance of doubt, shall include any Tax return that shows a liability of greater than $500,000) or to the extent any other Straddle Period Tax return is not prepared on a basis consistent with past practice, the JV Company shall deliver a
copy of such Tax return to each of Peabody and Arch, together with all supporting documentation, no later than ten days prior to the due date for filing such Tax return, for their review and reasonable comment. The JV Company shall incorporate any
reasonable comments to such Tax return provided by the applicable Party no later than five days prior to the due date for filing such Tax return. Peabody or Arch, as applicable, shall pay the amount of Contributor Taxes with respect to such Tax
return to the JV Company no later than the due date for filing such Tax return and the JV Company shall remit such Taxes to the applicable Government Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) <U>Amended Returns</U>. From and after the Closing, neither Party shall file an amended Tax return (A)&nbsp;with respect
to a Straddle Period, or (B)&nbsp;with respect to a <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period if the filing of such amended Tax return would reasonably be expected to result in or otherwise affect material Taxes of any JV Entity
in any Post-Closing Taxable Period, in each case without the consent of the other Party (which consent shall not be unreasonably withheld, conditioned or delayed). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Cooperation</U>. From and after Closing, (i)&nbsp;the JV Company, Peabody and Arch shall use their respective commercially reasonable
efforts to cooperate with the reasonable requests of the JV Company, Peabody or Arch, as applicable, in connection with the payment of Taxes, the filing of Tax returns and the conduct and settlement of any Tax Contest. Such cooperation shall include
the provision by the JV Company to Peabody or Arch, as applicable, or the provision by Peabody or Arch, as applicable, to the JV Company of records and information and access to employees reasonably requested in connection with the preparation and
filing of any Tax return or the conduct or settlement of any Tax Contest and (ii)&nbsp;Peabody, Arch and, to the extent any such books and records are held by or are transferred to the JV Entities, the JV
</P>
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Entities shall retain all books and records with respect to <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Taxes for a period of at least seven years following the Closing Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Tax Contests</U>. From and after the Closing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) the JV Company shall promptly notify (A)&nbsp;Peabody upon receipt by any JV Entity of any written notice of any Tax
Contest for which any Person would be entitled to make a Claim for indemnification under <U>Section</U><U></U><U>&nbsp;8.2</U> or that would give rise to a <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Asset and (B)&nbsp;Arch upon receipt
by any JV Entity of any written notice of any Tax Contest for which any Person would be entitled to make a Claim for indemnification under <U>Section</U><U></U><U>&nbsp;8.3</U> or that would give rise to a
<FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Asset. Any such notice shall specify whether such Tax Contest would reasonably be expected to result in or otherwise affect any Taxes of any JV Entity in any Post-Closing Taxable Period; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Peabody shall promptly notify Arch upon receipt by Peabody or any of its Affiliates of any written notice of any Tax
Contest if the resolution of such Tax Contest would reasonably be expected to result in or otherwise affect any Taxes of any JV Entity in any Post-Closing Taxable Period; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) Arch shall promptly notify Peabody upon receipt by Arch or any of its Affiliates of any written notice of any Tax Contest
if the resolution of such Tax Contest would reasonably be expected to result in or otherwise affect any Taxes of any JV Entity in any Post-Closing Taxable Period; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;(A) Peabody shall have the sole right to direct and control the defense of any Tax Contests for which any Person be
entitled to make a Claim for indemnification under <U>Section</U><U></U><U>&nbsp;8.2</U> or that would give rise to a <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Asset and (B)&nbsp;Arch shall have the sole right to direct and control the
defense of any Tax Contests for which any Person would be entitled to make a Claim for indemnification under <U>Section</U><U></U><U>&nbsp;8.3</U> or that would give rise to a <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Asset;
<U>provided</U>, <U>however</U>, in each case, that if the conduct or settlement of any Tax Contest would reasonably be expected to result in or otherwise affect any Taxes of any JV Entity in any Post-Closing Taxable Period, the controlling Party
shall keep the other Party reasonably informed as to the progress of such Tax Contest and shall not enter into any settlement or compromise of such Tax Contest in any manner that would reasonably be expected to result in or otherwise affect any
Taxes of any JV Entity in any Post-Closing Taxable Period without the other Party&#146;s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed). No provision of this
<U>Section</U><U></U><U>&nbsp;6.21(c)(iv)</U> shall apply to Tax Contests relating to Income Taxes (other than Tax Contests related to Peabody Prepared Returns and Arch Prepared Returns), and Peabody or Arch, as applicable, shall have exclusive
control of any such Tax Contest. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The failure of any Party or the JV Company to notify any Party of any Tax Contest pursuant to
<U>Section</U><U></U><U>&nbsp;6.21(c)</U> shall not relieve such Party from any liability that it might have with respect to such Tax Contest, except to the extent such Party demonstrates that its </P>
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defense of such Tax Contest is actually and materially prejudiced by the failure to promptly give such notice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Conflict with Other Provisions</U>. To the extent that the provisions of this <U>Section</U><U></U><U>&nbsp;6.21</U> are inconsistent
with or conflict with any other provisions under this Agreement, the provisions of this <U>Section</U><U></U><U>&nbsp;6.21</U> shall control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.22. <U>Arch Royalty Credits</U>. Prior to the Closing, the Parties shall cooperate in good faith to establish arrangements under
which, from and after the Closing, (i)&nbsp;the Arch Royalty Credits (when and if issued) shall be transferred to the JV Company or one or more of its wholly-owned Subsidiaries, (ii)&nbsp;the JV Company shall use commercially reasonable efforts to
monetize the value of such Arch Royalty Credits, including by using such Arch Royalty Credits in lieu of a monetary payment for a bonus bid for a coal lease sale or as a monetary credit against any Royalties due under any federal coal lease and
(iii)&nbsp;Arch or its Affiliates shall, from and after the Closing, obtain all economic claims, rights and benefits, on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">dollar-for-dollar</FONT></FONT> basis, associated with such
Arch Royalty Credits (as and when such Arch Royalty Credits are monetized), in each case to the fullest extent permitted under applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.23. <U>Federal Leases</U>. The Parties shall cooperate in good faith to cause Peabody and its Affiliates and the JV Entities to
comply with the acreage limitations set forth in the rules and regulations of the Bureau of Land Management of the U.S. Department of the Interior, including the rules and regulations set forth in 43 CFR
<FONT STYLE="white-space:nowrap">&#167;&nbsp;3472.1-3.</FONT> In furtherance of the foregoing, the Parties shall, as soon as reasonably practicable after the date of this Agreement, (a)&nbsp;identify any federal coal leases (or applications
therefor) held by Arch and its Affiliates for land located in the State of Wyoming which is not used in the operation or conduct of the Arch Business as presently conducted (or as proposed by either Party to be conducted) and (b)&nbsp;amend
<U>Schedule 2.5(e)</U> to add such federal coal leases (or applications therefor). To the extent reasonably necessary to permit Peabody or the JV Company to comply with such acreage limitations, (i)&nbsp;Peabody shall, and shall cause its Affiliates
to, use its reasonable best efforts to diligently pursue all pending applications pursuant to 43 CFR &#167;&nbsp;3452 for the relinquishment of all or any portion of any federal coal lease in Wyoming, (ii)&nbsp;Arch shall, and shall cause its
Affiliates to, use its reasonable best efforts to either (A)&nbsp;transfer any federal coal leases (or applications therefor) that constitute Excluded Assets and are held by any Arch Transferred Subsidiary to an Affiliate of Arch (other than an Arch
Transferred Subsidiary) or (B)&nbsp;relinquish pursuant to 43 CFR &#167;&nbsp;3452 federal coal leases that constitute Excluded Assets and are held by any Arch Transferred Subsidiary, including diligently pursuing any Governmental Approvals required
for any such transfer or relinquishment. To the extent the actions set forth in the immediately preceding sentence are pending as of the Closing Date, the Parties shall, to the extent such actions are contemplated or permitted by applicable Law,
cause the JV Entities to use their reasonable best efforts to effectuate such actions as soon as reasonably practicable after the Closing Date. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CLOSING CONDITIONS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7.1. <U>Mutual Conditions of Closing</U>. The respective obligations of Peabody and Arch to consummate the transactions contemplated
by this Agreement shall be subject to the satisfaction or waiver on or prior to the Closing Date of the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>No
Legal Restraint</U>. No applicable Law, Order (whether temporary, preliminary or permanent) or other legal restraint or prohibition enacted, issued, promulgated, enforced or entered by any Governmental Authority having jurisdiction (collectively,
the &#147;<U>Legal Restraints</U>&#148;) shall be in effect that restrains, enjoins, makes illegal or otherwise prohibits the consummation of the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>HSR Act</U>. Any waiting period (and any extension thereof, including any timing agreements involving legally binding commitments not to
close) applicable to the consummation of the transactions contemplated by this Agreement under the HSR Act shall have been terminated or shall have expired. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Other Regulatory Approvals</U>. The Governmental Approvals applicable to the consummation of the transactions contemplated by this
Agreement set forth in <U>Schedule 7.1(c)</U> shall have been obtained (or the applicable waiting period shall have been terminated or shall have expired) and shall be in full force and effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Reorganizations</U>. The <FONT STYLE="white-space:nowrap">Pre-Closing</FONT>
Reorganizations shall have been completed in accordance with the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7.2. <U>Conditions to
Peabody</U><U>&#146;</U><U>s Obligation to Effect the Closing</U>. The obligation of Peabody to consummate the transactions contemplated by this Agreement is further subject to the satisfaction or waiver on or prior to the Closing Date of the
following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Representations and Warranties</U>. (i)&nbsp;The representations and warranties of Arch contained in this
Agreement (except for <U>Section</U><U></U><U>&nbsp;5.6(a)</U> and the Arch Fundamental Representations) shall be true and correct (without giving effect to any limitation as to &#147;materiality&#148;, &#147;material adverse effect&#148; or
&#147;Arch Material Adverse Effect&#148; set forth therein), except where the failure of such representations and warranties to be true and correct (without giving effect to any limitation as to &#147;materiality&#148;, &#147;material adverse
effect&#148; or &#147;Arch Material Adverse Effect&#148; set forth therein) has not had and would not reasonably be expected to have, individually or in the aggregate, an Arch Material Adverse Effect, (ii)&nbsp;the representation and warranty set
forth in <U>Section</U><U></U><U>&nbsp;5.6(a)</U> shall be true and correct in all respects and (iii)&nbsp;the Arch Fundamental Representations shall be true and correct in all material respects, in each case at and as of the Closing Date as if made
at and as of such time (except to the extent expressly made as of an earlier date, in which case as of such earlier date). Peabody shall have received a certificate signed by an executive officer of Arch to such effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Performance of Obligations of Arch</U>. Arch shall have performed in all material respects all obligations required to be performed by
it under this Agreement at or prior </P>
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to the Closing, and Peabody shall have received a certificate signed by an executive officer of Arch to such effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Closing Deliveries</U>. All deliveries contemplated by <U>Section</U><U></U><U>&nbsp;3.3</U> shall have been delivered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Required Consents</U>. The Consents set forth on Section&nbsp;7.2(d) of the Peabody Disclosure Letter shall have been obtained and
remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7.3. <U>Conditions to Arch</U><U>&#146;</U><U>s Obligation to Effect the Closing</U>. The
obligation of Arch to consummate the transactions contemplated by this Agreement is further subject to the satisfaction or waiver on or prior to the Closing Date of the following conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Representations and Warranties</U>. (i)&nbsp;The representations and warranties of Peabody contained in this Agreement (except for
<U>Section</U><U></U><U>&nbsp;4.6(a)</U> and the Peabody Fundamental Representations) shall be true and correct (without giving effect to any limitation as to &#147;materiality&#148;, &#147;material adverse effect&#148; or &#147;Peabody Material
Adverse Effect&#148; set forth therein), except where the failure of such representations and warranties to be true and correct (without giving effect to any limitation as to &#147;materiality&#148;, &#147;material adverse effect&#148; or
&#147;Peabody Material Adverse Effect&#148; set forth therein) has not had and would not reasonably be expected to have, individually or in the aggregate, a Peabody Material Adverse Effect, (ii)&nbsp;the representation and warranty set forth in
<U>Section</U><U></U><U>&nbsp;4.6(a)</U> shall be true and correct in all respects and (iii)&nbsp;the Peabody Fundamental Representations shall be true and correct in all material respects, in each case at and as of the Closing Date as if made at
and as of such time (except to the extent expressly made as of an earlier date, in which case as of such earlier date). Arch shall have received a certificate signed by an executive officer of Peabody to such effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Performance of Obligations of Peabody</U>. Peabody shall have performed in all material respects all obligations required to be
performed by it under this Agreement at or prior to the Closing, and Arch shall have received a certificate signed by an executive officer of Peabody to such effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Closing Deliveries</U>. All deliveries contemplated by <U>Section</U><U></U><U>&nbsp;3.2</U> shall have been delivered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Required Consents</U>. The Consents set forth on Section&nbsp;7.3(d) of the Arch Disclosure Letter shall have been obtained and remain
in full force and effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>1940 Act Matters</U>. An ICA Order shall have been granted to Arch; <U>provided</U> that the condition in
this <U>Section</U><U></U><U>&nbsp;7.3(e)</U> shall otherwise be satisfied if, in its sole discretion acting in good faith, the board of directors of Arch shall have otherwise determined that Arch is not, and immediately after giving effect to the
consummation of the transactions contemplated by this Agreement will not be, required to be registered as an &#147;investment company&#148; within the meaning of the 1940 Act and Arch shall have received an opinion of counsel dated as of the Closing
Date in such form as is reasonably acceptable to Arch, from Latham&nbsp;&amp; Watkins LLP or other counsel selected by Arch in its sole discretion, to the effect that Arch is not, and immediately after giving effect to the consummation of the
transactions </P>
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contemplated by this Agreement will not be, an &#147;investment company&#148; within the meaning of the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VIII </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>INDEMNIFICATION
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.1. <U>Survival of Representations, Warranties and Covenants</U>.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The representations and warranties of Peabody set forth in <U>Sections</U><U></U><U>&nbsp;4.1</U>, <U>4.2</U>, <U>4.3(a)</U>,
<U>4.7(b)</U>, <U>4.7(c)</U> and <U>4.21</U> (the &#147;<U>Peabody Fundamental Representations</U>&#148;) and of Arch set forth in <U>Sections</U><U></U><U>&nbsp;5.1</U>, <U>5.2</U>, <U>5.3(a)</U>, <U>5.7(b)</U>, <U>5.7(c)</U> and <U>5.21</U> (the
&#147;<U>Arch Fundamental Representations</U>&#148;) shall survive the Closing and continue in full force and effect until the date that is five years after the Closing Date. The representations and warranties of Peabody set forth in
<U>Section</U><U></U><U>&nbsp;4.10</U> and of Arch set forth in <U>Section</U><U></U><U>&nbsp;5.10</U> shall survive until the date that is 30 days after the expiration of the applicable statute of limitations. All other representations and
warranties in this Agreement shall not survive the Closing. Each period of survival stated in this <U>Section</U><U></U><U>&nbsp;8.1(a)</U> and each period of survival referred to in <U>Section</U><U></U><U>&nbsp;8.1(b)</U> is referred to as the
applicable &#147;<U>Survival Period</U>&#148;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) All covenants and agreements of the Parties requiring performance in full prior to the
Closing (other than those set forth in <U>Article II</U> and <U>Sections</U><U></U><U>&nbsp;6.1</U>, <U>6.10</U>, <U>6.11</U>, <U>6.13</U>, <U>6.21</U> and <U>6.22</U>) shall not survive the Closing. The covenants and agreements set forth in
<U>Section</U><U></U><U>&nbsp;6.1</U> shall survive the Closing until the date that is 12 months after the Closing Date. All other covenants and agreements contained in this Agreement (including those set forth in
<U>Article</U><U></U><U>&nbsp;II</U> and <U>Sections</U><U></U><U>&nbsp;6.10</U>, <U>6.11</U>, <U>6.13</U>, <U>6.21</U> and <U>6.22</U>) shall survive the Closing indefinitely. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.2. <U>Indemnification by Peabody</U>. From and after the Closing, subject to <U>Section</U><U></U><U>&nbsp;8.5</U>, Peabody shall
indemnify, defend and hold harmless Arch and its Affiliates and their respective directors, officers, employees, agents, equityholders and other Representatives (collectively, the &#147;<U>Arch Indemnified Parties</U>&#148;) and the JV Entities and
their respective directors, officers, employees, agents, equityholders and other Representatives (collectively, the &#147;<U>JV Indemnified Parties</U>&#148;) from and against any and all Losses suffered or incurred by any of the foregoing to the
extent such Losses arise out of or result from: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) any inaccuracy in, or breach of, a Peabody Fundamental Representation or the
representations and warranties set forth in <U>Section</U><U></U><U>&nbsp;4.10</U>; <U>provided</U> that, solely for purposes of determining the amount of any Losses resulting from such inaccuracy or breach, such determination shall be made without
giving effect to any limitation as to &#147;materiality&#148;, &#147;material adverse effect&#148; or &#147;Peabody Material Adverse Effect&#148; set forth in such representation and warranty; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) any failure by Peabody or any of its Affiliates (including the Peabody Transferred Subsidiaries prior to the Closing) to perform or comply
with any covenant or agreement in this Agreement or the other Transaction Documents (excluding the LLC Agreement); or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) any Excluded Liability to the extent attributable or related to Peabody or its
Affiliates or the Peabody Business, the Peabody Contributed Assets or the Peabody Transferred Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.3.
<U>Indemnification by Arch</U>. From and after the Closing, subject to <U>Section</U><U></U><U>&nbsp;8.5</U>, Arch shall indemnify, defend and hold harmless Peabody and its Affiliates and their respective its directors, officers, employees, agents,
equityholders and other Representatives (collectively, the &#147;<U>Peabody Indemnified Parties</U>&#148;) and the JV Indemnified Parties from and against any and all Losses suffered or incurred by any of the foregoing to the extent such Losses
arise out of or result from: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) any inaccuracy in, or breach of, an Arch Fundamental Representation or the representations and warranties
set forth in <U>Section</U><U></U><U>&nbsp;5.10</U>; <U>provided</U> that, solely for purposes of determining the amount of any Losses resulting from such inaccuracy or breach, such determination shall be made without giving effect to any limitation
as to &#147;materiality&#148;, &#147;material adverse effect&#148; or &#147;Arch Material Adverse Effect&#148; set forth in such representation and warranty; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) any failure by Arch or any of its Affiliates (including the Arch Transferred Subsidiaries prior to the Closing) to perform or comply with
any covenant or agreement in this Agreement or the other Transaction Documents (excluding the LLC Agreement); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) any Excluded
Liability to the extent attributable or related to Arch or its Affiliates or the Arch Business, the Arch Contributed Assets or the Arch Transferred Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.4. <U>Indemnification by the JV Company</U>. From and after the Closing, subject to <U>Section</U><U></U><U>&nbsp;8.5</U>, the
Parties shall cause the JV Company to indemnify, defend and hold harmless the Peabody Indemnified Parties and the Arch Indemnified Parties from and against any and all Losses suffered or incurred by any of the foregoing to the extent such Losses
arise out of or result from (a)&nbsp;the Assumed Liabilities or (b)&nbsp;any Outstanding Financial Assurances, including all claims or premiums payable thereunder and all direct and indirect costs incurred in connection with furnishing and
maintaining any collateral (including cash collateral and letters of credit) required thereunder (except for collateral required to be furnished pursuant to the LLC Agreement). This indemnification is in addition to the other indemnifications
provided for in the other Transaction Documents or the Charter Documents of the JV Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.5. <U>Limitation of Liability</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) A Notice of Claim under this <U>Article</U><U></U><U>&nbsp;VIII</U> based on any inaccuracy in, or breach of, a representation or
warranty or any failure to perform or comply with any covenant or agreement must be delivered prior to the expiration of the applicable Survival Period, and any claim not made prior to the expiration of such Survival Period shall be of no force or
effect and shall not give rise to any obligation of the Indemnifying Party to indemnify, defend or hold harmless any Indemnified Party. Notwithstanding the foregoing, if, before 5:00 p.m. (New York City time) on the last day of the Survival Period,
an Indemnified Party shall have delivered a Notice of Claim in accordance with <U>Section</U><U></U><U>&nbsp;8.6</U> and any claim identified in such Notice of Claim shall not have been finally resolved or disposed of at such date, the
representation, warranty, </P>
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covenant or agreement that is the subject of such claim shall, to the extent of such claim only, survive until such claim has been fully and finally resolved or disposed of in accordance with the
terms hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything in this Agreement to the contrary but subject to <U>Section</U><U></U><U>&nbsp;8.5(d)</U>, the
maximum aggregate liability of Peabody, on the one hand, and Arch, on the other hand, in respect of the indemnities contained in <U>Section</U><U></U><U>&nbsp;8.2(a)</U> and <U>Section</U><U></U><U>&nbsp;8.3(a)</U>, respectively, shall not exceed
the Indemnity Cap Amount. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything in this Agreement to the contrary but subject to
<U>Section</U><U></U><U>&nbsp;8.5(d)</U>, neither Party shall be liable to the other Party or its Affiliates or to the JV Company, whether in contract, tort (including negligence and strict liability) or otherwise, at law or in equity, pursuant to
this Agreement for any consequential, special, incidental, indirect, punitive or similar damages whatsoever, including lost profits (other than lost profits that are proven to be direct damages), diminution of value or damages calculated on
multiples of earnings or other metrics, other than consequential, special, incidental, indirect, punitive or similar damages paid to a Third Party in respect of a Third Party Claim. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything in this Agreement to the contrary, the limitations set forth in <U>Sections 8.5(b)</U> and <U>8.5(c)</U> shall not
be applicable to any Losses of any Indemnified Party that arise out of or in connection with fraud, intentional misrepresentation or willful misconduct. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything to the contrary in this Agreement, the representations and warranties in <U>Section</U><U></U><U>&nbsp;4.10</U>
(other than the representations and warranties in <U>Section</U><U></U><U>&nbsp;4.10(c)</U>) and the representations and warranties in <U>Section</U><U></U><U>&nbsp;5.10</U> (other than the representations and warranties in
<U>Section</U><U></U><U>&nbsp;5.10(c)</U>) may only be relied upon for purposes of liability for taxable periods (or portions thereof) ending on or prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.6. <U>Notice of Claim</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) A Person that has suffered or incurred a Loss for which such Person may be entitled to make a claim for indemnification (a
&#147;<U>Claim</U>&#148;) under this Agreement (the &#147;<U>Indemnified Party</U>&#148;) shall give written notice to the party obligated to indemnify the Indemnified Party for such Claim (the &#147;<U>Indemnifying Party</U>&#148;) of such Claim (a
&#147;<U>Notice of Claim</U>&#148;) within 30 days of becoming aware that it has suffered such Loss. The Notice of Claim shall specify whether the Claim arises as a result of a claim by a Third Party against the Indemnified Party (a &#147;<U>Third
Party Claim</U>&#148;), and shall include a copy of all papers (if any) served with respect to such Third Party Claim, or whether the Claim does not so arise (a &#147;<U>Direct Claim</U>&#148;), and shall also specify with reasonable particularity,
to the extent that the information is available, the factual basis for the Claim and the amount of the Claim. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each of Peabody and Arch
shall be entitled to provide a Notice of Claim on behalf of the JV Company in respect of a Claim for indemnification under <U>Section</U><U></U><U>&nbsp;8.2</U> and <U>Section</U><U></U><U>&nbsp;8.3</U>, respectively, and shall be entitled to make
elections on behalf of and otherwise control any such Claim on behalf of the JV Company as the Indemnified Party in respect of such </P>
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Claim under this <U>Article VIII</U>, without duplication of recovery for the same Loss by either Party, on the one hand, and the JV Company, on the other hand. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The failure of the Indemnified Party to notify the Indemnifying Party promptly as required by <U>Section</U><U></U><U>&nbsp;8.6(a)</U>
shall not relieve the Indemnifying Party of any liability that it might have to any Indemnified Party, except to the extent that the Indemnifying Party demonstrates that its defense of any Third Party Claim is actually and materially prejudiced by
the Indemnified Party&#146;s failure to promptly give such notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.7. <U>Direct Claims</U>. With respect to any Direct Claim,
following receipt of a Notice of Claim from the Indemnified Party, the Indemnifying Party shall have 45 days to make such investigation of the Claim as is considered necessary or desirable. For the purpose of such investigation, the Indemnified
Party shall make available to the Indemnifying Party the information relied upon by the Indemnified Party to substantiate the Claim, together with all such other information as the Indemnifying Party may reasonably request. If the Indemnified Party
and the Indemnifying Party agree at or prior to the expiration of such <FONT STYLE="white-space:nowrap">45-day</FONT> period (or any mutually agreed upon extension thereof) to the validity and amount of such Claim, the Indemnifying Party shall
immediately pay to the Indemnified Party the full agreed-upon amount of the Claim, failing which the Indemnified Party is free to pursue all rights and remedies available to it pursuant to this Agreement to enforce its indemnification rights set
forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.8. <U>Defense of Third Party Claims</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to <U>Section</U><U></U><U>&nbsp;8.8(d)</U>, upon receiving a Notice of Claim relating to any Third Party Claim, the Indemnifying
Party shall be entitled to participate in the investigation and defense of such Third Party Claim and, if it so elects, to assume the investigation and defense of such Third Party Claim with counsel selected by the Indemnifying Party (and reasonably
acceptable to the Indemnified Party). The Indemnified Party shall cooperate in good faith in any such defense. The Indemnified Party shall have the right, at its own cost and expense, to participate in the defense of any Third Party Claim with
counsel selected by it subject to the Indemnifying Party&#146;s right to control the defense thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In order to assume the
investigation and defense of a Third Party Claim, the Indemnifying Party must give the Indemnified Party written notice of its election and acceptance of the defense within 20 days of the Indemnifying Party&#146;s receipt of the Notice of Claim.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to <U>Section</U><U></U><U>&nbsp;8.8(d)</U>, if the Indemnifying Party assumes the investigation and defense of a Third Party
Claim: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) the Indemnifying Party will pay for all costs and expenses of the investigation and defense of the Third Party
Claim except that the Indemnifying Party will not, so long as it diligently conducts such defense, be liable to the Indemnified Party for any fees of other counsel or any other expenses with respect to the defense of the Third Party Claim incurred
by the Indemnified Party after the date the Indemnifying </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>

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Party validly exercised its right to assume the investigation and defense of the Third Party Claim; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) the Indemnifying Party will reimburse the Indemnified Party for all reasonable costs and expenses incurred by the
Indemnified Party in connection with the investigation and defense of the Third Party Claim prior to the date the Indemnifying Party validly exercised its right to assume the investigation and defense of the Third Party Claim; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) if the Indemnifying Party thereafter fails to defend the Third Party Claim within a reasonable time, the Indemnified
Party shall be entitled to assume such defense and the Indemnifying Party shall be bound by the results obtained by the Indemnified Party with respect to the Third Party Claim. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Where the named parties to any Third Party Claim include the Indemnified Party as well as the Indemnifying Party and the Indemnified Party
determines in good faith, based on written advice from its legal counsel, that joint representation would be inappropriate due to the actual or potential differing interests between them or there may be one or more legal defenses available to the
Indemnified Party which are different from or in addition to those available to the Indemnifying Party, and the Indemnified Party notifies the Indemnifying Party in writing that it elects to retain separate counsel, the Indemnifying Party shall not
have the right to assume the defense of such Third Party Claim on behalf of the Indemnified Party and shall be liable to pay the reasonable fees and expenses of counsel of the Indemnified Party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If any Third Party Claim is of a nature such that the Indemnified Party is required by applicable Law to incur losses or make a payment to
any Third Party with respect to the Third Party Claim before the completion of settlement negotiations or related legal proceedings, the Indemnified Party may incur such Losses or make such payment and the Indemnifying Party shall, forthwith after
demand by the Indemnified Party, reimburse the Indemnified Party for such payment. If the amount of any liability of the Indemnified Party under such Third Party Claim, as finally determined, is less than the amount that was paid by the Indemnifying
Party to the Indemnified Party, the Indemnified Party shall, forthwith after the receipt of the difference from the Third Party, pay the amount of such difference, together with any interest thereon paid by the Third Party to the Indemnified Party,
to the Indemnifying Party. In addition, the Indemnifying Party shall post all security required by any court, regulatory body or other authority having jurisdiction, including without limitation, for purposes of enabling the Indemnifying Party to
contest any Third Party Claim. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) If the Indemnified Party undertakes the defense of the Third Party Claim, the Indemnifying Party will
not be bound by any compromise or settlement of the Third Party Claim effected without the consent of the Indemnifying Party (which consent may not be unreasonably withheld, conditioned or delayed) unless such compromise or settlement includes an
unconditional release of the Indemnifying Party from all liability and obligations arising from such Third Party Claim. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The
Indemnified Party and the Indemnifying Party shall cooperate fully with each other with respect to Third Party Claims, and shall keep each other fully advised with </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>

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respect thereto (including supplying copies of all relevant documentation promptly as it becomes available). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) The Indemnifying Party will not be permitted to compromise and settle or to cause a compromise and settlement of a Third Party Claim
without the prior written consent of the Indemnified Party, which consent may not be unreasonably withheld, conditioned or delayed, unless: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) the terms of the compromise and settlement require only the payment of money for which the Indemnified Party is entitled to
full indemnification under this Agreement and the Indemnifying Party agrees to timely pay such amount in full; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)
the Indemnified Party is not required to admit any wrongdoing, take or refrain from taking any action, acknowledge any rights of the Person making the Third Party Claim or waive any rights that the Indemnified Party may have against the Person
making the Third Party Claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.9. <U>No Duplicate Recovery</U>. For the avoidance of doubt, to the extent any Loss gives rise to
a claim by an Indemnified Party under more than one provision of this Agreement (including multiple representations and warranties or covenants or agreements), or under more than one clause of <U>Section 8.2</U>, <U>8.3</U> or <U>8.4</U>, such
Indemnified Party may seek recovery under any and all such provisions and clauses; <U>provided</U>, <U>however</U>, that any Loss under this Agreement shall be determined without duplication of recovery for the same Loss by reason of the facts
giving rise to such Loss arising out of an Assumed Liability, an Excluded Liability or constituting a breach of more than one representation, warranty, covenant or agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.10. <U>Duty to Mitigate; Adjustments</U>. Each Indemnified Party shall have a duty to take reasonable steps to mitigate any Losses
which it may suffer or incur by reason of the breach or failure to perform of any representation, warranty, covenant or obligation of any Indemnifying Party under this Agreement, including diligently pursuing any possible indemnification,
counterclaim or other action against third parties relating to the cause or effect of the Loss; <U>provided</U> that no Indemnified Party shall have any duty to make any claim under its own insurance coverage for an indemnification obligation of an
Indemnifying Party. The amount for which any Indemnifying Party shall be liable with respect to any Loss incurred by any Indemnified Party shall be reduced to the extent that such Indemnified Party actually realizes any proceeds (net of any costs or
expenses incurred by such Indemnified Party in the collection of such proceeds, including any deductible for or retention under any insurance policy and any increase in the premium for such policies) recovered from third parties (including insurers)
with respect to such Loss. If an Indemnified Party receives an indemnification payment hereunder from any Indemnifying Party in respect of a Loss and subsequently actually recovers any proceeds from third parties with respect to such Loss, such
Indemnified Party shall return such indemnification payment to such Indemnifying Party up to the amount of such proceeds (net of any costs or expenses incurred by such Indemnified Party in the collection of such proceeds, including any deductible
for or retention under any insurance policy and any increase in the premium for such policies). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.11. <U>Exclusive Remedy</U>. Except as permitted by <U>Section 3.5</U>,
<U>6.8</U>, <U>6.18</U>, <U>6.19</U> or <U>10.8</U>, from and after the Closing, indemnification pursuant to this <U>Article VIII</U> shall be the sole and exclusive remedy for the Parties for monetary damages for any inaccuracy in, or breach of, a
representation or warranty or any failure to perform or comply with any covenant or agreement contained in this Agreement (without limitation of any remedies available under any other Transaction Document). The Parties agree that no payment for any
Loss pursuant to this <U>Article VIII</U> shall affect the Parties&#146; (or their respective Affiliates&#146;) ownership interests in the JV Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.12. <U>Waiver of Right to Rescission</U>. Arch and Peabody acknowledge that, following Closing, the payment of money, as limited by
the terms of this Agreement, shall be adequate compensation for breach on or prior to the Closing Date of any representation, warranty, covenant or agreement contained herein or for any other claim arising in connection with or with respect to the
transactions contemplated by this Agreement. As the payment of money shall be adequate compensation, following Closing, Arch and Peabody waive any right to rescind this Agreement or any of the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IX </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TERMINATION
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.1. <U>Termination</U>. This Agreement may be terminated at any time prior to the Closing as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) by mutual written agreement of Peabody and Arch; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) by either Peabody or Arch if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) the Closing has not occurred on or prior to the Outside Date; <U>provided</U>, <U>however</U>, that (A)&nbsp;the right to
terminate this Agreement under this <U>Section</U><U></U><U>&nbsp;9.1(b)(i)</U> shall not be available to any Party if the breach by such Party of its representations and warranties set forth in this Agreement or the failure of such Party to perform
any of its obligations under this Agreement has been a principal cause of or resulted in the failure of the Closing to occur on or prior to the Outside Date and (B)&nbsp;if on the Outside Date the condition set forth in
<U>Section</U><U></U><U>&nbsp;7.3(e)</U> shall not have been satisfied or waived but all other conditions set forth in <U>Article VII</U> shall have been satisfied or waived (other than those conditions that by their nature are to be satisfied at
the Closing, but provided that such conditions shall then be capable of being satisfied if the Closing were to take place on such date), the right to terminate this Agreement under this <U>Section</U><U></U><U>&nbsp;9.1(b)(i)</U> shall not be
available to Arch until June&nbsp;18, 2021; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) if the condition set forth in <U>Section</U><U></U><U>&nbsp;7.1(a)</U>
is not satisfied and the Legal Restraint giving rise to such <FONT STYLE="white-space:nowrap">non-satisfaction</FONT> shall have become final and <FONT STYLE="white-space:nowrap">non-appealable;</FONT> <U>provided</U>, <U>however</U>, that the right
to terminate this Agreement under this <U>Section</U><U></U><U>&nbsp;9.1(b)(ii)</U> shall not be available to any Party if such Party has failed to perform its obligations pursuant to <U>Section</U><U></U><U>&nbsp;6.4</U>; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) by Peabody, if Arch breaches or fails to perform any of its covenants or agreements
contained in this Agreement, or if any of the representations or warranties of Arch contained herein fails to be true and correct, which breach or failure (i)&nbsp;would give rise to the failure of a condition set forth in
<U>Section</U><U></U><U>&nbsp;7.2(a)</U> or <U>7.2(b)</U> and (ii)&nbsp;is not reasonably capable of being cured by the Outside Date or is not cured by Arch within 60 days after receiving written notice of such breach or failure from Peabody stating
Peabody&#146;s intention to terminate this Agreement under this <U>Section</U><U></U><U>&nbsp;9.1(c)</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) by Arch, if Peabody breaches
or fails to perform any of its covenants or agreements contained in this Agreement, or if any of the representations or warranties of Peabody contained herein fails to be true and correct, which breach or failure (i)&nbsp;would give rise to the
failure of a condition set forth in <U>Section</U><U></U><U>&nbsp;7.3(a)</U> or <U>7.3(b)</U> and (ii)&nbsp;is not reasonably capable of being cured by the Outside Date or is not cured by Peabody within 60 days after receiving written notice of such
breach or failure from Arch stating Arch&#146;s intention to terminate this Agreement under this <U>Section</U><U></U><U>&nbsp;9.1(d)</U>; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) if (x)&nbsp;the Closing has not occurred on or prior to June&nbsp;18, 2020, (y) any of the conditions set forth in
<U>Section</U><U></U><U>&nbsp;7.1(a)</U> (to the extent relating to the matters set forth in <U>Section</U><U></U><U>&nbsp;7.1(b)</U> or <U>7.1(c)</U>), <U>7.1(b)</U> or <U>7.1(c)</U> shall not have been satisfied and (z)&nbsp;either Party (such
Party, the &#147;<U>Terminating Party</U>&#148;) delivers a valid written notice (a &#147;<U>Termination Notice</U>&#148;) to the other Party (the &#147;<U><FONT STYLE="white-space:nowrap">Non-Terminating</FONT> Party</U>&#148;) no later than 5:00
p.m. (New York City time) on June&nbsp;29, 2020 of the Terminating Party&#146;s intention to terminate this Agreement under this <U>Section</U><U></U><U>&nbsp;9.1(e)</U> (<U>provided</U>, <U>however</U>, that the right to deliver a Termination
Notice under this <U>Section</U><U></U><U>&nbsp;9.1(e)</U> shall not be available to any Party, and any purported Termination Notice delivered by such a Party shall be void and shall have no further force and effect, if such Party has failed to
perform its obligations pursuant to <U>Section</U><U></U><U>&nbsp;6.4</U>), in which case: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) if the <FONT
STYLE="white-space:nowrap">Non-Terminating</FONT> Party delivers a written notice to continue this Agreement (a &#147;<U>Continuation Notice</U>&#148;) to the Terminating Party no later than the 5:00 p.m. (New York City time) on the date that is
seven Business Days after the delivery of a valid and timely Termination Notice (the &#147;<U>Continuation Deadline</U>&#148;), then: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(A) this Agreement shall automatically terminate, without any further action by either Party, at 5:00 p.m. (New York City time)
on September&nbsp;18, 2020 if the Closing has not occurred prior to such date; <U>provided</U>, <U>however</U>, that this Agreement shall not terminate pursuant to this <U>Section</U><U></U><U>&nbsp;9.1(e)(i)(A)</U> if the Terminating Party has
failed to perform its obligations pursuant to <U>Section</U><U></U><U>&nbsp;6.4</U>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(B) unless the Closing has
occurred, this Agreement may be terminated by the <FONT STYLE="white-space:nowrap">Non-Terminating</FONT> Party at any time after the delivery of such Continuation Notice; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) if the <FONT STYLE="white-space:nowrap">Non-Terminating</FONT> Party does not deliver a valid and timely Continuation
Notice, this Agreement shall automatically terminate, without any further action by either Party, at the Continuation Deadline if the Closing has not occurred prior to such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Party desiring to terminate this Agreement under <U>clause (b)</U>, <U>(c)</U>, <U>(d)</U> or
<U>(e)(i)(B)</U> of this <U>Section</U><U></U><U>&nbsp;9.1</U> shall give written notice of such termination to the other Party in accordance with <U>Section</U><U></U><U>&nbsp;10.1</U>, specifying the provision of this Agreement pursuant to which
such termination is effected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.2. <U>Effect of Termination</U>. In the event of termination of this Agreement by either Party as
provided in <U>Section</U><U></U><U>&nbsp;9.1</U>, this Agreement shall forthwith become void and have no effect (other than <U>Section</U><U></U><U>&nbsp;1.1</U>, <U>Section</U><U></U><U>&nbsp;6.3(b)</U>, <U>Section</U><U></U><U>&nbsp;6.6</U>,
<U>Section</U><U></U><U>&nbsp;8.5(c)</U>, <U>Section</U><U></U><U>&nbsp;8.5(d)</U>, this <U>Section</U><U></U><U>&nbsp;9.2</U>, <U>Section&nbsp;9.3</U>, <U>Section&nbsp;9.4</U> and <U>Article</U><U></U><U>&nbsp;X</U>, which provisions shall survive
such termination and remain in full force and effect (subject to any time limitations referred to therein)), and there shall be no liability or obligation on the part of Peabody or Arch or their respective directors, officers and Affiliates, except
that no such termination shall relieve any Party from any liability for damages to the other Party for fraud, intentional misrepresentation or a knowing and intentional breach of any representation, covenant or agreement set forth in this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.3. <U>Fees and Expenses</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as provided in <U>Section</U><U></U><U>&nbsp;6.6</U>, <U>9.3(b)</U>, <U>9.3(c)</U> or <U>9.3(g)</U> or in the Common Interest
Agreement or otherwise agreed by the Parties in writing, all fees and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such fees or expenses, whether or not the Closing
occurs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In the event that this Agreement is terminated pursuant to <U>Section</U><U></U><U>&nbsp;9.1(e)(ii)</U>, the Terminating Party
shall pay to the <FONT STYLE="white-space:nowrap">Non-Terminating</FONT> Party a termination fee in the aggregate amount of $40,000,000; <U>provided</U>, <U>however</U>, that no termination fee shall be required to be paid pursuant to this
<U>Section</U><U></U><U>&nbsp;9.3(b)</U> if (i)&nbsp;as of the date of such termination, the Terminating Party was entitled to terminate this Agreement pursuant to <U>Section</U><U></U><U>&nbsp;9.1(c)</U> or <U>9.1(d)</U>, as applicable,
(ii)&nbsp;the <FONT STYLE="white-space:nowrap">Non-Terminating</FONT> Party has failed to perform its obligations pursuant to <U>Section</U><U></U><U>&nbsp;6.4</U> or (iii)&nbsp;both Parties deliver a valid and timely Termination Notice pursuant to
<U>Section</U><U></U><U>&nbsp;9.1(e)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) In the event that (i)&nbsp;this Agreement is terminated pursuant to
<U>Section</U><U></U><U>&nbsp;9.1(e)(i)</U>, the Terminating Party shall pay to the <FONT STYLE="white-space:nowrap">Non-Terminating</FONT> Party a termination fee in the aggregate amount of $25,000,000; <U>provided</U>, <U>however</U>, that no
termination fee shall be required to be paid pursuant to this <U>Section</U><U></U><U>&nbsp;9.3(c)</U> if (i)&nbsp;as of the date of such termination, the Terminating Party was entitled to terminate this Agreement pursuant to
<U>Section</U><U></U><U>&nbsp;9.1(c)</U> or <U>9.1(d)</U>, as applicable, (ii)&nbsp;the <FONT STYLE="white-space:nowrap">Non-Terminating</FONT> Party has failed to perform its obligations pursuant to <U>Section</U><U></U><U>&nbsp;6.4</U> or
(iii)&nbsp;both Parties deliver a valid and timely Termination Notice pursuant to <U>Section</U><U></U><U>&nbsp;9.1(e)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Any
termination fee due under <U>Sections 9.3(b)</U> or <U>9.3(c)</U> shall be paid by wire transfer of <FONT STYLE="white-space:nowrap">same-day</FONT> funds within one Business Day following the date of termination of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The Parties acknowledge and agree that (i)&nbsp;the agreements contained in <U>Sections</U><U></U><U>&nbsp;9.3(b)</U> and <U>9.3(c)</U> are
an integral part of the transactions contemplated by this Agreement, (ii)&nbsp;the termination fee under <U>Section</U><U></U><U>&nbsp;9.3(b)</U> or <U>9.3(c)</U>, if and when payable, shall constitute liquidated damages and not a penalty and
(iii)&nbsp;without these agreements, the Parties </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>

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would not have entered into this Agreement. Accordingly, if either Party fails promptly to pay any amount due pursuant to <U>Section</U><U></U><U>&nbsp;9.3(b)</U> or <U>9.3(c)</U>, as applicable,
and, in order to obtain such payment, the other Party commences a Proceeding that results in a judgment or other Order in its favor for such payment, the Party which failed to promptly pay shall pay to the other Party such payment and the costs and
expenses (including attorneys&#146; fees and expenses) of such other Party in connection with such Proceeding, together with interest on the amount of such payment from the date such payment was required to be made until (but excluding) the date of
payment, at a rate per annum equal to the prime rate as published in the Wall Street Journal, Eastern Edition, in effect on the date such payment was required to be made. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) In no event shall either Party be obligated to pay more than one termination fee pursuant to this <U>Section</U><U></U><U>&nbsp;9.3</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) In the event this Agreement is terminated by either Peabody or Arch pursuant to <U>Section</U><U></U><U>&nbsp;9.1(b)(i)</U> and at the
time of such termination the condition set forth in <U>Section</U><U></U><U>&nbsp;7.3(e)</U> shall not have been satisfied or waived but all other conditions set forth in <U>Article VII</U> shall have been satisfied or waived (other than those
conditions that by their nature are to be satisfied at the Closing, but provided that such conditions shall then be capable of being satisfied if the Closing were to take place on such date), then upon such termination, Arch shall be responsible for
100% of the Joint Expenses (as such term is defined in the Common Interest Agreement) and shall, within ten Business Days after Arch&#146;s receipt of a written invoice from Peabody, reimburse Peabody for all Joint Expenses previously paid by
Peabody. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.4. <U>Return of Documentation and Confidentiality</U>. In addition to any obligations under the Confidentiality
Agreement, upon termination of this Agreement, each Party shall (and shall cause each of its Representatives to), at such Party&#146;s discretion, promptly destroy or return to the other Party all reports, maps, documents and other information
furnished to such other Party in connection with its due diligence investigation of the Peabody Business or the Arch Business, as the case may be, and confirm in writing to such other Party that such documents and information have been returned or
destroyed and shall not retain any copies, extracts or other reproductions in whole or in part of such documents and information, except in accordance with the Confidentiality Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE X </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>GENERAL PROVISIONS
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.1. <U>Notices</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Any notice or other communication that is required or permitted to be given hereunder shall be in writing and shall be deemed to have been
validly given and received (i)&nbsp;on the day on which it was delivered in person (including by courier service), (ii) on the day on which it was sent by email (or, if such day is not a Business Day or such email was sent after 5:00 p.m. (New York
City time), on the next following Business Day) or (iii)&nbsp;one Business Day after being sent by overnight courier service (providing written proof of delivery), to the Parties at the following addresses: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) in the case of Peabody: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Peabody Energy Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">701 Market Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">St. Louis, MO 63101 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Meintjes, EVP Corporate Services&nbsp;&amp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:17%; font-size:10pt; font-family:Times New Roman">Chief Commercial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cmeintjes@peabodyenergy.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">with copies (which shall not constitute notice) to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Peabody Energy Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">701 Market Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">St. Louis, MO 63101 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Verona Dorch, Chief Legal Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vdorch@peabodyenergy.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cravath, Swaine&nbsp;&amp; Moore LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Worldwide Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">825 Eighth Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard Hall </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:17%; font-size:10pt; font-family:Times New Roman">Andrew Elken </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHall@cravath.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:17%; font-size:10pt; font-family:Times New Roman">AElken@cravath.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) in the case of Arch: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Arch Coal, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">One CityPlace Drive, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">St. Louis, MO 63141 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJones@archcoal.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">885 Third Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10022 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles E. Carpenter </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:17%; font-size:10pt; font-family:Times New Roman">Charles K. Ruck </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlie.carpenter@lw.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:17%; font-size:10pt; font-family:Times New Roman">Charles.ruck@lw.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Any Party may at any time change its address for service from time to time by giving notice to the other Parties in accordance with this
<U>Section</U><U></U><U>&nbsp;10.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.2. <U>Governing Law; Consent to Jurisdiction; Venue</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) This Agreement, and any <FONT STYLE="white-space:nowrap">non-contractual</FONT> claim arising out of the transactions contemplated by this
Agreement, shall be governed by, and construed in accordance with, the Laws of the State of New York, regardless of Laws that might otherwise govern under applicable principles of conflict of laws thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each of the Parties hereby (i)&nbsp;agrees that any suit, action or other proceeding arising directly or indirectly out of, under or
relating to this Agreement, its negotiation or the transactions contemplated hereby will be heard and determined exclusively in the State and Federal Courts located in the Borough of Manhattan in the City and State of New York (and each agrees that
no such suit, action or other proceeding relating to this Agreement will be brought by it or any of its Affiliates except in such court), subject to any appeal; and (ii)&nbsp;irrevocably and unconditionally submits to the exclusive jurisdiction of
any such court in any such suit, action or other proceeding, irrevocably and unconditionally waives the defense of an inconvenient forum to the maintenance of any such suit, action or other proceeding and agrees that it will not attempt to deny or
defeat such jurisdiction by motion or other request for leave from any such court. Each of the Parties further agrees that, to the fullest extent permitted by applicable Law, service of any process, summons, notice or document by U.S. registered
mail to such Person&#146;s respective address set forth in <U>Section</U><U></U><U>&nbsp;10.1</U> will be effective service of process for any suit, action or other proceeding in New York with respect to any matters to which it has submitted to
jurisdiction as set forth above in the immediately preceding sentence. The Parties hereby agree that final judgment in any such suit, action or other proceeding will be conclusive, subject to any appeal, and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.3. <U>Waiver of Jury Trial</U>. TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, AND COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF
ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF ANY </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>

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PARTY IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREIN, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. EACH PARTY HERETO
(A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR OTHER PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <U>SECTION 10.3</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.4. <U>Entire Agreement</U>. This Agreement, taken together with the Peabody Disclosure Letter, the Arch Disclosure Letter, the
Confidentiality Agreement, the Common Interest Agreement and the other Transaction Documents, constitutes the entire agreement between the Parties and supersedes all prior agreements, understandings, negotiations and discussions, whether written or
oral, between the Parties with respect to the subject matter hereof and thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.5. <U>Third-Party Beneficiaries</U>. The JV
Company shall be considered to be a third-party beneficiary of the provisions of this Agreement. Except as expressly set forth in <U>Article</U><U></U><U>&nbsp;VIII</U> or this <U>Section&nbsp;10.5</U>, this Agreement is for the sole benefit of the
Parties and their successors and permitted assigns and does not confer upon any Person other than the Parties any rights or remedies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.6. <U>Severability</U>. If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid,
illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any Party or such Party waives its rights under this <U>Section</U><U></U><U>&nbsp;10.6</U> with respect thereto. Upon such determination that any term or other provision is invalid, illegal or unenforceable in any respect, the
Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent
possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.7. <U>Extension; Waiver</U>. At any time prior to the Closing, the Parties may (a)&nbsp;extend the time for the
performance of any of the obligations or other acts of the other Party, (b)&nbsp;waive any inaccuracies in the representations and warranties contained in this Agreement, (c)&nbsp;waive compliance with any covenants and agreements contained in this
Agreement or (d)&nbsp;waive the satisfaction of any of the conditions contained in this Agreement. Any agreement on the part of either Party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on
behalf of such Party. The failure of any Party to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.8. <U>Specific Performance</U>. The Parties acknowledge and agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, and that monetary damages, even if available, would not be an adequate remedy therefor. It is
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>

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accordingly agreed that, prior to the termination of this Agreement pursuant to <U>Article&nbsp;IX</U>, the Parties shall be entitled to an injunction or injunctions to (a)<U></U>&nbsp;prevent
breaches of this Agreement and (b)<U></U>&nbsp;enforce specifically the performance of the terms and provision of this Agreement, without proof of actual damages (and each Party hereby waives any requirement for the securing or posting of any bond
in connection with such remedy), this being in addition to any other remedy to which the Parties are entitled at law or in equity. The Parties further agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to
Law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate remedy for any such breach. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.9. <U>Amendments</U>. No term or provision of this Agreement may be amended except by an instrument in writing signed by both
Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.10. <U>Assignment</U>. No Party shall assign this Agreement or any of its rights or benefits under this Agreement, or
delegate any of its duties or obligations, except with the prior written consent of the other Party. Any purported assignment or delegation without such consent shall be null and void. This Agreement will be binding upon, inure to the benefit of and
be enforceable by the Parties and their respective successors and permitted assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.11. <U>Counterparts</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) This Agreement may be executed in any number of counterparts each of which when so executed will be deemed to be an original and when taken
together shall constitute the entire and same agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Delivery of an executed signature page to this Agreement by any Party by
electronic transmission will be as effective as delivery of a manually executed copy of this Agreement by such Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.12.
<U>Time of the Essence</U>. With respect to all dates and time periods in this Agreement, time is of the essence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows]
</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF this Agreement has been executed by the Parties as of the date first
written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PEABODY ENERGY CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Charles Meintjes</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Charles Meintjes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;EVP Corporate Services&nbsp;&amp; CCO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARCH COAL, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Paul A. Lang</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Paul A. Lang</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;President&nbsp;&amp; Chief Operating Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Implementation Agreement] </P>
</DIV></Center>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule 1.1(a) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Arch Mining Sites </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Black Thunder in Wyoming </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Coal Creek in Wyoming </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">West Elk in Colorado </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule 1.1(b) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Peabody Mining Sites </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">North Antelope Rochelle in Wyoming </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Caballo in Wyoming </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Rawhide in Wyoming </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Twentymile in Colorado </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of LLC Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See attached.] </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT A </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OF </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[JV COMPANY] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Defined Terms</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Definitions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Rules of Construction</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Headings</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Exhibits and Schedules</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">General Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Continuation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Limited Liability Company Agreement</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Company Name</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Term</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Registered Agent and Registered Office</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Principal Place of Business</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Purpose and Powers</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Authorized Persons</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>No <FONT STYLE="white-space:nowrap">State-Law</FONT> Partnership</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Qualifications to do Business</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Title to Company Assets</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Members</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Members</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Representations and Warranties of Members</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Powers of Members</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Member&#146;s Membership Interest; No Right to Partition</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Membership Interests and Percentage Interests</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Withdrawal of Members</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Cessation of Member Status</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Business Opportunities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Financial Assurances</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Management</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Board of Managers</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Meetings of the Board of Managers</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Officers</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Actions Requiring Board Approval</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Operator</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p Style='page-break-before:always'>
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Budget</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Deadlock</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Emergencies</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Capital Projects</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;V</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Percentage Interests; Capital Contributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Initial Capital Contributions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Additional Capital Contributions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Withdrawal of Capital</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Status of Capital Contributions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Capital Accounts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;VI</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Allocations of Profit and Loss; Tax Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Allocation of Net Profits and Net Losses</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Special Allocations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Tax Allocations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Other Tax Provisions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Partnership Audit Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Tax Returns</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Tax Elections</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Taxation as Partnership</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Withholding</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;VII</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Monthly Distributions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Other Distributions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Limitations on Distributions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;VIII</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Books and Records; Accounting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Books and Records</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Banking</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Information Rights</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;IX</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Liability, Exculpation and Indemnification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Liability</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Exculpation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Fiduciary Duty</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Indemnification</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Expenses</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Insurance</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Other Procedures</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;X</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Transfer of Membership Interests; Redemption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Transfer of Membership Interests Generally</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Permitted Transfers</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>No Publicly Traded Partnership</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Encumbrances</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Right of First Refusal</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Tag-Along Rights</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Drag-Along Rights</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Redemption</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Loss of Affiliate Status</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;XI</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Dissolution, Liquidation and Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Dissolution</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Liquidation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Termination of the Company</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Claims of the Members</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;XII</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Notices</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Waiver</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Cumulative Remedies</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Parties in Interest</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Equitable Relief</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Severability</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Counterparts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Entire Agreement</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Consent to Jurisdiction; Venue</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Governing Law</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Waiver of Jury Trial</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Confidentiality</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Amendments</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Independent Operations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Outside Businesses</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Termination of Agreement</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

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<TD WIDTH="12%"></TD>
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<TD WIDTH="85%"></TD></TR>


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<TD VALIGN="top">SCHEDULES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 3.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Members and Percentage Interests</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 4.04(a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Board Consent Actions</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 4.04(b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Supermajority Approval Actions</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 5.05</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Initial Capital Contributions</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">EXHIBITS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Adoption Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Initial Budget</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT dated as of [&#149;] (this
&#147;<U>Agreement</U>&#148;), of [JV COMPANY] (the &#147;<U>Company</U>&#148;), among [PEABODY MEMBER], a [&#149;] (the &#147;<U>Peabody Member</U>&#148;), [ARCH MEMBER], a [&#149;] (the &#147;<U>Arch Member</U>&#148; and, together with the Peabody
Member, the &#147;<U>Initial Members</U>&#148;), and the Company. Capitalized terms used herein have their respective meanings set forth in <U>Section</U><U></U><U>&nbsp;1.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS the Company has heretofore been formed as a limited liability company under the Delaware Limited Liability Company Act
(6&nbsp;Del.&nbsp;C. <FONT STYLE="white-space:nowrap">&#167;&#167;&nbsp;18-101</FONT> <U>et</U> <U>seq</U>. (the &#147;<U>Delaware Act</U>&#148;)) pursuant to the filing of the Certificate of Formation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS the Peabody Member, as then the sole Member of the Company, executed a limited liability company agreement effective as of [&#149;]
(the&nbsp;&#147;<U>Original LLC Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS concurrently with the execution and delivery of this Agreement,
(i)&nbsp;the Peabody Member has contributed, or has caused to be contributed, certain assets, properties and rights to the Company, upon the terms and subject to the conditions of the Implementation Agreement, and (ii)&nbsp;the Arch Member has
contributed, or has caused to be contributed, certain assets, properties and rights to the Company, upon the terms and subject to the conditions of the Implementation Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS the Initial Members and the Company wish to amend and restate the Original LLC Agreement to reflect the addition of the Arch Member as
an Initial Member and to reflect the other terms and conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the agreements and
obligations set forth herein, the Initial Members hereby continue the Company pursuant to and in accordance with the Delaware Act, as provided herein, and the Initial Members and the Company hereby amend and restate the Original LLC Agreement as
follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;I </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Defined Terms </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01 <U>Definitions</U>. In this Agreement (including the recitals and Schedules hereto), the following terms shall have the
respective meanings set forth below and grammatical variations of such terms shall have the corresponding meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>AAA</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.07(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Capital Contribution</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.02(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Member</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.01(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adjusted Capital Account</U>&#148; means, with respect to any Member, the balance in such Member&#146;s Capital Account as of the end
of the relevant fiscal year or other period, after giving effect to the following adjustments: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Add to such Capital Account the
following items: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The amount, if any, that such Member is obligated to contribute to the
Company upon liquidation of such Member&#146;s Membership Interest; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The amount that such Member is obligated to
restore or is deemed to be obligated to restore pursuant to Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(</FONT><I>c</I>) or the penultimate sentence of each of Regulations Sections
<FONT STYLE="white-space:nowrap">1.704-2(g)(1)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2(i)(5);</FONT> and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Subtract from
such Capital Account such Member&#146;s share of the items described in Regulations Sections <FONT STYLE="white-space:nowrap">1.704-1(b)(2)(ii)(</FONT><I>d</I>)(<I>4</I>), (<I>5</I>) and&nbsp;(<I>6</I>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(</FONT><I>d</I>) and shall be interpreted consistently therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adoption Agreement</U>&#148; means an agreement in the form of <U>Exhibit</U><U></U><U>&nbsp;A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any Person, any Person which directly or indirectly Controls, or is Controlled by, or is
under common Control with, that Person; <U>provided</U>, <U>however</U>, that for purposes of this Agreement, the Company and its Subsidiaries shall be deemed not to be Affiliates of any Member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate Transferee</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.02(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Agreement</U>&#148; means any Contract (including this Agreement, the Implementation Agreement and any other Transaction
Document (as defined in the Implementation Agreement)) to which a Member or any of its Affiliates, on the one hand, and the Company or any of its Subsidiaries, on the other hand, are parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Appraiser</U>&#148; means a reputable accounting firm, investment bank or other valuation expert that (a)&nbsp;is independent of the
Company and all of the Members and their Affiliates and (b)&nbsp;has experience in valuing equity securities in the coal mining industry. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Budget</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.06(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Capital Plan</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.09(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch</U>&#148; means Arch Coal, Inc., a Delaware corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Dilution Event</U>&#148; means (a)&nbsp;Arch and its Affiliates ceasing to own, directly or indirectly, an aggregate Percentage
Interest of 20% or more at any time or (b)&nbsp;the Percentage Interest of the Arch Member (or any other Affiliate of Arch that becomes a Member after the date hereof) being reduced by any amount pursuant to
<U>Section</U><U></U><U>&nbsp;5.02(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arch Member</U>&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Area of Interest</U>&#148; means the States of Wyoming, Colorado and Montana. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board Consent Action</U>&#148; means any action or decision set forth on
<U>Schedule 4.04(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board of Managers</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.01(a)</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bonding Percentage</U>&#148; means, on any date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) with respect to the Peabody Member and any Transferee of the Peabody Member&#146;s Membership Interest, the percentage set
forth below for such date (or, if lower, such Member&#146;s Percentage Interest): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Bonding
Percentage<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Initial Peabody Bonding Percentage</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> and on or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">4</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[&#149;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">5</SUP> and on or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">6</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[&#149;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> and on or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">8</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[&#149;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">9</SUP> and on or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">10</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[&#149;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">11</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Such Member&#146;s Percentage Interest</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bonding percentages to increase in equal increments each year in an amount equal to 1/5th of the difference
between 66.5% and the Initial Peabody Bonding Percentage. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 12 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 12 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 24 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 24 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 36 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 36 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 48 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 48 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">10</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 60 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 60 months after the closing. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) with respect to the Arch Member and any Transferee of the Arch
Member&#146;s Membership Interest, the percentage set forth below for such date (or, if higher, such Member&#146;s Percentage Interest): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Bonding
Percentage<SUP STYLE="font-size:85%; vertical-align:top">12</SUP></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">13</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Initial Arch Bonding Percentage</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">14</SUP> and on or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">15</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[&#149;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">16</SUP> and on or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">17</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[&#149;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">18</SUP> and on or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">19</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[&#149;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">20</SUP> and on or prior to [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">21</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">[&#149;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">After [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">22</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Such Member&#146;s Percentage Interest</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day, other than (a)&nbsp;a Saturday or a Sunday or (b)&nbsp;a day on
which banking and savings and loan institutions are authorized or required by Law to be closed in New York City. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business
Opportunity</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.08</U>. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">12</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bonding percentages to decrease in equal increments each year in an amount equal to 1/5th of the difference
between 33.5% and the Initial Arch Bonding Percentage. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">13</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 12 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">14</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 12 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">15</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 24 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">16</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 24 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">17</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 36 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">18</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 36 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">19</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 48 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">20</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 48 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">21</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 60 months after the closing. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">22</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the date that is 60 months after the closing. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Buyout Fair Market Value</U>&#148; means, with respect to any Membership Interest,
the fair market value of such Membership Interest, calculated without premium or discount for control or lack of control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Account</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.05(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Call Date</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.02(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Call Notice</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.02(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Contribution</U>&#148; means, with respect to any Member, the amount of cash, cash equivalents or the fair market value of
other assets, securities or property, net of any liabilities (in each case, as determined by the Members in accordance with this Agreement), constituting any Initial Capital Contribution or Additional Capital Contribution by such Member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Certificate of Formation</U>&#148; means the certificate of formation of the Company and all amendments thereto and restatements
thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Delaware Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control Event</U>&#148; means, with respect to any Member, that any one of the following events has occurred after the date
of this Agreement: (a)&nbsp;the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or
assets of such Member&#146;s Parent and its Subsidiaries, taken as a whole, to any Third Party (including any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act)), or (b)&nbsp;the consummation of any transaction
(including any merger or consolidation), the result of which is that any Third Party (including any &#147;person&#148; (as defined in <U>clause</U><U></U><U>&nbsp;(a)</U>)) becomes the beneficial owner (as that term is used in Rule <FONT
STYLE="white-space:nowrap">13d-3</FONT> of the General Rules and Regulations under the Exchange Act), directly or indirectly, of more than 50% of the then-outstanding voting securities of the Parent of such Member. Notwithstanding the foregoing, a
transaction will not be deemed to constitute a Change of Control Event with respect to any Member if (i)&nbsp;such Member&#146;s Parent becomes a direct or indirect wholly-owned Subsidiary of a Person and (ii)(A) the holders of the voting securities
of such Person immediately following that transaction are substantially the same as the holders of voting securities of such Parent immediately prior to that transaction or (B)&nbsp;both (x) the holders of voting securities of such Parent
immediately prior to that transaction own, directly or indirectly, more than 50% of the voting securities of such Person, measured by voting power rather than number of shares, immediately following such transaction and (y)&nbsp;no
&#147;person&#148; (as defined in <U>clause (a)</U>) (other than a holding company satisfying the requirements of this sentence) becomes the beneficial owner, directly or indirectly, of more than 50% of the voting securities of such Person, measured
by voting power rather than number of shares, immediately following such transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Charter Documents</U>&#148; means, with
respect to any Person, (a)&nbsp;the articles or certificate of formation, incorporation or organization (or the comparable organizational documents) of such Person, (b)&nbsp;the bylaws or limited liability company agreement or regulations (or the
comparable governing documents) of such Person and (c)&nbsp;each document setting forth the designation, amount and relative rights, limitations and preferences of any class or series of equity ownership in such Person or any rights in respect of
such Person&#146;s equity ownership interests. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; means the U.S.&nbsp;Internal Revenue Code of&nbsp;1986, as amended.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company</U>&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Auditor</U>&#148; means any internationally recognized firm of independent certified public accountants appointed by the
Company in accordance with this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Level Taxes</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.05</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Minimum Gain</U>&#148; has the meaning set forth in Regulations Sections <FONT
STYLE="white-space:nowrap">1.704-2(b)(2)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2(d)(1)</FONT> for the phrase &#147;partnership minimum gain.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Records</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;8.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Senior Executive</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.03(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Confidential Information</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;12.12(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contract</U>&#148; means any legally binding agreement, indenture, contract, lease, deed of trust, royalty, license, option,
instrument, arrangement, understanding or other commitment, whether written or oral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Control</U>&#148; means possession,
directly or indirectly, of the power to direct or cause the direction of management and policies through ownership of voting shares, interests or securities, or by contract, voting trust or otherwise; and &#147;<U>Controlled</U>&#148; and
&#147;<U>Controlling</U>&#148; have corresponding meanings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covered Person</U>&#148; means (a)&nbsp;any Manager, any Officer,
any Member, the Operator, the Tax Representative, any Affiliate of any of the foregoing and any of their respective Representatives and (b)&nbsp;if and to the extent determined by the Board of Managers, any employee of the Company or any manager,
director, officer or employee of any of the Company&#146;s Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deadlock Event</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.07(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deadlock Notice</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.07(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Rate</U>&#148; means a per annum interest rate equal to the lesser of
(a)&nbsp;the Prime Rate then in effect plus 4% and (b)&nbsp;the maximum rate of interest then permitted by applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Member</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.02(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delaware Act</U>&#148; has the meaning set forth in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Depreciation</U>&#148; means, for each Fiscal Year or other period, an amount equal to the depreciation, amortization or other cost
recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for U.S. federal income tax purposes at the beginning of such year or other period,
except as required by Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-3(d),</FONT> Depreciation shall be an amount which </P>
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bears the same proportion to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such
beginning adjusted tax basis; <U>provided</U>,<I> </I><U>however</U>, that if the federal income tax depreciation, amortization, or other cost recovery deduction for such year is zero, Depreciation shall be determined with reference to such
beginning Gross Asset Value using any reasonable method selected by the Board of Managers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Individual</U>&#148; has
the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.05</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Distributable Cash</U>&#148; means, with respect to any
calendar month, an amount equal to (a)&nbsp;the available liquidity of the Company and its Subsidiaries (including the amount of all cash and cash equivalents on deposit (and available for withdrawal) in the bank accounts of the Company and its
Subsidiaries) on the last day of such month, <U>minus</U> (in each case, without duplication) (b)&nbsp;the amount of all current liabilities of the Company and its Subsidiaries, determined in accordance with GAAP, owing in the succeeding three
months, as estimated by the Operator in good faith, <U>minus</U> (c)&nbsp;the amount of all anticipated cash debt service payments and debt repayments of the Company and its Subsidiaries due in the succeeding three months, as estimated by the
Operator in good faith, <U>minus</U> (d)&nbsp;the amount of all anticipated expenses, capital expenditures and other cash costs (including Reclamation and Mine Closure costs) and cash contingencies of the Company and its Subsidiaries in the
succeeding three months, as estimated by the Operator in good faith, <U>minus</U> (e)&nbsp;the amount of any other cash contingencies of the Company and its Subsidiaries, as estimated by the Operator in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Distributions</U>&#148; means distributions of cash or other property made by the Company with respect to the Membership Interests.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Drag-Along Notice</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.07(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Drag-Along Right</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.07(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Drag-Along Transfer</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.07(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Emergency</U>&#148; means a sudden and unexpected event (including any release or threatened release of hazardous materials into the
environment or events necessitating repairs) that causes, or risks causing, (a)&nbsp;substantial damage to any of the assets or properties of the Company or any of its Subsidiaries or the property of any other Person, (b)&nbsp;death of or injury to
any person, (c)&nbsp;damage or substantial risk of damage to natural resources (including wildlife) or the environment, (d)&nbsp;safety concerns associated with continued operations of the Company&#146;s assets and properties or <FONT
STYLE="white-space:nowrap">(e)&nbsp;non-compliance</FONT> with any applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Encumbrance</U>&#148; means, with respect to
any property or other asset of any Person (or any revenues, income, profits or production of that Person therefrom), any mortgage, lien, security interest, pledge, attachment, levy, adverse right, claim or other charge or encumbrance of any kind or
nature thereupon or in respect thereof (in each case whether the same is consensual or nonconsensual or arises by Contract, operation of Law, legal process or otherwise). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Securities</U>&#148; means, with respect to any Person, (a)&nbsp;any shares of capital stock, partnership or joint venture
interests, membership interests, limited liability company interests, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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beneficial interests in a trust or similar securities or equity interests, voting securities or other ownership interests in such Person or any successor thereto, (b)&nbsp;any warrants, options,
&#147;phantom&#148; rights, performance units, profits interests or other rights to subscribe for or to acquire any of the foregoing, whether or not then exercisable or convertible, and (c)&nbsp;any debt or other securities or interests that are
convertible into or exercisable or exchangeable for any of the foregoing, whether or not presently convertible, exercisable or exchangeable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financial Assurances</U>&#148; means any bonds, sureties, letters of credit, guarantees, indemnity agreements or other financial
assurances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal Year</U>&#148; means the fiscal year of the Company, which shall end on December&nbsp;31 of each calendar
year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means generally accepted accounting principles in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means any (a)&nbsp;multinational, national, federal, state, provincial, territorial, municipal,
local or other government (whether domestic or foreign), (b) governmental or quasi-governmental authority of any nature, including any stock exchange or any governmental ministry, regulator, agency, branch, department, commission, commissioner,
board, tribunal, bureau or instrumentality (whether domestic or foreign), or (c)&nbsp;body exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory or taxing authority or power under or for the account of
any of the foregoing, including any court, judicial authority, arbitrator or arbitration tribunal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Gross Asset Value</U>&#148;
means with respect to any asset, the asset&#146;s adjusted basis for U.S. federal income tax purposes, except as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the initial
Gross Asset Value of any <FONT STYLE="white-space:nowrap">non-cash</FONT> asset contributed by a Member to the Company shall be the gross fair market value of such asset on the date of contribution, as mutually agreed by the Members; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the Gross Asset Values of all assets shall be adjusted to equal their respective gross fair market values (taking into account Code
Section&nbsp;7701(g)), as reasonably determined by the Board of Managers, at each of the following times: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) immediately
before the acquisition of an additional Membership Interest by any new or existing Member in connection with a contribution to the Company of cash or property other than a <I>de minimis</I> amount (within the meaning of Regulations <FONT
STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)</FONT><I>(f)</I>); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) immediately before the distribution by
the Company to a Member of more than a <I>de minimis</I> amount of Company property as consideration for a Membership Interest (within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)</FONT><I>(f)</I>); </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) immediately before the grant of a Membership Interest as consideration
for the provision of services to or for the benefit of the Company by any new or existing Member (within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)</FONT><I>(f</I>)); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) immediately before the issuance by the Company of a &#147;noncompensatory option&#148; within the meaning of Regulations
Sections <FONT STYLE="white-space:nowrap">1.721-2(f)</FONT> and <FONT STYLE="white-space:nowrap">1.761-3(b)(2)</FONT> which is not treated as a partnership interest pursuant to Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.761-3(a);</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) immediately before the liquidation of the Company
within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)</FONT><I>(g)</I>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi)
immediately after the acquisition of an interest in the Company by any new or existing Member upon the exercise of a noncompensatory option in accordance with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(s);</FONT> and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) at such other times as the Board of Managers shall reasonably determine necessary or advisable in order to comply
with Regulations Sections <FONT STYLE="white-space:nowrap">1.704-1(b)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>,
<U>however</U>, that the adjustments pursuant to <U>clauses (i)</U>, <U>(ii)</U>, <U>(iii)</U>, <U>(iv)</U> and <U>(vi)</U>&nbsp;shall be made only if the Board of Managers reasonably determines that such adjustments are necessary or appropriate to
reflect the relative economic interests of the Members in the Company; <U>provided further</U> that, if any noncompensatory options are outstanding upon the occurrence of an event described in <U>clauses (i)</U>&nbsp;through <U>(vi)</U>, the Company
shall adjust the Gross Asset Values of its properties in accordance with Regulations Sections <FONT STYLE="white-space:nowrap">1.704-1(b)(2)(iv)(f)(1)</FONT> and <FONT STYLE="white-space:nowrap">1.704-1(b)(2)(iv)(h)(2);</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) the Gross Asset Value of any <FONT STYLE="white-space:nowrap">non-cash</FONT> asset distributed to any Member shall be the gross fair
market value of such <FONT STYLE="white-space:nowrap">non-cash</FONT> asset on the date of distribution as reasonably determined by the Board of Managers, by Supermajority Approval; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) the Gross Asset Values of assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant
to Code Sections&nbsp;734(b) or 743(b), but only to the extent that such adjustments are taken into account in determining the Capital Accounts pursuant to Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)</FONT><I>(m)</I>,
and <U>clause (g)</U>&nbsp;under the definition of Net Profits and Net Losses below; <U>provided</U>, <U>however</U>, that Gross Asset Values shall not be adjusted pursuant to this subsection&nbsp;to the extent that the Board of Managers, by
Supermajority Approval, reasonably determines that an adjustment pursuant to <U>clause (b)</U>&nbsp;of this definition is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this
subsection; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) if the Gross Asset Value of an asset has been determined or adjusted pursuant to <U>clause</U><U></U><U>&nbsp;(a)</U>,
<U>(b)</U> or <U>(d)</U>&nbsp;of this definition, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Profits and Net Losses and items of income, gain,
loss and deduction to be allocated to the Members. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantee</U>&#148; of or by any Person means any obligation, contingent or
otherwise, of such Person guaranteeing any Indebtedness (in each case in this definition, other than as set forth in <U>clause</U><U></U><U>&nbsp;(d)</U> of the definition thereof) or other obligation of any other Person (the &#147;<U>primary
obligor</U>&#148;) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (a)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to
purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness, (b)&nbsp;to purchase property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment of such
Indebtedness or (c)&nbsp;to maintain working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness; <U>provided</U> that the term Guarantee
shall not include endorsements for collection or deposit, in each case in the ordinary course of business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Identified
Actions</U>&#148; means the Supermajority Approval Actions set forth in items 9 and 10 of <U>Schedule 4.04(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Implementation Agreement</U>&#148; means the Implementation Agreement, dated as of June&nbsp;18, 2019, between Peabody and Arch. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; means, with respect to any Person, without duplication, (a)&nbsp;all obligations of such Person for borrowed
money, or with respect to deposits or advances of any kind to such Person, (b)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c)&nbsp;all obligations of such Person pursuant to securitization or
factoring programs or arrangements and (d)&nbsp;all guarantees and arrangements having the economic effect of a guarantee of such Person of any Indebtedness of any other Person, in each case excluding (i)&nbsp;all capitalized lease obligations of
such Person or obligations of such Person to pay the deferred and unpaid purchase price of property and equipment and (ii)&nbsp;all Financial Assurances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Arch Bonding Percentage</U>&#148; means a fraction (expressed as a percentage), the numerator of which is the Required Arch
Bond Amount and the denominator of which is the sum of (a)&nbsp;the Required Peabody Bond Amount <U>plus</U> (b)&nbsp;the Required Arch Bond Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Budget</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.06(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Capital Contribution</U>&#148; means each of the Capital Contributions that the Initial Members have made, or have caused to
be made, to the Company in exchange for Membership Interests, as set forth in <U>Section</U><U></U><U>&nbsp;5.01</U>. For purposes of the Initial Members&#146; Capital Accounts, the Initial Capital Contributions shall have the value set forth on
<U>Schedule</U><U></U><U>&nbsp;5.05</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Members</U>&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Peabody Bonding Percentage</U>&#148; means a fraction (expressed as a percentage), the numerator of which is the Required
Peabody Bond Amount and the denominator of which is the sum of (a)&nbsp;the Required Peabody Bond Amount <U>plus</U> (b)&nbsp;the Required Arch Bond Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Laws</U>&#148; means all multinational, federal, national, state, provincial, municipal and local laws (including common and civil
law), treaties, statutes, acts, codes, ordinances, directives, resolutions (ministerial or other), <FONT STYLE="white-space:nowrap">by-laws,</FONT> rules, regulations, implementing rules or regulations
</P>
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or other requirements enacted, adopted, promulgated, applied or interpreted by any Governmental Authority, in each case, having the force of law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Majority Manager</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.01(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Majority Member</U>&#148; means, at any time of determination, the Member that holds a Percentage Interest greater than 50%;
<U>provided</U>, <U>however</U>, that if each Member holds a Percentage Interest equal to 50%, the Member whose Percentage Interest was most recently greater than 50% shall be deemed to be the Majority Member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Manager</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.01(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Matching Offer</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.05(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mediation Panel</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.07(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Member</U>&#148; means each Person that is a member of the Company, which shall consist of any Initial Member and any Additional
Member until such Initial Member or Additional Member, as applicable, ceases to be a Member of the Company in accordance with this Agreement. For the purposes of the Delaware Act, the Members shall constitute one class or group of members. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Member Minimum Gain</U>&#148; means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that
would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Member Nonrecourse Debt</U>&#148; has the meaning set forth in Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(b)(4)</FONT> for the phrase &#147;partner nonrecourse debt.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Member
Nonrecourse Deductions</U>&#148; has the meaning set forth in Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)</FONT> for the phrase &#147;partner nonrecourse deductions.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Membership Interest</U>&#148; means a limited liability company interest in the Company having such rights, privileges and
obligations as are set forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Minority Manager</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.01(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Minority Member</U>&#148; means, at any time of determination, the Member that is not
the Majority Member. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Profits</U>&#148; or &#147;<U>Net Losses</U>&#148; means, for each fiscal year or other period, an
amount equal to the Company&#146;s taxable income or loss for such fiscal year or period determined in accordance with Code Section&nbsp;703(a) (for this purpose, all items of income, gain, loss, deduction or credit required to be stated separately
pursuant to Code Section&nbsp;703(a)(1) shall be included in taxable income or loss), with the following adjustments: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) any income of
the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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of Net Profits and Net Losses shall increase the amount of such income or decrease the amount of such loss; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) any expenditure of the Company described in Code Section&nbsp;705(a)(2)(B) or treated as Code Section&nbsp;705(a)(2)(B) expenditures
pursuant to Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(</FONT><I>i</I>), and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition of Net Profits and Net Losses, shall
decrease the amount of such income or increase the amount of such loss; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) gain or loss resulting from any disposition of Company assets,
where such gain or loss is recognized for federal income tax purposes, shall be computed by reference to the Gross Asset Value of the Company assets disposed of, notwithstanding that the adjusted tax basis of such Company assets differs from its
Gross Asset Value; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such
income or loss, there shall be taken into account Depreciation for such fiscal year or other period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) to the extent an adjustment to
the adjusted tax basis of any asset included in Company assets pursuant to Code Section&nbsp;734(b) or Code Section&nbsp;743(b) is required pursuant to Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(</FONT><I>m</I>) to
be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member&#146;s Membership Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the
basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for the purposes of computing Net Profits and Net Losses; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) if the Gross Asset Value of any Company asset is adjusted in accordance with <U>clause (b)</U>&nbsp;or <U>(c)</U> of the definition of
&#147;Gross Asset Value&#148; above, the amount of such adjustment shall be taken into account in the taxable year of such adjustment as gain or loss from the disposition of such asset for purposes of computing Net Profits or Net Losses; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) notwithstanding any other provision of this definition of Net Profits and Net Losses, (i)&nbsp;any items that are specially allocated
pursuant to <U>Section</U><U></U><U>&nbsp;6.02</U> hereof shall not be taken into account in computing Net Profits or Net Losses and (ii)&nbsp;the amounts of the items of Company income, gain, loss or deduction available to be specially allocated
pursuant to <U>Section</U><U></U><U>&nbsp;6.02</U> hereof shall be determined by applying rules analogous to those set forth in this definition of Net Profits and Net Losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Nonrecourse Deductions</U>&#148; has the meaning set forth in Regulations Sections
<FONT STYLE="white-space:nowrap">1.704-2(b)(1)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2(c).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Nonrecourse
Liability</U>&#148; has the meaning set forth in Regulations Sections <FONT STYLE="white-space:nowrap">1.704-2(b)(3)</FONT> and <FONT STYLE="white-space:nowrap">1.752-1(a)(2).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10.05(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offer</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10.05(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offer Notice</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10.05(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offer Terms</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10.05(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offered Interest</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10.05(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Offeror</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10.05(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Officers</U>&#148; means the Company Senior Executive and those other Persons
appointed by the Operator to manage the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> affairs of the Company pursuant to and in accordance with <U>Section</U><U></U><U>&nbsp;4.03</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Operations</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.05(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Operator</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.05(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Operator Shared Services Costs</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.05(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Operator Transfer Election</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.05(g)(v)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Opt-Out</FONT> Election</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.05</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Order</U>&#148; means any injunction, judgment, decision, consent decree, compliance
order, subpoena, verdict, ruling, award, arbitral award, assessment, direction, instruction, penalty, sanction, writ, decree or other order entered, issued, made, rendered or imposed by any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original LLC Agreement</U>&#148; has the meaning set forth in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Parent</U>&#148; means, with respect to any Person, the ultimate parent entity of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Parent Executives</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.07(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody</U>&#148; means Peabody Energy Corporation, a Delaware corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Peabody Member</U>&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Percentage Interest</U>&#148; means, with respect to any Member, such Member&#146;s percentage Membership Interest, as set forth as
such opposite such Member&#146;s name on <U>Schedule 3.01</U>, at the time of determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permits</U>&#148; means permits,
licenses, approvals, registrations, consents, certificates, clearances and other similar authorizations issued by any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Encumbrance</U>&#148; means any Encumbrance on or against a Member&#146;s Membership Interest so long as the terms of any
documentation resulting in the creation of such Encumbrance expressly acknowledge that any foreclosure or exercise of other secured party remedies with respect to such Encumbrance shall be subject to the restrictions on Transfer under this
Agreement, including <U>Article</U><U></U><U>&nbsp;X</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Variance</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;4.06(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; includes any natural person, corporation or other body corporate,
partnership, limited liability company, trustee, trust or unincorporated association, joint venture, syndicate, sole proprietorship, other form of business enterprise, executor, administrator or other legal representatives, regulatory body or agency
or Governmental Authority, however designated or constituted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prime Rate</U>&#148; means, for any day, a per annum rate of
interest equal to the prime rate as published in The Wall Street Journal, Eastern Edition, in effect as of such day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proceeding</U>&#148; means any suit, litigation, arbitration, claim (including any cross-claim or counter-claim), action,
investigation or other proceeding (including any civil, criminal, administrative, judicial, investigative or appellate proceeding). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proposed Budget</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.06(c)(i) </U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proposed Capital Project</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.09(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Push-Out</FONT> Election</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.05</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reclamation and Mine Closure</U>&#148; means activities relating to closure,
rehabilitation or restoration of mined areas and areas impacted by mining activities, including environmental remediation, reclamation, revegetation, filling and recontouring, treatment or containment of mining waste, dismantling or decommissioning
of equipment and facilities, closure and post-closure monitoring and abatement, control or prevention of adverse effects of mining activities, as well as obtaining and maintaining any permits and Financial Assurances in connection with such
activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Redeeming Member</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.08(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Redemption Notice</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.08(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Redemption Subject Member</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.08(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Regulations</U>&#148; means the income tax regulations, including temporary regulations, promulgated under the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Regulatory Allocations</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.02(h)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Representatives</U>&#148; means, with respect to any Person, the directors, officers, employees, consultants, accountants, legal
counsel, investment bankers or other financial advisors, agents and other representatives of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Arch Bond
Amount</U>&#148; means the face amount, as of the date of this Agreement, of any Financial Assurances required by applicable Law under any Arch Transferred Permits (as defined in the Implementation Agreement) or Arch Leases (as defined in the
Implementation Agreement). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Peabody Bond Amount</U>&#148; means the face amount, as of the date of
this Agreement, of any Financial Assurances required by applicable Law under any Peabody Transferred Permits (as defined in the Implementation Agreement) or Peabody Leases (as defined in the Implementation Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Representations</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.05(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ROFR Acceptance</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.05(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ROFR Closing</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.05(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ROFR Deadline</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.05(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ROFR Election Notice</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.05(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rules</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.07(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Selling Member</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;10.05(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shortfall Loan</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.02(c)(ii)(B)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; of any Person means any other Person of which an amount of the securities having by the terms thereof voting
power to elect at least a majority of the board of directors (or comparable governing body) of such other Person (or, if there are no such voting securities or voting interest, of which at least a majority of the equity interests) is directly or
indirectly owned or controlled by such first Person, or the general partner of which is such first Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Supermajority
Approval</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;4.04(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Supermajority Approval
Action</U>&#148; means any action or decision set forth on <U>Schedule 4.04(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10.06(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Transfer</U>&#148; has the meaning
set forth in <U>Section</U><U></U><U>&nbsp;10.06(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Representative</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;6.05</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxable Year</U>&#148; means the taxable year of the Company for U.S.&nbsp;federal
income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.04</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third Party</U>&#148; means any Person other than any of the Members, the Company or any of their respective Affiliates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third Party Costs</U>&#148; means any <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs incurred by the Operator in the performance of its obligations under this Agreement and owing to any Third Party (excluding Operator Shared Services Costs and other overhead costs or wages
or salaries owing to any employees of the Operator or any of its Affiliates). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer</U>&#148; means, with respect to any
Equity Securities or other asset, any sale, assignment, transfer, exchange, gift, bequest, pledge, hypothecation or other disposition or Encumbrance, direct or indirect, in whole or in part, by operation of Law or otherwise, of such Equity
Securities or other asset, or any participation or interest therein, including pursuant to a derivative transaction, through the transfer of any Equity Securities in any Person holding the applicable Equity Securities or asset, or through the
issuance or redemption by any Person holding the applicable Equity Securities or asset of any of its own securities, or any Contract to do any of the foregoing, but excluding, in each case, any sale, transfer or issuance (including any public
offering) of any Equity Securities of any publicly traded Parent of any Member or any Change of Control Event with respect to any publicly traded Parent of any Member. The terms &#147;<U>Transferred</U>&#148;, &#147;<U>Transferring</U>&#148;,
&#147;<U>Transferor</U>&#148;, &#147;<U>Transferee</U>&#148; and &#147;<U>Transferable</U>&#148; have corresponding meanings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unfunded Amount</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;5.02(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Wholly Owned Affiliate</U>&#148; means, with respect to any Person, any other Person that, directly or through one or more
intermediaries, wholly owns such Person, is wholly owned by such Person or is wholly owned by a Person that wholly owns such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Withdrawing Member</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;3.06</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Wyoming Returns</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;6.06</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02 <U>Rules of Construction</U>. The parties hereto have participated jointly in the negotiation and drafting of this Agreement
and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by
virtue of the authorship of any provision of this Agreement. This Agreement shall not be subject to or incorporate any of the terms or provisions of Section&nbsp;1.1 of the Implementation Agreement. In this Agreement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the terms &#147;Agreement&#148;, &#147;this Agreement&#148;, &#147;the Agreement&#148;, &#147;hereto&#148;, &#147;hereof&#148;,
&#147;herein&#148;, &#147;hereby&#148;, &#147;hereunder&#148; and similar expressions refer to this Agreement in its entirety and not to any particular provision hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) references to an &#147;Article&#148;, &#147;Section&#148;, &#147;Exhibit&#148; or &#147;Schedule&#148; refer to the corresponding article
of, section of, exhibit to or schedule to this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) words importing the singular number only shall include the plural and vice
versa and words importing the masculine gender shall include the feminine and neuter genders and vice versa; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) unless otherwise indicated, any reference to a statute, regulation or rule shall be
construed to be a reference thereto as the same may from time to time be amended, <FONT STYLE="white-space:nowrap">re-enacted</FONT> or replaced, and any reference to a statute shall include any regulations or rules made thereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) the words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; mean &#147;include&#148;, &#147;includes&#148; or
&#147;including&#148;, in each case, &#147;without limitation&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) reference to any agreement or other instrument in writing means
such agreement or other instrument in writing as amended, modified, replaced or supplemented from time to time; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) unless otherwise
indicated, time periods within which a payment is to be made or any other action is to be taken hereunder shall be calculated excluding the day on which the period commences and including the day on which the period ends; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) the terms &#147;or&#148;, &#147;any&#148; and &#147;either&#148; are not exclusive; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) the term &#147;extent&#148; in the phrase &#147;to the extent&#148; means the degree to which a subject or other thing extends, and such
phrase does not mean simply &#147;if&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) the words &#147;shall&#148; and &#147;will&#148; are used interchangeably and have the
same meaning; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) the terms &#147;date hereof&#148; or &#147;date of this Agreement&#148; refer to the date set forth in the initial
caption of this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) whenever any payment to be made or action to be taken hereunder is required to be made or taken on a day
other than a Business Day, such payment shall be made or action taken on the next following Business Day; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) &#147;days&#148; means
calendar days unless otherwise indicated; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) references to a Person are also to its permitted successors and assigns; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) unless otherwise specifically indicated, all references to &#147;dollars&#148; and &#147;$&#148; refer to the lawful money of the United
States of America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03 <U>Headings</U>. The headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04 <U>Exhibits and Schedules</U>. All exhibits and
schedules or other documents expressly incorporated into this Agreement are hereby incorporated into this Agreement and are hereby made a part hereof as if set forth in full in this Agreement, and any references to this Agreement shall, unless the
context otherwise requires, include references to the exhibits and schedules hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>General Matters </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01 <U>Continuation</U>. The Company shall continue as a Delaware limited liability company upon the terms and subject to the
conditions of this Agreement, which amends and restates the Original LLC Agreement in its entirety. The Members hereby (i)&nbsp;approve and ratify the filing of the Certificate of Formation, (ii)&nbsp;confirm and agree to their status as Members and
(iii)&nbsp;execute this Agreement for the purpose of establishing the rights, duties and relationships of the Members. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02
<U>Limited Liability Company Agreement</U>. The Company and the Members hereby execute this Agreement for the purpose of establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act.
The Members hereby agree that during the Term, the rights and obligations of the Members with respect to the Company will be determined in accordance with the terms and conditions of this Agreement and, except where the Delaware Act provides that
such rights and obligations specified in the Delaware Act shall apply &#147;unless otherwise provided in a limited liability company agreement&#148; (or words of similar effect) and such rights and obligations are set forth in this Agreement, the
Delaware Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03 <U>Company Name</U>. The name of the Company shall be &#147;[&#149;]&#148; and all business of the
Company shall be conducted in such name or such other name as the Board of Managers shall determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04 <U>Term</U>. The
term of the Company (the &#147;<U>Term</U>&#148;) commenced on [&#149;] with the filing of the Certificate of Formation in the office of the Secretary of State of the State of Delaware, and shall continue perpetually unless the Company is dissolved
and its affairs are wound up in accordance with the provisions of <U>Article</U><U></U><U>&nbsp;XI</U> of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05 <U>Registered Agent and Registered Office</U>. The Company&#146;s registered agent for service of process shall be
Corporation Service Company, and the address of the registered agent and the address of the registered office of the Company in the State of Delaware shall be Corporation Service Company, 251 Little Falls Drive, City of Wilmington, County of New
Castle, Delaware, 19808. Such registered agent and such registered office may be changed from time to time by the Board of Managers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06 <U>Principal Place of Business</U>. The principal office and place of business of the Company shall be at such location as
the Board of Managers may designate from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07 <U>Purpose and Powers</U>. The Company has been formed for the
object and purpose of, and the nature of the business to be conducted and promoted by the Company is, any lawful business, purpose or activity permitted under the Delaware Act. The Company shall have the power and authority to take any and all
actions necessary, appropriate, proper, advisable, incidental or convenient to or for the furtherance of the purpose set forth in this <U>Section</U><U></U><U>&nbsp;2.07</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08 <U>Authorized Persons</U>. Each of the Operator and each Officer and
Manager of the Company is hereby designated as an &#147;authorized person&#148;, within the meaning of the Delaware Act, to execute, deliver and file, or cause the execution, delivery and filing of, all certificates, notices or other instruments
(and any amendments or restatements thereof) required or permitted by the Delaware Act to be filed in the office of the Secretary of State of the State of Delaware and any other certificates, notices or other instruments (and any amendments or
restatements thereof) necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business, in each case subject to such approvals of the Members and the Board of Managers as are provided for
herein. The Company shall provide to each Member, upon request, copies of each such document as filed and recorded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09
<U>No <FONT STYLE="white-space:nowrap">State-Law</FONT> Partnership</U>. The Members intend that the Company not be a partnership (including a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other
Member by virtue of this Agreement, for any purposes other than for tax purposes, and neither this Agreement nor any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to suggest
otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10 <U>Qualifications to do </U><U>Business</U>. The Board of Managers shall cause the Company to comply with
all requirements to qualify the Company as a foreign limited liability company in any other jurisdictions in which the Company conducts or proposes to conduct business if such jurisdiction requires such qualification. At the request of the Board of
Managers, each Member shall execute, acknowledge, certify, and deliver all certificates and other instruments consistent with the terms of this Agreement as may be necessary or appropriate to qualify, continue or terminate the Company as a foreign
limited liability company in all such jurisdictions in which the Company conducts or proposes to conduct business; <U>provided</U> that no Member shall be required to file any general consent to service of process or to qualify as a foreign
corporation, limited liability company, partnership, or other entity in any jurisdiction in which it is not already so qualified. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11 <U>Title to Company Assets</U>. Title to the Company&#146;s assets, whether real, personal or mixed and whether tangible or
intangible, shall be deemed to be owned by the Company as an entity. All of the Company&#146;s assets shall be recorded as the property of the Company in its books and records, irrespective of the name in which record title to such assets is held.
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;III </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Members
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01 <U>Members</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Upon the execution of this Agreement, the sole Members of the Company shall be the Initial Members. Following the execution of this
Agreement, no Person shall be admitted as a Member (such Person, an &#147;<U>Additional Member</U>&#148;) unless such Person is (i)&nbsp;a permitted Transferee of a Membership Interest in accordance with <U>Section</U><U></U><U>&nbsp;10.02</U> or
(ii)&nbsp;issued Membership Interests in accordance with <U>Section</U><U></U><U>&nbsp;3.05(a)</U> and, in each case, such Person has executed and delivered an Adoption Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The name and mailing address of each Member and its Percentage Interest shall be set
forth on <U>Schedule</U><U></U><U>&nbsp;3.01</U>. A Person designated by the Board of Managers shall update <U>Schedule</U><U></U><U>&nbsp;3.01</U> from time to time as necessary to accurately reflect changes in the address and Percentage Interests
of any Member, the admission of Additional Members pursuant to and in accordance with <U>Section</U><U></U><U>&nbsp;3.01(a)</U> or the withdrawal of Members pursuant to and in accordance with <U>Section</U><U></U><U>&nbsp;3.06</U>. Any amendment or
revision to <U>Schedule</U><U></U><U>&nbsp;3.01</U> made to reflect an action taken in accordance with this Agreement shall not be deemed an amendment to this Agreement. Any reference in this Agreement to <U>Schedule</U><U></U><U>&nbsp;3.01</U>
shall be deemed to be a reference to <U>Schedule</U><U></U><U>&nbsp;3.01</U> as amended and in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02 <U>Representations and Warranties of Members</U>. Each Member hereby represents and warrants to the Company and to the other
Members, severally but not jointly, as of the date of this Agreement (or, in the case of an Additional Member, as of the date of the applicable Adoption Agreement), that (a)(i)&nbsp;it is duly organized, validly existing and in good standing (to the
extent that such concept, or the equivalent thereof, is recognized in the applicable jurisdiction) under the Laws of its jurisdiction of organization, (ii)&nbsp;it has all requisite power and authority under applicable Law and its Charter Documents
to enter into this Agreement and to perform its obligations hereunder, including the funding obligations under <U>Section</U><U></U><U>&nbsp;5.01</U> and <U>Section</U><U></U><U>&nbsp;5.02</U>, (iii)&nbsp;the execution and delivery by such Member of
this Agreement and the performance of its obligations hereunder has been duly authorized and approved by all necessary corporate or other action under applicable Law and its Charter Documents, (iv)&nbsp;this Agreement has been duly executed and
delivered by such Member and (v)&nbsp;this Agreement is the legal, valid and binding obligation of such Member, enforceable against such Member in accordance with its terms, except as that enforceability may be (A)&nbsp;limited by any applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights generally and (B)&nbsp;subject to general principles of equity (regardless of whether that enforceability is considered in a
proceeding in equity or at law) and (b)&nbsp;the Member is acquiring its Membership Interest for the Member&#146;s own account as an investment and without an intent as of the date of such acquisition to distribute such Membership Interest. Each
Member agrees and acknowledges that any breach of this <U>Section</U><U></U><U>&nbsp;3.02</U> by such Member shall be actionable by the Company or, if any other Member actually incurs any damages of any kind or nature resulting from such breach, by
such other Member in its individual capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03 <U>Powers of Members</U>. A Member (in its capacity as such) shall not
participate in the control or management of the business of the Company. Members (in their capacity as such) shall not have the authority to transact any business in the Company&#146;s name or bind the Company by virtue of their status as Members.
In furtherance thereof, other than as expressly set forth herein, no matters shall be submitted to the Members for approval. Nothing in this <U>Section</U><U></U><U>&nbsp;3.03</U> shall modify, limit or restrict any power or authority delegated to
the Operator (in its capacity as the Operator) in accordance with <U>Section</U><U></U><U>&nbsp;4.05</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04
<U>Member</U><U>&#146;</U><U>s Membership Interest; No Right to Partition</U>. Each Membership Interest shall for all purposes be personal property in accordance with <FONT STYLE="white-space:nowrap">Section&nbsp;18-701</FONT> of the Delaware Act.
No holder of a Membership Interest shall have any interest in specific Company assets, including any assets contributed by such Member, or caused by such Member to be contributed, to the Company as part of any Capital Contribution, except as
otherwise </P>
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expressly provided herein or in any Applicable Agreement. Each Member waives any and all rights that it may have to bring or maintain a Proceeding for partition of the Company&#146;s property.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05 <U>Membership Interests and Percentage Interests</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The total Membership Interests or other Equity Securities that the Company shall have the authority to issue is unlimited. On the date
hereof, the Company is issuing the initial Membership Interests to the Initial Members. Subject to <U>Section</U><U></U><U>&nbsp;4.04</U>, the Company may thereafter issue additional Equity Securities of the Company (including creating additional
classes or series thereof having such powers, designations, preferences and rights as may be determined by the Board of Managers). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The
Membership Interests shall not have any voting rights, except as expressly set forth herein or expressly required by applicable Law, and shall otherwise have such rights, preferences and privileges as set forth herein. The Members holding the
Membership Interests shall vote together as a single class on all matters on which they are specifically entitled to vote pursuant to this Agreement or applicable Law. Each Member holding a Membership Interest shall have voting power based on such
Member&#146;s Percentage Interest. The Company shall provide written notice to all Members of any meeting at which a vote will be held at least five Business Days prior thereto. Any vote so required by applicable Law or this Agreement may be or made
without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action, resolution or decision so taken or made, shall be signed by Members holding not less than the minimum Percentage Interest that would be
necessary to take such action. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Board of Managers may, but shall not be required to, issue certificates representing the Membership
Interests. Upon the request of a Member, the Board of Managers shall issue a certificate to such Member representing its Membership Interest. If the Board of Managers issues any certificate representing any Membership Interest in accordance with
this <U>Section</U><U></U><U>&nbsp;3.05(c)</U>, then, in addition to any other legend required by applicable Law, such certificate shall bear a legend substantially in the following form: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">THE MEMBERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.&nbsp;SECURITIES ACT OF&nbsp;1933, AS AMENDED
(THE &#147;SECURITIES ACT&#148;), OR UNDER APPLICABLE STATE SECURITIES OR BLUE SKY LAWS (&#147;STATE ACTS&#148;) AND MAY NOT BE SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT AND STATE ACTS OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE TRANSFER OF THE MEMBERSHIP INTEREST REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN A LIMITED LIABILITY COMPANY AGREEMENT GOVERNING THE
ISSUER, AS SUCH AGREEMENT MAY BE AMENDED OR </P>
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MODIFIED FROM TIME TO TIME, A COPY OF WHICH SHALL BE FURNISHED UPON WRITTEN REQUEST AND WITHOUT CHARGE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06 <U>Withdrawal of Members</U>. A Member may not withdraw from the Company, except upon (i)&nbsp;the dissolution of the
Company pursuant to and in accordance with <U>Section</U><U></U><U>&nbsp;11.01</U> or (ii)&nbsp;the Transfer to another Person (including the Company) of all, but not less than all, of the Membership Interest owned by such Member (the
&#147;<U>Withdrawing Member</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07 <U>Cessation of Member Status</U>. A Person shall cease to be a Member at the
time such Person ceases to own a Membership Interest, and upon the cessation of such Person&#146;s status as a Member, all rights of such Person as a Member under this Agreement shall terminate; <U>provided</U> that no such cessation of any
Person&#146;s status as a Member shall affect such Person&#146;s rights or obligations that specifically survive such cessation pursuant to <U>Section</U><U></U><U>&nbsp;12.12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08 <U>Business Opportunities</U>. Except as expressly set forth in Section&nbsp;6.19 of the Implementation Agreement, no Member
shall (i)&nbsp;have any duty to communicate or present to the Company any investment or business opportunity (a &#147;<U>Business Opportunity</U>&#148;) in or with respect to which the Company may, but for this <U>Section</U><U></U><U>&nbsp;3.08</U>
or <U>Section</U><U></U><U>&nbsp;4.01(h)</U>, have an interest or expectancy or (ii)&nbsp;be deemed to have breached any fiduciary or other duty or obligation (including any duty of loyalty) to the Company or any other Member by reason of the fact
that such Member shall have pursued or acquired any Business Opportunity for such Member or any Person other than the Company, shall have Transferred any Business Opportunity to any such Person or shall not have communicated information regarding
any Business Opportunity to the Company. To the fullest extent permitted by applicable Law, except to the extent provided by the proviso to <U>Section</U><U></U><U>&nbsp;4.01(h)</U> or in Section&nbsp;6.19 of the Implementation Agreement, the
Company hereby renounces any interest in any Business Opportunity and any expectancy that any Business Opportunity will be offered to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09 <U>Financial Assurances</U>. If any Financial Assurance is required under any applicable Permit or Law in connection with
the Operations, each Member shall, and shall cause its Affiliates to, take all actions reasonably necessary or advisable (as determined by the Board of Managers) to obtain and maintain such Financial Assurances in the name of the Company and its
Subsidiaries, including (i)&nbsp;providing any guarantees or other credit support for such Member&#146;s Bonding Percentage of such Financial Assurance to the extent required by the provider of such Financial Assurances, (ii)&nbsp;furnishing such
Member&#146;s Bonding Percentage of any collateral (in such form, which may include cash collateral or letters of credit, as may be reasonably determined by the applicable Member), (iii) reimbursing the Company for such Member&#146;s Bonding
Percentage of any costs (including borrowing costs and letter of credit fees) of furnishing and maintaining any collateral required by the provider of such Financial Assurance and (iv)&nbsp;furnishing any information reasonably required by any
Governmental Authority or the provider of such Financial Assurance in connection therewith; <U>provided</U>, <U>however</U>, that (x)&nbsp;no Member shall be liable to the Company or any Third Party for more than its Bonding Percentage of any
liabilities arising out of, resulting from or relating to any such Financial Assurance and (y)&nbsp;no Member shall be required to furnish any collateral in excess of such Member&#146;s Bonding Percentage of all collateral required by the provider
of such Financial Assurance. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Management </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01 <U>Board of Managers</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Management by Managers</U>. Subject to the terms of this Agreement, the property, business and affairs of the Company shall be managed
by or under the direction of a board of managers of the Company (the &#147;<U>Board of Managers</U>&#148;), which, for the purposes of the Delaware Act, shall be deemed a &#147;manager&#148; (as defined in the Delaware Act), but which shall be
subject to the rights, obligations, limitations and duties set forth in this Agreement. The Board of Managers shall consist of five managers (each, a &#147;<U>Manager</U>&#148;), each such Manager to be designated as provided in
<U>Section</U><U></U><U>&nbsp;4.01(b)</U>. The Company Senior Executive shall be invited to and shall attend each meeting of the Board of Managers except where determined otherwise by the Board of Managers, but shall not be entitled to vote on any
matter considered by the Board of Managers. Neither the Operator nor any Officer may take any action or make any decision without the approval of the Members or the Board of Managers, as applicable, if such action or decision is explicitly reserved
for the Members or the Board of Managers, as applicable, under applicable Law, under this Agreement (including any Supermajority Approval Action) or under any other action, resolution or decision of the Members or the Board of Managers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Designation of Managers.</U> Upon the execution and delivery of this Agreement, (i)&nbsp;the Majority Member shall designate three
Managers to the Board of Managers (each such Manager, a&nbsp;&#147;<U>Majority Manager</U>&#148;) and (ii)&nbsp;the Minority Member shall designate two Managers to the Board of Managers (each such Manager, a&nbsp;&#147;<U>Minority
Manager</U>&#148;). The Managers, designated in accordance with the foregoing, shall constitute the Board of Managers. Each Member shall be entitled to designate one or more alternative Managers who, in the absence or inability to act of a Manager
designated by such Member, may attend and vote at meetings of the Board of Managers on behalf of such Member. A Manager may be designated as the alternate Manager for any other Manager. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Term of Managers.</U> Each Manager shall be designated to serve until the earliest of (i)&nbsp;the designation and qualification of such
Manager&#146;s successor, (ii)&nbsp;the resignation or removal of such Manager in accordance with <U>Section</U><U></U><U>&nbsp;4.01(d)</U> or <U>Section</U><U></U><U>&nbsp;4.01(f)</U> and (iii)&nbsp;such Manager&#146;s death or disability. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Resignation of Managers.</U> Any Manager may resign at any time. Such resignation shall be made in writing and shall take effect at the
time specified therein, and, if no time is specified, at the time of its receipt by the Board of Managers. The acceptance of a resignation shall not be necessary to make it effective. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Vacancies on the Board of Managers.</U> Other than any removal contemplated by <U>Section</U><U></U><U>&nbsp;4.01(f)</U><U>(ii)</U>,
upon any removal, resignation, death or disability of any Manager, the Member that designated such Manager shall be entitled to designate a replacement in accordance with <U>Section</U><U></U><U>&nbsp;4.01(b)</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Removal of a Manager</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Any Manager may be removed, by written notice to the Board of Managers, either with or without cause at any time by the
Member that designated such Manager, and no Member shall have any right to remove any Manager appointed by another Member. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If a Withdrawing Member fails to remove a Manager designated by it at the time it ceases to be a Member, the Board of
Managers shall be entitled to, and shall, remove such Manager with effect from the time such Withdrawing Member shall have ceased to be a Member. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Compensation of Managers</U>. Managers shall not receive any salary or other compensation for their services as Managers. The Company
shall pay, or shall cause one of its Subsidiaries to pay, the reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses incurred by each Manager in the course of his or her service as
such, including in connection with attending regular and special meetings of the Board of Managers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Business Opportunities</U>.
Except as otherwise provided in the second sentence of this <U>Section</U><U></U><U>&nbsp;4.01(h)</U>, no Manager shall (i)&nbsp;have any duty to communicate or present to the Company any Business Opportunity in or with respect to which the Company
may, but for this <U>Section</U><U></U><U>&nbsp;4.01(h)</U> or <U>Section</U><U></U><U>&nbsp;3.08</U>, have an interest or expectancy or (ii)&nbsp;be deemed to have breached any fiduciary or other duty or obligation (including any duty of loyalty)
to the Company by reason of the fact that any Manager shall have pursued or acquired any Business Opportunity for such Manager or any Person other than the Company, shall have Transferred any Business Opportunity to any such Person or shall not have
communicated information regarding any Business Opportunity to the Company. To the fullest extent permitted by applicable Law, the Company hereby renounces any interest in any Business Opportunity and any expectancy that any Business Opportunity
will be offered to the Company; <U>provided</U>, <U>however</U>, that the Company does not renounce any interest in or expectancy with respect to any Business Opportunity that is offered to any Manager if such Business Opportunity is expressly
offered to such Manager in his or her capacity as a Manager. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Subsidiary Boards</U>. To the extent requested by a Member, the
Company and the Members shall take all actions necessary to cause the Managers designated by such Member to be designated as members of the board of directors or similar governing body of any of the Company&#146;s Subsidiaries with the same
proportionate representation and voting rights of such Managers on such other board of directors or governing body as on the Board of Managers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02 <U>Meetings of the Board of Managers</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Meetings</U>. The initial Managers designated in accordance with <U>Section</U><U></U><U>&nbsp;4.01(b)</U> shall hold their first
meeting for the purpose of organization and the transaction of business, if a quorum is present, as soon as reasonably practicable after the date of this Agreement. Thereafter, the Board of Managers shall meet not less frequently than monthly. At
each monthly meeting of the Board of Managers, the Managers shall review, among other business to be discussed consistent with the duties of the Board of Managers, the performance and financial results of the Company compared to the Approved Budget
and the Company&#146;s </P>
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operating forecasts, subject to applicable Laws governing the exchange of information. Each Manager shall be entitled to receive at least five&nbsp;Business Days&#146; prior notice of any meeting
of the Board of Managers unless such notice requirement is waived in writing by such Manager or by the attendance of such Manager at a meeting, unless such Manager attends such meeting for the express purpose of objecting on the grounds that such
meeting is not lawfully called or convened and does not thereafter vote for or consent to action taken at the meeting. Subject to the immediately preceding sentence, meetings of the Board of Managers may be called at any time by the Operator or any
Manager by notice to all of the Managers. Meetings of the Board of Managers shall be held at such place (or by means of a conference telephone) as shall be determined from time to time by resolution of the Board of Managers or as shall be stated in
the notice for the meeting. Any Manager may require the Company, by written notice to each other Manager and to the Company, either within three&nbsp;Business Days after receipt of notice of any regular or special meeting of the Board of Managers or
in the notice by such Manager calling a special meeting of the Board of Managers, to include in the business to be discussed at the meeting any one or more proposals submitted by such Manager. Copies of agendas and minutes of all meetings of the
Board of Managers shall be distributed to all Managers. Any Manager may participate in any meeting of the Board of Managers by means of a conference telephone or similar communications equipment by means of which all Persons participating in the
meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Quorum</U>. At
any meeting of the Board of Managers, the presence in person of Managers representing a majority of the entire Board of Managers, including at least one Majority&nbsp;Manager and at least one Minority Manager, shall constitute a quorum for the
transaction of business; <U>provided</U> that if a quorum is not present at a first called meeting due to the absence of at least one Majority Manager or at least one Minority Manager, the meeting may be reconvened no earlier than 24&nbsp;hours
after the initial scheduled meeting (with notice of such reconvened meeting being given to each Manager not present at the first called meeting), and at such second called meeting, a quorum shall be deemed present if Managers representing a majority
of the entire Board of Managers are present (so long as there is at least one Majority Manager present at such meeting, and regardless of whether any Minority Manager is present at such meeting). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Voting</U>. Any action, resolution or decision of the Board of Managers at a meeting of the Board of Managers shall be taken or made if
approved by an affirmative vote of Managers representing at least 50% of the voting power of the entire Board of Managers (which must include the affirmative vote of at least one Majority Manager); <U>provided</U>, <U>however</U>, that any
Supermajority Approval Action shall require Supermajority Approval in accordance with <U>Section</U><U></U><U>&nbsp;4.04(b)</U>. The collective voting power of the Managers designated by each Member with respect to any action, resolution or decision
of the Board of Managers shall equal such Member&#146;s Percentage Interest, as in effect at such time, and such voting power shall be apportioned equally among the Managers designated by such Member. If at any meeting of the Board of Managers there
shall be less than a quorum present, a majority of those Managers present shall adjourn the meeting until a quorum is obtained. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
<U>Action Without Board of Managers Meeting</U>. Any action, resolution or decision required or permitted to be taken or made at any meeting of the Board of Managers may </P>
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be taken or made by written consent in lieu of a meeting if consented to, in writing, by the unanimous consent of the Board of Managers. Any such written consent shall be filed with the minutes
of proceedings of the Board of Managers and a copy thereof, together with all materials prepared for, or provided to, any consenting Manager in connection with such action, resolution or decision, shall be promptly provided to each <FONT
STYLE="white-space:nowrap">non-consenting</FONT> Manager, if any. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03 <U>Officers</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Appointment of Officers</U>. The Company shall have a senior executive (the &#147;<U>Company Senior Executive</U>&#148;) and such other
Officers as may be appointed by the Operator who shall perform such duties and serve such other terms as the Board of Managers shall determine from time to time. Subject to <U>Section</U><U></U><U>&nbsp;4.01</U> and
<U>Section</U><U></U><U>&nbsp;4.04</U>, and other than any action or decision explicitly reserved for the Members or the Board of Managers under this Agreement (including any Supermajority Approval Action), the Operator, the Company Senior Executive
and the other Officers shall have full responsibility and authority for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of the Company. With respect to any action or decision for which the
approval of the Board of Managers or the Members is required under this Agreement (including any Supermajority Approval Action), in no event may the Operator, the Company Senior Executive or another Officer take such action or make such decision in
the absence of such approval. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Company Senior Executive</U>. The Board of Managers shall appoint the Company Senior Executive. The
initial Company Senior Executive shall be [&#149;]. Subject to <U>Section</U><U></U><U>&nbsp;4.04</U>, the Company Senior Executive, in conjunction with the Operator, shall be responsible for the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> business, affairs and operations of the Company, shall sign, execute and acknowledge Contracts relating thereto on behalf of the Company and shall perform such duties as are from time to time
assigned by the Board of Managers; <U>provided</U> that the Company Senior Executive may, unless otherwise determined by the Board of Managers, delegate any such responsibilities to another Officer of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Removal; Vacancies</U>. The Board of Managers or the Operator may remove any Officer with or without cause at any time (except for any
removal expressly reserved for the Board of Managers pursuant to <U>Section</U><U></U><U>&nbsp;4.04</U>); <U>provided</U>, <U>however</U>, that such removal shall be without prejudice to the Contract rights, if any, of the individual so removed.
Designation of an Officer shall not of itself create Contract or employment rights. Any vacancy occurring in any office of the Company may be filled as provided in <U>Section</U><U></U><U>&nbsp;4.03(a)</U> and
<U>Section</U><U></U><U>&nbsp;4.03(b)</U> and shall remain vacant until so filled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04 <U>Actions Requiring Board
Approval</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to <U>Section</U><U></U><U>&nbsp;4.08</U>, in no event may the Company or any Subsidiary of the Company (or the
Operator or any Officer acting on behalf of the Company or a Subsidiary of the Company) take any Board Consent Action without the prior approval (at a meeting or by written consent pursuant to <U>Section</U><U></U><U>&nbsp;4.02(d)</U>) of the Board
of Managers by an affirmative vote of Managers representing at least 50% of the voting power of the entire Board of Directors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Subject
to <U>Section</U><U></U><U>&nbsp;4.08</U>, in no event may the Company or any Subsidiary of the Company (or the Operator or any Officer acting on behalf of the Company or a Subsidiary of the Company) take any Supermajority Approval Action without
the prior approval (at a meeting </P>
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or by written consent pursuant to <U>Section</U><U></U><U>&nbsp;4.02(d)</U>) by an affirmative vote of Managers representing at least 80% of the voting power of the entire Board of Managers
(&#147;<U>Supermajority Approval</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05 <U>Operator</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Appointment and Responsibilities</U>. The Company hereby designates [Peabody][[&#149;], a Wholly Owned Affiliate of Peabody,]<SUP
STYLE="font-size:85%; vertical-align:top">23</SUP> as the initial operator of the Company (the &#147;<U>Operator</U>&#148;). Subject to the oversight of the Board of Managers and the provisions of this Agreement, the Operator shall be responsible
for, and shall make all decisions regarding and shall have full responsibility and authority for, the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> business, affairs and operations of the Company and its
Subsidiaries (the &#147;<U>Operations</U>&#148;) in accordance with this Agreement, the Approved Budget and any Approved Capital Plan, including responsibility and authority to do the following with respect to and on behalf of the Company and its
Subsidiaries: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) marketing and sales activities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) procurement of supplies, equipment and services required for the Operations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) negotiating and entering into Contracts, including Contracts for the incurrence of Indebtedness; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) conducting and resolving all Proceedings in which the Company or any of its Subsidiaries is involved; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) procuring and maintaining insurance (including, in the Operator&#146;s sole discretion, by adding the Company and its
Subsidiaries as additional insureds under any insurance policies maintained by the Operator and its Affiliates); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi)
appointing, hiring and retaining Officers (other than the Company Senior Executive) and other employees of the Company and its Subsidiaries as may be necessary or appropriate for the conduct of the Operations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) determining the compensation (including wages, salaries and other benefits) of any Officers or other employees of the
Company and its Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) preparing and filing (or causing to be prepared and filed) all tax returns,
elections, forms and other reports required by Law to be filed by the Company and its Subsidiaries and subject to <U>Section</U><U></U><U>&nbsp;6.05</U>, conducting any tax proceedings brought by any taxing authorities with respect to taxes of the
Company and its Subsidiaries, subject to <U>Article</U><U></U><U>&nbsp;VI</U>;<U> </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) preparing financial statements
of the Company and its Subsidiaries; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Operator entity to be selected by Peabody prior to the Closing. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) obtaining all permits, easements and governmental authorizations
necessary to carry out the Operations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) conducting Reclamation and Mine Closure activities, including obtaining and
maintaining Financial Assurances; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) establishing and maintaining the Company&#146;s bank accounts and managing the
Company&#146;s funds; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) retaining advisors; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv) developing appropriate policies and plans regarding health, safety, sustainability and environmental protection; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xv) maintaining the books and records of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Power and Authority</U>. Subject to <U>Section</U><U></U><U>&nbsp;4.04</U>, the Operator has the power and authority to execute
Contracts for or on behalf of the Company and its Subsidiaries and to take such other actions for or on behalf of the Company and its Subsidiaries, and to direct the Officers to do any of the foregoing, as the Operator may deem necessary,
appropriate or advisable in connection with the power and authority delegated to the Operator pursuant to <U>Section</U><U></U><U>&nbsp;4.05(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Liability of Operator</U>. Notwithstanding anything in this Agreement to the contrary, the Operator shall not be liable to the Company,
any Member or any of their respective Affiliates for any costs, expenses, damages or other liability incurred by reason of any act or omission performed or omitted by the Operator on behalf of the Company except to the extent resulting from the
gross negligence or willful misconduct of the Operator. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Expense Reimbursement</U>. The Company shall reimburse the Operator for the
Third Party Costs incurred by the Operator in the performance of its obligations under this Agreement in accordance with any Approved Budget (or any Permitted Variance) or Approved Capital Plan. Notwithstanding anything in this Agreement to the
contrary, the Operator shall have no obligation in the performance of its obligations under this Agreement to make any expenditures of its own funds in excess of the amounts for which the Operator is entitled to reimbursement under this
<U>Section</U><U></U><U>&nbsp;4.05(d)</U> or compensation under <U>Section</U><U></U><U>&nbsp;4.05(e)</U> or to advance funds in respect of any Unfunded Amount, and neither the Operator nor any of its Affiliates shall have any liability or
obligation to make any additional Capital Contributions to the Company for such purposes (other than Additional Capital Contributions by the Members in their capacity as such required pursuant to <U>Section</U><U></U><U>&nbsp;5.02</U>). The Operator
shall provide an invoice within 30 days after the end of each calendar quarter setting forth the total Third Party Costs eligible for reimbursement pursuant to this <U>Section</U><U></U><U>&nbsp;4.05(d)</U>, and such amounts shall be promptly paid
by the Company to the Operator. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Shared Services</U>. The Operator shall be entitled to retain one or more of its Affiliates to
provide shared services to the Company in support of the Operations. Such Affiliates shall be entitled to compensation from the Company for such shared services on a cost reimbursement basis for the fully loaded costs incurred by such Affiliates
attributable to such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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services (the &#147;<U>Operator Shared Services Costs</U>&#148;), in each case in accordance with any Approved Budget. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Related Party Transactions</U>. All Contracts and transactions between the Operator and its Affiliates, on the one hand, and the Company
and its Subsidiaries, on the other hand, shall be on commercially reasonable terms which are no less favorable to the Company and its Subsidiaries than those available from Third Parties in arm&#146;s length transactions, except for
(i)&nbsp;performance by the Operator of its obligations under this Agreement, (ii)&nbsp;reimbursements of Third Party Costs and Operator Shared Services Costs pursuant to <U>Section</U><U></U><U>&nbsp;4.05(d)</U> and
<U>Section</U><U></U><U>&nbsp;4.05(e)</U> and (iii)&nbsp;any transactions that receive Supermajority Approval in accordance with <U>Section</U><U></U><U>&nbsp;4.04(b)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Resignation; Removal</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Operator may resign from its position as Operator by delivering 90 days&#146; prior written notice to the Company and
each Member. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Operator shall be deemed to have resigned, effective immediately, upon the occurrence of any of the
following events: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) if the Operator is the Majority Member or an Affiliate of the Majority Member, such Member ceasing
to be the Majority Member; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) if the Operator is an Affiliate of any Member, the Operator ceasing to be an Affiliate of
such Member; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) upon a final and nonappealable Order of a court of competent jurisdiction that the Operator has
(1)&nbsp;committed a material breach of this Agreement in the performance of its obligations under this Agreement as the Operator and (x)&nbsp;has failed to cure such breach within 30 days after receipt of written notice of such breach or
(y)&nbsp;if such breach is not capable of being cured within 30 days and the Operator is diligently pursuing the cure, has failed to cure such breach within 90 days after receipt of written notice of such breach (which
<FONT STYLE="white-space:nowrap">90-day</FONT> period shall be calculated to include the initial <FONT STYLE="white-space:nowrap">30-day</FONT> period set forth in the preceding <U>clause (x)</U>) or (2)&nbsp;acted with gross negligence or engaged
in willful misconduct in the performance of its obligations under this Agreement as the Operator. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) If the Operator is
a Member or an Affiliate of a Member and such Member Transfers all, but not less than all, of its Membership Interest to an Affiliate Transferee in accordance with <U>Section</U><U></U><U>&nbsp;10.02(a)</U>, either the Operator or such Affiliate
Transferee may elect to designate such Affiliate Transferee as the replacement Operator, effective upon the effective date of such Transfer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Upon the effective date of any resignation of the Operator (other than in connection with a Transfer by the Operator (or
any Affiliate of the Operator that is a Member) of all, but not less than all, of its Membership Interest in accordance with <U>Section</U><U></U><U>&nbsp;10.02</U>), the Board of Managers shall select a Person to
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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act as the replacement Operator; <U>provided</U>, <U>however</U>, that, if the resigning Operator is a Member or an Affiliate of a Member, then (A)&nbsp;the replacement Operator shall not be an
Affiliate of such Member if the Operator is deemed to have resigned pursuant to <U>Section</U><U></U><U>&nbsp;4.05(g)(ii)(A)</U> or <U>Section</U><U></U><U>&nbsp;4.05(g)(ii)(C)</U> and (B)&nbsp;if the Board of Managers is unable to select a
replacement Operator prior to the effective date of such resignation, the other Member (or a Wholly Owned Affiliate designated by such Member) shall automatically be appointed as the replacement Operator. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) If the Operator is a Member or an Affiliate of a Member and such Member Transfers all, but not less than all, of its
Membership Interest to any Third Party in accordance with <U>Section</U><U></U><U>&nbsp;10.02(b)</U>, such Transferee (or a Wholly Owned Affiliate of such Transferee designated by such Transferee) shall automatically be appointed as the replacement
Operator upon the consummation of such Transfer; <U>provided</U>, <U>however</U>, that if immediately prior to such Transfer, (x)&nbsp;the Operator is an Affiliate of Peabody, (y)&nbsp;the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member
is an Affiliate of Arch and (z)&nbsp;no Arch Dilution Event has occurred, then the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member shall have the option to elect, in its sole discretion, to become (or to designate a Wholly Owned Affiliate
of Arch as) the replacement Operator upon the consummation of such Transfer (an &#147;<U>Operator Transfer Election</U>&#148;). In order to exercise this option, the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member shall notify the Company
and the Selling Member in writing of its Operator Transfer Election prior to the ROFR Deadline. If the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member delivers a valid and timely notice of its Operator Transfer Election, the Operator
shall be deemed to have resigned and such <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member (or its permitted designee) shall become the replacement Operator effective upon the consummation of such Transfer. If the <FONT
STYLE="white-space:nowrap">Non-Selling</FONT> Member does not deliver a notice of an Operator Transfer Election prior to the ROFR Deadline (in which case such <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member shall be deemed to have waived
its rights to become (or to designate) the replacement Operator under this <U>Section</U><U></U><U>&nbsp;4.05(g)(v)</U>) or is not entitled to make an Operator Transfer Election, the Transferee of the Selling Member&#146;s Membership Interest (or a
Wholly Owned Affiliate of such Transferee designated by such Transferee) shall automatically be appointed as the replacement Operator upon the consummation of such Transfer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) Upon the effective date of any resignation of the Operator, the Operator shall deliver all books and records of the
Company and its Subsidiaries to the Company or the replacement Operator. The Person that replaces the Operator in accordance with the provisions of this <U>Section</U><U></U><U>&nbsp;4.05(g)</U> shall act as the Operator in accordance with the terms
and provisions of this Agreement, including the then applicable Approved Budget. The resigning Operator shall cooperate in good faith to provide for continuity of the Operations and the transition of responsibilities to the replacement Operator (it
being understood and agreed that if the resignation of the Operator is made in connection with a Transfer by the Operator (or any Affiliate of the Operator) of all of its Membership Interest to any Third Party, the resigning Operator shall have no
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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continuing obligations under this <U>Section</U><U></U><U>&nbsp;4.05</U> from and after the consummation of such Transfer). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Books and Records of the Operator</U>. Subject to applicable Laws relating to the exchange of information, the Members and the Company
shall have the right to inspect, examine and copy the books and records of the Operator to the extent relating to the Operations, at reasonable times and on reasonable notice by any Member and its duly authorized Representatives for any purpose
reasonably related to such Member&#146;s interest in the Company. Any Member requesting access to such books and records of the Operator shall reimburse the Operator for any costs reasonably incurred by it in connection therewith. The Operator
shall, subject to applicable Laws relating to the exchange of information, provide such records and documents as may be reasonably requested by any Manager and necessary for any meeting of the Board of Managers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.06 <U>Budget</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) All operations of the Company shall be conducted in accordance with the then current Approved Budget as approved pursuant to and in
accordance with this <U>Section</U><U></U><U>&nbsp;4.06</U> and any modifications thereto approved pursuant to and in accordance with this Agreement; <U>provided</U> that (i)&nbsp;any deviations from the capital expenditure budget in such Approved
Budget in any Fiscal Year in the aggregate amount of less than 10% of the amount of aggregate capital expenditures provided for in such Approved Budget with respect to such Fiscal Year, (ii)&nbsp;any expenditures required in connection with an
Emergency and permitted by <U>Section</U><U></U><U>&nbsp;4.08</U> (any such deviation described in <U>clauses (i)</U>&nbsp;and <U>(ii)</U>, a &#147;<U>Permitted Variance</U>&#148;) and (iii)&nbsp;any capital expenditures incurred in accordance with
an Approved Capital Plan shall be permitted without any requirement to obtain the approval of the Board of Managers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The initial
budget for fiscal years [&#149;] and [&#149;]<SUP STYLE="font-size:85%; vertical-align:top">24</SUP> (the &#147;<U>Initial Budget</U>&#148;), which has been approved for all purposes hereunder, is attached as <U>Exhibit</U><U></U><U>&nbsp;B</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Not later than November&nbsp;1 of each Fiscal Year (beginning with November&nbsp;1, [&#149;]<SUP
STYLE="font-size:85%; vertical-align:top">25</SUP>), the Operator shall prepare and present to the Board of Managers for review: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) a proposed budget for the Company for the succeeding Fiscal Year (a &#147;<U>Proposed Budget</U>&#148;) for Supermajority
Approval in accordance with <U>Section</U><U></U><U>&nbsp;4.04(b)</U>, which shall be in substantially the same form as the most recent Approved Budget and shall include: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) an operating expenditure budget, including a forecast of the Operator Shared Services Costs payable to Affiliates of the
Operator; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) a capital expenditure budget, including both maintenance </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">24</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Initial Budget to cover the period from the Closing through the end of the first fiscal year ending at least
six months after the Closing. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">25</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the last fiscal year covered by the Initial Budget.
</P></TD></TR></TABLE>
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capital expenditures and growth capital expenditures; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) a budget
for asset retirement obligations (including Reclamation and Mine Closure costs); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) a sales volume forecast; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) a production volume forecast; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) a revenue forecast; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(G) a cost of goods sold forecast; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(H) any other line items (including a budget for other expenditures) determined by the Operator; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a five-year operating forecast, which shall include the line items in the Proposed Budget and any other line items
determined by the Operator. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Prior to the beginning of each Fiscal Year (beginning with the Fiscal Year ending December&nbsp;31,
[&#149;]<SUP STYLE="font-size:85%; vertical-align:top">26</SUP>) the Board of Managers shall, subject to each Member&#146;s internal corporate approvals, meet and use commercially reasonable efforts to review and approve (by Supermajority Approval)
the Proposed Budget for such Fiscal Year, with such modifications as may be agreed by the Board of Managers. Each annual budget of the Company as may be in effect from time to time, including the Initial Budget and any annual budget approved
pursuant to and in accordance with this <U>Section</U><U></U><U>&nbsp;4.06(d)</U>, is referred to herein as the &#147;<U>Approved Budget</U>&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If the Board of Managers fails to approve an annual budget of the Company prior to the beginning of any Fiscal Year, then the Board of
Managers, the Operator and the Officers shall operate the Company in accordance with the most recent Approved Budget (<U>provided</U> that all expenditure items included in the most recent Approved Budget shall be increased by 7%), unless and until
such annual budget of the Company is approved by the Board of Managers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) If, during the period covered by any Approved Budget, the
Operator determines that an adjustment to the budgeted expenditures set forth in such Approved Budget (other than a Permitted Variance or an Approved Capital Plan) is necessary or appropriate, then the Operator shall submit to the Board of Managers
for Supermajority Approval such additional line items as are necessary or required. The Board of Managers shall review the proposed adjustments to the Approved Budget promptly after receipt thereof. If the Board of Managers approves such adjustments
by Supermajority Approval, the Approved Budget shall be deemed to be modified to give effect to such adjustments. If the Board of Managers does not approve such adjustments by Supermajority Approval after such adjustments have been properly
presented at two or more meetings of the Board of Managers called in accordance with the requirements of </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be the first fiscal year not covered by the Initial Budget.
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this Agreement, then the Board of Managers shall be deemed to not have approved such adjustments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.07 <U>Deadlock</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) A &#147;<U>Deadlock Event</U>&#148; means, with respect to any Supermajority Approval Action, if (i)&nbsp;such matter is properly presented
at two or more meetings of the Board of Managers called in accordance with the requirements of this Agreement, (ii)&nbsp;there is a quorum present at such meetings with respect to such matter and (iii)&nbsp;such matter does not receive Supermajority
Approval. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Upon the occurrence of a Deadlock Event, either Member may give written notice (a &#147;<U>Deadlock Notice</U>&#148;) to the
other Member of its desire to have the disputed matter resolved in a meeting between representatives of each Member. Following the delivery of any Deadlock Notice, the Members shall negotiate in good faith to resolve the Deadlock Event. If any
Deadlock Event is not resolved within 30 days after the delivery of a Deadlock Notice, the Members shall escalate such Deadlock Event to the chief executive officers of each Member&#146;s Parent (the &#147;<U>Parent Executives</U>&#148;) for
resolution, and such Parent Executives shall consult and negotiate with each other in good faith (including at least one meeting in person, at a mutually acceptable time and place) to attempt to resolve such Deadlock Event within 21 days of such
escalation. If such Parent Executives are unable to resolve such Deadlock Event within 21 days after such Deadlock Event is submitted to them for resolution, then (i)&nbsp;unless the Deadlock Event relates to an Identified Action, the Board of
Managers shall be deemed to not have approved the relevant action and (ii)&nbsp;if the Deadlock Event relates to an Identified Action, such Deadlock Event shall be resolved in accordance with <U>Section</U><U></U><U>&nbsp;4.07(c)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) In the event that any Deadlock Event relating to an Identified Action has not been resolved within 12 months after delivery of a Deadlock
Notice, either Member may elect to submit the dispute for resolution by binding mediation administered by the American Arbitration Association (the &#147;<U>AAA</U>&#148;) pursuant to its Commercial Mediation Procedures then in existence (the
&#147;<U>Rules</U>&#148;) and in accordance with this <U>Section</U><U></U><U>&nbsp;4.07(c)</U>. The decision of the mediation panel (the &#147;<U>Mediation Panel</U>&#148;) shall be final and binding on each Member and the Company, shall be deemed
to have been approved by the Board of Managers in accordance with <U>Section</U><U></U><U>&nbsp;4.04</U>, and will not be subject to any appeal or proceedings to vacate, except on the grounds set forth in the Federal Arbitration Act, 9 U.S.C.
&#167;&nbsp;1, <U>et</U> <U>seq</U>. The decision of the Mediation Panel may be enforced in any court of competent jurisdiction. The Mediation Panel shall consist of three mediators (each of whom shall have appropriate industry expertise and at
least 15 years&#146; experience in the coal mining industry), one to be appointed by each Member and a third mediator to be chosen by the two Member-appointed mediators. Each mediator shall be independent of each Member and its Affiliates. If either
Member fails to appoint a mediator or the two Member-appointed mediators fail to appoint the third within the time periods described below, then the appointments shall be made by the AAA pursuant to the Rules. The mediation shall be held in St.
Louis, Missouri, and the proceeding shall be conducted and concluded as soon as reasonably practicable, based upon the schedule established by the Mediation Panel, but in any event the decision of the Mediation Panel shall be rendered within 15 days
following the conclusion of the hearing with respect to such dispute. The Mediation Panel shall act as a limited expert for the specific purposes of resolving the Deadlock Event but may not award </P>
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damages, interest or penalties to either Member with respect to any Deadlock Event. Each Member shall bear its own costs and expenses incurred in connection with the mediation, and each Member
shall bear 50% of the fees and expenses of the Mediation Panel and the costs of administration of the mediation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.08
<U>Emergencies</U>. In the event of an Emergency, notwithstanding anything to the contrary in this Agreement, the Operator is authorized to (a)&nbsp;make all notifications required under applicable Law to the appropriate Governmental Authorities,
(b)&nbsp;implement Emergency response and mitigation measures as are required by applicable Law or are otherwise deemed necessary or advisable by the Board of Managers or the Operator to respond to or mitigate the Emergency and (c)&nbsp;commence any
required remediation, maintenance or repair work necessary (i)&nbsp;for the assets and properties of the Company to operate safely and in compliance with applicable Law, (ii)&nbsp;for the Company to be in compliance with all applicable Laws and
(iii)&nbsp;to otherwise mitigate damage resulting from the Emergency. The Operator shall as promptly as reasonably practicable notify all the Managers in writing upon the occurrence of any Emergency and shall keep the Managers reasonably informed as
to the status thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.09 <U>Capital Projects</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Operator may from time to time submit to the Board of Managers and the Members a proposal for a capital project, including any
expansion of capacity of the Company&#146;s existing assets or development of an undeveloped mineral deposit, that is not reflected in the then-current Approved Budget (a &#147;<U>Proposed Capital Project</U>&#148;). Such proposal shall include
(i)&nbsp;the projected revenue, capital costs and operating costs for such Proposed Capital Project, (ii)&nbsp;the proposed Additional Capital Contributions to be made by the Members to fund such Proposed Capital Project, (iii)&nbsp;any external
financing proposed to be pursued in connection with such Proposed Capital Project and (iv)&nbsp;any other information which the Operator deems relevant to the consideration of such Proposed Capital Project. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Following the Members&#146; internal corporate approval processes, the Board of Managers shall consider such Proposed Capital Project at a
regularly scheduled meeting or a meeting called for such purpose. If the Board of Managers approves, by Supermajority Approval in accordance with <U>Section</U><U></U><U>&nbsp;4.04(b)</U>, such Proposed Capital Project, then the Operator shall be
authorized to proceed with such Proposed Capital Project in accordance with and on the terms so approved by the Board of Managers (an &#147;<U>Approved Capital Plan</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;V </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Percentage
Interests; Capital Contributions </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01 <U>Initial Capital Contributions</U>. In accordance with the terms of the
Implementation Agreement, contemporaneously with the execution of this Agreement, (a)&nbsp;the Peabody Member has made, or caused to be made, a Capital Contribution to the Company as contemplated by the Implementation Agreement in exchange for the
issuance by the Company of a Membership Interest to the Peabody Member and the assumption of the Peabody Assumed Liabilities (as defined in the Implementation Agreement) and (b)&nbsp;the Arch Member has made, or caused to be made, a Capital
Contribution to the Company as contemplated by the Implementation Agreement in exchange for the issuance by the Company of a Membership </P>
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Interest to the Arch Member and the assumption of the Arch Assumed Liabilities (as defined in the Implementation Agreement), such that, after giving effect to such transactions, the Members hold
the respective Percentage Interests as set forth on <U>Schedule</U><U></U><U>&nbsp;3.01</U> as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02
<U>Additional Capital Contributions</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) No Member shall be required to make any Capital Contribution to the Company in addition to,
or in excess of, such Member&#146;s Initial Capital Contribution pursuant to <U>Section</U><U></U><U>&nbsp;5.01</U>, other than, and in each case subject to <U>Section</U><U></U><U>&nbsp;5.02(b)</U>, (i)&nbsp;any Capital Contribution approved by the
Board of Managers in an amount necessary to fund the Operations in accordance with an Approved Budget or any Permitted Variance, (ii)&nbsp;any Capital Contribution required in connection with an Emergency, (iii)&nbsp;any Capital Contribution
approved by the Board of Managers in an amount necessary to fund an Approved Capital Plan and (iv)&nbsp;any other Capital Contribution approved by each Member in writing (each such Capital Contribution referred to in
<U>clauses</U><U></U><U>&nbsp;(i)</U>, <U>(ii)</U>, <U>(iii)</U> and <U>(iv)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;5.02(a)</U>, an &#147;<U>Additional Capital Contribution</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In the event that any Additional Capital Contribution is required to be made in accordance with <U>Section</U><U></U><U>&nbsp;5.02(a)</U>,
the Board of Managers shall deliver a written notice of such Additional Capital Contribution (a&nbsp;&#147;<U>Capital Call Notice</U>&#148;) to each Member, and each Member shall contribute in cash its pro rata portion (based on its then-applicable
Percentage Interest) of the aggregate amount of such Additional Capital Contribution, or shall cause such portion to be contributed in cash, to the Company on the Capital Call Date, in accordance with this <U>Section</U><U></U><U>&nbsp;5.02(b)</U>
and the Capital Call Notice. The Capital Call Notice shall specify in reasonable detail (i)&nbsp;the Section of this Agreement pursuant to which such Additional Capital Contribution is required to be made, (ii)&nbsp;the aggregate amount of such
Additional Capital Contribution, (iii)&nbsp;the amount of such Member&#146;s portion of the aggregate amount of such Additional Capital Contribution, which amount shall be in proportion to such Member&#146;s Percentage Interest, determined as of the
date of the Capital Call Notice, (iv)&nbsp;any applicable bank account information and (v)&nbsp;the date on which such Additional Capital Contribution is required to be made (the &#147;<U>Capital Call Date</U>&#148;), which date shall not be earlier
than the 15th&nbsp;day following the date of the Capital Call Notice unless otherwise determined by mutual written agreement of the Members. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If any Member fails to timely contribute, in accordance with <U>Section</U><U></U><U>&nbsp;5.02(b)</U> and the applicable Capital Call
Notice, all or any portion (the &#147;<U>Unfunded Amount</U>&#148;) of any Additional Capital Contribution that such Member (the &#147;<U>Defaulting Member</U>&#148;) is required to make in accordance with <U>Section</U><U></U><U>&nbsp;5.02(a)</U>,
the Defaulting Member shall be deemed to be in material breach of this Agreement and the Company and the <FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Member shall be entitled to pursue all remedies available at law or in equity against the
Defaulting Member, including the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Company may take all actions, including court proceedings, as the <FONT
STYLE="white-space:nowrap">non-Defaulting</FONT> Member may deem appropriate, to obtain payment by the Defaulting Member of the Unfunded Amount, together with interest at the Default Rate (as in effect on the Capital Call Date) from the Capital Call
Date until the date of such contribution, at the cost and expense of the Defaulting Member; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the <FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Member may,
in its sole discretion, advance all, but not less than all, of the Unfunded Amount to the Company, which advance may, at the option of the <FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Member, be deemed to be either: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) an additional Capital Contribution, in which case the Percentage Interest of each Member shall be adjusted to equal the
amount (expressed as a percentage) determined by dividing the total Capital Contributions made by such Member by the total Capital Contributions made by both Members; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) a loan from such <FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Member to the Company (a &#147;<U>Shortfall
Loan</U>&#148;) in the amount so advanced, which Shortfall Loan shall be advanced directly to the Company and shall bear interest at the Default Rate (as in effect on the date that such advance is made) from the date that such advance is made until
such Shortfall Loan is repaid in full (and repayment of such Shortfall Loan shall have priority over all Distributions of Distributable Cash or other distributions that would otherwise be payable to the Defaulting Member under
<U>Section</U><U></U><U>&nbsp;7.01</U> or <U>Section</U><U></U><U>&nbsp;7.02</U>). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Subject to the approval of each Member, the Members
may make loans to the Company, upon such terms and conditions as may be mutually agreed by the Members and the Company, in lieu of making any Additional Capital Contribution. Any such loan by a Member to the Company shall not be considered a Capital
Contribution and the making of such loan shall not result in any increase in such Member&#146;s Capital Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03
<U>Withdrawal of Capital</U>. Except as otherwise provided by this Agreement or the Delaware Act, no Member shall have the right to withdraw, or receive any return of, all or a portion of such Member&#146;s Capital Contributions, nor shall any
Member have the right to demand and receive any cash or other property in return for its Capital Contributions. Nothing in this <U>Section</U><U></U><U>&nbsp;5.03</U> shall limit the terms of <U>Section</U><U></U><U>&nbsp;3.06</U> or
<U>Section</U><U></U><U>&nbsp;11.02</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04 <U>Status of Capital Contributions</U>. The Members shall be liable only to
make their Capital Contributions pursuant to <U>Section</U><U></U><U>&nbsp;5.01</U> and <U>Section</U><U></U><U>&nbsp;5.02</U>, and no Member shall be required to lend any funds to the Company pursuant to this Agreement. No Member shall have any
personal liability for the payment of any Capital Contribution of any other Member. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05 <U>Capital </U><U>Accounts</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Company shall maintain for each Member an account to be designated its &#147;<U>Capital Account</U>&#148;. The Capital Account of
each Initial Member shall be equal to the value of such Member&#146;s Initial Capital Contribution, as set forth on <U>Schedule 5.05</U>, to which shall be added the value of any Additional Capital Contributions made by such Member. The Capital
Account of any Additional Member shall be equal to the value of its Initial Capital Contribution (including the value attributed to any <FONT STYLE="white-space:nowrap">non-cash</FONT> assets provided as Capital Contributions), to which shall be
added the value of any Additional Capital Contributions made by such Additional Member. A Member&#146;s Capital Account shall be increased by allocations to such Member of profits of the Company in accordance with
<U>Section</U><U></U><U>&nbsp;6.01</U>. A Member&#146;s Capital Account shall be </P>
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reduced by (i)&nbsp;the amount of cash distributed to such Member by the Company, (ii)&nbsp;the fair market value of any property distributed to such Member by the Company, net of liabilities
secured by the distributed property or subject to which such Member is considered to assume or take the distributed property (in each case, as determined in good faith by the Members in accordance with this Agreement), and (iii)&nbsp;allocations to
such Member of losses of the Company in accordance with <U>Section</U><U></U><U>&nbsp;6.01</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Member shall have a single
Capital Account that shall reflect its Membership Interest in the Company. If any Member Transfers its Membership Interest in accordance with the terms of this Agreement, the Transferee shall succeed to that portion of the Transferor&#146;s Capital
Account which is attributable to such Transferred Membership Interest. The Company shall maintain records to enable separate identification of Capital Contributions and Distributions to the extent related to separate Membership Interests. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply
with Regulations Sections <FONT STYLE="white-space:nowrap">1.704-1(b)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2</FONT> and shall be interpreted and applied in a manner consistent with such Regulations. In the event that the Board of
Managers shall determine that it is prudent to modify the manner in which the Capital Accounts, or any additions thereto or subtractions therefrom, are computed in order to comply with such Regulations, which for the avoidance of doubt includes any
modifications pursuant to <U>Section</U><U></U><U>&nbsp;6.04(b)</U>, the Board of Managers may make such modification, provided if such modification is likely to have a material effect on the amounts distributable to any Member pursuant to
<U>Article</U><U></U><U>&nbsp;VII</U> or <U>Article</U><U></U><U>&nbsp;XI</U> hereof, such modification shall require Supermajority Approval. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VI </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Allocations of
Profit and Loss; Tax Matters </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01 <U>Allocation of Net Profits and Net Losses</U>. Subject to the other provisions of
this <U>Article</U><U></U><U>&nbsp;VI</U>, for purposes of adjusting the Capital Accounts of the Members, the Net Profits, Net Losses and, to the extent necessary, individual items of income, gain, loss, credit and deduction, for any fiscal year
shall be allocated among the Members in a manner such that the Adjusted Capital Account of each Member, immediately after making such allocation is, as nearly as possible, equal (proportionately) to the distributions that would be made to such
Member pursuant to <U>Section</U><U></U><U>&nbsp;11.02</U> if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Value, all Company liabilities were satisfied (limited with respect to each
Nonrecourse Liability to the Gross Asset Value of the asset securing such liability), and the net assets of the Company were distributed in accordance with <U>Section</U><U></U><U>&nbsp;11.02</U> to the Members immediately after making such
allocation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02 <U>Special </U><U>Allocations</U>. Notwithstanding the foregoing provisions of this
<U>Article</U><U></U><U>&nbsp;VI</U>, the following special allocations shall be made in the following order of priority: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Minimum
Gain Chargeback</U>. If there is a net decrease in Company Minimum Gain during any Company taxable year, then each Member shall be allocated items of Company income and gain for such taxable year (and, if necessary, for subsequent years) in an
amount equal to such Member&#146;s share of the net decrease in Company Minimum Gain, determined in </P>
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accordance with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(g)(2).</FONT> This <U>Section</U><U></U><U>&nbsp;6.02(a)</U> is intended to comply with the minimum gain
chargeback requirement of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(f)</FONT> and shall be interpreted consistently therewith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Member Minimum Gain Chargeback</U>. If there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt during
any Company taxable year, then each Member who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(5),</FONT> shall
be specially allocated items of Company income and gain for such taxable year (and, if necessary, for subsequent years) in an amount equal to such Member&#146;s share of the net decrease in Member Minimum Gain attributable to such Member Nonrecourse
Debt, determined in a manner consistent with the provisions of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(4).</FONT> This <U>Section</U><U></U><U>&nbsp;6.02(b)</U> is intended to comply with the Member Nonrecourse Debt
minimum gain chargeback requirement of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(4)</FONT> and shall be interpreted consistently therewith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Qualified Income Offset</U>. If any Member unexpectedly receives an adjustment, allocation, or distribution of the type contemplated by
Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(</FONT><I>d</I>)(<I>4</I>), (<I>5</I>) or (<I>6</I>), then items of income and gain shall be allocated to all such Members (in proportion to the amounts of their respective
deficit Adjusted Capital Accounts) in an amount and manner sufficient to eliminate the deficit balance in the Adjusted Capital Account of such Member as quickly as possible. It is intended that this <U>Section</U><U></U><U>&nbsp;6.02(c)</U> qualify
and be construed as a &#147;qualified income offset&#148; within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(d)</FONT> and shall be interpreted consistently therewith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Limitation on Allocation of Net Loss</U>. If the allocation of Net Loss (or items of loss or deduction) to a Member as provided in
<U>Section</U><U></U><U>&nbsp;6.01</U> hereof would create or increase an Adjusted Capital Account deficit, then there shall be allocated to such Member only that amount of Net Loss (or items of loss or deduction) as will not create or increase an
Adjusted Capital Account deficit. The Net Loss (or items of loss or deduction) that would, absent the application of the preceding sentence, otherwise be allocated to such Member shall be allocated to the other Members in proportion to their
relative Percentage Interests, subject to the limitations of this <U>Section</U><U></U><U>&nbsp;6.02(d)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Certain Additional
Adjustments</U>. To the extent that an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section&nbsp;734(b) or Code Section&nbsp;743(b) is required, pursuant to Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(</FONT><I>m</I>)(<I>2</I>) or Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(</FONT><I>m</I>)(<I>4</I>), to be taken into account in determining Capital
Accounts as the result of a distribution to a Member in complete liquidation of its Membership Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset)
or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Members in accordance with their Membership Interests in the Company in the event that Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(</FONT><I>m</I>)(<I>2</I>) applies, or to the Members to whom such distribution was made in the event that Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(</FONT><I>m</I>)(<I>4</I>) applies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Nonrecourse Deductions</U>. The
Nonrecourse Deductions for each Company taxable year shall be allocated to the Members in proportion to their relative Percentage Interests. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Member Nonrecourse Deductions</U>. The Member Nonrecourse Deductions shall be
allocated each year to the Member that bears the economic risk of loss (within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.752-2)</FONT> for the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are
attributable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Curative Allocations</U>. The allocations set forth in <U>Section</U><U></U><U>&nbsp;6.02(a)</U> through
<U>Section</U><U></U><U>&nbsp;6.02(g)</U> hereof (the &#147;<U>Regulatory Allocations</U>&#148;) are intended to comply with certain requirements of Regulations Sections <FONT STYLE="white-space:nowrap">1.704-1(b)</FONT> and <FONT
STYLE="white-space:nowrap">1.704-2(i).</FONT> Notwithstanding the provisions of <U>Section</U><U></U><U>&nbsp;6.01</U>, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the
Members so that, to the extent possible, the net amount of such allocations of other items and the Regulatory Allocations to each Member shall be equal to the net amount that would have been allocated to each such Member if the Regulatory
Allocations had not occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03 <U>Tax Allocations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as provided in <U>Section</U><U></U><U>&nbsp;6.03(b)</U> hereof, for income tax purposes under the Code and the Regulations each
Company item of income, gain, loss, deduction and credit shall be allocated among the Members as its correlative item of &#147;book&#148; income, gain, loss, deduction or credit is allocated pursuant to this <U>Article</U><U></U><U>&nbsp;VI</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Tax items with respect to any Company asset that is contributed to the Company with a Gross Asset Value that varies from its basis in
the hands of the contributing Member immediately preceding the date of contribution shall be allocated among the Members for income tax purposes pursuant to Regulations promulgated under Code Section&nbsp;704(c) so as to take into account such
variation. The Company shall account for such variation using any method approved under Code Section&nbsp;704(c) and the applicable Regulations as chosen by the Board of Managers. If the Gross Asset Value of any Company asset is adjusted pursuant to
the definition of &#147;Gross Asset Value&#148; herein, subsequent allocations of income, gain, loss, deduction and credit with respect to such Company asset shall take account of any variation between the adjusted basis of such Company asset for
federal income tax purposes and its Gross Asset Value in a manner consistent with Code Section&nbsp;704(c) and the applicable Regulations using any method approved under Code Section&nbsp;704(c) and the applicable Regulations as chosen by the Board
of Managers. Any (i)&nbsp;recapture of Depreciation or any other item of deduction shall be allocated, in accordance with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.1245-1(e),</FONT> to the Members that received the benefit of such
deductions (taking into account the effect of remedial allocations), and (ii)&nbsp;recapture of tax credits shall be allocated to the Members in accordance with applicable Law. Tax credits of the Company shall be allocated among the Members as
provided in Regulations <FONT STYLE="white-space:nowrap">Sections&nbsp;1.704-(b)(4)(ii)</FONT> and <FONT STYLE="white-space:nowrap">1.704-1(b)(4)(viii).</FONT> If, as a result of an exercise of a noncompensatory option to acquire an interest in the
Company, a Capital Account reallocation is required under Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(s)(3),</FONT> the Company shall make corrective allocations pursuant to Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(4)(x).</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Allocations pursuant to
<U>Section</U><U></U><U>&nbsp;6.03(b)</U> are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member&#146;s Capital Account or share of Net Profits, Net Losses and any
other items or distributions pursuant to any provision of this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04 <U>Other Tax Provisions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For any fiscal year or other period during which any part of a Membership Interest in the Company is transferred between the Members or to
another person, the portion of the Net Profits, Net Losses and other items of income, gain, loss, deduction and credit that are allocable with respect to such part of a Membership Interest in the Company shall be apportioned between the transferor
and the transferee using any method allowed pursuant to Code Section&nbsp;706 and the applicable Regulations as chosen by the Board of Managers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In the event that the Code or any Regulations require allocations of items of income, gain, loss, deduction or credit different from those
set forth in this <U>Article</U><U></U><U>&nbsp;VI</U>, the Board of Managers is hereby authorized to make new allocations in reliance on the Code and such Regulations, and no such new allocation shall give rise to any claim or cause of action by
any Member. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) For purposes of determining a Member&#146;s proportional share of the Company&#146;s &#147;excess nonrecourse
liabilities&#148; within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.752-3(a)(3),</FONT> each Member&#146;s interest in Net Profits shall be such Member&#146;s Percentage Interest. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In accordance with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(4)(iii),</FONT> excess percentage depletion
deductions with respect to depletable property shall be allocated to the Members in accordance with the allocation of gross income from the property from which such deductions are derived. The term &#147;excess percentage depletion&#148; shall mean
the excess, if any, of deductions for percentage depletion as determined for tax purposes over the Gross Asset Value of the depletable property. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The Members acknowledge and are aware of the income tax consequences of the allocations made by this <U>Article</U><U></U><U>&nbsp;VI</U>
and hereby agree to be bound by the provisions of this <U>Article</U><U></U><U>&nbsp;VI</U> in reporting their shares of Net Profits, Net Losses and other items of income, gain, loss, deduction and credit for federal, state and local income tax
purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.05 <U>Partnership Audit Matters</U>. The Operator shall serve as the &#147;partnership representative&#148;
within the meaning of Code Section&nbsp;6223(a) (any person so designated as the partnership representative, the &#147;<U>Tax Representative</U>&#148;). If required by applicable Law, including Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;301.6223-1(b)(3),</FONT> the Tax Representative shall designate an individual Person (the &#147;<U>Designated Individual</U>&#148;) to act on behalf of the Tax Representative in applicable tax matters
and applicable proceedings with tax authorities. The Tax Representative and the Designated Individual shall act on behalf of the Company under Subchapter C of Section&nbsp;63 of the Code (relating to partnership audit proceedings) and in any tax
proceedings brought by other taxing authorities, and the Company and all Members shall be bound by the actions taken by the Tax Representative or the Designated Individual in such capacity. The Members, the Company, the Tax Representative and the
Designated Individual agree to make, in the manner prescribed by the Regulations, the election pursuant to Code Section&nbsp;6221(b) (the &#147;<U><FONT STYLE="white-space:nowrap">Opt-Out</FONT> Election</U>&#148;), for every taxable year of the
Company for which the <FONT STYLE="white-space:nowrap">Opt-Out</FONT> Election is available. In the event that the <FONT STYLE="white-space:nowrap">Opt-Out</FONT> Election is not available, following a reasonable period of time to permit the Members
to use commercially reasonable efforts to cooperate in determining the method for paying any &#147;imputed underpayment&#148; described in Code Section&nbsp;6225(c), any Member may direct, in its sole discretion, the Tax Representative and the
Designated Individual </P>
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to make, on a timely basis, the election provided by Code Section&nbsp;6226(a) (the &#147;<U><FONT STYLE="white-space:nowrap">Push-Out</FONT> Election</U>&#148;) to treat a &#147;partnership
adjustment&#148; as an adjustment to be taken into account by each Member in accordance with Code Section&nbsp;6226(b), and if so directed, the Tax Representative or the Designated Individual shall make the
<FONT STYLE="white-space:nowrap">Push-Out</FONT> Election; <U>provided</U> that, notwithstanding <U>Schedule 4.04(b)</U>, the making of the <FONT STYLE="white-space:nowrap">Push-Out</FONT> Election and any actions taken by the Tax Representative or
the Designated Individual in connection with making the <FONT STYLE="white-space:nowrap">Push-Out</FONT> Election shall not require Supermajority Approval. If the <FONT STYLE="white-space:nowrap">Push-Out</FONT> Election is made, the Company shall
furnish to each Member for the year under audit a statement reflecting the Member&#146;s share of the adjusted items as determined in the notice of final partnership adjustment, and each such Member shall take such adjustment into account as
required under Code Section&nbsp;6226(b) and shall be liable for any related interest, penalty, addition to tax, or additional amounts. With respect to any imputed underpayment to which Code Section&nbsp;6225 applies, (a)&nbsp;the Tax Representative
and the Designated Individual shall request that the IRS approve any modifications available under Code Section&nbsp;6225(c) that would reduce any imputed underpayment, the Company&#146;s allocable share, if any, of an imputed underpayment from any
lower-tier tax partnership, and interest, penalty, addition to tax, or additional amount that could be assessed and collected from the Company under Chapter 63 of the Code, including modifications arising as a result of a Member filing an amended
return pursuant to <U>clause (c)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.05</U> (&#147;<U>Company Level Taxes</U>&#148;), (b) the Company, the Tax Representative and the Designated Individual shall use commercially reasonable efforts to
ensure that any imputed underpayment is borne by the Members (or former Members) to whom the underpayment is attributable and to cause any reduction attributable to the status of a Member to be allocated to such Member (taking into account the
amendments described in <U>clause (c)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.05</U>) and (c)&nbsp;any Member may file an amended U.S. federal income tax return (as described in Code Section&nbsp;6225(c)(2)) that takes into account all
adjustments to the reviewed year of the Company properly allocable to such Member and pay any tax due with such return; <U>provided</U>,<U> however</U>, that no Member shall be required to file an amended U.S. federal income tax return without the
consent of such Member; <U>provided further</U> that notwithstanding <U>Schedule 4.04(b)</U>, any actions taken by the Tax Representative or the Designated Individual in connection with the filing of such amended tax return shall not require
Supermajority Approval. Each Member agrees to indemnify and hold harmless the Company, the Tax Representative and the Designated Individual from and against any liability with respect to such Member&#146;s proportionate share (taking into account
any reductions in accordance with <U>clause (c)</U>&nbsp;of the immediately preceding sentence and the effect of the <FONT STYLE="white-space:nowrap">Push-Out</FONT> Election, if made) of any Company Level Taxes in connection with a Company-level
tax audit of a taxable period during which such Member was a Member of the Company, regardless of whether such Member is a member of the Company in the year in which such Company Level Tax is actually imposed on the Company or becomes payable by the
Company as a result of such audit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.06 <U>Tax </U><U>Returns</U>. Except as otherwise provided for in this Agreement,
including <U>clause (ix)</U>&nbsp;of Item 19 of <U>Schedule 4.04(b)</U>, the Tax Representative shall, in any reasonable manner, prepare or cause to be prepared and file or cause to be filed for each Taxable Year of the Company all tax and
information returns that the Company is required to file. Each Member shall, upon request of the Company, supply any information necessary for the Company to prepare such tax returns. At least 75 days prior to the due date (taking into consideration
timely filed extensions) of any income tax return, and at least 30 days prior to the due date (taking into consideration timely filed extensions) of any Wyoming ad valorem and severance </P>
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tax return or Wyoming personal property tax return (the &#147;<U>Wyoming Returns</U>&#148;), the Tax Representative shall provide to each Member a draft of such tax return, together with all
supporting workpapers necessary to complete a review. Each Member shall provide comments on any draft income tax return at least 45&nbsp;days prior to the due date of any income tax return (taking into consideration timely filed extensions) and at
least 15 days prior to the due date of any Wyoming Return (and, in the case of any income tax return, each Member shall receive a copy of the final returns no later than August&nbsp;31 of each calendar year). For each Taxable Year of the Company,
the Tax Representative shall cause the Members to be provided, on a timely basis, with information needed by them to file their own tax returns by reason of their interest in the Company, including the applicable
<FONT STYLE="white-space:nowrap">Schedule&nbsp;K-1</FONT> to the Company&#146;s U.S.&nbsp;federal partnership tax return for such Taxable Year. Notwithstanding anything in this Agreement to the contrary, the Tax Representative shall be authorized to
engage a Third Party to assist it in performing its obligations under this <U>Article</U><U></U><U>&nbsp;VI</U>, and the costs and expenses of the Tax Representative incurred in connection with its obligations shall be reimbursed by the Company.
Each Member shall prepare and file its tax returns in a manner consistent with the positions taken by the Company in its tax returns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.07 <U>Tax </U><U>Elections</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Company shall make the following elections for all partnership income tax returns: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to elect the calendar year as the Company&#146;s fiscal year if permitted by applicable law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) to elect the accrual method of accounting; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to elect to treat all organizational and start up costs of the Company as deferred expenses amortizable over 180 months
under Sections 195 and 709 of the Code; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) to make an election to adjust the basis of the Company property with respect
to a Member under Code Section&nbsp;754 at the request of the Member; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) to annually elect out of bonus depreciation for
purposes of Code Section&nbsp;168(k); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) to include cost depletion and percentage depletion as a component of costs
of goods sold in accordance with Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.263A-1(e)(3)(ii)(J),</FONT> Code Section&nbsp;471 and the Treasury Regulations thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Board of Managers, in its reasonable discretion, may cause the Company to make or decline to make, or to revoke or seek to revoke, any
other election which the Company may make under the tax laws. The Members agree to provide information reasonably requested by the Board of Managers in order to ensure compliance with the requirements of these rules. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.08 <U>Taxation as Partnership</U>. The Company shall be treated as a
partnership for U.S.&nbsp;federal, state, local and foreign tax purposes and the Members agree to take all reasonable actions, including the amendment hereof (so long as such amendment does not materially adversely affect any Member or its
Affiliates) and the execution of other documents, as may reasonably be required to qualify for and receive such treatment and further agree not to take any position or make any election, in a tax return or otherwise, inconsistent therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.09 <U>Withholding</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Tax Representative, with Supermajority Approval by the Board of Managers, may cause the Company to withhold from payments or
distributions to a Member or payments received by the Company to the extent allocable to any Member and to pay over to any Governmental Authority on behalf of such Member any amount required to be so withheld or paid pursuant to the Code or any
other federal, foreign, state or local Law, and any amount so withheld or otherwise paid with respect to any such payment, distribution or allocation shall be treated for all purposes of this Agreement as paid, distributed or allocated, as
applicable, to the applicable Member. Each Member hereby agrees to indemnify and hold harmless the Company, the Tax Representative, the other Members and the Board of Managers from and against any liability for taxes (including penalties, interest
or other additions to tax) required to be withheld from distributions to or payments with respect to such Member. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Upon the
Company&#146;s request, each Member shall promptly provide to the Company a duly completed and executed IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT> or the appropriate IRS Form <FONT STYLE="white-space:nowrap">W-8</FONT> and such other
information as may be reasonably requested by the Company (including without limitation an affidavit of <FONT STYLE="white-space:nowrap">non-foreign</FONT> status pursuant to Code Section&nbsp;1446(f)(2)) in order for the Company to accurately
determine its withholding obligation, if any. A Member making a Transfer permitted by this Agreement shall (i)&nbsp;at least ten Business Days prior to the consummation of such Transfer, deliver to the Company an affidavit of <FONT
STYLE="white-space:nowrap">non-foreign</FONT> status with respect to such Member that satisfies the requirements of Code Section&nbsp;1446(f)(2), or (ii)&nbsp;no more than 15 Business Days following such Transfer, provide to the Company proof that
the Transferee has properly withheld and remitted to the IRS the amount of tax required to be withheld upon the Transfer by Code Section&nbsp;1446(f). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VII </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Distributions
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01 <U>Monthly Distributions</U>. Subject to <U>Section</U><U></U><U>&nbsp;4.04</U> and
<U>Section</U><U></U><U>&nbsp;7.03</U>, not later than 15&nbsp;days after the end of each calendar month, the Board of Managers shall determine the amount of Distributable Cash, if any, with respect to such month and shall declare, and the Company
shall distribute to each Member not later than the fifth Business Day after such declaration, a Distribution in an amount in cash equal to the product of (i)&nbsp;such Member&#146;s Percentage Interest, determined as of the close of business on the
last day of such month, <U>multiplied by</U> (ii)&nbsp;all Distributable Cash, if any, with respect to such month (subject to <U>Section</U><U></U><U>&nbsp;5.02(c)</U><U>(ii)(B)</U> with respect to any outstanding Shortfall Loans). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02 <U>Other Distributions</U>. Subject to <U>Section</U><U></U><U>&nbsp;4.04</U> and <U>Section</U><U></U><U>&nbsp;7.03</U>,
and without limiting <U>Section</U><U></U><U>&nbsp;7.01</U>, the Board of Managers may declare at any time and from time to </P>
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time, and if the Board of Managers so declares, the Company shall distribute to each Member, a Distribution in an amount in cash (or such other property as determined by the Board of Managers by
Supermajority Approval) equal to the product of (i)&nbsp;such Member&#146;s Percentage Interest, determined as of the close of business on the date of the Board of Managers&#146; declaration of such Distribution, <U>multiplied by</U> (ii)&nbsp;the
aggregate amount so determined to be distributed (subject to <U>Section</U><U></U><U>&nbsp;5.02(c)(ii)(B)</U> with respect to any outstanding Shortfall Loans). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03 <U>Limitations</U><U> on Distributions</U>. Notwithstanding any provision to the contrary contained in this Agreement, the
Company shall not make any Distribution if such Distribution would violate <FONT STYLE="white-space:nowrap">Section&nbsp;18-607</FONT> of the Delaware Act or other applicable Law, or the terms of any credit facility or any financing arrangement of
the Company or any of its Subsidiaries, but shall instead make such Distribution as soon as practicable after such time, if any, as of which the making of such Distribution shall have ceased to cause any such violation. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VIII </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Books and
Records; Accounting </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01 <U>Books and Records</U>. The Company shall at all times maintain, at its principal place of
business, separate books of account for the Company that shall show a true and accurate record of all costs and expenses incurred (including those paid to the Operator), all charges made, all credits made and received and all income derived in
connection with the operation of the Company in accordance with GAAP, consistently applied, and, to the extent inconsistent therewith, in accordance with this Agreement. Such books of account, together with a copy of this Agreement, its Exhibits and
Schedules, the Certificate of Formation, copies of the Company&#146;s U.S.&nbsp;federal, state, local and foreign tax returns and reports, if any, and financial statements of the Company (collectively, the &#147;<U>Company Records</U>&#148;) shall
at all times be maintained at the principal place of business of the Company and shall, subject to applicable Laws relating to the exchange of information, be available for inspection, examination and copying at reasonable times and on reasonable
notice by any Member and its duly authorized Representatives for any purpose reasonably related to such Member&#146;s interest in the Company, and the Company shall take any other actions as any Member may reasonably request for the purposes of
complying with any legal or regulatory reporting requirement to which such Member or its Affiliates may be subject from time to time. Any Member requesting access to books and records of the Company shall reimburse the Company for any costs
reasonably incurred by it in connection therewith. The Company shall, subject to applicable Laws relating to the exchange of information, provide such Company Records as may be reasonably requested by any Manager and necessary for any meeting of the
Board of Managers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02 <U>Banking</U>. All funds of the Company received from any and all sources shall be deposited in the
Company&#146;s name in such separate accounts as shall be determined by the Board of Managers or the Operator. In connection with the maintenance of such bank accounts, the Board of Managers or the Operator shall designate those individuals who will
have authority to disburse funds from such bank accounts on behalf of the Company in connection with its activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03
<U>Information</U><U> Rights</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Company shall deliver to each Member: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) as soon as practicable, but in any event within (A)&nbsp;seven Business Days after the end of each month (other than the
last month of each Fiscal Year) and (B)&nbsp;fourteen Business Days after the end of the last month of each Fiscal Year, unaudited trial balances of the Company as of such month end; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) as soon as practicable, but in any event within ten Business Days, after the end of each of the first three quarters of
each Fiscal Year, (A)&nbsp;an unaudited balance sheet of the Company as of the end of such fiscal quarter and (B)&nbsp;unaudited statements of income and cash flows of the Company and Members&#146; equity in the Company for such fiscal quarter and
for the current Fiscal Year to date; <U>provided</U> that any footnotes and other disclosure items required to comply with applicable securities Laws and the applicable rules of any stock exchange to which the Parent of either Member is subject
shall be delivered within fifteen Business Days after the end of the applicable quarter; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) as soon as practicable, but
in any event within fifteen Business Days, after the end of each Fiscal Year, (A)&nbsp;an unaudited balance sheet of the Company as of the end of such Fiscal Year and (B)&nbsp;unaudited statements of income and cash flows of the Company and
Members&#146; equity in the Company for such Fiscal Year; <U>provided</U> that any footnotes and other disclosure items (other than audited financial statements) required to comply with applicable securities Laws and the applicable rules of any
stock exchange to which the Parent of either Member is subject shall be delivered within 20 Business Days after the end of each Fiscal Year; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) as soon as practicable, but in any event within 45&nbsp;days, after the end of each Fiscal Year, (A)&nbsp;a balance sheet
of the Company as of the end of such Fiscal Year and (B)&nbsp;statements of income and cash flows of the Company and Members&#146; equity in the Company for such Fiscal Year, in each case audited by the Company Auditor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) as soon as practicable, but in any event within eight Business Days, after the end of each month (other than the last month
of each quarter of each Fiscal Year), (A)&nbsp;an unaudited balance sheet of the Company as of the end of such month and (B)&nbsp;unaudited statements of income and cash flows of the Company and Members&#146; equity in the Company for such month;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) as soon as practicable, but in any event within three Business Days, after the end of each quarter of each Fiscal
Year, a forecast statement of income of the Company for the remainder of the then-current Fiscal Year, including supplementary forecast annual tax provision data; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) such other information relating to the business, financial condition, results of operations or taxes of the Company as
such Member may from time to time reasonably request in such Member&#146;s capacity as a Member, as soon as reasonably practicable after any such request therefor; <U>provided</U>, <U>however</U>, that the
</P>
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Company shall not be required pursuant to this <U>Section</U><U></U><U>&nbsp;8.03(a)</U> to provide any information the disclosure of which to the requesting Member (A)&nbsp;would adversely
affect any attorney-client or similar privilege or work-product protection or (B)&nbsp;would be prohibited by applicable Laws relating to the exchange of information; <U>provided further</U> that, if the Company withholds in accordance with the
immediately preceding proviso any information requested by a Member in accordance with this <U>Section</U><U></U><U>&nbsp;8.03(a)</U>, the Company shall, to the fullest extent permitted by applicable Law, inform such Member of the general nature of
such information and use commercially reasonable efforts to modify the form of disclosure so as to permit the disclosure of such information to such Member without adversely affecting any such privilege or protection or violating applicable Law.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If, for any period for which financial information is required to be delivered to the Members pursuant to
<U>Section</U><U></U><U>&nbsp;8.03(a)</U>, the Company has any Subsidiary whose accounts are consolidated with those of the Company, then, with respect to such period, the financial information delivered in accordance with
<U>Section</U><U></U><U>&nbsp;8.03(a)</U> shall be the consolidated and consolidating financial information of the Company and each such consolidated Subsidiary. All financial information prepared and delivered pursuant to
<U>Section</U><U></U><U>&nbsp;8.03(a)</U> shall be prepared in accordance with GAAP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Sections
<FONT STYLE="white-space:nowrap">18-305(a)</FONT> and <FONT STYLE="white-space:nowrap">18-305(b)</FONT> of the Delaware Act shall not apply to the Company. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;IX </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Liability,
Exculpation and Indemnification </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01 <U>Liability</U>. Except as otherwise provided by the Delaware Act, the debts,
obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member or other Covered Person shall be obligated personally for any such debt,
obligation or liability of the Company by reason of being a Member or other Covered Person. Except as expressly provided herein, no Member, in its capacity as such, shall have liability to the Company or any other Member hereunder. No Member or
former Member shall be liable for the Capital Contributions of, the return of the Capital Contributions of, or any Distribution to, any other Member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02 <U>Exculpation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) No Covered Person shall be liable to the Company or any other Covered Person for any costs, expenses, damages or other liability incurred
by reason of any act or omission (in relation to the Company or this Agreement) performed or omitted by such Covered Person in good faith on behalf of the Company; <U>provided</U> that a Covered Person shall be liable for any such costs, expenses,
damages or other liability resulting from (i)&nbsp;any gross negligence, fraud or willful misconduct of such Covered Person or (ii)&nbsp;any such act or omission that such Covered Person does not reasonably believe to be within the scope of
authority conferred on such Covered Person by this Agreement. This <U>Section</U><U></U><U>&nbsp;9.02</U> is not intended to alter or expand the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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rights or obligations that a Covered Person may have under any Applicable Agreement with the Company or its Subsidiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within such other Person&#146;s professional or expert competence, including information, opinions, reports or statements as to the
value and amount of the assets, liabilities or any other facts pertinent to the existence and amount of assets from which Distributions to Members might properly be paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03 <U>Fiduciary</U><U> Duty</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) To the fullest extent permitted by applicable Law (including <FONT STYLE="white-space:nowrap">Section&nbsp;18-1101</FONT> of the Delaware
Act), no Member, Operator or Affiliate of any of the foregoing acting under this Agreement shall have any fiduciary or similar duty, at law or in equity, or any liability relating thereto, to the Company or any other Member, Operator or Affiliate of
any of the foregoing, with respect to or in connection with the Company or the Company&#146;s business or affairs. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Member, Operator or Affiliate of
any of the foregoing otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of such Member, Operator or Affiliate of any of the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Without limitation of <U>Section</U><U></U><U>&nbsp;4.01(h)</U>, each Manager shall have the same fiduciary duties as a member of a board
of directors of a Delaware corporation (assuming such corporation had in its certificate of incorporation a provision eliminating the liabilities of directors as provided in Section&nbsp;102(b)(7) of the Delaware General Corporation Law);
<U>provided</U>, <U>however</U>, that each Manager shall be permitted to take into account the interests of the Member that designated such Manager in the course of discharging such Manager&#146;s fiduciary duties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04 <U>Indemnification</U>. To the fullest extent permitted by applicable Law, the Company shall indemnify each Covered Person
for any cost, expense, damage or other liability incurred by such Covered Person by reason of (a)&nbsp;(i) any Assumed Liabilities (as defined in the Implementation Agreement) or (ii)&nbsp;any Outstanding Financial Assurances (as defined in the
Implementation Agreement), including all claims or premiums payable thereunder and all direct and indirect costs incurred in connection with furnishing and maintaining any collateral (including cash collateral and letters of credit) required
thereunder (except as required pursuant to <U>Section</U><U></U><U>&nbsp;3.09</U>), (b) any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope
of authority conferred on such Covered Person by this Agreement or (c)&nbsp;any Proceeding seeking any such amount or otherwise relating to any such act or omission or the fact that such Person is or was a Covered Person, except that no Covered
Person shall be entitled to be indemnified with respect to any cost, expense, damage or other liability to the extent incurred by such Covered Person by reason of (i)&nbsp;the gross negligence, fraud or willful misconduct of such Covered Person,
(ii)&nbsp;any such act or omission that such Covered Person does not reasonably believe to be within the scope of authority conferred on such Covered Person by this Agreement or (iii)&nbsp;any Proceeding initiated by such Covered Person (other than
a Proceeding to enforce such Covered Person&#146;s rights under this <U>Section</U><U></U><U>&nbsp;9.04</U>); <U>provided</U> that any indemnity under this </P>
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<U>Section</U><U></U><U>&nbsp;9.04</U> shall be provided out of and to the extent of Company assets only, and no other Covered Person shall have any personal liability on account thereof. The
Company hereby agrees that it is the indemnitor of first resort (<I>i.e.</I>, its indemnification and advancement of expenses obligations to any Covered Person under this Agreement are primary and any separate obligation that any Member or Affiliate
thereof may have to provide indemnification or advancement of expenses for the same costs, expenses, damages or other liabilities incurred by such Covered Person is secondary), and if any Member or Affiliate thereof pays or causes to be paid, for
any reason, any amounts otherwise indemnifiable hereunder or under any other indemnification agreement (whether pursuant to any Contract, any organizational documents or otherwise) with any Covered Person, then (x)&nbsp;such Member or Affiliate
thereof shall be fully subrogated to all rights of such Covered Person with respect to such payment and (y)&nbsp;the Company shall reimburse such Member or Affiliate thereof for the payments actually made. This <U>Section</U><U></U><U>&nbsp;9.04</U>
is not intended to alter or expand the rights or obligations that a Covered Person may have under any Applicable Agreement with the Company or its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.05 <U>Expenses</U>. To the fullest extent permitted by applicable Law, reasonable expenses (including reasonable legal fees)
incurred by a Covered Person in defending any Proceeding subject to indemnification pursuant to <U>Section</U><U></U><U>&nbsp;9.04</U> shall, from time to time, be advanced by the Company to the Covered Person prior to the final disposition of such
Proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be determined that the Covered Person is not entitled to indemnification with respect thereto pursuant to
<U>Section</U><U></U><U>&nbsp;9.04</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.06 <U>Insurance</U>. The Company may purchase and maintain insurance, to the
extent and in such amounts as the Board of Managers by resolution shall deem reasonable or appropriate, on behalf of Covered Persons and such other Persons as the Board of Managers by resolution shall determine, against any liability that may be
asserted against or expenses that may be incurred by any such Person in connection with the activities of the Company or any indemnities provided by the Company, regardless of whether the Company would have the power to indemnify such Person against
such liability under the provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.07 <U>Other Procedures</U>. The Members and the Company may enter
into indemnity contracts with Covered Persons and such other Persons as the Board of Managers shall determine and adopt written procedures pursuant to which arrangements are made for the advancement of expenses and the funding of obligations under
<U>Section</U><U></U><U>&nbsp;9.04</U> and <U>Section</U><U></U><U>&nbsp;9.05</U> and containing such other procedures regarding indemnification as are consistent with the provisions of this Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;X </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Transfer of
Membership Interests; Redemption </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01 <U>Transfer of Membership Interests Generally</U>. No Member may, directly or
indirectly, Transfer or permit any Transfer of all or any portion of the Membership Interest directly or indirectly owned by such Member to any Person, unless (a)&nbsp;such Transfer is specifically permitted by, and consummated in accordance with,
this <U>Article</U><U></U><U>&nbsp;X</U>, (b)&nbsp;in the event such Transfer is not to another Member, the Transferee shall execute and deliver to the Company an Adoption Agreement and (c)&nbsp;either (i) such Transfer is pursuant to an effective
registration </P>
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statement under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), and has been registered under all applicable state securities or &#147;blue sky&#148; Laws or
(ii)&nbsp;no such registration is required because of the availability of an exemption from registration under the Securities Act and any applicable state securities or &#147;blue sky&#148; Laws. Any Transferee of a Member&#146;s Membership Interest
shall be bound by the terms and provisions of this Agreement that apply to such Member specifically, in addition to terms and provisions of this Agreement that generally apply to any Member, and such Transferee shall assume or shall otherwise
satisfy or discharge any obligations and commitments of such Member and its Affiliates. All rights that are applicable to a specific Member hereunder (including the right to designate Managers pursuant to <U>Section</U><U></U><U>&nbsp;4.01(b)</U>)
shall be Transferable in connection with a valid Transfer hereunder. To the fullest extent permitted by applicable Law, any purported Transfer of any Membership Interest in breach of this Agreement shall be null and void ab initio, and neither the
Company nor the Members shall recognize the same. Any Member who Transfers or attempts to Transfer any Membership Interest except in compliance herewith shall be liable to, and shall indemnify and hold harmless, the Company and the other Members for
all costs, expenses, damages and other liabilities resulting therefrom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02 <U>Permitted </U><U>Transfers</U>. Subject to
the restrictions set forth in this <U>Article</U><U></U><U>&nbsp;X</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) each Member may Transfer all, but not less than all, of its
Membership Interest to a Wholly Owned Affiliate of such Member that is organized under the Laws of any state of the United States of America (an &#147;<U>Affiliate Transferee</U>&#148;), subject to <U>Section</U><U></U><U>&nbsp;6.03(c)</U>;
<U>provided</U>, <U>however</U>, that (i)&nbsp;such Transferor shall remain responsible for the obligations and commitments owed to the Company, with respect to such Membership Interest, on or before the date of such Transfer, (ii)&nbsp;if the
Parent or any other Affiliate of such Transferor has provided a Guarantee to the Company in respect of any of such Transferor&#146;s agreements, covenants or other obligations owed to the Company or the Members, such Guarantee shall remain in full
force and effect and such Parent or other Affiliate shall remain responsible for the agreements, covenants or other obligations of such Transferor and such Affiliate Transferee owed to the Company or the Members thereunder, and (iii)&nbsp;such
Transfer shall not subject the Company to, and shall not be reasonably likely to subject the Company to, any regulatory or tax obligations (other than immaterial tax reporting obligations) that would not otherwise be applicable to the Company if
such Transfer were not to occur. In the event that subsequent to any such Transfer, the Company becomes, or is reasonably likely to become, subject to any such regulatory or tax obligations (other than immaterial tax reporting obligations) as a
result of such Transfer or the identity of such Affiliate Transferee, then such Transferor (or such initial Transferor, as applicable) shall cause such Affiliate Transferee to Transfer its Membership Interest back to such Transferor and, pending
such Transfer back, all rights of the Affiliate Transferee (and any Manager appointed by such Affiliate Transferee) under this Agreement (but not such Affiliate Transferee&#146;s obligations) shall be immediately suspended; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) at any time after the first anniversary of the date hereof, each Member may Transfer all, but not less than all, of its Membership Interest
to any Third Party in accordance with <U>Section</U><U></U><U>&nbsp;10.01</U>, <U>Section</U><U></U><U>&nbsp;10.03</U>, <U>Section</U><U></U><U>&nbsp;10.05</U> and <U>Section</U><U></U><U>&nbsp;10.06</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.03 <U>No </U><U>Publicly</U><U> Traded Partnership</U>. Notwithstanding
anything in this Agreement to the contrary, no Transfer of any Membership Interest may be made if, in the reasonable determination of the Board of Managers, such Transfer would result in the Company being treated as a &#147;publicly traded
partnership&#148; within the meaning of Code Section&nbsp;7704(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.04 <U>Encumbrances</U>. The pledge or granting of a
Permitted Encumbrance against any Member&#146;s Membership Interest shall not be deemed to be a Transfer subject to the restrictions of this <U>Article</U><U></U><U>&nbsp;X</U>. Any foreclosure or exercise of other secured party remedies with
respect to any such Permitted Encumbrance shall be deemed to be a Transfer subject to the restrictions of this <U>Article</U><U></U><U>&nbsp;X</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.05 <U>Right of </U><U>First</U><U> Refusal</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) In the event that any Member (the&nbsp;&#147;<U>Selling Member</U>&#148;) receives from any prospective Transferee other than any Member
and other than any Person that qualifies as an Affiliate Transferee of the Selling Member (such prospective Transferee, the&nbsp;&#147;<U>Offeror</U>&#148;) a&nbsp;bona fide written offer (the &#147;<U>Offer</U>&#148;) to directly or indirectly
purchase all, but not less than all, of the Membership Interest owned by the Selling Member (such Membership Interest, the &#147;<U>Offered Interest</U>&#148;) in any transaction or series of related transactions on terms that the Selling Member is
willing to accept, the Selling Member shall, as promptly as practicable but in no event later than five&nbsp;Business Days after the Selling Member&#146;s receipt of the Offer, provide written notice thereof (the &#147;<U>Offer Notice</U>&#148;) to
the Company and the Member that is not the Selling Member (the &#147;<U><FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member</U>&#148;). The Offer Notice shall set forth (i)&nbsp;the aggregate Percentage Interest represented by the Offered
Interest (which shall be all of the Percentage Interest owned by the Selling Member), (ii)&nbsp;the identity of the Offeror, (iii)&nbsp;the type and amount of consideration proposed to be paid for the Offered Interest (including a description of any
proposed <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration), (iv)&nbsp;the terms of the Offeror&#146;s financing, if any, and (v)&nbsp;any other material terms or conditions of the Offer (collectively, the &#147;<U>Offer
Terms</U>&#148;) and shall include copies of all documentation relating to the Offer, including all offer letters, term sheets and written draft Contracts proposed to be entered into in connection therewith; <U>provided</U> that, in the event that
the Offer is part of a broader transaction involving the Selling Member or an Affiliate thereof, the determination of the portion of the consideration for such transaction constituting the proposed purchase price for the Offered Interest for the
purposes of a Matching Offer shall be made by an Appraiser selected by the Selling Member and reasonably acceptable to the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member may, within 45 days after the date of the Offer Notice (5:00 p.m. (New York
City time) on such 45th day, the &#147;<U>ROFR Deadline</U>&#148;), irrevocably offer to purchase all, but not less than all, the Offered Interest pursuant to and in accordance with <U>Section</U><U></U><U>&nbsp;10.05(c)</U> by providing written
notice of such offer to purchase the Offered Interest (a &#147;<U>ROFR Election Notice</U>&#148;) to the Company and the Selling Member prior to the ROFR Deadline. Any such ROFR Election Notice shall contain a bona fide, binding, fully financed
offer on behalf of the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member on the Offer Terms, it being agreed that if any of the Offer Terms include <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration, the <FONT
STYLE="white-space:nowrap">Non-Selling</FONT> Member may substitute cash of equivalent value (any such offer made pursuant to and in accordance with this <U>Section</U><U></U><U>&nbsp;10.05(b)</U>, a &#147;<U>Matching Offer</U>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If a valid and timely Matching Offer is made, the Selling Member shall be entitled, in
its sole discretion, either to continue to hold the Offered Interest or to Transfer all, but not less than all, the Offered Interest to the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member on the terms and conditions of the Matching Offer.
Within ten Business Days after receipt of such Matching Offer, the Selling Member shall notify the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member and the Company of whether the Selling Member elects to accept the Matching Offer (a
&#147;<U>ROFR Acceptance</U>&#148;) or decline the Matching Offer and continue to hold the Offered Interest. If no such notice is delivered prior to the expiration of such <FONT STYLE="white-space:nowrap">ten-Business</FONT> Day period, the Selling
Member shall be deemed to have declined the Matching Offer. If the Selling Member delivers a ROFR Acceptance, the closing of the Transfer of the Offered Interest contemplated by the Matching Offer pursuant to this
<U>Section</U><U></U><U>&nbsp;10.05</U> (the &#147;<U>ROFR Closing</U>&#148;) shall occur not later than the later of (i)&nbsp;30&nbsp;days after the delivery of the ROFR Acceptance and (ii)&nbsp;five&nbsp;Business Days after the date on which all
of the following conditions are satisfied or (to the extent permitted by applicable Law) waived by the applicable Member, or, subject to such satisfaction or waiver, on such other date as the Selling Member and the
<FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member may mutually agree upon: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) there shall not be in effect any
Law or Order that enjoins, restrains, prohibits or makes illegal the ROFR Closing; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) there shall have been obtained
all material consents and approvals from Governmental Authorities that are required for each of the Selling Member and the Non-Selling Member, as applicable, to effect the ROFR Closing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) At the ROFR Closing, (i)&nbsp;the Non-Selling Member shall deliver to the Selling Member the aggregate purchase price for the Offered
Interest set forth in the Matching Offer and (ii)&nbsp;the Selling Member shall deliver to the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member good and marketable title to the Offered Interest, free and clear of all Encumbrances, pursuant
to and in accordance with definitive agreements customary for such transactions and reasonably acceptable to the Selling Member and the Non-Selling Member; <U>provided</U>, <U>however</U>, that the representations and warranties to be made by the
Selling Member shall be limited to the following customary representations and warranties related to authority, ownership and the ability to convey title to the Offered Interest (and the Selling Member shall agree to indemnify the Non-Selling Member
for breach of such representations and warranties): (w)&nbsp;the Selling Member holds all right, title and interest in and to the Offered Interest that the Selling Member purports to hold, free and clear of all Encumbrances, (x)&nbsp;the obligations
of the Selling Member in connection with the transaction have been duly authorized, (y)&nbsp;the documents to be entered into by the Selling Member have been duly executed by the Selling Member and delivered to the
<FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member and are enforceable against the Selling Member in accordance with their respective terms and (z)&nbsp;neither the execution and delivery of documents to be entered into in connection with
such transaction, nor the performance of the Selling Member&#146;s obligations thereunder, will cause a breach or violation of the terms of any material Contract to which the Selling Member is a party or Law or Order applicable to the Selling Member
(collectively, the &#147;<U>Required Representations</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If a Matching Offer for all of the Offered Interest is not set forth
in a ROFR Election Notice prior to the ROFR Deadline, the Selling Member shall be entitled, in its sole discretion, either to continue to hold the Offered Interest or to Transfer all, but not less than all,
</P>
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the Offered Interest to the Offeror at a price no less than the price pursuant to, and on other terms no more favorable to the Offeror than those of, the Offer Terms within 60&nbsp;days following
the ROFR Deadline (which period shall be extended by any period of time required to comply with applicable Law or the requirements of any Governmental Authority). In the event that the Selling Member shall not have consummated such Transfer within
such period, any subsequent Transfer of the Offered Interest shall be subject to this <U>Section</U><U></U><U>&nbsp;10.05</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The
Company and each Member shall reasonably cooperate in connection with, and shall, as reasonably requested, take (or cause to be taken) all actions and execute (or cause to be executed) all instruments, in each case reasonably necessary or
appropriate to effect, the Transfer of the Offered Interest to the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member or the Offeror, as applicable, pursuant to and in accordance with this <U>Section</U><U></U><U>&nbsp;10.05</U>;
<U>provided</U>, <U>however</U>, that neither the Company nor any Member shall be obligated to offer any consideration (except as expressly provided in this <U>Section</U><U></U><U>&nbsp;10.05</U>), agree to any restriction or modify the rights and
obligations of such Person under this Agreement in connection therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The obligations of the Selling Member and the rights of the <FONT
STYLE="white-space:nowrap">Non-Selling</FONT> Member set forth in this <U>Section</U><U></U><U>&nbsp;10.05</U> shall apply to each Offer made with respect to any Offered Interest, including any amendment to a prior Offer for which an Offer Notice
has previously been delivered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.06 <U>Tag-</U><U>Along</U><U> Rights</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If (i)&nbsp;a Selling Member proposes to Transfer all or any portion of its Membership Interest to a Third Party, (ii)&nbsp;such Selling
Member has complied with <U>Section</U><U></U><U>&nbsp;10.05</U>, (iii) the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member has elected not to make a Matching Offer or has failed to deliver a ROFR Election Notice prior to the ROFR
Deadline, (iv)&nbsp;such Selling Member is proceeding with the Transfer of the Offered Interest pursuant to <U>Section</U><U></U><U>&nbsp;10.05(e)</U> and (v)&nbsp;such Selling Member&#146;s total Membership Interest represents a Percentage Interest
of 50% or more, then such Selling Member shall make an offer (a &#147;<U><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer</U>&#148;) to the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member to include in the proposed Transfer (the
&#147;<U><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Transfer</U>&#148;), on substantially the same terms and conditions (including a pro rata portion, based on the relative Percentage Interest Transferred by each Member in such <FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Transfer, of the aggregate consideration attributable to the Membership Interests in such <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Transfer) set forth in the Offer Notice, all or a portion (as the
case may be) of the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member&#146;s Membership Interest in accordance with this <U>Section</U><U></U><U>&nbsp;10.06</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each of the Selling Member and the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member shall have the right to Transfer in a <FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Transfer a Percentage Interest equal to the product of (i)&nbsp;the Percentage Interest of such Selling Member or <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member, as the case may be (expressed
as a decimal) <U>multiplied by</U> (ii)&nbsp;the aggregate Percentage Interest that the Offeror proposes to buy as stated in the Offer Notice (expressed as a percentage). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer may be accepted by the <FONT STYLE="white-space:nowrap">Non-Selling</FONT>
Member at any time within 20 days after the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member&#146;s receipt of the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer, which acceptance must be made by delivery of a written notice
indicating such acceptance to the Selling Member. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Selling Member may elect in its sole discretion to terminate the proposed Transfer
of any of its Membership Interest in the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Transfer (and shall not otherwise be deemed to owe any duty or responsibility to the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member to proceed
with the Tag-Along Transfer), in which case, the obligations under this <U>Section</U><U></U><U>&nbsp;10.06</U> in respect of such <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Transfer shall cease. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If for any reason the Selling Member elects to terminate or otherwise not to sell any of its Membership Interest in the <FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Transfer or such <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Transfer should fail to close, the Selling Member must comply with the provisions set forth in <U>Section</U><U></U><U>&nbsp;10.05</U> and
this <U>Section</U><U></U><U>&nbsp;10.06</U>, to the extent applicable, prior to making any subsequent Transfer of all or any portion of its Membership Interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.07 <U>Drag-Along Rights</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If (i)&nbsp;a Selling Member proposes to Transfer all, but not less than all, of its Membership Interest to a Third Party for cash
consideration, (ii)&nbsp;such Selling Member has complied with <U>Section</U><U></U><U>&nbsp;10.05</U> and <U>Section</U><U></U><U>&nbsp;10.06</U>, (iii) the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member has (A)&nbsp;elected not to make
a Matching Offer or has failed to deliver a ROFR Election Notice prior to the ROFR Deadline and (B)&nbsp;failed to accept the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer, (iv)&nbsp;such Selling Member is proceeding with the Transfer of
the Offered Interest pursuant to <U>Section</U><U></U><U>&nbsp;10.05(e)</U> and (v)&nbsp;the Offered Interest which such Selling Member proposes to Transfer represents a Percentage Interest of 80% or more, then such Selling Member shall have the
right (the &#147;<U>Drag-Along Right</U>&#148;) to require the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member to Transfer, on the same terms and conditions set forth in the Offer Notice, all, but not less than all, the Membership
Interest then held by such <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member (a &#147;<U>Drag-Along Transfer</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In
order to exercise the Drag-Along Right, the Selling Member shall send a written notice (a &#147;<U>Drag-Along Notice</U>&#148;) to the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member at least 15 days prior to the anticipated closing date
of the Drag-Along Transfer setting forth the terms and conditions of such Drag-Along Transfer together with a statement asserting such <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member&#146;s obligation to participate in such Drag-Along
Transfer on substantially the same terms and conditions (including a pro rata portion, based on the then-applicable relative Percentage Interests of the Members, of the aggregate consideration attributable to the Membership Interests in such
Drag-Along Transfer) as the Selling Member. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member shall be required to
participate in the Drag-Along Transfer on the terms and conditions set forth in the Drag-Along Notice, and shall execute all agreements, instruments and certificates and take all actions necessary or desirable to effectuate the Drag-Along Transfer;
<U>provided</U>, <U>however</U>, that the <FONT STYLE="white-space:nowrap">Non-Selling</FONT> Member shall not be subject to the provisions of this <U>Section</U><U></U><U>&nbsp;10.07</U> if in the Drag-Along Transfer the <FONT
STYLE="white-space:nowrap">Non-Selling</FONT> Member: (i)&nbsp;is required to be subject to an obligation for indemnification or other liability that is in excess of either (A)&nbsp;the aggregate purchase price that such <FONT
STYLE="white-space:nowrap">Non-Selling</FONT> Member actually receives in such Drag-Along Transfer or (B)&nbsp;its <U>pro</U> <U>rata</U> portion of the aggregate obligations for indemnification or other liability of the Selling Member and the <FONT
STYLE="white-space:nowrap">Non-Selling</FONT> Member (based on the then-applicable relative Percentage Interests of such Members), (ii) is subject to any obligations that are materially different and adverse as compared to the obligations of the
Selling Member in such Transfer or (iii)&nbsp;is required to make representations and warranties other than the Required Representations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.08 <U>Redemption</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For so long as either Member&#146;s total Percentage Interest is less than 10% (the &#147;<U>Redemption Subject Member</U>&#148;), the
other Member (the &#147;<U>Redeeming Member</U>&#148;) shall have the right, but not the obligation, to purchase all, but not less than all, of such Redemption Subject Member&#146;s Membership Interest for an amount in cash equal to the Buyout Fair
Market Value of such Membership Interest, such right to be exercised by the Redeeming Member at any time by providing written notice to the Redemption Subject Member (a &#147;<U>Redemption Notice</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Redemption Notice shall include the Redeeming Member&#146;s good faith calculation of the proposed Buyout Fair Market Value of the
Redemption Subject Member&#146;s Membership Interest. If the Redemption Subject Member does not agree with such proposed Buyout Fair Market Value, the Redeeming Member and the Redemption Subject Member shall jointly appoint an Appraiser to determine
the Buyout Fair Market Value of such Membership Interest and shall instruct such Appraiser to deliver to the Redeeming Member and the Redemption Subject Member as promptly as reasonably practicable, and in any event no later than 30 days after its
appointment, a written report setting forth in reasonable detail such Appraiser&#146;s determination of the Buyout Fair Market Value of such Membership Interest, which determination shall be final and binding on the Redeeming Member and the
Redemption Subject Member absent fraud or manifest error. The Company, the Redeeming Member and the Redemption Subject Member shall provide the Appraiser with all information it may reasonably request in the course of preparing its determination.
The costs and expenses of the Appraiser shall be borne equally between the Redeeming Member and the Redemption Subject Member. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If the
Redeeming Member delivers a valid Redemption Notice, the closing of the Transfer of the Redemption Subject Member&#146;s Membership Interest to the Redeeming Member shall occur not later than the latest of (i)&nbsp;20 Business Days after the
delivery of the Redemption Notice, (ii)&nbsp;five Business Days after the final determination of the Buyout Fair Market Value of such Membership Interest and (iii)&nbsp;five Business Days after the date on which all of the following conditions are
satisfied or (to the extent permitted by applicable Law) waived by the applicable Member, or, subject to such satisfaction or waiver, on such other date as the Redeeming Member and the Redemption Subject Member may mutually agree: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) there shall not be in effect any Law or Order that enjoins, restrains, prohibits or makes illegal the Transfer contemplated
by this <U>Section</U><U></U><U>&nbsp;10.08</U>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) there shall have been obtained all material consents and
approvals from Governmental Authorities that are required for each of the Redeeming Member and the Redemption Subject Member, as applicable, to effect such Transfer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) At the closing of the Transfer of the Redemption Subject Member&#146;s Membership Interest to the Redeeming Member, the Redemption Subject
Member shall deliver to the Redeeming Member good and marketable title to the Redemption Subject Member&#146;s Membership Interest, free and clear of all Encumbrances, pursuant to and in accordance with definitive agreements customary for such
transactions and reasonably acceptable to the </P>
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Redeeming Member and the Redemption Subject Member; <U>provided</U> that the representations and warranties required to be made by the Redemption Subject Member shall be limited to the Required
Representations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.09 <U>Loss of Affiliate Status</U>. Except for Transfers pursuant to
<U>Section</U><U></U><U>&nbsp;10.04</U>, if any Member ceases to be a Wholly Owned Affiliate of its Parent other than as a result of a Transfer permitted by and consummated in accordance with this <U>Article X</U>, the Membership Interest of such
Member shall automatically be Transferred to such Parent, and such Member and such Parent shall, and shall cause their respective Affiliates to, take all actions necessary to effectuate such Transfer upon written request by the other Member. Pending
such Transfer back to such Parent, all rights of such Member (and any Manager appointed by such Member) under this Agreement (but not such Member&#146;s obligations) shall be immediately suspended. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XI </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Dissolution,
Liquidation and Termination </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01 <U>Dissolution</U>. The Company shall be dissolved and its affairs shall be wound up
only upon the occurrence of any of the following events: (i)&nbsp;the approval of such dissolution in writing signed by each Member; (ii)&nbsp;at any time there are no Members (unless the Company is continued without dissolution in accordance with
the Delaware Act); or (iii)&nbsp;the entry of a decree of judicial dissolution under <FONT STYLE="white-space:nowrap">Section&nbsp;18-802</FONT> of the Delaware Act. Except as provided in this <U>Section</U><U></U><U>&nbsp;11.01</U>, the Company
shall not dissolve due to any circumstances described, or to which reference is made, in <FONT STYLE="white-space:nowrap">Section&nbsp;18-801</FONT> of the Delaware Act. The bankruptcy or other event described in
<FONT STYLE="white-space:nowrap">Section&nbsp;18-304</FONT> of the Delaware Act with respect to any Member shall not cause such Member to cease to be a member of the Company, and upon the occurrence of any such event the existence of the Company
shall continue without dissolution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.02 <U>Liquidation</U>. Upon dissolution of the Company, all the business and affairs
of the Company shall be liquidated and wound up. The Board of Managers (or such other Person or Persons appointed by the Board of Managers) shall act as liquidating trustee and wind up the affairs of the Company pursuant to this Agreement. The
proceeds of liquidation shall be distributed in the following order and priority: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) to creditors of the Company (including Members who
are creditors) in satisfaction of the liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof), all as and to the extent specified by applicable Law, Order or Contract; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) to the Members in proportion to their respective Percentage Interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.03 <U>Termination</U><U> of the Company</U>. The Company shall terminate when all of the assets of the Company, after payment
or due provision for all debts, liabilities and obligations of the Company, shall have been distributed to the Members in the manner provided for in this <U>Article</U><U></U><U>&nbsp;XI</U> and the Certificate of Formation shall have been canceled
in the manner required by the Delaware Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.04 <U>Claims </U><U>of</U><U> the Members</U>. The Members and former
Members shall look solely to the Company&#146;s assets for the return of their Capital Contributions, and if the assets of the Company remaining after payment of or due provision for all debts, liabilities and obligations of the Company are
insufficient to return such Capital Contributions, the Members and former Members shall have no recourse against the Company or any other Member. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XII </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Miscellaneous
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.01 <U>Notices</U>. Except as otherwise expressly provided in this Agreement, any notice, request or other
communication to any party hereunder shall be in writing and shall be deemed to have been validly given and received (i)&nbsp;on the day on which it was delivered in person (including by courier service), (ii) on the day on which it was sent by
email (or, if such day is not a Business Day or such email was sent after 5:00 p.m. (New York City time), on the next following Business Day) or (iii)&nbsp;one Business Day after being sent by overnight courier service (providing written proof of
delivery) to such party as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) if given to the Company, to the address or <FONT STYLE="white-space:nowrap">e-mail</FONT> address
specified by the Board of Managers in a notice to the Members, to the attention of the Company Senior Executive, with a copy to the Company&#146;s legal counsel specified by the Board of Managers in such notice; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) if given to any Member, to the Person and at the address or <FONT STYLE="white-space:nowrap">e-mail</FONT> address specified with respect
to such Member on <U>Schedule 3.01</U>, or at such other address or <FONT STYLE="white-space:nowrap">e-mail</FONT> address as such Member may hereafter designate by written notice to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.02 <U>Waiver</U>. Any agreement on the part of any party hereto to any waiver of compliance with any covenants and agreements
contained in this Agreement shall be valid only if set forth in an instrument in writing signed on behalf of such party. The failure of any party hereto to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of
such rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.03 <U>Cumulative</U><U> Remedies</U>. The rights and remedies provided by this Agreement are cumulative and
the use of any one right or remedy by any party hereto shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have under applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.04 <U>Parties in Interest</U>. This Agreement shall be binding upon, inure to the benefit of and be enforceable by, the
parties hereto and, to the extent provided in this Agreement, their Affiliates, and their respective successors and permitted assigns. Except as expressly set forth in this Agreement, this Agreement is for the sole benefit of the parties hereto and
their successors and permitted assigns and does not confer upon any Person other than the parties hereto any rights or remedies; <U>provided</U>, <U>however</U>, that the Operator shall be considered to be a third-party beneficiary of the provisions
of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.05 <U>Equitable Relief</U>. The parties hereto acknowledge and agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>

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not performed in accordance with their specific terms or were otherwise breached, and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed
that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the performance of the terms and provision of this Agreement, without proof of actual damages (and each party
hereto hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which they are entitled at law or in equity. The parties hereto further agree not to assert
that a remedy of specific enforcement is unenforceable, invalid, contrary to Law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate remedy for any such breach. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.06 <U>Severability</U>. If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid,
illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party hereto or such party waives its rights under this <U>Section</U><U></U><U>&nbsp;12.06</U> with respect thereto. Upon such determination that any term or other provision is invalid, illegal or unenforceable in any
respect, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are
fulfilled to the extent possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.07 <U>Counterparts</U>. This Agreement may be executed in any number of counterparts
each of which when so executed will be deemed to be an original and when taken together shall constitute the entire and same agreement. Delivery of an executed signature page to this Agreement by any party hereto by electronic transmission will be
as effective as delivery of a manually executed copy of this Agreement by such party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.08 <U>Entire </U><U>Agreement</U>.
This Agreement, taken together with the Implementation Agreement and the other Transaction Documents (as defined in the Implementation Agreement), constitutes the entire agreement between the parties hereto and supersedes all prior agreements,
understandings, negotiations and discussions, whether written or oral, between the parties hereto with respect to the subject matter hereof and thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.09 <U>Consent to Jurisdiction; Venue</U>. Each of the parties hereto hereby (i)&nbsp;agrees that any suit, action or other
proceeding, directly or indirectly, arising out of, under or relating to this Agreement, its negotiation or the transactions contemplated hereby, will be heard and determined exclusively in the Chancery Court of the State of Delaware (and each
agrees that no such suit, action or other proceeding relating to this Agreement will be brought by it or any of its Affiliates except in such court), subject to any appeal; <U>provided</U>, <U>however</U>, that if jurisdiction is not then available
in the Chancery Court of the State of Delaware, then any such suit, action or other proceeding may be brought in any Delaware state court or any federal court located in the State of Delaware and (ii)&nbsp;irrevocably and unconditionally submits to
the exclusive jurisdiction of any such court in any such suit, action or other proceeding, irrevocably and unconditionally waives the defense of an inconvenient forum to the maintenance of any such suit, action or other proceeding and agrees that it
will not attempt to deny or defeat such jurisdiction by motion or other request for leave from any such court. Each of the parties hereto further agrees that, to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>

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fullest extent permitted by applicable Law, service of any process, summons, notice or document by U.S. registered mail to such Person&#146;s respective address set forth in
<U>Section</U><U></U><U>&nbsp;12.01(a)</U> will be effective service of process for any suit, action or other proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately
preceding sentence. Each of the parties hereto hereby agrees that final judgment in any such suit, action or other proceeding will be conclusive, subject to any appeal, and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.10 <U>Governing</U><U> Law</U>. This Agreement and the rights of the parties
hereunder shall be governed by, and construed in accordance with, the Laws of the State of Delaware, regardless of Laws that might otherwise govern under applicable principles of conflict of laws thereof. In the event of a conflict between any
provision of this Agreement and any <FONT STYLE="white-space:nowrap">non-mandatory</FONT> provision of such Laws, including the Delaware Act, the provisions of this Agreement shall control and take precedence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.11 <U>Waiver of </U><U>Jury</U><U> Trial</U>. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES, AND COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT
OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF ANY PARTY HERETO IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREIN, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT,
TORT OR OTHERWISE. EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR OTHER PROCEEDING,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <U>SECTION 12.11</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.12 <U>Confidentiality</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each party hereto expressly acknowledges that it may receive, in its capacity as the Company or a Member, as applicable, confidential or
proprietary information relating to another party hereto or any of its Affiliates (&#147;<U>Confidential Information</U>&#148;), including information relating to such other party&#146;s financial condition and business plans, and that the
disclosure of such Confidential Information to a Third Party would cause irreparable injury to such other party. Except (i)&nbsp;with the prior written consent of each applicable other party hereto, (ii)&nbsp;as required in order to comply with
applicable securities or other Law or requirement of a national securities exchange to which such party is subject to the extent such party is advised by its legal counsel that it is required to make such disclosure in order to avoid violating a Law
or the rules of a national securities exchange; <U>provided</U> that (A)&nbsp;the requirement to make the disclosure does not arise from such party&#146;s breach of this <U>Section</U><U></U><U>&nbsp;12.12</U> or the unilateral actions of it or its
Representatives, (B)&nbsp;to the extent legally permissible, such party notifies each applicable other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>

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party of its intention to make such disclosure and provides a description of the information it intends to disclose and the form of such disclosure as promptly as is practicable and in any event
at least 24 hours prior to making such disclosure, (C)&nbsp;the party seeking to make such disclosure agrees to cooperate with each applicable other party so that each such other party may seek, at its sole cost and expense, an appropriate
protective order or other remedy and (D)&nbsp;in the event that such a protective order or other remedy is not obtained, the party making the disclosure (1)&nbsp;will furnish only that information that, on the advice of its legal counsel, is
required by applicable Law or rules of a national securities exchange to be disclosed and (2)&nbsp;will use its reasonable best efforts to obtain an order or other reasonable assurance that confidential treatment will be accorded to such
information; (iii)&nbsp;for disclosure to such party&#146;s Affiliates and its and their respective Representatives who need to know such information for the performance of the duties or responsibilities of such Affiliates or Representatives;
<U>provided</U> that each party shall cause such Affiliates or Representatives, as applicable, to comply with this <U>Section</U><U></U><U>&nbsp;12.12</U> as though each such Affiliate or Representative were a party to this Agreement, and each party
acknowledges and agrees that it will be responsible for any breach of the terms of this <U>Section</U><U></U><U>&nbsp;12.12</U> by any such Affiliate or Representative, (iv)&nbsp;for disclosure to any bona fide prospective Transferee of the equity
or assets of such party or its Affiliates or the Membership Interest held by such party; <U>provided</U> that such Transferee agrees to be bound by the provisions of this <U>Section</U><U></U><U>&nbsp;12.12</U> or other confidentiality agreement
containing terms no less restrictive than those contained in this <U>Section</U><U></U><U>&nbsp;12.12</U>, or (v)&nbsp;in connection with any Proceeding between or among any of the parties hereto arising out of or in connection with this Agreement,
or the enforcement hereof, such party shall not disclose any such Confidential Information to a Third Party, and such party shall use reasonable efforts to preserve the confidentiality of such Confidential Information; <U>provided</U> that, with
respect to any Confidential Information consisting of any presentation or other materials prepared by or for the Board of Managers or the Company and marked or designated as &#147;confidential&#148;, the exception set forth in the foregoing
<U>clause</U><U></U><U>&nbsp;(iii)</U> shall apply only to the extent necessary for such party to exercise its rights and comply with its obligations hereunder or monitor its investment in the Company. Without limiting the foregoing, each Manager
shall, subject to applicable Law, be permitted to communicate Confidential Information received by such Manager in his or her capacity as a Manager to the Member that designated such Manager so long as such Member keeps such Confidential Information
confidential in accordance with this <U>Section</U><U></U><U>&nbsp;12.12</U>. The obligations of a party hereto under this <U>Section</U><U></U><U>&nbsp;12.12</U> shall survive the termination of this Agreement or, if such party is a Member, the
earlier cessation of such Member&#146;s status as a Member, in each case for a period of three years. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the foregoing,
no party hereto shall be bound by the confidentiality obligations in this <U>Section</U><U></U><U>&nbsp;12.12</U> with respect to any information that (i)&nbsp;is or becomes generally known or available to the public other than as a result of a
breach of this <U>Section</U><U></U><U>&nbsp;12.12</U> by such party, any of its Affiliates or any of its and their respective Representatives, (ii)&nbsp;is disclosed to such party, any of its Affiliates or any of its and their respective
Representatives on a <FONT STYLE="white-space:nowrap">non-confidential</FONT> basis by a Third Party, <U>provided</U> that such Third Party was not breaching an obligation of confidentiality that was known or should have been known to such Person
after reasonable inquiry, (iii)&nbsp;in the case of any Member, was in the possession of such party, any of its Affiliates or any of its and their respective Representatives before its disclosure by any such Person as Confidential Information under
this <U>Section</U><U></U><U>&nbsp;12.12</U> or (iv)&nbsp;is independently developed or conceived by such party, any of its Affiliates or any of its and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

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their respective Representatives without use of Confidential Information of any other party hereto or violating any of such Person&#146;s obligations under this
<U>Section</U><U></U><U>&nbsp;12.12</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.13 <U>Amendments</U>. No term or provision of this Agreement may be amended
except by an instrument in writing signed by each Member and the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.14 <U>Independent</U><U> Operations</U>. Upon
the terms and subject to the conditions of this Agreement, the Company will operate as a stand-alone entity independently from its Members. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.15 <U>Outside </U><U>Businesses</U>. Any Member or Affiliate thereof may engage in or possess an interest in other business
ventures (unconnected with the Company) of any nature or description, independently or with others. Except as expressly set forth in Section&nbsp;6.19 of the Implementation Agreement, the Company and the Members shall have no rights in or to such
independent ventures or the income or profits therefrom by virtue of this Agreement (or the relationships or activities contemplated by this Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.16 <U>Termination </U><U>of</U><U> Agreement</U>. This Agreement shall automatically terminate upon the earliest to occur of
(a)&nbsp;the termination of the Company in accordance with <U>Section</U><U></U><U>&nbsp;11.03</U> and (b)&nbsp;the mutual agreement of the Members to effect such termination; <U>provided</U> that (x)&nbsp;no termination of this Agreement or any
provision hereof shall release any party hereto from any obligation or liability that accrued at or prior to such termination, except, in the case of a termination pursuant to the foregoing <U>clause</U><U></U><U>&nbsp;(b)</U>, as otherwise provided
for in such mutual agreement, (y)&nbsp;the provisions of <U>Article</U><U></U><U>&nbsp;IX</U> shall survive any termination of this Agreement with respect to matters existing, arising or occurring prior to such termination and (z)&nbsp;the
provisions of <U>Section</U><U></U><U>&nbsp;12.12</U> shall survive any termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized signatories as of the day and year first above written. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="13%"></TD>
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<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>Members</U>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;[PEABODY MEMBER],</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;[ARCH MEMBER]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>Company</U>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;[COMPANY],</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
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Amended</I><I></I><I>&nbsp;&amp; Restated Limited Liability Company Agreement</I>] </P>

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