X0306 4 2017-03-03 0 0001441849 CLOUD PEAK ENERGY INC. CLD 0001477110 MARSHALL COLIN 505 S. GILLETTE AVE. GILLETTE WY 82716 1 1 0 0 President & CEO Restricted Stock Units 2017-03-03 4 A 0 200437 0 A Common Stock 200437 200437 D Each restricted stock unit ("RSU") represents a contingent right to receive the value of one share of Cloud Peak Energy Inc. ("CPE") common stock. In general, 100% of the RSUs vest three years after the date of grant subject to the terms of the award agreement and CPE's long-term incentive plan ("LTIP"). Vested RSUs may be paid in shares, cash or a combination of shares and cash, in the discretion of the Compensation Committee. This total does not include performance share units ("PSUs") that were also granted on March 3, 2017 and that will be reported under Section 16 upon any vesting, as provided by applicable rules. PSUs represent a contingent right to receive the value of one share of CPE common stock. In general, PSUs vest 3 years from the date of grant depending on CPE's achievement of performance goals, which are based upon CPE's relative and absolute total shareholder return ("TSR"), and subject to the terms of the award agreement and CPE's LTIP. These TSR achievements may result in a payout ranging between 0% and 200% of the target. /s/ Bryan J. Pechersky, attorney-in-fact for Colin Marshall 2017-03-06