X0303 4 2009-11-20 0001441849 CLOUD PEAK ENERGY INC. CLD 0001477110 MARSHALL COLIN 505 S. GILLETTE AVE. GILLETTE WY 82716 1 1 President & CEO Common Stock 2009-11-20 4 A 0 195000 0 A 195000 D Common Stock 2009-11-20 4 P 0 500 14.50 A 195500 D Common Stock 2009-11-20 4 A 0 200 0 A 195700 D Employee Non-Qualified Stock Option (Right to Buy) 15.00 2009-11-20 4 A 0 367924 0 A Common Stock 367924 367924 D 100% of the option vests three years after the date of grant. Nonqualified options granted under Cloud Peak Energy Inc.'s 2009 Long Term Incentive Plan expire ten years after the date of grant. Price is equal to the initial public offering price, in accordance with the terms of Cloud Peak Energy's 2009 Long Term Incentive Plan. /s/ Amy J. Stefonick, attorney-in-fact for Colin Marshall 2009-11-23