X0303 4 2011-03-08 0001441849 CLOUD PEAK ENERGY INC. CLD 0001377894 Martin Cary W 505 S. GILLETTE AVE. GILLETTE WY 82716 1 Sr VP, Human Resources Common Stock 2011-03-08 4 A 0 2977 0 A 29177 D Employee Non-Qualified Stock Option (Right to Buy) 20.99 2011-03-08 4 A 0 5012 0 A Common Stock 5012 5012 D Performance Units 2011-03-08 4 A 0 5955 0 A Common Stock 5955 5955 D Restricted Stock Award which vests as to 100% three years after the date of grant. 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. Each performance right represents a contingent right to receive one share of Cloud Peak Energy Inc. common stock. The performance rights vest 3 years from the date of grant upon Cloud Peak Energy's achievement of Performance Goals, which are based upon Cloud Peak Energy's relative total shareholder return. These achievements may result in a payout range between 0% and 200% of the target. The number of performance rights shown in columns 5 and 7 is equal to the target number of performance rights that may be earned. There is no expiration date for performance rights. On March 5, 2010, the reporting person was designated by the Board of Directors of the issuer as an "officer" of the issuer, as defined by Rule 16a-1 under the Securities Exchange Act of 1934. /s/ Amy J. Stefonick, attorney-in-fact for Cary Martin 2011-03-10