X0306 4 2014-03-07 0001441849 CLOUD PEAK ENERGY INC. CLD 0001477109 ORCHARD JAMES 505 S. GILLETTE AVE. GILLETTE WY 82716 1 Sr VP, Marketing Common Stock 2014-03-07 4 M 0 25000 15.00 A 63152 D Common Stock 2014-03-07 4 F 0 20891 19.78 D 42261 D Employee Non-Qualified Stock Option (Right to Buy) 15.00 2014-03-07 4 M 0 25000 0 D 2012-11-20 2019-11-20 Common Stock 25000 31603 D Reflects the number of shares withheld by the Issuer in satisfaction of the (1) exercise price of the stock options exercised and (2) Reporting Person's tax withholding obligation upon exercise of the stock options. No shares were sold on the open market by the Reporting Person or the Issuer. /s/ Lisa Kish, attorney-in-fact for James Orchard 2014-03-10