X0306 4 2015-03-02 0001441849 CLOUD PEAK ENERGY INC. CLD 0001581657 Jones Bruce E 505 SOUTH GILLETTE AVENUE GILLETTE WY 82716 1 Sr. Vice President, Tech Svcs Common Stock 2015-03-02 4 A 0 14321 0 A 28675 D Performance Units 2015-03-02 4 A 0 21482 0 A Common Stock 21482 21482 D Each restricted stock unit represents a contingent right to receive one share of Cloud Peak Energy Inc. common stock. 100% of the restricted stock units vest three years after the date of grant. Each performance right represents a contingent right to receive one share of Cloud Peak Energy Inc. (CPE) common stock. The performance rights vest 3 years from the date of grant upon CPE's achievement of performance goals, which are based upon CPE's relative and absolute total shareholder return. These achievements may result in a payout ranging 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. /s/ Lisa Kish, attorney-in-fact for Bruce E. Jones 2015-03-03