CONSOL Energy Inc
For the period ended Dec 31, 2023. Filed Feb 9, 2024.
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FY2023 · Filed Feb 9, 2024
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ITEM 15. Exhibits and Financial Statement Schedules
In reviewing any agreements incorporated by reference in this Form 10-K or filed with this Form 10-K, please remember that such agreements are included to provide information regarding their terms. They are not intended to be a source of financial, business or operational information about the Company or any of its subsidiaries or affiliates. The representations, warranties and covenants contained in these agreements are made solely for purposes of the agreements and are made as of specific dates; are solely for the benefit of the parties; may be subject to qualifications and limitations agreed upon by the parties in connection with negotiating the terms of the agreements, including being made for the purpose of allocating contractual risk between the parties instead of establishing matters as facts; and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors or security holders. Investors and security holders should not rely on the representations, warranties and covenants or any description thereof as characterizations of the actual state of facts or condition of the Company or any of its subsidiaries or affiliates or, in connection with acquisition agreements, of the assets to be acquired. Moreover, information concerning the subject matter of the representations, warranties and covenants may change after the date of the agreements. Accordingly, these representations and warranties alone may not describe the actual state of affairs as of the date they were made or at another time.
The following documents are filed as part of this report:
Financial Statements:
Consolidated Balance Sheets at December 31, 2023 and 2022
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2023, 2022 and 2021
Notes to the Audited Consolidated Financial Statements
Schedules:
None
Index to Exhibits
| Exhibits | Description | Method of Filing |
| 2.1 | Separation and Distribution Agreement, dated as of November 28, 2017, by and between the Company and CNX | Filed as Exhibit 2.1 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 2.2 | Tax Matters Agreement, dated as of November 28, 2017, by and between the Company and CNX | Filed as Exhibit 2.2 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 2.3 | Employee Matters Agreement, dated as of November 28, 2017, by and between the Company and CNX | Filed as Exhibit 2.3 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 2.4 | Intellectual Property Matters Agreement, dated as of November 28, 2017, by and between the Company and CNX | Filed as Exhibit 2.4 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 2.5*** | Agreement and Plan of Merger, dated as of October 22, 2020, by and among CONSOL Energy Inc., Transformer LP Holdings Inc., Transformer Merger Sub LLC, CONSOL Coal Resources LP and CONSOL Coal Resources GP LLC | Filed as Exhibit 2.1 to Form 8-K (File No. 001-38147) filed on October 23, 2020 |
| 3.1 | Amended and Restated Certificate of Incorporation of the Company | Filed as Exhibit 3.1 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 3.2 | Certificate of Amendment to Amended and Restated Certificate of Incorporation of the Company | Filed as Exhibit 3.1 to Form 8-K (File No. 001-38147) filed on May 8, 2020 |
| 3.3 | Second Amended and Restated Bylaws of the Company | Filed as Exhibit 3.2 to Form 8-K (File No. 001-38147) filed on May 8, 2020 |
| 4.1 | Indenture dated as of November 13, 2017 by and between CONSOL Energy Inc. (formerly known as CONSOL Mining Corporation) and UMB Bank, N.A., as Trustee and Collateral Trustee (including form of supplemental indenture on subsidiary guarantors). | Filed as Exhibit 4.1 to Form 8-K (File No. 001-38147) filed on November 15, 2017 |
| 4.2 | Description of Capital Stock | Filed as Exhibit 4.2 to Form 10-K (File No. 001-38147) filed on February 12, 2021 |
| 4.3 | Indenture, dated as of April 1, 2021, among CONSOL Energy Inc., the subsidiary guarantors party thereto and Wilmington Trust, N.A., as trustee | Filed as Exhibit 4.1 to Form 8-K (File No. 001-38147) filed on April 19, 2021 |
| 4.4 | Loan Agreement, dated as of April 1, 2021, between the Pennsylvania Economic Development Financing Authority and the Company | Filed as Exhibit 4.2 to Form 8-K (File No. 001-38147) filed on April 19, 2021 |
| 4.5 | Guaranty Agreement, dated as of April 1, 2021, among the subsidiary guarantors of CONSOL Energy Inc. and Wilmington Trust, N.A., as trustee | Filed as Exhibit 4.3 to Form 8-K (File No. 001-38147) filed on April 19, 2021 |
| 10.1 | Transition Services Agreement, dated as of November 28, 2017, by and between the Company and CNX | Filed as Exhibit 10.1 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.2 | CNX Resources Corporation to CONSOL Energy Inc. Trademark License Agreement dated as of November 28, 2017, by and between the Company and CNX | Filed as Exhibit 10.2 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.3 | CONSOL Energy Inc. to CNX Resources Corporation Trademark License Agreement, dated as of November 28, 2017, by and between the Company and CNX | Filed as Exhibit 10.3 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.4 | First Amendment to Contract Agency Agreement, dated as of November 28, 2017, by and among CONSOL Energy Sales Company, CONSOL Thermal Holdings LLC (formerly known as CNX Thermal Holdings LLC) and the other parties thereto | Filed as Exhibit 10.5 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.5 | First Amendment to Water Supply and Services Agreement, dated as of November 28, 2017 by and between CNX Water Assets LLC and CONSOL Thermal Holdings LLC (formerly known as CNX Thermal Holdings LLC) | Filed as Exhibit 10.6 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.6 | Second Amendment to the Pennsylvania Mine Complex Operating Agreement, dated as of November 28, 2017, by and among CONSOL Pennsylvania Coal Company LLC, Conrhein Coal Company, CONSOL Thermal Holdings LLC and CONSOL Coal Resources LP | Filed as Exhibit 10.7 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.7 | Credit Agreement, dated as of November 28, 2017, by and among the Company, the various financial institutions from time to time party thereto, PNC Bank, N.A., as administrative agent for the Revolving Lenders and Term A Lenders, Citibank, N.A., as administrative agent for the Term B Lenders and PNC Bank, N.A., as collateral agent for the Lenders and the other Secured Parties referred to therein | Filed as Exhibit 10.8 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.8 | Amendment No. 1, dated as of March 28, 2019, to Credit Agreement, dated as of November 28, 2017, among the Company, the various financial institutions from time to time party thereto, PNC Bank, N.A., as administrative agent for the Revolving Lenders and Term A Lenders, Citibank, N.A., as administrative agent for the Term B Lenders and PNC Bank, N.A., as collateral agent for the Lenders and the Other Secured Parties referred to therein | Filed as Exhibit 10.1 to Form 8-K (File No. 001-38147) filed on April 3, 2019 |
| 10.9 | Amendment No. 2, dated as of June 5, 2020, to Credit Agreement, dated as of November 28, 2017, among the Company, the various financial institutions from time to time party thereto, PNC Bank, N.A., as administrative agent for the Revolving Lenders and Term A Lenders, Citibank, N.A., as administrative agent for the Term B Lenders and PNC Bank, N.A., as collateral agent for the Lenders and the Other Secured Parties referred to therein | Filed as Exhibit 10.1 to Form 8-K (File No. 001-38147) filed on June 11, 2020 |
| 10.10 | Amendment No. 3, dated as of March 29, 2021, to Credit Agreement, dated as of November 28, 2017, among the Company, the various financial institutions from time to time party thereto, PNC Bank, N.A., as administrative agent for the Revolving Lenders and Term A Lenders, Citibank, N.A., as administrative agent for the Term B Lenders and PNC Bank, N.A., as collateral agent for the Lenders and the Other Secured Parties referred to therein | Filed as Exhibit 10.1 to Form 8-K (File No. 001-38147) filed on March 31, 2021 |
| 10.11 | Amendment No. 4, dated as of July 18, 2022, to Credit Agreement, dated as of November 28, 2017, among the Company, the various financial institutions from time to time party thereto, PNC Bank, N.A., as administrative agent for the Revolving Lenders and Term A Lenders, Citibank, N.A., as administrative agent for the Term B Lenders and PNC Bank, N.A., as collateral agent for the Lenders and the Other Secured Parties referred to therein | Filed as Exhibit 10.1 to Form 8-K (File No. 001-38147) filed on July 25, 2022 |
| 10.12 | Amendment No. 5, dated as of June 12, 2023, to Credit Agreement, dated as of November 28, 2017, among the Company, the various financial institutions from time to time party thereto, PNC Bank, N.A., as administrative agent for the Revolving Lenders and Term A Lenders, Citibank, N.A., as administrative agent for the Term B Lenders and PNC Bank, N.A., as collateral agent for the Lenders and the Other Secured Parties referred to therein | Filed as Exhibit 10.1 to Form 8-K (File No. 001-38147) filed on June 13, 2023 |
| 10.13 | CONSOL Energy Inc. Omnibus Performance Incentive Plan* | Filed as Exhibit 4.3 to Form S-8 (File No. 333-221727) filed on November 22, 2017 |
| 10.14 | Purchase and Sale Agreement, dated as of November 30, 2017, by and among CONSOL Marine Terminals LLC, CONSOL Pennsylvania Coal Company LLC and CONSOL Funding LLC | Filed as Exhibit 10.11 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.15 | Sub-Originator Sale Agreement, dated as of November 30, 2017, by and between CONSOL Thermal Holdings LLC and CONSOL Pennsylvania Coal Company LLC | Filed as Exhibit 10.12 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.16 | Receivables Financing Agreement, dated as of November 30, 2017, by and among CONSOL Funding LLC, CONSOL Pennsylvania Coal Company LLC, PNC Bank, N.A., PNC Capital Markets, LLC and certain lenders from time to time party thereto | Filed as Exhibit 10.13 to Form 8-K (File No. 001-38147) filed on December 4, 2017 |
| 10.17 | First Amendment to Receivables Financing Agreement dated as of May 29, 2018 | Filed as Exhibit 10.13 to Form 10-K (File No. 001-38147) filed on February 12, 2021 |
| 10.18 | Second Amendment to Receivables Financing Agreement dated as of June 26, 2018 | Filed as Exhibit 10.14 to Form 10-K (File No. 001-38147) filed on February 12, 2021 |
| 10.19 | Third Amendment to Receivables Financing Agreement dated as of July 19, 2018 | Filed as Exhibit 10.15 to Form 10-K (File No. 001-38147) filed on February 12, 2021 |
| 10.20 | Fourth Amendment to Receivables Financing Agreement dated as of August 30, 2018 | Filed as Exhibit 10.16 to Form 10-K (File No. 001-38147) filed on February 12, 2021 |
| 10.21 | Fifth Amendment to Receivables Financing Agreement dated as of March 27, 2020** | Filed as Exhibit 10.2 to Form 10-Q (File No. 001-38147) filed on May 11, 2020 |
| 10.22 | Sixth Amendment to Receivables Financing Agreement dated as of June 22, 2022** | Filed as Exhibit 10.2 to Form 10-Q (File No. 001-38147) filed on August 4, 2022 |
| 10.23 | Seventh Amendment to Receivables Financing Agreement dated as of July 29, 2022** | Filed as Exhibit 10.3 to Form 10-Q (File No. 001-38147) filed on August 4, 2022 |
| 10.24 | Second Amendment and Restatement of Master Cooperation and Safety Agreement by and among CONSOL Energy Inc., CNX Gas Company LLC, CNX Resources Holdings LLC and certain other parties thereto | Filed as Exhibit 10.5 to Form 10-12B/A (File No. 001-38147) filed on October 27, 2017 |
| 10.25 | CONSOL Energy Inc. Deferred Compensation Plan for Non-Employee Directors* | Filed as Exhibit 10.2 to Form 10-Q (File No. 001-38147) filed on November 1, 2018 |
| 10.26 | Employment Agreement of James A. Brock* | Filed as Exhibit 10.1 to Form 10-Q (File No. 001-38147) filed on May 3, 2018 |
| 10.27 | Change in Control Severance Agreement for Martha A. Wiegand* | Filed as Exhibit 10.4 to Form 10-Q (File No. 001-38147) filed on May 3, 2018 |
| 10.28 | Change in Control Severance Agreement for Kurt Salvatori* | Filed as Exhibit 10.5 to Form 10-Q (File No. 001-38147) filed on May 3, 2018 |
| 10.29 | Change in Control Severance Agreement for John Rothka* | Filed as Exhibit 10.6 to Form 10-Q (File No. 001-38147) filed on May 3, 2018 |
| 10.30 | Form Notice of Restricted Stock Unit Award and Terms and Conditions* | Filed as Exhibit 10.7 to Form 10-Q (File No. 001-38147) filed on May 3, 2018 |
| 10.31 | Form Notice of Performance-based Restricted Stock Unit Award and Terms and Conditions* | Filed as Exhibit 10.8 to Form 10-Q (File No. 001-38147) filed on May 3, 2018 |
| 10.32 | Form Notice of Restricted Stock Unit Award and Terms and Conditions for Spin Recognition (Non-Employee Director)* | Filed as Exhibit 10.9 to Form 10-Q (File No. 001-38147) filed on May 3, 2018 |
| 10.33 | Form Notice of Restricted Stock Unit Award and Terms and Conditions for Spin Recognition* | Filed as Exhibit 10.10 to Form 10-Q (File No. 001-38147) filed on May 3, 2018 |
| 10.34 | Form Notice of Restricted Stock Unit Award and Terms and Conditions* | Filed as Exhibit 10.4 to Form 10-Q (File No. 001-38147) filed on May 8, 2019 |
| 10.35 | Form Notice of Performance-based Restricted Stock Unit Award and Terms and Conditions* | Filed as Exhibit 10.5 to Form 10-Q (File No. 001-38147) filed on May 8, 2019 |
| 10.36 | Change in Control Severance Agreement for Mitesh Thakkar* | Filed as Exhibit 10.30 to Form 10-K (File No. 001-38147) filed on February 11, 2022 |
| 10.37 | Form of Notice of Restricted Stock Unit Award Terms and Conditions* | Filed as Exhibit 10.3 to Form 10-Q (File No. 001-38147) filed on May 11, 2020 |
| 10.38 | Form of Notice of Performance-Based Restricted Stock Unit Award Terms and Conditions for James A. Brock*# | Filed as Exhibit 10.4 to Form 10-Q (File No. 001-38147) filed on May 11, 2020 |
| 10.39 | Form of Notice of Performance-Based Cash Award*# | Filed as Exhibit 10.5 to Form 10-Q (File No. 001-38147) filed on May 11, 2020 |
| 10.40 | CONSOL Energy Inc. 2020 Amended and Restated Omnibus Performance Incentive Plan* | Filed as Exhibit 4.4 to Registration Statement on Form S-8 (file No. 333-238173) filed on May 11, 2020 |
| 10.41 | Form of Notice of Restricted Stock Unit Award Terms and Conditions for Non-Employee Directors* | Filed as Exhibit 10.5 to Form 10-Q (File No. 001-38147) filed on August 10, 2020 |
| 10.42 | Form Notice of Performance-based Phantom Units and Terms and Conditions* | Filed as Exhibit 10.2 to Form 10-Q (File No. 001-38147) filed on May 4, 2021 |
| 10.43 | Form Notice of Performance-based Market Share Units and Terms and Conditions* | Filed as Exhibit 10.3 to Form 10-Q (File No. 001-38147) filed on May 4, 2021 |
| 10.44 | Form of Notice of Restricted Stock Unit Award Terms and Conditions for Non-Employee Directors* | Filed as Exhibit 10.1 to Form 10-Q (File No. 001-38147) filed on August 3, 2021 |
| 10.45 | Support Agreement, dated as of October 22, 2020, by and among CONSOL Energy Inc. and CONSOL Coal Resources LP | Filed as Exhibit 10.1 to Form 8-K (File No. 001-38147) filed on October 23, 2020 |
| 10.46 | Amendment to CONSOL Energy Inc. 2020 Amended and Restated Omnibus Performance Incentive Plan, effective as of December 30, 2020 (incorporated by reference to Exhibit 4.5 to CEIX's Registration Statement on Form S-8 filed on December 31, 2020) | Filed as Exhibit 4.5 to Form S-8 (File No. 001-38147) filed on December 31, 2020 |
| 10.47 | First Amendment to Employment Agreement of James A. Brock* | Filed as Exhibit 10.45 to Form 10-K (File No. 001-38147) filed on February 12, 2021 |
| 10.48 | Second Amendment to Employment Agreement of James A. Brock* | Filed as Exhibit 10.44 to Form 10-K (File No. 001-38147) filed on February 11, 2022 |
| 10.49 | Form of Notice of Restricted Stock Unit Award Terms and Conditions for Non-Employee Directors* | Filed as Exhibit 10.4 to Form 10-Q (File No. 001-38147) filed on August 4, 2022 |
| 10.50 | Form Notice of Performance Based Cash Award and Terms and Conditions* | Filed as Exhibit 10.2 to Form 10-Q (File No. 001-38147) filed on May 3, 2022 |
| 10.51 | Form Notice of Restricted Stock Unit Award and Terms and Conditions* | Filed as Exhibit 10.3 to Form 10-Q (File No. 001-38147) filed on May 3, 2022 |
| 10.52 | 2022 Executive Short-Term Incentive Program Terms and Conditions* | Filed as Exhibit 10.4 to Form 10-Q (File No. 001-38147) filed on May 3, 2022 |
| 10.53 | Third Amendment to Employment Agreement of James A. Brock* | Filed as Exhibit 10.52 to Form 10-K (File No. 001-38147) filed on February 10, 2023 |
| 10.54 | Change in Control Severance Agreement for Mitesh Thakkar* | Filed as Exhibit 10.53 to Form 10-K (File No. 001-38147) filed on February 10, 2023 |
| 10.55 | Form Notice of Restricted Stock Unit Award and Terms and Conditions for Non-Employee Directors* | Filed as Exhibit 10.2 to Form 10-Q (File No. 001-38147) filed on August 8, 2023 |
| 10.56 | Form Notice of Performance-based Restricted Stock Unit Award and Terms and Conditions* | Filed as Exhibit 10.3 to Form 10-Q (File No. 001-38147) filed on August 8, 2023 |
| 10.57 | Form Notice of Service-based Restricted Stock Unit Award and Terms and Conditions* | Filed as Exhibit 10.4 to Form 10-Q (File No. 001-38147) filed on August 8, 2023 |
| 10.58 | 2023 Executive Short-Term Incentive Program Terms and Conditions* | Filed as Exhibit 10.5 to Form 10-Q (File No. 001-38147) filed on August 8, 2023 |
| 21 | Subsidiaries of CONSOL Energy Inc. | Filed herewith |
| 23.1 | Consent of Ernst & Young LLP | Filed herewith |
| 23.2 | Consent of Third-Party Qualified Person | Filed herewith |
| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002 | Filed herewith |
| 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith |
| 32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith |
| 32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith |
| 95 | Mine Safety Disclosure | Filed herewith |
| 96.1 | Technical Report Summary, Coal Resources and Coal Reserves, Pennsylvania Mining Complex, Pennsylvania and West Virginia | Filed as Exhibit 96.1 to Form 10-K (File No. 001-38147) filed on February 10, 2023 |
| 96.2 | Technical Report Summary, Coal Resources and Coal Reserves, Itmann Mining Complex, Wyoming and McDowell Counties, West Virginia | Filed as Exhibit 96.2 to Form 10-K (File No. 001-38147) filed on February 10, 2023 |
| 96.3 | Technical Report Summary, Coal Resources, Mason Dixon and River Mine Properties, Greene County, Pennsylvania, Marshall, Monongalia, and Wetzel Counties, West Virginia | Filed as Exhibit 96.3 to Form 10-K (File No. 001-38147) filed on February 11, 2022 |
| 97 | CONSOL Energy Inc. Clawback Policy | Filed herewith |
| 101 | Interactive Data File (Form 10-K for the year ended December 31, 2023, furnished in Inline XBRL) | Filed herewith |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed herewith |
- Indicates management contract or compensatory plan or arrangement.
** Information in this exhibit identified by brackets is confidential and has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K because it (i) isnot material and (ii) would likely cause competitive harm to the Company if publicly disclosed.
*** The schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K and will be provided to the Securities and Exchange Commission upon request.
Schedules and attachments to this Exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K.
Supplemental Information
No annual report or proxy material has been sent to shareholders of CONSOL Energy at the time of filing of this Form 10-K. An annual report will be sent to shareholders and to the commission subsequent to the filing of this Form 10-K.
In accordance with Item 601(b)(32)(ii), Exhibits 32.1 and 32.2 are being furnished and not filed.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.