SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
10.1
SECOND
AMENDMENT TO
THIS SECOND AMENDMENT TO EMPLOYMENT
AGREEMENT is entered into by and between Gastar Exploration Ltd., a
Canadian corporation, Gastar Exploration USA, Inc., a Michigan corporation
(together, the “Company’), and J. Xxxxxxx Xxxxxx (“Xxxxxx”) as of February 3,
2011.
WHEREAS, the Company and
Xxxxxx have heretofore entered into that certain Employment Agreement effective
as of March 23, 2005 (the “Employment Agreement”); and
WHEREAS, the Company and
Xxxxxx have heretofore entered in the First Amendment to the Employment
Agreement effective July 25, 2008;
WHEREAS, the Company and
Xxxxxx desire to amend the Employment Agreement by mutual consent;
NOW, THEREFORE, in
consideration of the premises set forth above and the mutual agreements set
forth herein, the Company and Xxxxxx hereby agree, effective as of the date set
forth above, the Employment Agreement is hereby amended as provided
below:
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1.
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Section
8(a) “When Severance is Paid.” is amended to read as
follows:
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“Company
shall pay a severance benefit to Xxxxxx if Xxxxxx’x employment is terminated
pursuant to Section 4(a), 4(b), and/or 4(d). No severance shall be
paid if Xxxxxx’x employment is terminated pursuant to Sections 4(c) and
4(e).”
Except as expressly modified by the
First Amendment and this Second Amendment, the terms of the Employment Agreement
shall remain in full force and effect and are hereby confirmed and
ratified.
IN WITNESS WHEREOF, the
parties hereto have executed this Second Amendment as of the date first set
forth above.
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GASTAR
EXPLORATION USA., INC f/k/a/
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FIRST
SOURCENERGY WYOMING, INC.
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BY:
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/s/ Xxxxxxx X. Xxxxxxx
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BY:
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/s/ Xxxxxxx X. Xxxxxxx |
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Name:
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Xxxxxxx
X. Xxxxxxx
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Name:
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Xxxxxxx
X. Xxxxxxx
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Title:
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CFO
and Vice President
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Title:
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CFO
and Vice President
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XXXXXX
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/s/ J. XXXXXXX XXXXXX
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J.
Xxxxxxx Xxxxxx
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