Document:

EX-10.1

 Exhibit 10.1 

PERFORMANCE-BASED SHARE UNIT AWARD AGREEMENT 

EXCO RESOURCES, INC. 

AMENDED AND RESTATED 2005 LONG-TERM INCENTIVE PLAN 

1. Award of Performance Share Units. Pursuant to the EXCO Resources, Inc. Amended and Restated 2005 Long-Term Incentive Plan (the
“Plan”) for Employees, Consultants, and Outside Directors of EXCO Resources, Inc., a Texas corporation (the “Company”), and its Subsidiaries, the Company grants to 

 
  

(the “Participant”) 
 an
Award of “performance share units” in accordance with Section 6.8 of the Plan. The target number of performance share units being granted under this Performance-Based Share Unit Award Agreement (this
“Agreement”) is                     (            ) units (the
“Target Units”), with the maximum number of performance share units granted under this Agreement being
                    (            ) units (all such units being referred to herein as, the
“Awarded Units”)). Each Awarded Unit shall be a notional share of Common Stock, with the value of each Awarded Unit being equal to the Fair Market Value of a share of Common Stock at any time. The “Date of
Grant” of this Award is July 1, 2016. 
 2. Subject to Plan; Definitions. This Agreement is subject to the terms
and conditions of the Plan, and the terms of the Plan shall control to the extent not otherwise inconsistent with the provisions of this Agreement. To the extent the terms of the Plan are inconsistent with the provisions of the Agreement, this
Agreement shall control. This Agreement is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing. Unless defined herein, the capitalized terms used herein that are defined
in the Plan shall have the same meanings assigned to them in the Plan. 
 3. Vesting of Awarded Units. Awarded Units which have
become vested pursuant to the terms of this Section 3 are collectively referred to herein as “Vested Units.” All other Awarded Units are collectively referred to herein as “Unvested Units.”
The Participant shall be eligible to receive an amount in cash with respect to the Vested Units in accordance with Section 4 below. 

a. Except as specifically provided in this Agreement and subject to certain restrictions and conditions set forth in the Plan:
twenty-five percent (25%) of the Awarded Units shall be eligible to vest on the first anniversary of the Date of Grant (the “First Vesting Date”), and the remaining seventy-five percent (75%) of the Awarded Units
shall be eligible to vest on the third anniversary of the Date of Grant (the “Second Vesting Date,” and each of the First Vesting Date and the Second Vesting Date being referred to herein as, a “Vesting
Date”), subject to the achievement of the performance criteria and the terms and conditions set forth in Exhibit A. 

b. Notwithstanding the foregoing, the Awarded Units shall become Vested Units upon a Change in Control, provided the
Participant is still employed by (or, if the Participant is a Consultant or an Outside Director, providing services to) the Company as of the Change in Control, as follows: (i) if the Change in Control occurs on or prior to the First Vesting
Date, then one hundred percent (100%) of the Awarded Units shall be eligible to vest, and (ii) if the Change in Control occurs after the First Vesting Date, then seventy-five percent (75%) of the Awarded

 
Units shall be eligible to vest, in each case, based on the achievement of the performance criteria set forth in Exhibit A, determined as of the closing date of the Change in Control, and
subject to terms and conditions set forth in Exhibit A. 
 4. Payment with Respect to Vested Units. The Company shall convert
the Vested Units, at the sole election of the Company, into (i) a cash payment in an aggregate amount equal to the number of Vested Units multiplied by the Fair Market Value of a share of Common Stock as of the applicable Vesting Date (or the
date of the Change in Control, as applicable), (ii) the number of whole shares of Common Stock equal to the number of Vested Units and shall deliver to the Participant or the Participant’s personal representative a number of shares of
Common Stock equal to the number of Vested Units credited to the Participant as of the applicable Vesting Date (or the date of the Change in Control, as applicable), or (iii) a combination thereof, less applicable withholdings and deductions,
as soon as administratively practicable following the determination by the Committee that the vesting conditions set forth in Exhibit A have been achieved, and in no event later than two and a half
(2 1⁄2) months following the close of the calendar year in which the Awarded Units become Vested Units. Notwithstanding anything herein to the contrary,
if the Participant incurs a Termination of Service for any reason after a Vesting Date, but prior to the date any Awarded Units that vested on such Vesting Date are converted into a cash payment or shares are delivered pursuant to this
Section 4, the Participant shall not forfeit such Vested Units by reason of such Termination of Service. 
 5. Forfeiture of
Awarded Units. Unvested Units shall be forfeited on the earlier of (i) the applicable Vesting Date, to the extent the performance conditions set forth in Exhibit A have not been satisfied and the Awarded Units have not vested in
accordance with Section 3, and (ii) subject to Section 3, upon the Participant’s Termination of Service for any reason other than the Participant’s death or Total and Permanent Disability. Upon forfeiture, all
of the Participant’s rights with respect to the forfeited Awarded Units shall cease and terminate, without any further obligations on the part of the Company. Notwithstanding anything to the contrary provided herein, if the Participant incurs a
Termination of Service due to his or her death or his or her Total and Permanent Disability, the Unvested Units shall not be forfeited upon such Termination of Service, and the Participant shall be treated as if he or she is continuing to provide
services for purposes of applying the vesting provisions set forth in Section 3 above and on Exhibit A. 
 6.
Nonassignability. The Awarded Units are not assignable or transferable by the Participant except by will or by the laws of descent and distribution. 

7. Rights of a Shareholder; Voting. The Participant will have no rights as a shareholder and no rights to vote with respect to any
Awarded Units covered by this Agreement. 
 8. Adjustment to Number of Awarded Units. The number of Awarded Units shall be subject to
adjustment in accordance with Articles 11-13 of the Plan; provided, however, that any fractional units resulting from such adjustment shall be eliminated. Any adjustments determined by the Board shall be final, binding and
conclusive. 

  
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 9. Notice. Any communication(s) to be given hereunder by either party to the other shall
be deemed to have been duly given if given in writing and personally delivered or sent by mail, registered or certified, postage prepaid with return receipt requested, or via fax as follows: 

 

			
	 Company:
	  	EXCO Resources, Inc.
		  	Attn: Chief Financial Officer
		  	12377 Merit Drive, Suite 1700
		  	Dallas, TX 75251
		  	Fax: (214) 368-2087
		
	 With a copy to:
	  	EXCO Resources, Inc.
		  	Attn: General Counsel
		  	12377 Merit Drive, Suite 1700
		  	Dallas, TX 75251
		  	Fax: (214) 368-2087

 Notice to the Participant shall be addressed and delivered as set forth on the signature page. 

Notices delivered personally shall be deemed communicated as of actual receipt; mailed notices shall be deemed communicated as of three
(3) days after mailing. A fax shall be deemed communicated on the date it is actually received. 
 10. Entire Agreement;
Modification. This Agreement together with the Plan terminates, supersedes, and replaces all prior written and oral agreements between the parties hereto with respect to the subject matter of this Agreement and constitutes a complete and
exclusive statement of the terms of the agreement by and among the parties hereto with respect to the subject matter of this Agreement. All prior negotiations and agreements between the parties with respect to the subject matter hereof are merged
into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this
Agreement or the Plan and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect. This Agreement may not be amended, restated, supplemented, or otherwise
modified except by a written agreement executed by any and all parties to be charged with or otherwise affected by any such amendment. Notwithstanding the preceding sentence, the Company may amend the Plan to the extent permitted by the Plan. 

11. Assignments, Successors, and No Third-Party Rights. Neither this Agreement nor any portion hereof may be assigned by the
Participant without the prior express written consent of the Company. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, and permitted assigns. Nothing expressed or referred to
in this Agreement shall be construed to give any party other than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its
provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and the successors, heirs, personal representatives, and permitted assigns of the parties hereto. 

12. No Right to Continue Service or Employment. Neither this Agreement nor any action taken hereunder shall be construed to confer upon
the Participant the right to continue in the employ or to provide services to the Company or any Subsidiary, whether as an Employee or as a Consultant or as an Outside Director, or interfere with or restrict in any way the right of the Company or
any Subsidiary to discharge the Participant as an Employee, Consultant, or Outside Director at any time. 
 13. Specific Performance.
The parties acknowledge that remedies at law will be inadequate remedies for breach of this Agreement and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance shall be cumulative of
all of the rights and remedies at law or in equity of the parties under this Agreement. 

  
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 14. Jurisdiction; Service of Process; Governing Law. Any action or other proceeding
seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against any of the parties in the courts of the State of Texas and each of the parties consents to the jurisdiction of such court(s) (and of the
appropriate appellate courts) in any such action or other proceeding and waives any objection to venue laid therein. The validity, construction, interpretation, and effect of this Agreement shall be exclusively governed by and determined in
accordance with the laws of the State of Texas without regard to conflict of laws principles. 
 15. Participant’s
Acknowledgments. The Participant acknowledges that a copy of the Plan has been made available for his or her review by the Company, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Award
subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or
this Agreement. 
 16. Severability; Reformation. In the event that any sentence, paragraph, provision, section, or article of this
Agreement is declared to be void by a court of competent jurisdiction, such sentence, paragraph, provision, section, or article shall be deemed severed from the remainder of this Agreement and the balance of this Agreement shall remain in effect. In
the event any court of competent jurisdiction holds any provision of this Agreement to be invalid, unenforceable, and/or unreasonable as written, the court may reform the Agreement to make it valid, enforceable, and reasonable and the Agreement
shall remain in full force and effect as reformed by the court. 
 17. Covenants and Agreements as Independent Agreements. Each of
the covenants and agreements that are set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause of action of the Participant against the
Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement. 

18. Fees and Expenses. If any civil action, whether at law or in equity, is necessary to enforce or interpret any of the terms of this
Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, court costs, and other reasonable expenses of litigation, in addition to any other relief to which such party may be entitled. 

19. Time of the Essence. With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

 20. Waiver. Neither the failure to exercise, nor any delay by any party in exercising, any right, power, or privilege under this
Agreement shall operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege shall preclude any other or further exercise of such right, power, or privilege or the exercise of any
other right, power, or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement may be discharged by one (1) party, in whole or in part, by a waiver or renunciation of the claim or
right unless in writing signed by each other party hereto, (b) no waiver that may be given by any party hereto shall be applicable except in the specific instance when and for which such waiver is given, and (c) no notice to or demand on
one (1) party shall be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement. 

  
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 21. Section Headings; Construction. The headings of Sections in this Agreement are
provided for convenience only and shall not affect the construction or interpretation of this Agreement. All references to “Section” or “Sections” refer to the corresponding Section or Sections of this Agreement. All words used
in this Agreement shall be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms. 

22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original copy of
this Agreement and all of which, when taken together, shall be deemed to constitute one (1) and the same agreement. 
 23. Tax
Requirements. The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the tax consequences of this Agreement. The Company or, if applicable, any Subsidiary (for purposes of this
Section 23, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any Federal, state,
provincial, local, or other taxes required by law to be withheld in connection with this Award. The Company may, in its sole discretion, also require the Participant receiving shares of Common Stock issued under the Plan to pay the Company the
amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to this Award. Such payments shall be required to be made when requested by Company and may be required to be made
prior to the delivery of any certificate representing shares of Common Stock. Such payment may be made (i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under
(iii) below) the required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion, so consents in writing, the actual delivery by the Participant to the Company of shares of Common Stock, other than shares
that the Participant has acquired from the Company within six (6) months prior thereto, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the
required tax withholding payment; (iii) if the Company, in its sole discretion, so consents in writing, the Company’s withholding of a number of shares to be delivered upon the vesting of this Award, which shares so withheld have an
aggregate Fair Market Value that equals (but does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii). The Company may, in its sole discretion, withhold any such taxes from any other cash
remuneration otherwise paid by the Company to the Participant. 
 24. Code Section 409A. This Agreement is intended to be
interpreted and applied so that the payments and benefits set forth herein shall either be exempt from the requirements of Code Section 409A, or shall comply with the requirements of Code Section 409A, and, accordingly, to the maximum
extent permitted, this Agreement shall be interpreted to be exempt from or in compliance with Code Section 409A. Notwithstanding anything in this Agreement, a Termination of Service shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified deferred compensation” within the meaning of Code Section 409A unless such termination is also a “separation from
service” within the meaning of Code Section 409A. Notwithstanding any provision in this Agreement to the contrary, if on his Termination of Service, the Participant is deemed to be a “specified employee” within the meaning of
Code Section 409A, any payments or benefits due upon such Termination of Service that constitutes a “deferral of compensation” within the meaning of Code Section 409A and which do not otherwise qualify under the exemptions under
Treas. Reg. § 1.409A-1 (including without limitation, the short-term deferral exemption and the permitted payments under Treas. Reg. § 1.409A-1(b)(9)(iii)(A)), shall be delayed and paid or provided to the Participant on the earlier of the
date which immediately follows six (6) months after the Participant’s separation from service or, if earlier, the date of the Participant’s death. 

  
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 25. Dispute Resolution; Arbitration; Emergency Relief. All claims, disputes, and
controversies of any kind, character, and nature between any parties to this Agreement relating to or arising out of or in connection with this Agreement or any transaction(s) contemplated by this Agreement as to the construction, validity,
interpretation, meaning, performance, non-performance, enforcement, operation, or breach shall be submitted to arbitration pursuant to the following procedures: 

a. After a claim, dispute, or controversy arises, any such party may, in a written notice delivered to the other party to this
Agreement, demand such arbitration and name the arbitrator (who shall be an impartial person) appointed by the demanding party in such notice together with a statement of the matter(s) claimed or in dispute or controversy. 

b. Within thirty (30) calendar days after receipt of such demand, the other party to this Agreement shall, in a written
notice delivered to the demanding party, name the arbitrator (who shall be an impartial person) appointed by the receiving party. If any party to this Agreement fails to name and appoint an arbitrator, then the arbitrator of such party shall be
named and appointed by the American Arbitration Association (the “AAA”). The two arbitrators so appointed shall name and appoint a third arbitrator (who shall be an impartial person) within thirty (30) calendar days or,
if the two arbitrators so appointed shall fail to name a third arbitrator within such thirty (30) day period, the third arbitrator shall be named and appointed by the AAA. If any arbitrator appointed hereunder shall die, resign, refuse, or
become unable to act before an arbitration decision is rendered, then the vacancy shall be filled by the method set forth in this Section 25(b) for the original appointment of such arbitrator. 

c. Each party shall bear its own arbitration costs and expenses. The arbitration hearing shall be held in Dallas, Texas at a
location designated by a majority of the arbitrators. The Commercial Arbitration Rules of the American Arbitration Association shall be incorporated by reference at such hearing and the substantive laws of the State of Texas (without regard to
conflict of laws principles) shall apply. 
 d. The arbitration hearing shall be concluded within ten (10) calendar days
unless otherwise ordered by the arbitrators and a written award thereon shall be made within fifteen (15) calendar days after the close of submission of evidence. An award rendered by a majority of the arbitrators appointed pursuant to this
Agreement shall be final and binding on all parties to the proceeding, shall resolve the question of costs of the arbitrators and all related matters, and judgment on such award may be entered and enforced by either party in any court of competent
jurisdiction. 
 e. Except as set forth in Section 25(g), the parties to this Agreement agree, intend, and
expressly stipulate that the provisions of this Section 25 shall be a complete defense to any suit, action, or proceeding instituted in any federal, state, or local court or before any administrative tribunal with respect to any claim,
controversy, or dispute relating to or arising out of or in connection with this Agreement or any transaction(s) contemplated by this Agreement. The arbitration provisions of this Agreement shall, with respect to any such claim, controversy, or
dispute, survive the termination or expiration of this Agreement. 
 f. No party to an arbitration may disclose the existence
or results of any arbitration hereunder without the prior express written consent of the other party to this Agreement nor shall any party to an arbitration disclose to any third party any confidential information disclosed by any other party to
such arbitration in the course of an arbitration hereunder without the prior express written consent of such other party. 

  
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 g. Notwithstanding anything in this Section 25 to the contrary, any
party may seek from a court any provisional remedy that may be necessary to protect any rights or property of such party pending the establishment of the arbitral tribunal or its determination of the merits of the claim, controversy, or dispute or
to enforce the rights of such party under this Section 25. 
 * * * * * * * * * * 

[Remainder of Page Intentionally Left Blank. 

Signature Page Follows] 

  
 - 7 - 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized
officer, and the Participant, to evidence his or her consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof. 

 

			
	 COMPANY:

	
	 EXCO RESOURCES, INC.

		
	 By:
	 	  

	 Name:

	 Title:

	
	 PARTICIPANT:

	
	  

	 Signature

	
	 Name:

	 Address:

 Signature Page to Performance-Based 

Share Unit Award Agreement 

 Exhibit A 

1. For purposes of this Agreement, unless the context requires otherwise, the following terms shall have the meanings indicated: 

a. “Closing Price(s)” shall on any date mean (i) the closing sale price per share (or if no
closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in the composite transactions table for the principal U.S.
national or regional securities exchange on which the common stock is listed for trading; (ii) if the common stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, then the Closing Price of the
common stock will be the average of the bid and ask prices (or, if more than one in either case, the average of the average bid and the average ask prices) for the common stock in the over-the-counter market on the relevant date as reported by OTC
Markets Group Inc. or similar organization; and (iii) if the common stock is not so quoted, the Closing Price of the common stock will be such other amount as the Company may ascertain reasonably to represent such Closing Price. The Closing
Price shall be determined without reference to extended or after-hours trading. 
 b. “Final Stock
Price” shall mean the average of the Closing Prices for the twenty (20) Trading Days during the period ending on and including the last Trading Day of the applicable Measurement Period. 

c. “Initial Stock Price” shall mean the average of the Closing Prices for the twenty (20) Trading
Days during the period preceding the first Trading Day of the applicable Measurement Period. 
 d. “Measurement
Period” shall mean the period commencing on and including the Date of Grant and ending on: (i) the First Vesting Date (the “First Measurement Period”), (ii) the Second Vesting Date (the
“Second Measurement Period”), or (iii) the closing date of a Change in Control (the “CIC Measurement Period,” and each of the First Measurement Period, the Second Measurement Period, and CIC
Measurement Period being referred to herein as, a “Measurement Period”). 
 e. “Peer
Group” shall be comprised of the following companies: 
  

			
	Bill Barrett Corporation	  	Oasis Petroleum Inc.
	Chesapeake Energy Corporation	  	PetroQuest Energy Inc.
	Clayton Williams Energy, Inc.	  	QEP Resources, Inc.
	Comstock Resources Inc.	  	Rex Energy Corporation
	EP Energy Corporation	  	Sanchez Energy Corporation
	Halcon Resources Corporation	  	SM Energy Company
	Jones Energy Inc.	  	Stone Energy Corporation
	Northern Oil & Gas, Inc.	  	Ultra Petroleum Corp.
		  	WPX Energy, Inc.

 f. “Trading Day(s)” means a day on which (i) trading in the
common stock generally occurs on the principal U.S. national or regional securities exchange on which the common stock is then listed or, if the common stock is not then listed on a U.S. national or regional securities exchange, on the principal
other market on which the common stock is then traded, and (ii) a Closing Price for the common stock is available on such securities exchange or market. 

  
 Exhibit A – Page
1 

 g. “TSR” shall mean a company’s total shareholder
return, which will be calculated by subtracting 1.0000 from the quotient obtained by dividing (i) the product of (A) the Final Stock Price for such company and (B) the number of Ending Shares (as determined below), by
(ii) the Initial Stock Price. The “Ending Shares” shall be determined by calculating the total number of shares which would have been held at the end of the applicable Measurement Period assuming: (a) the number
of shares held at the beginning of such Measurement Period is 1.0000 and (b) each dividend and other distribution declared during such Measurement Period with respect to such shares (and any other shares previously received upon reinvestment of
dividends or other distributions), without deduction for any taxes with respect to such dividends or other distributions or any charges in connection with such reinvestment, is reinvested into additional shares on the ex-dividend date at a price per
share equal to the Closing Price on the trading day immediately preceding the ex-dividend date for such dividend or other distribution. The TSR of a component company in the Peer Group and of the Company shall be adjusted to take into account stock
splits, reverse stock splits, and special dividends that occur during the applicable Measurement Period. The determination of the TSR shall be subject to the following additional adjustments: 

(I) If during the applicable Measurement Period two component companies of the Peer Group merge or otherwise combine into a
single entity, the surviving entity shall remain a component company of the Peer Group and the non-surviving entity shall be removed from the Peer Group. 

(II) If during the applicable Measurement Period a component company of the Peer Group merges into or otherwise combines with
an entity that is not a component company of the Peer Group, such component company shall be removed from the Peer Group. 

(III) If during the applicable Measurement Period a component company of the Peer Group ceases to be a public company by
becoming a private company through the “going dark” process, the Final Stock Price for such component company shall be measured over the last twenty (20) Trading Days of the component company before it ceases to trade. 

(IV) If during the applicable Measurement Period a component company of the Peer Group files a petition for reorganization
under Chapter 11 of the U.S. Bankruptcy Code or liquidation under Chapter 7 of the U.S. Bankruptcy Code, such component company shall remain as part of the Peer Group and be designated with a TSR of negative 100%. 

  
 Exhibit A – Page
2 

 2. Subject to certain restrictions and conditions set forth in the Plan and the Agreement, if, on
the applicable Vesting Date, the Company’s Percentile Rank (as defined below) within the Peer Group equals or exceeds the threshold percentage, then the respective number of Target Units shall become Vested Units, and for every increase in the
Company’s Percentile Rank within the Peer Group, a proportionate percentage of Target Units shall become Vested Units on the applicable Vesting Date (calculated on the basis of straight-line interpolation applied on the change in performance
between threshold and target, and between target and maximum levels of the Company’s Percentile Rank), in accordance with the following schedule: 

a. First Measurement Period. On the First Vesting Date, twenty-five percent (25%) of the Awarded Units shall vest,
based on the Company’s Percentile Rank within the Peer Group over the First Measurement Period, as follows: 
  

			
	 Company’s Percentile Rank

within the Peer Group
	  	 Percentage of Vested

Target Units

	 90% (maximum) and Above
	  	37.5% of Target Units [=150% of Target Units x 25%]
	 75% (target) – 89.9%
	  	25% - 37.4% of Target Units [=100% - 149.9% of Target Units x 25%]
	 40% (threshold) – 74.9%
	  	10% - 24.9% of Target Units [=40.0% - 99.9% of Target Units x 25%]
	 Below 40%
	  	0%

 b. Second Measurement Period. On the Second Vesting Date, seventy-five percent
(75%) of the Awarded Units shall vest, based on the Company’s Percentile Rank within the Peer Group over the Second Measurement Period, as follows: 
  

			
	 Company’s Percentile Rank

within the Peer Group
	  	 Percentage of Vested

Target Units

	 90% (maximum) and Above
	  	112.5% of Target Units [=150% of Target Units x 75%]
	 75% (target) – 89.9%
	  	75% - 112.4% of Target Units [=100% - 149.9% of Target Units x 75%]
	 40% (threshold) – 74.9%
	  	30% - 74.9% of Target Units [=40.0% - 99.9% of Target Units x 75%]
	 Below 40%
	  	0%

 c. CIC Measurement Period. 

i. If a Change in Control occurs on or prior to the First Vesting Date, one hundred percent (100%) of the Awarded Units
shall vest, based on the Company’s Percentile Rank within the Peer Group over the CIC Measurement Period, as follows: 
  

			
	 Company’s Percentile Rank

within the Peer Group
	  	 Percentage of Vested

Target Units

	 90% (maximum) and Above
	  	150% of Target Units
	 75% (target) – 89.9%
	  	100% - 149.9% of Target Units
	 40% (threshold) – 74.9%
	  	40.0% - 99.9% of Target Units
	 Below 40%
	  	0%

  
 Exhibit A – Page
3 

 ii. If a Change in Control occurs prior to the Second Vesting Date but after the
First Vesting Date, then seventy-five percent (75%) of the Awarded Units shall vest, based on the Company’s Percentile Rank within the Peer Group over the CIC Measurement Period, as follows: 

 

			
	 Company’s Percentile Rank

within the Peer Group
	  	 Percentage of Vested

Target Units

	 90% (maximum) and Above
	  	112.5% of Target Units [=150% of Target Units x 75%]
	 75% (target) – 89.9%
	  	75% - 112.4% of Target Units [=100% - 149.9% of Target Units x 75%]
	 40% (threshold) – 74.9%
	  	30% - 74.9% of Target Units [=40.0% - 99.9% of Target Units x 75%]
	 Below 40%
	  	0%

 3. The Company shall calculate the TSR for the Company and each component company of the Peer Group over each
Measurement Period, as applicable. The Company and each company within the Peer Group shall be ranked from highest to lowest based on the TSR for each company. The percentile rank of the TSR of the Company will then be determined relative to the TSR
ranking of each component company in the Peer Group (the “Company’s Percentile Rank”). In determining the number of companies in each percentile ranking, fractional numbers shall be rounded to the nearest whole number.
The Company’s Percentile Rank will then be utilized, as shown in the table above, to determine the percentage, if any, of the Awarded Units that will vest under the Award and become Vested Units. Any fractional units created by such vesting
will be rounded to the nearest whole unit. 
 4. The determination by the Company with respect to the achievement of the Company’s
Percentile Rank for vesting of the Awarded Units shall occur as soon as administratively practicable after the applicable Vesting Date or if earlier, the closing date of a Change in Control (and in all events on or before the date that is sixty
(60) days following the applicable Vesting Date or, if earlier, the closing date of a Change in Control). 

  
 Exhibit A – Page
4EX-10.2

 Exhibit 10.2 

PERFORMANCE-BASED SHARE UNIT AWARD AGREEMENT 

EXCO RESOURCES, INC. 

AMENDED AND RESTATED 2005 LONG-TERM INCENTIVE PLAN 

1. Award of Performance Share Units. Pursuant to the EXCO Resources, Inc. Amended and Restated 2005 Long-Term Incentive Plan (the
“Plan”) for Employees, Consultants, and Outside Directors of EXCO Resources, Inc., a Texas corporation (the “Company”), and its Subsidiaries, the Company grants to 

 
  

(the “Participant”) 

an Award of “performance share units” in accordance with Section 6.8 of the Plan. The target number of performance share units being granted under
this Performance-Based Share Unit Award Agreement (this “Agreement”) is                    
(            ) units (the “Target Units”), with the maximum number of performance share units granted under this Agreement being
                     (            ) units (all such units being referred to herein as,
the “Awarded Units”)). Each Awarded Unit shall be a notional share of Common Stock, with the value of each Awarded Unit being equal to the Fair Market Value of a share of Common Stock at any time. The “Date of
Grant” of this Award is July 1, 2016. 
 2. Subject to Plan; Definitions. This Agreement is subject to the terms
and conditions of the Plan, and the terms of the Plan shall control to the extent not otherwise inconsistent with the provisions of this Agreement. To the extent the terms of the Plan are inconsistent with the provisions of the Agreement, this
Agreement shall control. This Agreement is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing. Unless defined herein, the capitalized terms used herein that
are defined in the Plan shall have the same meanings assigned to them in the Plan. 
 3. Vesting of Awarded Units. Awarded Units
which have become vested pursuant to the terms of this Section 3 are collectively referred to herein as “Vested Units.” All other Awarded Units are collectively referred to herein as “Unvested
Units.” The Participant shall be eligible to receive an amount in cash with respect to the Vested Units in accordance with Section 4 below. 

a. Except as specifically provided in this Agreement and subject to certain restrictions and conditions set forth in the Plan:
twenty-five percent (25%) of the Awarded Units shall be eligible to vest on the first anniversary of the Date of Grant (the “First Vesting Date”), and the remaining seventy-five percent (75%) of the Awarded Units shall be
eligible to vest on the third anniversary of the Date of Grant (the “Second Vesting Date,” and each of the First Vesting Date and the Second Vesting Date being referred to herein as, a “Vesting Date”),
subject to the achievement of the performance criteria and the terms and conditions set forth in Exhibit A. 
 b.
Notwithstanding the foregoing, the Awarded Units shall become Vested Units upon a Change in Control, provided the Participant is still employed by (or, if the Participant is a Consultant or an Outside Director, providing services to) the Company as
of the Change in Control, as follows: (i) if the Change in Control occurs on or prior to the First Vesting Date, then one hundred percent (100%) of the Awarded Units shall be eligible to vest, and (ii) if the Change in Control occurs after the First
Vesting Date, then seventy-five percent (75%) of the Awarded 

 
Units shall be eligible to vest, in each case, based on the achievement of the performance criteria set forth in Exhibit A, determined as of the closing date of the Change in Control, and
subject to terms and conditions set forth in Exhibit A. 
 c. Notwithstanding the foregoing and notwithstanding any
contrary vesting provisions in the Retention Agreement (as defined below), in the event of a Qualifying Termination (as defined the Retention Agreement (defined below)) prior to a Vesting Date or a Change in Control, if earlier, subject to the
timely execution and delivery of the Release (as defined in the Retention Agreement) and the expiration of any revocation period (as described in Section 2 of the Retention Agreement), for each Measurement Period (as defined in Exhibit A), a
pro-rated portion of the Awarded Units shall be retained by the Participant as if he or she is continuing to provide services following such Qualifying Termination for each subsequent Vesting Date (or Change in Control), as follows: 

i. If the Qualifying Termination occurs prior to the First Vesting Date, then (A) with respect to the First Vesting Date, a
pro-rated number of Awarded Units, calculated based on (1) the number of days the Participant was employed between the Date of Grant and the Qualifying Termination, over (2) the number of days the Participant was employed between the Date of
Grant and the First Vesting Date, shall be retained by the Participant as if he or she is continuing to provide services through the First Vesting Date; and (B) with respect to the Second Vesting Date, a pro-rated number of Awarded Units, calculated
based on (1) the number of days the Participant was employed between the Date of Grant and the Qualifying Termination, over (2) the number of days the Participant was employed between the Date of Grant and the Second Vesting Date, shall be
retained by the Participant as if he or she is continuing to provide services through the Second Vesting Date. 
 ii. If the
Qualifying Termination occurs after the First Vesting Date but prior to the Second Vesting Date, then with respect to the Second Vesting Date, a pro-rated number of Awarded Units, calculated based on (1) the number of days the Participant was
employed between the Date of Grant and the Qualifying Termination, over (2) the number of days the Participant was employed between the Date of Grant and the Second Vesting Date, shall be retained by the Participant as if he or she is
continuing to provide services through the Second Vesting Date. 
 iii. If the Qualifying Termination occurs prior to a
Change in Control, then a pro-rated number of Awarded Units, calculated based (1) the number of days the Participant was employed between the Date of Grant and the Qualifying Termination, over (2) the number of days the Participant was
employed between the Date of Grant and the Change in Control, shall be retained by the Participant as if he or she is continuing to provide services through the Change in Control. 

All such pro-rated Awarded Units shall become Vested Units (if any) in accordance with the vesting provisions set forth in Sections 3.a. and
3.b. above and the tables set forth on Exhibit A. To determine the number of Vested Units, the applicable ratio calculated above shall be multiplied by the applicable percentage of Vested Units as determined by the tables set forth
on Exhibit A. For purposes of this Agreement, “Retention Agreement” means that certain [Amended and Restated] Retention Agreement, by and between the Company and the Participant, dated as of May
    , 2015. 

  
 - 2 - 

 4. Payment with Respect to Vested Units. The Company shall convert the Vested Units,
at the sole election of the Company, into (i) a cash payment in an aggregate amount equal to the number of Vested Units multiplied by the Fair Market Value of a share of Common Stock as of the applicable Vesting Date (or the date of the Change in
Control, as applicable), (ii) the number of whole shares of Common Stock equal to the number of Vested Units [up to a maximum of two million (2,000,000) Vested Units,] and shall deliver to the Participant or the Participant’s personal
representative a number of shares of Common Stock equal to the number of Vested Units credited to the Participant as of the applicable Vesting Date (or the date of the Change in Control, as applicable), or (iii) a combination thereof, less
applicable withholdings and deductions, as soon as administratively practicable following the determination by the Committee that the vesting conditions set forth in Exhibit A have been achieved, and in no event later than two and a half (2 1⁄2) months following the close of the calendar year in which the Awarded Units become Vested Units. [Notwithstanding anything herein to the contrary, if the
Participant incurs a Termination of Service for any reason after a Vesting Date, but prior to the date any Awarded Units that vested on such Vesting Date are converted into a cash payment or shares are delivered pursuant to this Section
4, the Participant shall not forfeit such Vested Units by reason of such Termination of Service.] [Notwithstanding anything herein to the contrary, if (A) the Participant incurs a Termination of Service for any reason after a
Vesting Date, but prior to the date any Awarded Units that vested on such Vesting Date are converted into a cash payment or shares are delivered pursuant to this Section 4, the Participant shall not forfeit such Vested Units by
reason of such Termination of Service; and (B) any Vested Units in excess of two million (2,000,000) Vested Units in the aggregate shall be paid in cash, unless shareholders approve an amendment to the Plan to increase the share limit.] 

5. Forfeiture of Awarded Units. Unvested Units shall be forfeited on the earlier of (i) the applicable Vesting Date, to the extent
the performance conditions set forth in Exhibit A have not been satisfied and the Awarded Units have not vested in accordance with Section 3, and (ii) subject to Section 3, upon the Participant’s Termination of Service for
any reason other than the Participant’s death or Total and Permanent Disability. Upon forfeiture, all of the Participant’s rights with respect to the forfeited Awarded Units shall cease and terminate, without any further obligations on the
part of the Company. Notwithstanding anything to the contrary provided herein, if the Participant incurs a Termination of Service due to his or her death or his or her Total and Permanent Disability, the Unvested Units shall not be forfeited upon
such Termination of Service, and the Participant shall be treated as if he or she is continuing to provide services for purposes of applying the vesting provisions set forth in Section 3 above and on Exhibit A. 

6. Nonassignability. The Awarded Units are not assignable or transferable by the Participant except by will or by the laws of
descent and distribution. 
 7. Rights of a Shareholder; Voting. The Participant will have no rights as a shareholder and no
rights to vote with respect to any Awarded Units covered by this Agreement. 
 8. Adjustment to Number of Awarded Units. The
number of Awarded Units shall be subject to adjustment in accordance with Articles 11-13 of the Plan; provided, however, that any fractional units resulting from such adjustment shall be eliminated. Any adjustments
determined by the Board shall be final, binding and conclusive. 

  
 - 3 - 

 9. Notice. Any communication(s) to be given hereunder by either party to the other
shall be deemed to have been duly given if given in writing and personally delivered or sent by mail, registered or certified, postage prepaid with return receipt requested, or via fax as follows: 

 

			
	 Company:
	  	EXCO Resources, Inc.
		  	Attn: Chief Financial Officer
		  	12377 Merit Drive, Suite 1700
		  	Dallas, TX 75251
		  	Fax: (214) 368-2087
		
	 With a copy to:
	  	EXCO Resources, Inc.
		  	Attn: General Counsel
		  	12377 Merit Drive, Suite 1700
		  	Dallas, TX 75251
		  	Fax: (214) 368-2087

 Notice to the Participant shall be addressed and delivered as set forth on the signature page. 

Notices delivered personally shall be deemed communicated as of actual receipt; mailed notices shall be deemed communicated as of three (3)
days after mailing. A fax shall be deemed communicated on the date it is actually received. 
 10. Entire Agreement;
Modification. This Agreement together with the Plan terminates, supersedes, and replaces all prior written and oral agreements between the parties hereto with respect to the subject matter of this Agreement, including the Retention
Agreement, and constitutes a complete and exclusive statement of the terms of the agreement by and among the parties hereto with respect to the subject matter of this Agreement. All prior negotiations and agreements between the parties with
respect to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting
on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect. This
Agreement may not be amended, restated, supplemented, or otherwise modified except by a written agreement executed by any and all parties to be charged with or otherwise affected by any such amendment. Notwithstanding the preceding sentence,
the Company may amend the Plan to the extent permitted by the Plan. 
 11. Assignments, Successors, and No Third-Party Rights.
Neither this Agreement nor any portion hereof may be assigned by the Participant without the prior express written consent of the Company. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, successors, and permitted assigns. Nothing expressed or referred to in this Agreement shall be construed to give any party other than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to
this Agreement or any provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and the successors, heirs, personal representatives, and
permitted assigns of the parties hereto. 
 12. No Right to Continue Service or Employment. Neither this Agreement nor any
action taken hereunder shall be construed to confer upon the Participant the right to continue in the employ or to provide services to the Company or any Subsidiary, whether as an Employee or as a Consultant or as an Outside Director, or interfere
with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant as an Employee, Consultant, or Outside Director at any time. 

13. Specific Performance. The parties acknowledge that remedies at law will be inadequate remedies for breach of this Agreement
and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance shall be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement. 

  
 - 4 - 

 14. Jurisdiction; Service of Process; Governing Law. Any action or other proceeding
seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against any of the parties in the courts of the State of Texas and each of the parties consents to the jurisdiction of such court(s) (and of the
appropriate appellate courts) in any such action or other proceeding and waives any objection to venue laid therein. The validity, construction, interpretation, and effect of this Agreement shall be exclusively governed by and determined in
accordance with the laws of the State of Texas without regard to conflict of laws principles. 
 15. Participant’s
Acknowledgments. The Participant acknowledges that a copy of the Plan has been made available for his or her review by the Company, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this
Award subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under
the Plan or this Agreement. 
 16. Severability; Reformation. In the event that any sentence, paragraph, provision, section, or
article of this Agreement is declared to be void by a court of competent jurisdiction, such sentence, paragraph, provision, section, or article shall be deemed severed from the remainder of this Agreement and the balance of this Agreement shall
remain in effect. In the event any court of competent jurisdiction holds any provision of this Agreement to be invalid, unenforceable, and/or unreasonable as written, the court may reform the Agreement to make it valid, enforceable, and
reasonable and the Agreement shall remain in full force and effect as reformed by the court. 
 17. Covenants and Agreements as
Independent Agreements. Each of the covenants and agreements that are set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause
of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement. 

18. Fees and Expenses. If any civil action, whether at law or in equity, is necessary to enforce or interpret any of the terms of
this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, court costs, and other reasonable expenses of litigation, in addition to any other relief to which such party may be entitled. 

19. Time of the Essence. With regard to all dates and time periods set forth or referred to in this Agreement, time is of the
essence. 
 20. Waiver. Neither the failure to exercise, nor any delay by any party in exercising, any right, power, or
privilege under this Agreement shall operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege shall preclude any other or further exercise of such right, power, or privilege or
the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement may be discharged by one (1) party, in whole or in part, by a waiver or
renunciation of the claim or right unless in writing signed by each other party hereto, (b) no waiver that may be given by any party hereto shall be applicable except in the specific instance when and for which such waiver is given, and
(c) no notice to or demand on one (1) party shall be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement.

  
 - 5 - 

 21. Section Headings; Construction. The headings of Sections in this Agreement are
provided for convenience only and shall not affect the construction or interpretation of this Agreement. All references to “Section” or “Sections” refer to the corresponding Section or Sections of this Agreement. All words used
in this Agreement shall be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms. 

22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original copy
of this Agreement and all of which, when taken together, shall be deemed to constitute one (1) and the same agreement. 
 23. Tax
Requirements. The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the tax consequences of this Agreement. The Company or, if applicable, any Subsidiary (for purposes of this
Section 23, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any Federal, state,
provincial, local, or other taxes required by law to be withheld in connection with this Award. The Company may, in its sole discretion, also require the Participant receiving shares of Common Stock issued under the Plan to pay the Company the
amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to this Award. Such payments shall be required to be made when requested by Company and may be required to be made
prior to the delivery of any certificate representing shares of Common Stock. Such payment may be made (i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the
required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion, so consents in writing, the actual delivery by the Participant to the Company of shares of Common Stock, other than shares that the Participant has
acquired from the Company within six (6) months prior thereto, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding payment;
(iii) if the Company, in its sole discretion, so consents in writing, the Company’s withholding of a number of shares to be delivered upon the vesting of this Award, which shares so withheld have an aggregate Fair Market Value that equals (but
does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii). The Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the
Participant. 
 24. Code Section 409A. This Agreement is intended to be interpreted and applied so that the payments and benefits set
forth herein shall either be exempt from the requirements of Code Section 409A, or shall comply with the requirements of Code Section 409A, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be exempt from or
in compliance with Code Section 409A. Notwithstanding anything in this Agreement, a Termination of Service shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that
constitute “non-qualified deferred compensation” within the meaning of Code Section 409A unless such termination is also a “separation from service” within the meaning of Code Section 409A. Notwithstanding any provision in this
Agreement to the contrary, if on his Termination of Service, the Participant is deemed to be a “specified employee” within the meaning of Code Section 409A, any payments or benefits due upon such Termination of Service that constitutes a
“deferral of compensation” within the meaning of Code Section 409A and which do not otherwise qualify under the exemptions under Treas. Reg. § 1.409A-1 (including without limitation, the short-term deferral exemption and the permitted
payments under Treas. Reg. § 1.409A-1(b)(9)(iii)(A)), shall be delayed and paid or provided to the Participant on the earlier of the date which immediately follows six (6) months after the Participant’s separation from service or, if
earlier, the date of the Participant’s death. 

  
 - 6 - 

 25. Dispute Resolution; Arbitration; Emergency Relief. All claims, disputes, and
controversies of any kind, character, and nature between any parties to this Agreement relating to or arising out of or in connection with this Agreement or any transaction(s) contemplated by this Agreement as to the construction, validity,
interpretation, meaning, performance, non-performance, enforcement, operation, or breach shall be submitted to arbitration pursuant to the following procedures: 

a. After a claim, dispute, or controversy arises, any such party may, in a written notice delivered to the other party to this
Agreement, demand such arbitration and name the arbitrator (who shall be an impartial person) appointed by the demanding party in such notice together with a statement of the matter(s) claimed or in dispute or controversy. 

b. Within thirty (30) calendar days after receipt of such demand, the other party to this Agreement shall, in a written notice
delivered to the demanding party, name the arbitrator (who shall be an impartial person) appointed by the receiving party. If any party to this Agreement fails to name and appoint an arbitrator, then the arbitrator of such party shall be named and
appointed by the American Arbitration Association (the “AAA”). The two arbitrators so appointed shall name and appoint a third arbitrator (who shall be an impartial person) within thirty (30) calendar days or, if the two
arbitrators so appointed shall fail to name a third arbitrator within such thirty (30) day period, the third arbitrator shall be named and appointed by the AAA. If any arbitrator appointed hereunder shall die, resign, refuse, or become unable to act
before an arbitration decision is rendered, then the vacancy shall be filled by the method set forth in this Section 25(b) for the original appointment of such arbitrator. 

c. Each party shall bear its own arbitration costs and expenses. The arbitration hearing shall be held in Dallas, Texas at a
location designated by a majority of the arbitrators. The Commercial Arbitration Rules of the American Arbitration Association shall be incorporated by reference at such hearing and the substantive laws of the State of Texas (without regard to
conflict of laws principles) shall apply. 
 d. The arbitration hearing shall be concluded within ten (10) calendar days
unless otherwise ordered by the arbitrators and a written award thereon shall be made within fifteen (15) calendar days after the close of submission of evidence. An award rendered by a majority of the arbitrators appointed pursuant to this
Agreement shall be final and binding on all parties to the proceeding, shall resolve the question of costs of the arbitrators and all related matters, and judgment on such award may be entered and enforced by either party in any court of competent
jurisdiction. 
 e. Except as set forth in Section 25(g), the parties to this Agreement agree, intend, and expressly
stipulate that the provisions of this Section 25 shall be a complete defense to any suit, action, or proceeding instituted in any federal, state, or local court or before any administrative tribunal with respect to any claim, controversy, or
dispute relating to or arising out of or in connection with this Agreement or any transaction(s) contemplated by this Agreement. The arbitration provisions of this Agreement shall, with respect to any such claim, controversy, or dispute,
survive the termination or expiration of this Agreement. 
 f. No party to an arbitration may disclose the existence or
results of any arbitration hereunder without the prior express written consent of the other party to this Agreement nor shall any party to an arbitration disclose to any third party any confidential information disclosed by any other party to such
arbitration in the course of an arbitration hereunder without the prior express written consent of such other party. 

  
 - 7 - 

 g. Notwithstanding anything in this Section 25 to the contrary, any party
may seek from a court any provisional remedy that may be necessary to protect any rights or property of such party pending the establishment of the arbitral tribunal or its determination of the merits of the claim, controversy, or dispute or to
enforce the rights of such party under this Section 25. 
 * * * * * * * * * * 

[Remainder of Page Intentionally Left Blank. 

Signature Page Follows] 

  
 - 8 - 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized
officer, and the Participant, to evidence his or her consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof. 

 

			
	COMPANY:
	
	EXCO RESOURCES, INC.
		
	By:	 	  

	Name:
	Title:
	
	PARTICIPANT:
	
	  

Signature

	
	Name:
	Address:

 Signature Page to Performance-Based 

Share Unit Award Agreement 

 Exhibit A 

1. For purposes of this Agreement, unless the context requires otherwise, the following terms shall have the meanings indicated: 

a. “Closing Price(s)” shall on any date mean (i) the closing sale price per share (or if no closing
sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in the composite transactions table for the principal U.S.
national or regional securities exchange on which the common stock is listed for trading; (ii) if the common stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, then the Closing Price of the
common stock will be the average of the bid and ask prices (or, if more than one in either case, the average of the average bid and the average ask prices) for the common stock in the over-the-counter market on the relevant date as reported by OTC
Markets Group Inc. or similar organization; and (iii) if the common stock is not so quoted, the Closing Price of the common stock will be such other amount as the Company may ascertain reasonably to represent such Closing Price. The Closing
Price shall be determined without reference to extended or after-hours trading. 
 b. “Final Stock
Price” shall mean the average of the Closing Prices for the twenty (20) Trading Days during the period ending on and including the last Trading Day of the applicable Measurement Period. 

c. “Initial Stock Price” shall mean the average of the Closing Prices for the twenty (20) Trading Days
during the period preceding the first Trading Day of the applicable Measurement Period. 
 d. “Measurement
Period” shall mean the period commencing on and including the Date of Grant and ending on: (i) the First Vesting Date (the “First Measurement Period”), (ii) the Second Vesting Date (the “Second
Measurement Period”), or (iii) the closing date of a Change in Control (the “CIC Measurement Period,” and each of the First Measurement Period, the Second Measurement Period, and CIC Measurement Period being
referred to herein as, a “Measurement Period”). 
 e. “Peer Group” shall be
comprised of the following companies: 
  

			
	 Bill Barrett Corporation
	  	 Oasis Petroleum Inc.

	 Chesapeake Energy Corporation
	  	 PetroQuest Energy Inc.

	 Clayton Williams Energy, Inc.
	  	 QEP Resources, Inc.

	 Comstock Resources Inc.
	  	 Rex Energy Corporation

	 EP Energy Corporation
	  	 Sanchez Energy Corporation

	 Halcon Resources Corporation
	  	 SM Energy Company

	 Jones Energy Inc.
	  	 Stone Energy Corporation

	 Northern Oil & Gas, Inc.
	  	Ultra Petroleum Corp.
		  	WPX Energy, Inc.

 f. “Trading Day(s)” means a day on which (i) trading in the common
stock generally occurs on the principal U.S. national or regional securities exchange on which the common stock is then listed or, if the common stock is not then listed on a U.S. national or regional securities exchange, on the principal other
market on which the common stock is then traded, and (ii) a Closing Price for the common stock is available on such securities exchange or market. 

  
 Exhibit A – Page
1 

 g. “TSR” shall mean a company’s total shareholder
return, which will be calculated by subtracting 1.0000 from the quotient obtained by dividing (i) the product of (A) the Final Stock Price for such company and (B) the number of Ending Shares (as determined below), by (ii) the Initial Stock
Price. The “Ending Shares” shall be determined by calculating the total number of shares which would have been held at the end of the applicable Measurement Period assuming: (a) the number of shares held at the beginning of
such Measurement Period is 1.0000 and (b) each dividend and other distribution declared during such Measurement Period with respect to such shares (and any other shares previously received upon reinvestment of dividends or other distributions),
without deduction for any taxes with respect to such dividends or other distributions or any charges in connection with such reinvestment, is reinvested into additional shares on the ex-dividend date at a price per share equal to the Closing Price
on the trading day immediately preceding the ex-dividend date for such dividend or other distribution. The TSR of a component company in the Peer Group and of the Company shall be adjusted to take into account stock splits, reverse stock splits, and
special dividends that occur during the applicable Measurement Period. The determination of the TSR shall be subject to the following additional adjustments: 

(I) If during the applicable Measurement Period two component companies of the Peer Group merge or otherwise combine into a
single entity, the surviving entity shall remain a component company of the Peer Group and the non-surviving entity shall be removed from the Peer Group. 

(II) If during the applicable Measurement Period a component company of the Peer Group merges into or otherwise combines with
an entity that is not a component company of the Peer Group, such component company shall be removed from the Peer Group. 

(III) If during the applicable Measurement Period a component company of the Peer Group ceases to be a public company by
becoming a private company through the “going dark” process, the Final Stock Price for such component company shall be measured over the last twenty (20) Trading Days of the component company before it ceases to trade. 

(IV) If during the applicable Measurement Period a component company of the Peer Group files a petition for reorganization
under Chapter 11 of the U.S. Bankruptcy Code or liquidation under Chapter 7 of the U.S. Bankruptcy Code, such component company shall remain as part of the Peer Group and be designated with a TSR of negative 100%. 

  
 Exhibit A – Page
2 

 2. Subject to certain restrictions and conditions set forth in the Plan and the Agreement, if, on
the applicable Vesting Date, the Company’s Percentile Rank (as defined below) within the Peer Group equals or exceeds the threshold percentage, then the respective number of Target Units shall become Vested Units, and for every increase in the
Company’s Percentile Rank within the Peer Group, a proportionate percentage of Target Units shall become Vested Units on the applicable Vesting Date (calculated on the basis of straight-line interpolation applied on the change in performance
between threshold and target, and between target and maximum levels of the Company’s Percentile Rank), in accordance with the following schedule: 

a. First Measurement Period. On the First Vesting Date, twenty-five percent (25%) of the Awarded Units shall vest, based
on the Company’s Percentile Rank within the Peer Group over the First Measurement Period, as follows: 
  

			
	 Company’s Percentile Rank

within the Peer Group
	  	 Percentage of Vested

Target Units

	 90% (maximum) and Above
	  	37.5% of Target Units [=150% of Target Units x 25%]
	 75% (target) – 89.9%
	  	 25% - 37.4% of Target Units

[=100% - 149.9% of Target Units x 25%]

	 40% (threshold) – 74.9%
	  	 10% - 24.9% of Target Units

[=40.0% - 99.9% of Target Units x 25%]

	 Below 40%
	  	0%

 b. Second Measurement Period. On the Second Vesting Date, seventy-five percent (75%) of
the Awarded Units shall vest, based on the Company’s Percentile Rank within the Peer Group over the Second Measurement Period, as follows: 
  

			
	 Company’s Percentile Rank

within the Peer Group
	  	 Percentage of Vested

Target Units

	 90% (maximum) and Above
	  	112.5% of Target Units [=150% of Target Units x 75%]
	 75% (target) – 89.9%
	  	 75% - 112.4% of Target Units

[=100% - 149.9% of Target Units x 75%]

	 40% (threshold) – 74.9%
	  	 30% - 74.9% of Target Units

[=40.0% - 99.9% of Target Units x 75%]

	 Below 40%
	  	0%

 c. CIC Measurement Period. 

i. If a Change in Control occurs on or prior to the First Vesting Date, one hundred percent (100%) of the Awarded Units shall
vest, based on the Company’s Percentile Rank within the Peer Group over the CIC Measurement Period, as follows: 
  

			
	 Company’s Percentile Rank

within the Peer Group
	  	 Percentage of Vested

Target Units

	 90% (maximum) and Above
	  	150% of Target Units
	 75% (target) – 89.9%
	  	100% - 149.9% of Target Units
	 40% (threshold) – 74.9%
	  	40.0% - 99.9% of Target Units
	 Below 40%
	  	0%

  
 Exhibit A – Page
3 

 ii. If a Change in Control occurs prior to the Second Vesting Date but after the
First Vesting Date, then seventy-five percent (75%) of the Awarded Units shall vest, based on the Company’s Percentile Rank within the Peer Group over the CIC Measurement Period, as follows: 

 

			
	 Company’s Percentile Rank

within the Peer Group
	  	 Percentage of Vested

Target Units

	 90% (maximum) and Above
	  	112.5% of Target Units [=150% of Target Units x 75%]
	 75% (target) – 89.9%
	  	75% - 112.4% of Target Units
[=100% - 149.9% of Target Units x 75%]
	 40% (threshold) – 74.9%
	  	 30% - 74.9% of Target Units

[=40.0% - 99.9% of Target Units x 75%]

	 Below 40%
	  	0%

 3. The Company shall calculate the TSR for the Company and each component company of the Peer Group over each
Measurement Period, as applicable. The Company and each company within the Peer Group shall be ranked from highest to lowest based on the TSR for each company. The percentile rank of the TSR of the Company will then be determined relative to the TSR
ranking of each component company in the Peer Group (the “Company’s Percentile Rank”). In determining the number of companies in each percentile ranking, fractional numbers shall be rounded to the nearest whole number.
The Company’s Percentile Rank will then be utilized, as shown in the table above, to determine the percentage, if any, of the Awarded Units that will vest under the Award and become Vested Units. Any fractional units created by such vesting
will be rounded to the nearest whole unit. 
 4. The determination by the Company with respect to the achievement of the Company’s
Percentile Rank for vesting of the Awarded Units shall occur as soon as administratively practicable after the applicable Vesting Date or if earlier, the closing date of a Change in Control (and in all events on or before the date that is sixty (60)
days following the applicable Vesting Date or, if earlier, the closing date of a Change in Control). 

  
 Exhibit A –
Page 4

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