Document:

EX-10.1

 Exhibit 10.1 

PACKAGING CORPORATION OF AMERICA 

FORM OF RESTRICTED STOCK AWARD AGREEMENT 

DECEMBER 2013 AWARDS 

RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) dated as of December 16, 2013, by and between Packaging Corporation of
America, a Delaware corporation (the “Company”), and              (the “Executive”). 

NOW, THEREFORE, in consideration of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows: 
  

	 	1.	AWARD. Upon the date of this Agreement (the “Effective Date”), the Company has awarded the Executive a restricted stock award (the “Award”) under the Company’s Amended and
Restated 1999 Long-term Equity Incentive Plan (the “Plan”) (i) for 24,129 shares of the Company’s common stock, which will vest in three equal annual installments of 8,043 shares on each of the first, second and third
anniversaries of the date hereof (subject to the Pool Provisions included in the Form of Award (as hereinafter defined), continued employment by Executive with the Company or any of its subsidiaries on each applicable vesting date and as otherwise
required under the terms of the Plan), and (ii) with such other terms and conditions as are set forth in a restricted stock award agreement consistent with the Company’s standard form of restricted stock award agreement customarily used
for other awards under the Plan (the “Form of Award”), as attached hereto as Exhibit A. The Award is expressly conditioned upon, and contingent upon, Executive’s agreement to the other terms and conditions of this Agreement, including
those set forth in Section 2. 

  

	 	2.	COVENANTS OF EXECUTIVE. 

  

	 	(a)	CONFIDENTIALITY. During the course of the Executive’s employment with the Company, the Executive will learn confidential information regarding the Company. The Executive agrees that the Executive shall not,
directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive’s assigned duties and for the benefit of the Company, either during the period of the Executive’s
employment or at any time thereafter, any business and technical information or trade secrets, nonpublic, proprietary or confidential information, knowledge or data relating to the Company or any of its affiliates, or received from third parties
subject to a duty on the Company’s and its affiliates’ part to maintain the confidentiality of such information and to use it only for certain limited purposes, in each case which shall have been obtained by the Executive during the
Executive’s employment by the Company. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes generally known to the public subsequent to disclosure to the
Executive through no wrongful act of the Executive or any representative of the Executive; or (iii) the Executive is required to disclose by applicable law, regulation or legal process (provided that the Executive provides the Company
with prior notice of the contemplated disclosure and cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information). 

 

	 	(b)	 NONCOMPETITION. The Executive acknowledges that the Executive performs services of a unique nature for the Company that are irreplaceable, and
that the Executive’s performance of such services to a competing business will result in irreparable harm to the Company. Accordingly, until the second anniversary of the Effective Date (the period between the date hereof and such second
anniversary being the “Restricted Period”), the Executive agrees that the Executive will not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee, consultant, independent contractor or
otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in competition with any material business of the Company or any affiliate or in any other material
business in which the Company or any affiliate has 

	 	
taken material steps and has material plans, on or prior to the date or termination, to be engaged in on or after such date, in any locale of any country in which the Company or such affiliate
conducts business. Notwithstanding the foregoing, nothing herein shall prohibit the Executive from being a passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged in a business that is
in competition with the Company or any of its affiliates, so long as the Executive has no active participation in the business of such corporation. It is hereby understood that the Restricted Period shall not terminate as a result of a termination
of Executive’s employment with the Company or any of its subsidiaries (howsoever such termination occurs). 

  

	 	(c)	NONSOLICITATION; NONINTERFERENCE. During the Restricted Period, the Executive agrees that the Executive shall not, except in the furtherance of the Executive’s duties hereunder, directly or indirectly,
individually or on behalf of any other person, firm, corporation or other entity, (i) solicit, aid or induce any customer of the Company or an affiliate to purchase goods or services then sold by the Company or any affiliate from another
person, firm, corporation or other entity or assist or aid any other person or entity in identifying or soliciting any such customer, (ii) solicit, aid or induce any employee, representative or agent of the Company or any affiliate to leave
such employment or retention or, in the case of employees, to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or any affiliate, or hire or retain any such
employee, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, or (iii) interfere, or aid or induce any other person or entity in interfering,
with the relationship between the Company or any affiliate and any of their respective vendors, joint venturers or licensors. An employee, representative or agent shall be deemed covered by this Section 2(c) while so employed or retained
and for a period of six (6) months thereafter. Notwithstanding the foregoing, the provisions of this Section 2(c) shall not be violated by general advertising or solicitation not specifically targeted at Company or affiliate-related
individuals or entities. 

  

	 	(d)	NONDISPARAGMENT; COOPERATION. The Executive agrees not to make negative comments or otherwise disparage the Company or its officers, directors, employees, shareholders, agents or products other than in the good
faith performance of the Executive’s duties to the Company while the Executive is employed by the Company. The Company agrees to direct its executive officers and members of its board of directors not to, while employed by the Company or
serving as a director of the Company, as the case may be, make negative comments about the Executive or otherwise disparage the Executive in any manner that is likely to be harmful to the Executive’s business or personal reputation. The
foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such
proceedings), and the foregoing limitation on the Company’s executive officers and directors shall not be violated by statements that they in good faith believe are necessary or appropriate to make in connection with performing their duties and
obligations to the Company. Subject to reimbursement of reasonable expenses, after termination of employment with the Company, Executive shall reasonably cooperate with the Company with respect to any regulatory, litigation or other legal
proceedings involving the Company over which Executive had any knowledge of the matters involved in such proceedings. 

  

	 	(e)	 REASONABLENESS OF COVENANTS. In signing this Agreement, the Executive gives the Company assurance that the Executive has carefully read and
considered all of the terms and conditions of this Agreement, including the restraints imposed under this Section 2. The Executive agrees that these restraints are necessary for the reasonable and proper protection of the Company and its
affiliates and their trade secrets and confidential information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints, individually or in the
aggregate, will not prevent the Executive from obtaining other suitable employment during the period in which the Executive is bound by the restraints. The Executive acknowledges that each of these covenants has a unique, very substantial and
immeasurable value to the Company and its affiliates and that the Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force. The Executive further covenants that the Executive will not challenge the
reasonableness or enforceability of any of the covenants set forth in this Section 2, 

	 	
other than in response to an attempt by the Company or an affiliate to enforce such covenants against the Executive. It is also agreed that the affiliates will have the right to enforce all of
the Executive’s obligations to such affiliates under this Agreement, including without limitation pursuant to this Section 2. 

  

	 	(f)	REFORMATION. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 2 is excessive in duration or scope or is unreasonable or unenforceable under
applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state. 

 

	 	(g)	TOLLING. In the event of any violation of the provisions of this Section 2, the Executive acknowledges and agrees that the post-termination restrictions contained in this Section 2 shall
be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation.

  

	 	(h)	SURVIVAL OF PROVISIONS. The obligations contained in this Section 2 hereof shall survive the termination of the Executive’s employment (howsoever such termination arises) with the Company and
shall be fully enforceable thereafter. 

 3. EQUITABLE RELIEF AND OTHER REMEDIES. The Executive acknowledges and agrees
that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 2 hereof would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or
threatened breach, in addition to any remedies at law, the Company, without posting any bond or other security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent
injunction or any other equitable remedy which may then be available. In the event that a court of competent jurisdiction determines that Executive has breached any of the provisions of Section 2, the Award shall be forfeited. 

4. NO ASSIGNMENTS. This Agreement is personal to each of the parties hereto. Except as provided in this Section 4, no party
may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company shall assign this Agreement to any successor to all or substantially all of the business and/or assets of
the Company, provided that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had
taken place. As used in this Agreement, “Company” shall mean the Company and any successor to all or substantially all of its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company
under this Agreement by operation of law or otherwise. 
 5. NOTICES. For purposes of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or
electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or
certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the Executive: 

To the address shown in the books and records of the Company. 

If to the Company: 
 Packaging
Corporation of America 
 1955 West Field Court 

Lake Forest, Illinois 60045 

Attention: General Counsel 

 or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt. 
 6. SECTION HEADINGS; INCONSISTENCY. The
section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement (including
the Exhibits hereto) and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control. 
 7.
SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 

8. COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same instrument. 
 9. GOVERNING LAW; DISPUTE RESOLUTION. This Agreement, the rights and
obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Illinois (without regard to its choice of law provisions). Each of the parties agrees that
any dispute between the parties shall be resolved only in the courts of the State of Illinois, County of Lake or the United States District Court for the Northern District of Illinois and the appellate courts having jurisdiction of appeals in such
courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement, or for the recognition and enforcement of any
judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction of the courts of the State of Illinois, County of Lake, the court of the United States of America for the Northern District of Illinois, and appellate
courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Illinois State court or, to the extent permitted by law, in such federal court,
(b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Executive or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that
such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT,
OR THE PERFORMANCE UNDER, OR THE ENFORCEMENT OF, THIS AGREEMENT, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of
mail), postage prepaid, to such party at the Executive’s or the Company’s address as provided in Section 5 hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any
other manner permitted by the laws of the State of Illinois. Each party shall be responsible for its own legal fees incurred in connection with any dispute hereunder. 

10. MISCELLANEOUS. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by the Executive and such officer or director as may be designated by the Company’s board of directors. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits
hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Executive and the Company with respect to the subject matter
hereof, whether written or oral; except that this Agreement is not intended to supersede or modify the Employee Agreement on Inventions, Improvements, Discoveries, and Proprietary Information and the Employment Relationship between Executive and the
Company, which shall remain in full force and effect. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this
Agreement. 
 11. EXECUTIVE REPRESENTATIONS. The Executive represents and warrants to the Company that (a) the Executive has the
legal right to enter into this Agreement and to perform all of the obligations on the Executive’s part to be performed hereunder in accordance with its terms, and (b) the Executive is not a party to any agreement or understanding, written
or oral, and is not subject to any restriction, which, in either case, 

 
could prevent the Executive from entering into this Agreement or performing all of the Executive’s obligations hereunder. The Executive understands that the foregoing representations are a
material inducement to the Company entering into this Agreement. 
 12. FURTHER ASSURANCES. The Company and the Executive shall
cooperate with each other and do, or procure the doing of, all acts and things, and execute, or procure the execution of, all documents, as may reasonably be required to give full effect to this Agreement. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. 

 

			
	PACKAGING CORPORATION OF AMERICA
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	EXECUTIVE
	
	  

 EXHIBIT A 

FORM OF AWARD 

 Packaging Corporation of America 

Amended and Restated 1999 Long-Term Equity Incentive Plan 

Executive Officer Restricted Stock Award Agreement 

By this agreement, Packaging Corporation of America grants to you the following restricted shares of the Company’s common stock, $.01 par value, subject
to the terms and conditions set forth below, in the attached Plan Prospectus, and in the Amended and Restated 1999 Long-Term Equity Incentive Plan, as may from time to time be amended and/or restated, all of which are an integral part of this
Agreement. A copy of the Amended and Restated 1999 Long-Term Equity Incentive Plan may be obtained from the Company upon request. 
 Executive:

 Grant Date: December 16, 2013 

Number of Restricted Shares Awarded: 24,129 

Fair Market Value at Grant: $62.17 

Restriction expires: Restrictions shall expire as to (i) 8,043 shares on the first anniversary of the Grant Date;(ii) 8,043 shares on the
second anniversary of the Grant Date; and (iii) 8,043 shares on the third anniversary of the Grant Date. 
 The shares of restricted stock granted
under the Plan will be held in escrow by the Company on the participant’s behalf during any period of restriction and will bear an appropriate legend specifying the applicable restrictions thereon, and, if requested, the participant will be
required to execute a blank stock power therefor. During the period of restriction the participant shall have all of the rights of a holder of Common Stock, including but not limited to the rights to receive dividends and to vote, and any stock or
other securities received as a distribution with respect to such participant’s restricted stock shall be subject to the same restrictions as then in effect for the restricted stock. 

This award is subject to the “Performance-Based Award Pool for Executive Officers” provisions (the “Pool Provisions”) adopted by the
Compensation Committee on the Date of Grant. If the number of shares of restricted stock available to be awarded to you under the Pool Provisions (as certified by the Compensation Committee) is less than the number of restricted shares awarded
hereby, then the excess number of shares (i.e. the number by which this award exceeds the number certified by the Compensation Committee) will be forfeited at the time of such certification, and only the number certified by the Compensation
Committee will be available for vesting. In the event of a forfeiture pursuant to this paragraph, the number of forfeited shares shall be divided by three (the “Annual Forfeit Amount”) and the number of shares of which the restriction
expires on each anniversary of the Grant Date will be reduced by the Annual Forfeit Amount. 
 This award is further subject to the company’s
compensation recovery policy in effect from time to time. 

 Except as otherwise provided by the Board of Directors: 

 

	 	(1)	immediately prior to a Change in Control or at such time as a participant ceases to be a director, officer, or employee of, or to otherwise perform services for, the Company and its Subsidiaries due to death or
Disability, during any period of restriction, all restrictions on the shares granted to the participant shall lapse (and, for the avoidance of doubt, if a Change of Control shall occur prior to the time of certification of the number of shares to
which you are entitled under the Pool Provisions, then restrictions will lapse as to all shares awarded hereby); 

  

	 	(2)	at such time as a participant ceases to be, or in the event a participant does not become, a director, officer, or employee of, or otherwise perform services for, the Company or its Subsidiaries for any other reason,
all shares of restricted stock granted to such participant on which the restrictions have not lapsed shall be immediately forfeited to the Company. 

Please indicate your acceptance of this Agreement by signing in the space provided below and returning this page to Halane Young, Executive Director, Total
Rewards & HRIS, located in Lake Forest. 
  

							
		 		 		 	Packaging Corporation of America
		 		 		 	By:
				
	Accepted and Agreed:	 		 		 	
		 	Date	 		 	

 Packaging Corporation of America 

2013 Performance-Based Equity Award Pool for Executive Officers 

Adopted December 16, 2013 

1. Purpose. The Committee intends to grant the Full Value Awards described herein (the “Awards”) to the executive officers of
Packaging Corporation of America (the “Company”) named herein (the “Participants”) pursuant to the Company’s Amended and Restated 1999 Long-Term Equity Incentive Plan (the “Plan”) on or around December 16,
2013. The Committee desires to designate such Awards as Performance-Based Compensation and hereby adopts an award pool (the “Award Pool”) of Shares available for such Awards subject to the Performance Criterion and other terms and
conditions provided herein. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Plan. 
 2.
Performance Criterion. The Company’s Earnings before Interest, Taxes, Depreciation and Amoritzation (“EBITDA”) shall be established as the Performance Criterion for the Award Pool. 

3. Award Pool Shares. The aggregate amount of Shares (the “Award Pool Shares”) available for award to all Participants in the
Award Pool shall be the number equal to: (i) 2.0% of the Company’s EBITDA for the period beginning October 1, 2013 and ending September 30, 2014 (the “EBITDA Performance Period”); divided by (ii) the closing price
of a Share on the New York Stock Exchange on the date of the Award. 
 4. Awards. Awards shall be in the form of “Restricted
Stock Awards” (pursuant to the Restricted Stock Award Agreement attached hereto as Exhibit A). 
 5. Participant Percentages and
Maximums. The percentage of Award Pool Shares (the “Award Pool Percentage”) and the maximum number of Award Pool Shares (the “Participant Maximum”) available to be awarded to each Participant for each Award, shall be as set
forth in the following table 
  

									
	Participant	  	Percentage of Award
Pool Shares	 	 	Maximum for
Restricted Stock
Awards (in shares)	 
			
	 Mark W. Kowlzan
	  	 	33.34	% 	 	 	24,129	  
			
	 Thomas A. Hassfurther
	  	 	33.33	% 	 	 	24,129	  
			
	 Richard B. West
	  	 	33.33	% 	 	 	24,129	  

 6. Certification of Award Pool. The Committee shall certify the number of Award Pool
Shares available for each Participant for each Award (the “Certified Share Number”) within 75 days after the end of the EBITDA Performance Period, which shall be calculated by (a) multiplying (i) the Award Pool Percentage for
such Participant for such Award by (ii) the aggregate number of Award Pool Shares and (b) if applicable, reducing the number calculated pursuant to subsection (a) to the Participant Maximum for such Award. 

7. Award Agreement. If applicable pursuant to the terms of the Award, the Committee will reduce (but not increase) the actual number of
Shares available to be awarded to a Participant on vesting of an Award from the Certified Share Number for such Award to the extent necessary to achieve the level of vesting provided in the Award agreements attached hereto. 

8. Plan Provisions. The Award Pool and Awards described herein are subject to, and made pursuant to, the terms and conditions of the
Plan. If there is any inconsistency between the terms of the Award Pool or any Award agreement and the terms of the Plan, the terms of the Plan shall control unless expressly stated that an exception to the Plan is being made.EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) by and among Thomas C. Stabley (the “Executive”),
Rex Energy Corporation (“Rex Energy”) and Rex Energy Operating Corp. (“Rex Operating”) is made and entered into this 13th day of December, 2013 (the “Effective Date”). 

WITNESSETH 

WHEREAS, the Executive, Rex Energy, and Rex Operating are parties to an Employment Agreement dated October 1, 2010 (the
“Former Employment Agreement”), pursuant to which the Executive is currently employed by Rex Operating; 

WHEREAS, Rex Energy, and Rex Operating (collectively, the “Company”) wish to have the Executive continue to
serve as Chief Executive Officer of Rex Energy and Chief Executive Officer of Rex Operating, and, in such capacity, to be employed as an employee of Rex Operating, and the Executive wishes to be employed in such capacity; and 

WHEREAS, this Agreement shall supersede and replace the Former Employment Agreement, effective as of the Effective Date. 

NOW, THEREFORE, in consideration of the premises and the respective covenants and agreements of the parties herein contained, and
intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Employment and Term. 

(a) The Company hereby agrees that Rex Operating shall employ the Executive, and the Executive hereby accepts such employment, on the terms
and conditions hereinafter set forth. The parties agree that the Executive’s employment may in the future be transferred to Rex Energy, so that the Executive may be employed by either Rex Operating or Rex Energy under this Agreement. The period
of employment of the Executive under this Agreement (the “Employment Period”) shall commence on the Effective Date and shall end on the Executive’s Date of Termination (as defined in Section 7(b) hereof) or, if
earlier, the end of the Term. Upon expiration of this Agreement at the end of the Term, after taking into account all of the extensions thereof, the Executive shall be an at-will employee of the Company. 

(b) The term of this Agreement (the “Term”) shall begin on the Effective Date and shall end on December 31, 2016;
provided, that, on December 31, 2016, and each anniversary of December 31 thereafter, the Term shall be extended for one (1) additional year unless either party shall have given the other party at least ninety (90) days prior
written notice not to extend the Term or the Executive shall have incurred a termination of employment with the Company as described herein. Notwithstanding the foregoing, if one or more Changes in Control of Rex Energy occur during the Term, the
Term of this Agreement shall be automatically extended until the second anniversary of the date on which the last Change in Control of Rex Energy occurred or until the Executive’s earlier termination of employment with the Company as described
herein. 
 (c) Failure of the Company to renew the Agreement at the end of the Term shall not by itself be considered a termination of
employment by the Company or a Good Reason event, except as specifically provided herein. Notwithstanding the foregoing, in the event that the Company fails to renew the Agreement at the end of the Term and the Company terminates the
Executive’s employment without Cause within ninety (90) days following the end of the Term, the Executive shall be entitled to the benefits in Section 8(e), subject to the terms of Section 8(e) and compliance with the covenants
in Section 9. 
 2. Position and Duties. 

(a) As of the Effective Date, the Executive shall serve as Chief Executive Officer of Rex Energy, and also as Chief Executive Officer of Rex
Operating, in which capacities the Executive shall perform the usual and customary duties of such offices, which are normally inherent in such capacities in U.S. publicly held corporations of similar size and character as the Company. The Executive
shall report to the Board of Directors of Rex Energy (the “Board”). The Executive agrees and acknowledges that, in connection with his employment relationship with the Company, the Executive owes fiduciary duties to the
Company and, if applicable, its subsidiaries, and will act accordingly. 
 

(b) During the Employment Period, the Executive agrees to devote substantially his full time, attention and energies to the Company’s
business and agrees to faithfully and diligently endeavor to the best of his ability to further the best interests of the Company and its shareholders. Subject to Section 9 herein, the Executive may only serve as a director of other companies
if such service is approved in advance by the Board, so long as such service is not detrimental to the Company, does not interfere with the Executive’s service to the Company and does not present the Executive with a conflict of interest. The
Executive may invest his own assets in such form or manner as will not require his services in the daily operations of the affairs of the companies in which such investments are made, provided that no such investment violates the Executive’s
obligations under Section 2(d) or 9. 

 (c) In keeping with the Executive’s fiduciary duties to the Company, the Executive agrees
that he shall not, directly or indirectly, become involved in any conflict of interest, or upon discovery thereof, allow such a conflict to continue. Moreover, the Executive agrees that he shall promptly disclose to the Board any facts which might
involve any reasonable possibility of a conflict of interest, or be perceived as such. 
 (d) Circumstances in which a conflict of interest
on the part of the Executive would or might arise, and which should be reported immediately by the Executive to the Board, include the following: 

(i) ownership of a material interest in, acting in any capacity for, or accepting directly or indirectly any payments, services or loans from
a supplier, contractor, subcontractor, customer or other entity with which the Company does business; 
 (ii) misuse of information or
facilities to which the Executive has access in a manner which will be detrimental to the Company’s interest; 
 (iii) disclosure or
other misuse of Confidential Information (as defined in Section 9 hereof); 
 (iv) acquiring or trading in, directly or indirectly,
other properties or interests connected with the exploration and production of oil, or the design, manufacturing, marketing or provision of other products and services in which the Company is engaged from time to time, including leasing of oil and
gas mineral interests in those fields in which the Company has an interest or prospective interest or opportunity; 
 (v) the appropriation
to the Executive or the diversion to others, directly or indirectly, of any opportunity in which it is known or could reasonably be anticipated that the Company would be interested; and 

(vi) the ownership, directly or indirectly, of a material interest in an enterprise in competition with the Company or its dealers and
distributors or acting as a director, officer, partner, consultant, employee or agent of any enterprise which is in competition with the Company or its dealers or distributors. 

Notwithstanding anything to the contrary in this Section 2, it shall not be a violation of this Agreement for the Executive to become the registered or
beneficial owner of up to five percent (5%) of any class of equity securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), provided that the Executive does not actively
participate in the business of the issuer of such securities. 
 (e) Further, the Executive covenants, warrants and represents that he
shall: 
 (i) devote his full and best efforts to the fulfillment of his employment obligations; 

(ii) exercise the highest degree of fiduciary loyalty and care and the highest standards and conduct in the performance of his duties; 

(iii) abide and be bound by any compensation clawback, recoupment, anti-hedging, stock ownership or other written policy applicable to
executives of the Company or its affiliates, in effect from time to time, as approved by the Board or a duly authorized committee thereof; and 

(iv) endeavor to prevent any harm, in any way, to the business or reputation of the Company or its subsidiaries. 

3. Place of Performance. In connection with the Executive’s employment by the Company, the Executive’s principal business
address shall be at the Company’s current principal executive offices in State College, Pennsylvania (the “Principal Place of Employment”). Executive hereby agrees to perform a substantial amount of his duties at the
Principal Place of Employment, and understands and agrees that he will be required to travel from time to time for business purposes. 
 4.
Compensation and Related Matters. 
 (a) Base Salary. During the Employment Period, the Company shall pay the Executive an
annual base salary (“Base Salary”) in an amount that shall be established from time to time by the Compensation Committee of the Board (the “Compensation Committee”), payable in approximately equal
installments in accordance with the Company’s customary payroll practices, which is currently bi-weekly payments. The Base Salary is currently four hundred fifty thousand dollars ($450,000). The Compensation Committee shall review the
Executive’s Base Salary at least annually during the Employment Period. The Executive’s Base Salary may be increased but (i) may not be materially reduced (as defined in Section 6(d)(iv) below) during any portion of the
Employment Period preceding a Change in Control and (ii) may not be reduced during any portion of the Employment Period following a Change in Control. 

 (b) Bonuses. During the Employment Period, the Executive shall be eligible to participate
in the Annual Executive Incentive Plan, or any successor plan thereto (the “Annual Incentive Plan”). The bonus opportunity afforded the Executive under the Annual Incentive Plan may vary from year to year and any bonus
earned, if any, thereunder (the “Annual Bonus”) shall be paid at a time and in a manner consistent with the Company’s customary practices and in accordance with the terms of the Annual Incentive Plan. The
Executive’s bonus levels established under the Annual Incentive Plan, if any, will be contingent upon the Company achieving predetermined performance goals and approval by the Compensation Committee. 

(c) Equity-Based Compensation and Performance Awards. During the Employment Period, the Executive shall be eligible to receive
equity-based compensation awards and performance awards as approved by the Compensation Committee. 
 (d) Expenses. The Company shall
promptly reimburse the Executive for reasonable legal expenses that the Executive has incurred in connection with entering into this Agreement, up to a maximum of ten thousand dollars ($10,000), and all reasonable business expenses incurred during
the Employment Period by the Executive in performing services hereunder, including all expenses of travel and living expenses while away from home on business of the Company or at the request of the Company, provided that, in each case, such
expenses are incurred and accounted for in accordance with the policies and procedures established by the Company. All reimbursements with respect to expenses incurred in a particular taxable year shall be made no later than the end of the
Executive’s taxable year following the taxable year in which the expenses were incurred, subject to the Executive’s timely presentment of the applicable receipts to the Company in accordance with the Company’s expense reimbursement
policies and procedures. The amount of reimbursable expenses incurred in one taxable year of the Executive shall not affect the amount of reimbursable expenses in a different taxable year, and any such reimbursement shall not be subject to
liquidation or exchange for another benefit. 
 (e) Other Benefits. During the Employment Period, the Executive shall be entitled to
participate in all of the employee benefit plans and arrangements made available by the Company to its other executive officers, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and
arrangements and, with the approval of the Compensation Committee, shall be entitled to perquisites that may be provided to other senior executives. Notwithstanding the foregoing, the Company shall have the right to change, amend or discontinue any
benefit plan, program, or perquisite, so long as such changes are similarly applicable to executive officers of the Company generally. During the Employment Period, the Executive will be entitled to a monthly perquisites allowance in the amount of
one thousand dollars ($1,000) per month, payable on the first pay day of each calendar month in accordance with the Company’s normal payroll practices. 

(f) Paid Time Off. During the Employment Period, the Executive shall be eligible for paid time off in accordance with the terms and
conditions of the Company’s paid time off policy, as such policy may be in effect from time to time; provided, however, that the Executive shall be eligible for four (4) weeks of paid time off during each calendar year in the Employment
Period, effective as of January 1 of the applicable calendar year, notwithstanding the terms of the Company’s paid time off policy. Unused paid time off may not be carried over from year to year, but the value of any unused paid time off
as of December 31 of any year shall be paid to the Executive in a lump sum not later than January 30 of the following year. 
 (g)
Services Furnished. During the Employment Period, the Executive shall at all times be provided with office space, stenographic assistance and such other facilities and services as are suitable to his position. 

(h) Personal Use of Corporate Aircraft. During the Employment Period, the Executive shall be entitled to limited personal use of
aircraft owned or leased by the Company or its subsidiaries; provided, however, that (i) the Executive’s personal use will not interfere with the Company’s business-related use of the aircraft, (ii) such personal use shall be
made in compliance with any and all Company policies, whether now existing or hereafter adopted, and (iii) such personal use does not exceed a total of thirty (30) hours per calendar year, subject to proration for any partial calendar year
during the Term. This benefit is subject to future modification by the Company in its discretion, in exchange for benefits of substantially equivalent value, as the Company may determine, and such modification will not be deemed a breach of this
Agreement. 
 5. Offices. Subject to Sections 2, 3 and 4 hereof, the Executive agrees to serve without additional compensation, if
elected or appointed thereto, as a director of any of the Company’s subsidiaries and as a member of any committees of the board of directors of any such corporations, and in one or more executive positions of the Company or any of its
subsidiaries; provided, that the Executive shall be indemnified for serving in any and all such capacities on a basis no less favorable than is currently or may be provided to any other director of the Company or any of its subsidiaries, or in
connection with any such executive position, as the case may be. This indemnity is in addition to and not in replacement of the Company’s obligations to provide indemnity pursuant to Section 10 hereof. 

6. Termination. The Employment Period shall end in the event of a termination of the Executive’s employment in accordance with any
of the provisions of Section 6 or 7, and the Term shall expire in the event of any such termination, on the Executive’s Date of Termination. Upon termination of the Employment Period, the Executive agrees to immediately tender his
resignation from all boards of directors, and all officer, employee and committee positions, of the Company and its subsidiaries. 
 (a)
Death. The Executive’s employment hereunder shall terminate upon the Executive’s death. 

 (b) Disability. The Company may terminate the Executive’s employment hereunder for
“Disability” if, the Executive is unable to engage in any substantial gainful activity, with or without reasonable accommodation, by reason of (i) any medically determinable physical or mental impairment expected to
result in death or that is expected to last for a continuous period of not less than twelve (12) months, or (ii) any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months and the Executive has been receiving disability insurance benefits for a period of not less than three (3) months under the Company’s disability benefit plans. 

During any period in which the Executive continues in employment but fails to perform his duties hereunder as a result of Disability
(“Disability Period”), the Executive shall continue to receive his Base Salary at the rate in effect at the beginning of such period as well as all other payments and benefits set forth in Section 4 hereof, reduced by
any payments made to the Executive during the Disability Period under the disability benefit plans of the Company then in effect or under the Social Security disability insurance program. 

(c) Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, the Company
shall have “Cause” to terminate the Executive’s employment hereunder upon the occurrence of any of the following events: 

(i) the Executive is convicted of an act of fraud, embezzlement, theft or other criminal act constituting a felony; 

(ii) a material breach by the Executive of the provisions of this Agreement; 

(iii) the failure by the Executive to perform any and all covenants contained in Sections 2(c), 2(d), 2(e) and 9 of this Agreement; or 

(iv) a material breach by the Executive of the Company’s Code of Business Conduct and Ethics or the Code of Ethics for Senior Financial
Officers; 
 provided, that the Executive shall have thirty (30) business days from the date on which the Executive receives the Company’s Notice
of Termination for Cause under Section 6(c)(ii), 6(c)(iii) or 6(c)(iv) above to remedy any such occurrence otherwise constituting Cause under such Section 6(c)(ii), 6(c)(iii) or 6(c)(iv). 

Cause shall not exist unless and until: (1) the Company has delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of not less than two-thirds (2/3) of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice to the Executive and an opportunity for the Executive, together with
his counsel, to be heard before the Board), finding that in the good faith opinion of the Board, the Executive was guilty of the conduct set forth in this Section 6(c) and specifying the particulars thereof in detail and (2) with respect
to the occurrences set forth in Sections 6(c)(ii), 6(c)(iii) and 6(c)(iv), the thirty (30) business days following the date on which the Executive received the Company’s Notice of Termination for Cause under Section 6(c)(ii),
6(c)(iii) or 6(c)(iv) above has expired without remedy by the Executive. 
 (d) Good Reason. The Executive may terminate employment
hereunder for “Good Reason,” as follows: 
 (i) Good Reason for the Executive’s termination of
employment shall mean the occurrence, without the Executive’s prior written consent, of any one or more of the following: 
 (1) the
relocation of the Principal Place of Employment to a location more than twenty five (25) miles from the Principal Place of Employment; 

(2) A material reduction in the Executive’s authority, duties, or responsibilities, including the assignment to the Executive of any
duties that are materially inconsistent with the Executive’s position as an executive of the Company; 
 (3) A material reduction in
the Executive’s Base Salary (which, for purposes of this Agreement, means a reduction described in Section 6(d)(iv) below) as then in effect; or 

(4) A material breach by the Company of any provision of this Agreement; 

provided the Executive gives the Company a written Notice of Termination and opportunity to cure as described in Section 6(d)(iii)
below. 
 (ii) If one or more Changes in Control of Rex Energy occurs during the Term, Good Reason for the Executive’s termination of
employment shall, in addition to the events listed above, also mean the occurrence, without the Executive’s prior written consent, of any one or more of the following: 

(1) The Company reduces the Executive’s Base Salary, as in effect immediately before the occurrence of the Change in Control of Rex
Energy, or as the Executive’s Base Salary may be increased from time to time after that occurrence; 

 (2) The Company reduces the Executive’s Annual Bonus target percentage opportunity as in
effect immediately before the occurrence of the Change in Control of Rex Energy; 
 (3) The Company fails to continue to provide the
Executive with retirement, savings and welfare plan benefits that are comparable in the aggregate to those enjoyed by the Executive under the Company’s executive compensation and benefit plans, policies, programs and arrangements in which
Executive was eligible to participate immediately before the occurrence of the Change in Control of Rex Energy; provided, however, that Good Reason shall not exist under this subsection (3) if the Executive is provided with retirement, savings
and welfare plan benefits that are comparable in the aggregate to those enjoyed by similarly situated executives of the acquiring company in the Change in Control; 

(4) The Company gives effective notice of an election not to extend this Agreement at the end of the Term (including any extensions thereof)
and the Executive is willing and able to renew this Agreement and to continue providing services to the Company hereunder; or 
 (5) The
Company requires a material increase in the Executive’s business travel, which for purposes of this Agreement means travel outside the Principal Place of Employment an average of more than three business days per week over any four-week period;

 provided the Executive gives the Company a written Notice of Termination and opportunity to cure as described in Section 6(d)(iii)
below. 
 (iii) In any of the foregoing Good Reason situations, the Executive must provide to the Company a Notice of Termination within
sixty (60) days after the event constituting Good Reason. The Company shall have thirty (30) days from the date on which the Company receives the Executive’s Notice of Termination for Good Reason to remedy any such occurrence
constituting Good Reason (including paying any unpaid amounts then due and owing to the Executive under this Agreement), as set forth in the Executive’s Notice of Termination. If the Company does not correct the act or failure to act, the
Executive must terminate his employment for Good Reason within thirty (30) days after the end of the cure period, in order for the termination to be considered a Good Reason termination. 

(iv) For purposes of this Agreement, a material reduction in Base Salary means a reduction in the Executive’s Base Salary, other than a
reduction not in excess of five percent (5%) of the Executive’s Base Salary that is part of an overall equivalent compensation reduction of substantially all the Company’s employees with titles of Vice President or above, that does
not uniquely reduce the Base Salary of the Executive and that occurs before a Change in Control. 
 (e) Change in Control. For
purposes of this Agreement, a “Change in Control” of Rex Energy shall mean the occurrence of any of the following events after the Effective Date: 

(i) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a
“Covered Person”) of beneficial ownership (within the meaning of rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more of either: 

(1) the then outstanding shares of the common stock of Rex Energy (the “Outstanding Rex Energy Common Stock”), or

 (2) the combined voting power of the then outstanding voting securities of Rex Energy entitled to vote generally in the election of
directors (the “Outstanding Rex Energy Voting Securities”); 
 provided, however, that for purposes of this
Section 6(e)(i), the following acquisitions shall not constitute a Change in Control of Rex Energy: 
 any acquisition
directly from Rex Energy; 
 any acquisition by Rex Energy; 

any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Rex Energy or any entity controlled
by Rex Energy; or 
 any acquisition by any corporation pursuant to a transaction which complies with clauses (1),
(2) and (3) of Section 6(e)(iii); or 
 
 (ii)
Individuals who, as of the Effective Date, constitute the Board of Rex Energy (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Rex Energy; provided that any individual becoming a
director subsequent to the Effective Date whose election, or nomination for election by Rex Energy’s shareholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered as though
such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Covered Person other than the Board of Rex Energy; 

 (iii) Consummation of 

a reorganization, merger or consolidation or sale of Rex Energy or any subsidiary of Rex Energy, or 

a disposition of all or substantially all of the assets of Rex Energy (a “Business Combination”), 

in each case, unless, following such Business Combination, 

(1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Rex Energy
Common Stock and Outstanding Rex Energy Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares of common stock and
the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns Rex Energy or all or substantially all of Rex Energy’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior
to such Business Combination of the Outstanding Rex Energy Common Stock and Outstanding Rex Energy Voting Securities, as the case may be, 

(2) no Covered Person (excluding any employee benefit plan (or related trust) of Rex Energy or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly, thirty percent (30%) or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the
then outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and 

(3) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of
the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination. 

7. Termination Procedure. 

(a) Notice of Termination. Any termination of the Executive’s employment by the Company or by the Executive (other than
termination upon death pursuant to Section 6(a) hereof) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 12 hereof. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated. 
 (b) Date of Termination. “Date of
Termination” shall mean (i) if the Executive’s employment is terminated upon death pursuant to Section 6(a) above, the date of the Executive’s death, (ii) if the Executive’s employment is terminated for
Disability pursuant to Section 6(b) above, thirty (30) days after Notice of Termination is given (provided that the Executive shall not have returned to the performance of his duties on a full-time basis during such thirty (30) day
period, with or without reasonable accommodation), (iii) if the Executive’s employment is terminated for Cause pursuant to Section 6(c) above, the date specified in the Notice of Termination, which date may be no earlier than the date
the Executive is given notice in accordance with Section 12 hereof, (iv) if the Executive’s employment terminates for Good Reason pursuant to Section 6(d) above, the date set forth in such Notice of Termination, which shall
comply with the notice and cure provisions set forth in Section 6(d), and (v) if the Executive’s employment is terminated for any other reason, the date specified in the Notice of Termination, which date shall be not later than thirty
(30) days following the date on which Notice of Termination is given. 
 8. Compensation upon Termination of Employment. 

(a) Accrued Obligation Defined. For purposes of this Agreement, payment of the “Accrued Obligation” shall mean
payment by the Company to the Executive (or his designated beneficiary or legal representative, as applicable), when due, of all vested benefits to which the Executive is entitled under the terms of the employee benefit plans in which the Executive
is a participant as of the Date of Termination and a lump sum amount in cash equal to the sum of (i) the Executive’s Base Salary through the Date of Termination, (ii) any unpaid cash bonus payable to Executive for any fiscal year
ended prior to the Date of Termination, and (iii) in accordance with the Company’s paid time off policy, any accrued paid time off, to the extent not theretofore paid, which shall be paid within thirty (30) days after the Date of
Termination. 
 (b) Disability; Death. Following the termination of the Executive’s employment pursuant to Sections 6(a) or
(b) hereof, the Company shall pay to the Executive (or his designated beneficiary or legal representative, if applicable): 
 (i) the
Accrued Obligation, 

 (ii) in the event of the Executive’s termination of employment by reason of death or
Disability, a lump sum payment in cash equal to ninety (90) days of the Executive’s Base Salary as in effect on the Date of Termination, which shall be paid within thirty (30) days following the Date of Termination, and 

(iii) in the event of the Executive’s termination of employment by reason of death or Disability, a lump sum separation payment in cash
equal to the Executive’s annual cash bonus at the target achievement level for the fiscal year of the Company in which the Date of Termination occurs, prorated based on service for the year of termination. The prorated bonus shall be determined
by multiplying the target bonus by a fraction, the numerator of which is the number of days in the fiscal year before the Date of Termination and the denominator is the number of days in the fiscal year. If the Executive’s employment terminates
by reason of death, the separation payment shall be paid on the sixtieth (60th) day following the Date of Termination, subject to compliance with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”). If the Executive’s employment terminates by reason of Disability, the separation payment shall be paid on the first business day following the end of the six (6) month period
following the Date of Termination (the “Commencement Date”), subject to compliance with Section 409A of the Code. The Executive shall not be entitled to any other payments under the annual cash bonus plan with respect to
the fiscal year in which the Date of Termination for death or Disability occurs. 
 (c) By the Company for Cause. If during the Term
the Executive’s employment is terminated by the Company for Cause pursuant to Section 6(c) hereof, the Company shall pay to the Executive the Accrued Obligation. Following such payment, the Company shall have no further obligations to the
Executive other than as may be required by law or the terms of an employee benefit plan of the Company. 
 (d) By the Executive without
Good Reason. If during the Term the Executive terminates his employment for any reason other than Good Reason, the Company shall pay to the Executive the Accrued Obligation. Following such payment, the Company shall have no further obligations
to the Executive other than as may be required by law or the terms of an employee benefit plan of the Company. The Executive shall not have breached this Agreement merely because he terminates his employment for any reason other than Good Reason.

 (e) By the Company without Cause or by the Executive for Good Reason. If, (x) during the Term, the Executive’s
employment is terminated by the Company other than for Cause, death or Disability or the Executive terminates employment for Good Reason, or (y) the Company fails to renew the Agreement at the end of the Term and the Company terminates the
Executive’s employment without Cause within ninety (90) days following the end of the Term as set forth in Section 1, then the Company shall pay to the Executive the Accrued Obligation and, subject to the Executive executing and not
revoking a Release as described in Section 8(e)(v) and provided that the Executive complies with the covenants set forth in Section 9: 

(i) If the Date of Termination occurs before a Change in Control of Rex Energy or after the twenty-four (24) month period following such
Change in Control of Rex Energy: 
 The Company shall pay the Executive severance pay equal to the Executive’s monthly
Base Salary (at the rate in effect as of the Date of Termination) for the twelve (12) month period following the Date of Termination. The severance payments will begin on the Commencement Date, and the first payment will include the first six
(6) monthly installments, subject to compliance with Section 409A of the Code. The severance payments will continue in installments in accordance with the Company’s regular payroll practices for the remainder of the twelve
(12) month period following the Date of Termination, subject to compliance with Section 409A. 
 The Company shall
pay the Executive a lump sum cash payment equal to the Executive’s annual cash bonus for the fiscal year of the Company in which the Date of Termination occurs, prorated based on service for the year of termination. For this purpose, the annual
bonus shall be calculated as the annual cash bonus that the Executive would have received had the Executive remained employed through the end of such year, based on the Company’s achievement of the applicable performance goals, and multiplied
by a fraction, the numerator of which is the number of days in the fiscal year before the Date of Termination and the denominator is the number of days in the fiscal year. The bonus payment shall be paid when bonuses are paid to other executives
participating in the Annual Incentive Plan or, if later, on the Commencement Date. 
 (ii) Notwithstanding the provisions of
Section 8(e)(i), if the Date of Termination occurs on or during the twenty-four (24) month period following a Change in Control of Rex Energy: 

The Company shall pay to the Executive severance pay equal to thirty six (36) months of the Executive’s monthly Base
Salary (at the rate in effect as of the Date of Termination) in a lump sum cash payment on the Commencement Date, subject to compliance with Section 409A of the Code. 

The Company shall pay to the Executive a lump sum cash separation payment equal to the Executive’s target annual cash
bonus for the fiscal year of the Company in which the Date of Termination occurs, prorated based on service for the year of termination. The prorated bonus shall be determined by multiplying the target bonus by a fraction, the numerator of which is
the number of days in the fiscal year before the Date of Termination and the denominator is the number of days in the fiscal year. The separation payment shall be paid on the Commencement Date, subject to compliance with Section 409A of the
Code. 

 Notwithstanding any other provisions of this Agreement, in the event that any
payment or benefit received or to be received by the Executive in connection with a Change in Control (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any person whose actions result in a
Change in Control or any person affiliated with the Company or such person such as to require attribution of stock ownership between the parties under Section 318(a) of the Code) (all such payments and benefits, including the severance payments
described in Section 8 (the “Severance Payments”), being hereinafter called “Total Payments”) would be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code,
then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the cash Severance Payments shall first be reduced, and the noncash Severance
Payments shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (A) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of
federal, state and local income taxes on such reduced Total Payments) is greater than or equal to (B) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on
such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments). For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax:

 (w) No portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and
in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account; 

(x) No portion of the Total Payments shall be taken into account which, in the opinion of tax counsel selected by the Company
before the Change in Control (“Tax Counsel”) does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and,
in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B)
of the Code, in excess of the base amount (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and 

(y) The value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by
the accounting firm which was, immediately prior to the Change of Control, the Company’s registered public accounting firm (the “Auditor”) in accordance with the principles of Sections 280G(d)(3) and (4) of the
Code. 
 (z) At the time that payments are made under this Agreement, the Company shall provide the Executive with a copy of
the Auditor’s calculations setting forth the manner in which such payments were calculated and the basis for such calculations including, without limitation, any written opinions the Company has received from Tax Counsel or the Auditor with
respect to the calculations. 
 (iii) The following payments will be made without regard to whether a Change in Control has occurred: 

For the applicable Severance Period, as defined below, the Company shall arrange to provide the Executive and his dependents
medical, dental, health, hospital insurance benefits substantially similar to those provided to the Executive and his dependents immediately prior to the Date of Termination, as such benefit plans may be modified by the Company from time to time for
similarly situated active employees (at no greater cost to the Executive than such cost to the Executive in effect immediately prior to the Date of Termination, or, if greater, the cost to similarly situated active employees of the Company under the
applicable group health plans of the Company), provided that the Executive timely elects coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) and pays the COBRA premiums for the full
cost of the continued coverage. The Executive shall be responsible for paying the full COBRA cost of such coverage, and the Company shall reimburse the Executive monthly for the amount equal to the Executive’s monthly COBRA cost, less the
employee portion of the premium that the Executive would have paid had the Executive continued employment with the Company; provided that reimbursement of the COBRA cost shall be discontinued prior to the end of the Severance Period if the Executive
elects to discontinue COBRA coverage, if the Executive fails to pay the applicable COBRA costs or in accordance with Section 8(e)(iv) below. The COBRA reimbursement payments shall be paid monthly on the first payroll date of each calendar
month, beginning on the sixtieth (60th) day following the Date of Termination, subject to compliance with Section 409A of the Code. The first payment (on the sixtieth (60th) day) will include the first two (2) months of COBRA reimbursements. The Executive understands and agrees that for purposes of determining the remaining period of the Executive’s
COBRA continuation coverage after the end of the Severance Period, the Executive’s “qualifying event” shall be deemed to have occurred on the Date of Termination. 

On the Commencement Date, the Company shall pay the Executive a lump sum amount equivalent to the product of the monthly basic
life insurance premium applicable to the Executive’s basic life insurance coverage immediately prior to the Date of Termination times the number of months in the applicable Severance Period, subject to compliance with Section 409A of the
Code. The Executive may, at his option, convert his basic life insurance coverage to an individual policy after the Date of Termination by completing the forms required by the Company for this purpose. 

 For purposes of this Agreement, “Severance Period” shall
mean: 
 (x) the twelve (12) month period following the Date of Termination if the Executive’s employment is
terminated by the Company without Cause or by the Executive for Good Reason, in either case before a Change in Control of Rex Energy or after the twenty-four (24) month period following such Change in Control of Rex Energy, or 

(y) the thirty six (36) month period following the Date of Termination if the Executive’s employment is terminated
by the Company without Cause or by the Executive for Good Reason, in either case within the twenty-four (24) month period following a Change in Control of Rex Energy. 

(iv) Subject to the Executive’s group health plan coverage continuation rights under COBRA, the benefits described in
Section 8(e)(iii) shall be reduced to the extent benefits of the same type are received by or made available to the Executive during such period, and reimbursements under Section 8(e)(iii) shall cease if the Executive becomes eligible to
receive benefits of the same type as described in Section 8(e)(iii). The Executive shall have the obligation to notify the Company that he is entitled to or receiving such benefits. The Company agrees that, if the Executive’s employment
with the Company terminates for any reason during the Term, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to this Section 8. Further,
except with respect to the benefits provided pursuant to Section 8(e)(iii) above, the amount of any payment or benefit provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment
by another employer, by retirement benefits, or by offset against any amount claimed to be owed by the Executive to the Company. 
 (v)
Notwithstanding the foregoing, all payments to the Executive under this Section 8 (other than Accrued Obligations) are contingent upon the Executive’s execution and non-revocation of a release with terms substantially in the form of
Exhibit A hereto (the “Release”) within sixty (60) days following the Executive’s Date of Termination. In consideration of the benefits and compensation which may be awarded to the Executive pursuant to
Section 8 of this Agreement, the Executive hereby agrees to execute and be bound by the Release, as a condition precedent to receiving such benefits and compensation. No severance payments will be paid to the Executive if the Executive does not
execute, or if the Executive revokes, the Release. Notwithstanding any provision of this Agreement to the contrary, in order to comply with Section 409A of the Code, in no event shall the timing of the Executive’s execution of the Release,
directly or indirectly, result in the Executive designating the calendar year of payment, and if a payment that is subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year. 

(vi) Notwithstanding the foregoing, if a Change in Control of Rex Energy does not meet the requirements of a “change in control
event” under Section 409A of the Code, then the amounts to be paid under Section 8(e)(ii) above will be paid in the forms and at the times set forth in Section 8(e)(i) above, if and as required by Section 409A. 

(f) The applicable grant agreements shall govern the treatment of the Executive’s outstanding options, stock appreciation rights,
restricted stock and other equity grants with respect to Rex Energy stock in the event of a Change in Control. 
 9. Confidential
Information; Non-Competition; Non-Solicitation; Non-Disparagement. 
 (a) Confidential Information. 

(i) The Executive shall hold in a fiduciary capacity for the benefit of the Company all trade secrets, confidential information, and
knowledge or data relating to the Company or its subsidiaries and their businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company and which shall not have been or hereafter become public
knowledge (other than by acts by the Executive or representatives of the Executive, in each case, in violation of this Agreement) (hereinafter being collectively referred to as “Confidential Information”). For the avoidance
of doubt, Confidential Information shall not include information that becomes available to the public other than as a result of a disclosure by the Executive or that becomes available to the Executive from a source other than the Company or any of
its subsidiaries or any of their respective directors, officers, employees, agents or advisors, provided, that such source is not known by the Executive to be bound by a confidentiality agreement with or other obligation of secrecy to the Company or
any of its subsidiaries. 
 (ii) The Executive shall not, without the prior written consent of the Company or as may otherwise be required
by law or legal process, communicate or divulge any such trade secrets, information, knowledge or data to anyone other than the Company and those designated by the Company. Any termination of the Executive’s employment or of this Agreement
shall have no effect on the continuing operation of this Section 9(a). The Executive agrees to return all Confidential Information, including all photocopies, extracts and summaries thereof, and any such information stored electronically on
tapes, computer disks or in any other manner to the Company at any time upon request by the Company and upon the termination of his employment hereunder for any reason. 

(b) Non-Competition. 

(i) During the Employment Period and the Restricted Period, as defined below, the Executive shall not, within the Restricted Territory, as
defined below, engage in Competition, as defined below; provided, that it shall not be a violation of this Section 9(b) for the Executive to become the registered or beneficial owner of up to five percent (5%) of any class of equity
securities registered under the Exchange Act as long as the Executive does not actively participate in the business of the issuer of such securities until such time as this covenant expires. 

 (ii) For purposes of this Agreement, the “Restricted Period” means the
applicable period in clause (A) if the Date of Termination occurs during the Term of the Agreement, or the applicable period in clause (B), (C) or (D) if the Date of Termination occurs after the end of the Term: 

The Restricted Period is the twelve (12) month period following the Executive’s Date of Termination during the Term
for any reason. 
 In the event the Company elects not to renew the Agreement at the end of the Term and the Executive
receives severance pay as a result of a termination without Cause under Section 1(c) or a termination for Good Reason under Section 6(d)(ii)(4), the Restricted Period is the applicable period described in clause (A) above. 

If clause (B) does not apply, in the event the Company or the Executive elects not to renew the Agreement at the end of
the Term, and during the twelve (12) month period following the end of the Term the Executive’s employment terminates for any reason other than Cause, the Company will either: 

(xx) within thirty (30) days after the Date of Termination, offer in writing to provide the Executive with severance pay
equal to the Executive’s Base Salary for all or part of the remainder of the twelve (12) month period following the end of the Term, subject to the Executive executing and not revoking a Release, in which case the Restricted Period shall
be the remainder of the twelve (12) month period following the end of the Term (or, if the Company only offers to provide severance pay for a portion of the remainder of the twelve (12) month period following the end of the Term, the
Restricted Period shall be such portion of the period for which the Company offers severance pay), or 
 (yy) advise the
Executive in writing that the Restricted Period shall not apply after the Date of Termination. 
 The severance pay will be paid at the same
time and in the same form as would have applied if the severance pay had been paid under Section 8(e)(i)(A) or Section 8(e)(ii)(A) above, depending on when the Date of Termination occurs (i.e. installments over the remainder of the twelve
(12) month period described in (xx) above or a lump sum, depending on when the Date of Termination occurs). If the Company offers to provide such severance pay but the Executive does not execute the Release, or revokes the Release, the
Restricted Period will nevertheless run for the remainder of the twelve (12) month period after the end of the Term, but no severance payments will be paid to the Executive. 

In the event the Company or the Executive elects not to renew the Agreement at the end of the Term, and during the twelve
(12) month period following the end of the Term the Executive’s employment terminates for Cause, the Restricted Period shall be the applicable period described in clause (A) above, and no severance pay shall be provided. 

(iii) For purposes of this Agreement, “Restricted Territory” means anywhere within a ten (10) mile radius of
(x) any geographic areas constituting areas of mutual interest arising or provided for under or pursuant to any written agreement to which the Company or any of its subsidiaries is a party or (y) any oil or gas property in which the
Company or any of its subsidiaries has an interest, or is actually pursuing or contemplating (as described below) an interest, as of the Date of Termination. The Company or a subsidiary will be considered to be contemplating an interest in property
for purposes of this subsection (iii) if the Executive knows that the Company or a subsidiary is actively contemplating an interest in the property within the 90-day period preceding the Date of Termination, as evidenced by written or
electronic correspondence or records. 
 (iv) For purposes of this Agreement, “Competition” by the Executive means
the Executive’s engaging in, or otherwise directly or indirectly being employed by or acting as a consultant or lender to, or being a director, officer, employee, principal, agent, stockholder, member, owner or partner of, or permitting his
name to be used in connection with, the activities of any other business or organization which competes, directly or indirectly, with the business of the Company or its subsidiaries or as the same shall be constituted at any time during the Term.

 (v) The Executive may request that the Board waive the restrictions under this Section 9(b) with respect to the Executive’s
prospective employment with an entity engaged in Competition if the Executive’s work will clearly not relate in any way to the Restricted Territory. The Board shall have sole discretion to determine whether such a waiver will be allowed and the
terms and conditions of any such waiver. 
 (c) Non-Solicitation. During the twelve (12) month period following the Date of
Termination for any reason, if the Date of Termination occurs during the Term or within twelve (12) months after any non-renewal of the Term, the Executive agrees that the Executive will not, directly or indirectly, for his benefit or for the
benefit of any other person, firm or entity, do any of the following: 
 (i) solicit, from any customer that is doing business with the
Company or any of its subsidiaries as of the Date of Termination and is known to Executive, any business of the same or of a similar nature to the business of the Company or its subsidiaries with such customer; 

 (ii) solicit, from any potential customer of the Company or its subsidiaries that is known to
the Executive, any business of the same or of a similar nature to that which has been the subject of a known written or oral bid, offer or proposal by the Company or its subsidiaries, or of substantial preparation with a view to making such a bid,
proposal or offer, within six (6) months prior to the Date of Termination; 
 (iii) excluding advertisements in mainstream media,
solicit the employment or services of any person who was known to be employed by or was a known consultant to the Company or its subsidiaries upon the Date of Termination, or within six (6) months prior thereto, provided that it shall not be a
breach of this Section 9(c)(iii) to solicit or engage a consultant if the consultant’s services do not interfere with the consultant’s services to the Company or cause the consultant to engage in Competition in the Restricted
Territory; or 
 (iv) otherwise knowingly interfere with the business or accounts of the Company or its subsidiaries. 

(d) Non-Disparagement. The Executive agrees, and the Company agrees to instruct its officers and directors, not to make any derogatory,
disparaging or false statements intended to harm the business or personal reputation of the other party to this Agreement and, in the case of the Company, of any related companies or their officers and employees. 

(e) Agreements with respect to Covenants. The Executive and the Company agree and acknowledge that the Company is providing the
employment, compensation and benefits under this Agreement in consideration for the Executive’s covenants under this Section 9. The Executive and the Company agree and acknowledge that the Company has a substantial and legitimate interest
in protecting the Company’s and its subsidiaries’ Confidential Information and goodwill. The Executive and the Company further agree and acknowledge that the provisions of this Section 9 are reasonably necessary to protect the
Company’s and its subsidiaries’ legitimate business interests and are designed to protect the Company’s and its subsidiaries’ Confidential Information and goodwill. The Executive agrees that the scope of the restrictions as to
time, geographic area, and scope of activity in this Section 9 are reasonably necessary for the protection of the Company’s and its subsidiaries’ legitimate business interests and are not oppressive or injurious to the public
interest. The Executive and the Company agree that in the event of a breach or threatened breach of any of the provisions of this Section 9, the Company or the Executive, as applicable, shall be entitled to injunctive relief against the
Executive’s or the Company’s activities, as applicable, to the extent allowed by law, and the Executive and the Company waive any requirement for the posting of any bond by the Company or the Executive, as applicable, in connection with
such action. The Executive further agrees that any breach or threatened breach of any of the provisions of Section 9(a) would cause injury to the Company for which monetary damages alone would not be a sufficient remedy. 

(f) Permitted Disclosure. Nothing in this Agreement shall prohibit or restrict the Executive or the Company from (i) making any
disclosure of relevant and necessary information or documents in any action, investigation or proceeding, as required by law or legal process; or (ii) participating, cooperating, or testifying in any action, investigation, or proceeding with,
or providing information to, any governmental agency or legislative body, any self-regulatory organization, or the Company’s Legal Department, provided that, to the extent permitted by law, upon the Executive’s receipt of any subpoena,
court order or other legal process compelling the disclosure of any such information, documents, or testimony, the Executive shall give prompt prior written notice to the Company, and the Executive will make no disclosure until the Company has had a
reasonable opportunity to contest the right of the requesting person or entity to such disclosure. 
 10. Indemnification; Insurance.
The Company shall indemnify the Executive to the fullest extent permitted by the laws of the Company’s state of incorporation in effect at the time and the certificate of incorporation and by-laws of the Company. The Executive will be entitled
to any insurance policies the Company may elect to maintain generally for the benefit of officers and directors of the Company and its subsidiaries against all costs, charges and expenses incurred in connection with any action, suit or proceeding to
which the Executive may be made a party by reason of being a director or officer of the Company or its subsidiaries. 
 11. Successors;
Binding Agreement. 
 (a) Company’s Successors. The Company may require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and
delivers the agreement provided for in this Section 11 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 

(b) Executive’s Successors. This Agreement and all rights of the Executive hereunder shall inure to the benefit of and be
enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amounts would still be payable to him hereunder if he had
continued to live, all such amounts unless otherwise provided herein shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee or other designee or, if there is no such designee, to the Executive’s
estate. 

 12. Notice. For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or registered mail or nationally recognized overnight
courier (such as Federal Express, Express Mail or UPS), in each case, return receipt requested, postage prepaid, addressed as follows: 
 If
to the Executive: 
 Thomas C. Stabley 

554 Balmoral Circle 
 State
College, Pennsylvania 16801 
 If to the Company: 

Rex Energy Corporation 
 Rex
Energy Operating Corp. 
 Attention: General Counsel 

366 Walker Drive 
 State College,
Pennsylvania 16801 
 and 

Chairman, Compensation Committee 

Rex Energy Corporation 
 c/o Kevin
R. Talbot 
 Hodgson Russ LLP 

The Guaranty Building 
 140 Pearl
Street, Suite 100 
 Buffalo, New York 14202 

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be
effective only upon receipt. 
 13. Amendment or Modification; Waiver. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and such officer or director of the Company as may be specifically designated by the Board or the Compensation Committee. No waiver by either
party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in Agreement. 

14. Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
Commonwealth of Pennsylvania without regard to its conflicts of law principles. 
 15. Miscellaneous. All references to sections of
any statute shall be deemed also to refer to any successor provisions to such sections. The respective rights and obligations of the parties hereunder shall survive the termination of the Term to the extent necessary to preserve such rights and
obligations, including, without limitation, Sections 8, 9, 10 and 11. The Executive shall not be a participant in and shall not be entitled to receive benefits pursuant to any other severance plan, program, policy or arrangement of the Company. 

16. Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in full force and effect throughout the Term. Should any one or more of the provisions of this Agreement be held to be excessive or unreasonable as to duration, geographical
scope or activity, then that provision shall be construed by limiting and reducing it so as to be reasonable and enforceable to the extent compatible with the applicable law. 

17. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all
of which together will constitute one and the same instrument. 
 18. Withholding. All payments under this Agreement shall be made
subject to applicable tax withholding, and the Company may withhold from any amounts payable to the Executive relating to the Executive’s employment with the Company such federal, state, local and foreign taxes as shall be required to be
withheld pursuant to any applicable law or regulation. The Executive shall bear all expense of, and be solely responsible for, all federal, state, local and foreign taxes due with respect to any payment or benefit received under this Agreement. 

 19. Deferred Compensation. Notwithstanding any provision of this Agreement to the
contrary, this Agreement is intended to meet the requirements of Section 409A of the Code to the extent applicable, the parties intend to administer this Agreement in a manner that is consistent with those requirements or an exception thereto,
and this Agreement shall be construed and interpreted in accordance with such intent. If and to the extent applicable, severance benefits shall be paid first under the “short-term deferral exception” and then under the “separation pay
exception” of Section 409A, and any payments that are considered deferred compensation under Section 409A and that are paid to a “specified employee” (as defined in Section 409A of the Code) upon separation from service
shall be subject to a six (6) month delay, if required by Section 409A. If required by Section 409A, any amounts otherwise payable during the six (6) month period that commences on and follows the Executive’s Date of
Termination shall be paid in one lump sum amount on the first business day following the six (6) month period following the Executive’s Date of Termination (or within thirty (30) days of the Executive’s death, if earlier). For
purposes of Section 409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” (within the meaning of such term under Section 409A of the
Code). Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments shall be treated as the right to a series of separate payments. In no event shall the Executive, directly or
indirectly, designate the calendar year of a payment. All reimbursements under this Agreement shall be provided in a manner that complies with Section 409A of the Code, if applicable. If required by regulations or other guidance issued under
Section 409A of the Code or a court of competent jurisdiction, the provisions regarding payments hereunder shall be amended to provide for such payments to be made at the time allowed under such regulations, guidance or authority that most
closely achieves the intent of this Agreement. 
 20. Entire Agreement. This Agreement sets forth the entire agreement of the parties
hereto in respect of the subject matter contained herein and, as of the Effective Date, supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer,
employee or representative of any party hereto, including the Former Employment Agreement. 
 21. Effectiveness; Survival. This
Agreement shall become effective upon approval of the Board. The Company shall provide a certified copy of the resolution evidencing such approval. The provisions of this Agreement that, by their terms, continue in effect after the end of the Term
of this Agreement shall continue in effect as necessary to carry out their purposes. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above
written. 
  

			
	Rex Energy Corporation
		
	By:	 	 /s/ John W. Higbee

		 	John W. Higbee
		 	Chairman, Compensation Committee
	
	Rex Energy Operating Corp.
		
	By:	 	 /s/ Christina K. Marshall

		 	Christina K. Marshall
		 	Senior Vice President of Human Resources and Administration
	
	Thomas C. Stabley
	
	 /s/ Thomas C. Stabley

 EXHIBIT A 

RELEASE 
  

	1.	Complete Release 

 In consideration of the separation pay and benefits continuation set forth in Section
     of this General Release Agreement (“Agreement”), as well as the other benefits that this Agreement provides, Employee (on Employee’s own behalf and on behalf of Employee’s heirs and other legal
representatives and assigns) releases the Company, its subsidiaries and affiliates, and the employees, officers, directors, representatives, attorneys and agents of any of them, and their respective successors, predecessors and assigns, from all
legally waivable claims, charges, costs, attorney fees or demands Employee may have based on Employee’s employment with the Company or the cessation of that employment. This includes a release of any rights or claims Employee may have under the
following (as each may be amended through the date of this Agreement): 
  

	 	A.	the Age Discrimination in Employment Act of 1967, as amended, and the Older Workers Benefit Protection Act, which (among other things) prohibit age discrimination in employment; 

 

	 	B.	the Civil Rights Acts of 1866 or 1871, Title VII of the Civil Rights Act of 1964 and the Civil Rights Act of 1991, which (among other things) prohibit discrimination in employment based on race, color, national origin,
religion or sex; 

  

	 	C.	the Americans with Disabilities Act, which (among other things) prohibits discrimination in employment against qualified disabled individuals; 

 

	 	D.	the Equal Pay Act, which (among other things) prohibits paying men and women unequal pay for equal work; 

  

	 	E.	the Pregnancy Discrimination Act, 

  

	 	F.	the Family and Medical Leave Act, 

  

	 	G.	the Employee Retirement Income Security Act, 

  

	 	H.	the National Labor Relations Act, 

  

	 	I.	the Labor Management Relations Act, 

  

	 	J.	the Sarbanes-Oxley Act of 2002, 

  

	 	K.	the Pennsylvania Wage Payment and Collection Law, 

  

	 	L.	the Pennsylvania Human Relations Act, or 

  

	 	M.	any other federal, state or local laws, rules or regulations prohibiting employment discrimination or regulating human or civil rights. 

This also includes a release by Employee of any claims for wrongful discharge or any tort, contract or common law claims, including claims for past or future
loss of pay or benefits, expenses, damages for pain and suffering, mental anguish or emotional distress damages, liquidated damages, punitive damages, compensatory damages, attorney’s fees, interest, court costs, physical or mental injury,
damage to reputation, and any other injury, loss, damage or expense or any other legal or equitable remedy of any kind whatsoever. This release covers both claims that Employee knows about and those he may not know about. This Agreement does not
affect Employee’s ability to file a charge with or participate in any investigation or proceeding by the Equal Employment Opportunity Commission, although Employee agrees and understands that he will not receive any personal relief from any
such charge. 
 Employee waives any right he may have under any dispute resolution process of the Company to arbitrate the claims which Employee has
released by entering into this Agreement. This release does not include, however, a release of the following: 
  

	 	(1)	Employee’s right, if any, to vested pension or retirement savings plan benefits under the Company’s standard programs, plans and policies; 

 

	 	(2)	Claims Employee may have against Company or its insurers for indemnification under corporate charters or by-laws, director and officer insurance, or other similar protection afforded Company officers or directors to
provide them with protection from claims third parties may make. 

  

	 	(3)	Claims Employee may have against Company for failing to comply with any provision of this Agreement. 

  

	2.	No Future Lawsuits. 

 Employee promises never to file a lawsuit asserting any claims that are released in
Section 1. If Employee or anyone else on Employee’s behalf files a lawsuit asserting any of these claims, Employee waives his right to receive any monetary award or reinstatement as an employee of the Company. Employee agrees that this
Agreement is a complete and total bar to his reemployment or to recovery of any money from the Company resulting from any lawsuit, charge or complaint raising any claims that are released in Section 1. Employee understands that he is not
waiving the right to test the knowing and voluntary nature of this release agreement in court. 

	3.	Non-Admission of Liability. 

 The Company makes this Agreement to avoid the cost of defending against any
possible lawsuit. By making this Agreement, the Company does not admit that it has done anything wrong. 
  

	4.	Non-Release of Future ADEA Claims. 

 This Agreement does not waive or release any rights or claims that
Employee may have under the Age Discrimination in Employment Act or any other laws or statutes that arise after the date Employee signs this Agreement. 
  

	5.	Period for Review and Consideration of Agreement; Employee’s Right to Revoke Agreement. 

 Employee
understands that Employee has up to 21 days to review and consider this Agreement. If Employee should elect to sign this Agreement in less than 21 days, Employee expressly waives Employee’s right to the full 21-day period to review and consider
this Agreement. Employee further understands that Employee may revoke the Agreement at any time during the seven-day period following Employee’s signing of the Agreement. Employee further understands that, if Employee fails to sign the
Agreement or revokes the Agreement, Company shall have no obligation to provide separation pay and paid benefits continuation set forth in Section      of this Agreement, as well as the other benefits described in this Agreement,
to Employee. Revocation shall be in writing and shall be effective upon timely receipt by [TO BE FILLED IN]. 
  

	6.	Consultation with Attorney. 

 Employee acknowledges that Company has afforded Employee an opportunity to
engage and consult with legal counsel of Employee’s choosing in connection with the negotiation and entering into of this Agreement, and that he has, in fact, consulted with legal counsel prior to entering into this Agreement. 

 

	7.	Restrictive Covenants and Harmful Statements. 

 Employee and the Company acknowledge and agree that
Section 9 of the Employment Agreement entered into by and between Employee and the Company as of October 1, 2010 shall remain in full force and effect following Employee’s termination of employment according to the terms of
Section 9, including the expiration or termination provisions thereof, and that the terms thereof are hereby specifically incorporated herein and made part hereof. 
  

	8.	Binding Effect. 

 This Agreement is binding on the representatives, heirs, successors and assigns of
Employee and the Company. 
  

	9.	Severability. 

 The provisions of this Agreement are severable, that is, if any part of it is found to be
invalid or unenforceable, the other parts will remain valid and enforceable and shall be construed to the greatest extent possible to be enforceable as written. 
  

	10.	Return of Company Property. 

 Employee has returned or will immediately return to the Company all Company
information and related reports, files, memoranda and records, computer disks or other storage media, physical or personal property which Employee was provided during his employment, including credit cards, card key passes, door and file keys,
computers, cellular phone, pagers or leased vehicle. Employee has returned or will immediately return to the Company all which Employee received or prepared or helped prepare in connection with his employment, and Employee has not retained or will
not retain any copies, duplicates, reproductions or excerpts thereof.

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