Document:

EX-10.2

 Exhibit 10.2 

Confidential 
 November 22, 2013 

EXCO RESOURCES, INC. 
 12377 Merit Drive 

Suite 1700, LB 82 
 Dallas, Texas 75251 

 

	 	Re:	Exercise Commitment for Rights Offering 

 Ladies and Gentlemen: 

Reference is made to the proposed distribution by EXCO Resources, Inc. (the “Company”) to holders of shares of common stock,
par value $0.001 per share, of the Company (“Shares”), of transferable rights (“Rights”) to subscribe for and purchase new Shares at a subscription price of $5.00 per Share (the “Subscription
Price”) for an aggregate offering amount of approximately $273 million (the “Rights Offering”). Pursuant to the Rights Offering, (i) one Right will be distributed for every four Shares held by the shareholder as of the
record date for the Rights Offering, and each Right will entitle the holder thereof to purchase one new Share from the Company at the Subscription Price (the “Basic Subscription Privilege”), and (ii) each holder of Rights who
exercises its Basic Subscription Privilege in full will be entitled to subscribe for, at the Subscription Price, any Shares not purchased by the Company’s shareholders upon the exercise of Rights pursuant to the Basic Subscription Privilege
(and in the event that such over-subscription requests exceed the number of Shares which were not purchased pursuant to the Basic Subscription Privilege, the Company will allocate the available Shares pro rata amongst such requesting shareholders in
proportion to the number of Shares each of them owned on the record date, relative to the number of Shares owned on the record date by all such requesting shareholders) (the “Over-Subscription Privilege”). 

In order to facilitate the Rights Offering, the Company has requested that Hamblin Watsa Investment Counsel Ltd. (“Hamblin
Watsa”) agree, and Hamblin Watsa hereby agrees, subject to the terms and conditions of this letter agreement, that it will (i) exercise in full its Basic Subscription Privilege and (ii) exercise in full its Over-Subscription
Privilege to acquire all of the available Shares; provided, however, that in exercising its Over-Subscription Privilege, Hamblin Watsa shall not be required to acquire an amount of Shares exceeding the lesser of (a) 100% of the
Shares which were not purchased by other shareholders pursuant to the exercise of their Basic Subscription Privilege (such Shares, the “Unsubscribed Shares”) and (b) an amount of Unsubscribed Shares which, taken together with
the Shares acquired by Hamblin Watsa pursuant to the Basic Subscription Privilege, is equal to 50% of the total amount of Shares offered in the Rights Offering; and provided, further, that such percentage and amount may be reduced by
mutual agreement of the Company and Hamblin Watsa in the event that a person who is currently a shareholder of the Company provides an exercise commitment in connection with the Rights Offering. For the avoidance of doubt, all Shares purchased by
Hamblin Watsa pursuant to this letter agreement shall be acquired from the Company at the Subscription Price. 
 Hamblin Watsa’s
obligation to acquire shares in the Rights Offering is subject to the following terms and conditions: 
  

	 	1.	Hamblin Watsa and the Company enter into a Rights Exercise Agreement, a Registration Rights Agreement and such other agreements as they may each reasonably determine in their sole discretion, which agreements shall
contain customary terms and conditions, including, without limitation, customary representations and warranties, closing conditions, covenants of the Company, indemnification provisions and registration rights of Hamblin Watsa (collectively, the
“Rights Agreements”). 

	 	2.	Hamblin Watsa may unilaterally terminate this letter agreement if (i) a registration statement on Form S-3 (the “Registration Statement”) to register the Shares to be issued in the Rights Offering
is not filed with the U.S. Securities and Exchange Commission (the “SEC”) by December 31, 2013, (ii) Hamblin Watsa and the Company have not entered into mutually agreeable Rights Agreements by December 31, 2013,
(iii) the Rights Offering is not completed by March 31, 2014, (iv) Hamblin Watsa’s acquisition of Shares pursuant to this letter agreement is not completed by April 7, 2014 or (v) there shall have occurred any change,
or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, that, as determined by Hamblin Watsa acting reasonably, is
material and adverse and that makes it, in the reasonable determination of Hamblin Watsa, impracticable to proceed with the Rights Offering. In addition, each of the Company and Hamblin Watsa shall have the unilateral right to terminate this letter
agreement if (a) any governmental entity has issued any judgment, injunction, decree or other legal restraint or has otherwise taken any action prohibiting the Rights Offering or the acquisition of Shares by Hamblin Watsa pursuant to this
letter agreement or the transactions contemplated in connection therewith, (b) a stop order has been issued on the Registration Statement or there has been a suspension of trading in the Company’s common stock or trading in securities
generally on the New York Stock Exchange or (c) the other party is in breach of, or has failed to comply with, any of its representations, warranties or covenants in this letter agreement, and such breach or failure to comply has not been cured
within 15 days of receipt of notice thereof. 

  

	 	3.	The Company shall not, without the prior written consent of Hamblin Watsa, amend, terminate or waive any material terms of the Rights Offering. 

The Company shall use (i) reasonable best efforts to set the record date for the Rights Offering to be as soon as practicable,
(ii) reasonable best efforts to file the Registration Statement and complete the Rights Offering as promptly as practicable and (iii) best efforts to file within ten business days following the closing of the Rights Offering a registration
statement with the SEC providing for the offer and sale of all Shares held by Hamblin Watsa to the public, from time to time, on a delayed or continuous basis, and cause such registration statement to be declared effective by the SEC as promptly as
practicable. 
 Each of the Company and Hamblin Watsa hereby represents and warrants to the other that (a) it has all corporate power
and authority to execute, deliver and perform this letter agreement, (b) the execution, delivery and performance of this letter agreement by it has been duly and validly authorized and approved by all necessary corporate action by it, and
(c) this letter agreement has been duly and validly executed and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against it in accordance with the terms of this letter agreement. 

Notwithstanding anything that may be expressed or implied in this letter agreement, the Company, by its acceptance of the benefits hereof,
covenants, agrees and acknowledges for itself and its subsidiaries that no person other than Hamblin Watsa and its successors and permitted assigns shall have any obligation hereunder or in connection with the transactions contemplated hereby and

  
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that no recourse hereunder or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against any former, current or future equity
holder, controlling person, director, officer, employee, agent, affiliate, member, manager, general or limited partner, representative or successor or assignee of Hamblin Watsa or any former, current or future equity holder, controlling person,
director, officer, employee, agent, affiliate, member, manager, general or limited partner, representative or successor or assignee of the foregoing (such persons, collectively, but excluding Hamblin Watsa itself, the “Non-Recourse
Parties”), whether by the enforcement of any assessment or by any legal or equitable proceedings, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on, or otherwise be incurred by any Non-Recourse Party, as such, for any obligations of Hamblin Watsa under this letter agreement or any documents or instruments delivered in connection herewith or in respect
of any oral representations made or alleged to be made in connection herewith or therewith or for any claim based on, in respect of, or by reason of, such obligations or their creation. 

This letter agreement may not be amended or otherwise modified without the prior written consent of the Company and Hamblin Watsa. Neither
party may assign any of its rights or obligations under this letter agreement to any person without the prior written consent of the other party; provided, however, that, without the consent of the Company, Hamblin Watsa may assign its
rights and obligations under this letter agreement to any of its affiliated entities. 
 In connection with all aspects of each transaction
contemplated by this letter agreement, the Company acknowledges and agrees that: (a) the Rights Offering and the transactions contemplated by this letter agreement are arm’s-length commercial transactions between the Company and Hamblin
Watsa, (b) the Company is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby, (c) in connection with the Rights Offering contemplated hereby and the process leading
to such transaction, Hamblin Watsa has been, is, and will be acting solely as a principal and has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Company or any of the Company’s affiliates, stockholders,
creditors or employees or any other party, and (d) Hamblin Watsa has no obligation to the Company or the Company’s affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth in this letter
agreement. To the fullest extent permitted by law the Company hereby waives and releases any claims that the Company may have against Hamblin Watsa with respect to any breach or alleged breach of agency or fiduciary duty in connection with any
aspect of any transaction contemplated by this letter agreement. 
 Without the prior written consent of Hamblin Watsa, the Company shall
not issue any press releases or otherwise make any public announcement with respect to this letter agreement, the Rights Offering and the transactions contemplated hereby and thereby, except as may be required by law. Any such press release or
public announcement shall be in form acceptable to Hamblin Watsa. Prior to issuing any press release or otherwise making any public announcement with respect to this letter agreement, the Rights Offering and the transactions contemplated hereby and
thereby, the Company shall provide Hamblin Watsa with a copy of such draft press release or public announcement for Hamblin Watsa’s review and shall not issue any press release or any public announcement that mentions Hamblin Watsa by name,
without Hamblin Watsa’s consent. 
 This letter agreement shall be governed by the laws of the State of New York applicable to
agreements made and to be performed entirely within the State of New York, without regard to the conflict of law provisions thereof that could result in the applicability of the laws of any other 

  
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jurisdiction. Each party irrevocably submits to the jurisdiction of the Supreme Court of the State of New York, County of New York, and the United States District Court for the Southern District
of New York (and appellate courts thereof), for the purposes of any suit, action or other proceeding arising out of this letter agreement or the transactions contemplated hereby. 

This letter agreement constitutes the sole agreement, and supersedes all prior agreements, understandings and statements, written or oral,
between Hamblin Watsa or any of its affiliates, on the one hand, and the Company or any of its affiliates, on the other, with respect to the transactions contemplated hereby. 

[Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this letter agreement to be duly executed and
delivered as of the date set forth above. 
  

			
		 	EXCO RESOURCES, INC.
		
		 	/s/ William L. Boeing
		 	Name: William L. Boeing
		 	Title:   Vice President and General Counsel
		
		 	HAMBLIN WATSA INVESTMENT COUNSEL LTD.
		
		 	/s/ Paul Rivett
		 	Name: Paul Rivett
		 	Title:   Chief Operating OfficerEX-10.1

 Exhibit 10.1 

Execution Copy 

SETTLEMENT AGREEMENT AND 

MUTUAL RELEASE AND WAIVER OF CLAIMS 

This Settlement Agreement and Mutual Release and Waiver of Claims (this “Agreement”) is made and entered into freely
and voluntarily as of the 20th day of November, 2013 (“Separation Date”), by and between EXCO Resources, Inc. (“ERI”) and Douglas H. Miller (hereinafter referred to as “Miller”). This Agreement
shall become effective upon the execution of this Agreement by ERI and Miller (the “Effective Date”). 
 WHEREAS,
the following definitions shall apply: 
 “EXCO” shall refer to both EXCO and its Affiliates. 

“Affiliates” shall mean, with respect to a person or entity, each other person or entity controlling,
controlled by or under common control with such person or entity. For the purposes hereof, control of an entity shall mean the direct or indirect ability to elect a majority of such entity’s governing body or to otherwise direct its policies or
business affairs. 
 An “EXCO Party” or, collectively, the “EXCO Parties,” shall refer to
ERI, Affiliates and all joint ventures, partnerships, and other entities in which EXCO or its Affiliates is a partner, limited partner, joint venture, member, manager or owner. 

WHEREAS, until November 20, 2013, Miller was Chairman of the Board and Chief Executive Officer of ERI and served as a
representative on various boards of EXCO and as a board member, manager, or representative to EXCO Parties;  
 WHEREAS,
Miller has tendered his resignation from the Board of Directors of ERI, and as an officer and director of ERI; and 
 WHEREAS,
the parties mutually wish to provide for an amicable termination of employment and an orderly transition of Miller’s duties. 

NOW, THEREFORE, in consideration of the acts, payments, covenants and mutual agreements herein described and agreed to be performed,
Miller and EXCO agree as follows: 
 1. Termination.  

(a) Miller hereby acknowledges the termination of Miller’s service as an officer and employee of EXCO, and his termination and/or
resignation from all other positions held by Miller in any capacity with any EXCO Party, in each case effective as of the close of business on November 20, 2013. 

(b) Miller hereby resigns from all positions as an employee, officer, director, member, manager, trustee, agent for service of process, bank
signatory, or other positions with any EXCO Party, as of the close of business on November 20, 2013. 

 (c) The parties agree that Miller’s departure shall be mutually characterized as a
resignation, and the parties shall make a joint, public statement that Miller has resigned his position(s) with EXCO, effective November 20, 2013, as set forth in Exhibit A. 

2. Principal Economic Terms.  

(a) Conditioned upon Miller’s compliance with Sections 7 through 9 and subject to Section 13, EXCO will pay Miller the
following: 
 (i) The sum of Four Million Dollars ($4,000,000.00) on November 29, 2013; 

(ii) The sum of One Million Dollars ($1,000,000.00) on December 31, 2014. 

(b) ERI shall accelerate the vesting to November 20, 2013 of the following restricted stock awards previously granted to Miller as
follows: 
 (i) The vesting in Section 3 of the Restricted Stock Award Agreement dated on or about August 15, 2011, with respect
to 11,466 shares of the Common Stock of ERI shall be accelerated to November 20, 2013; 
 (ii) The vesting in Section 3 of the
Restricted Stock Award Agreement dated on or about November 21, 2011 with respect to 266,317 shares of the Common Stock of ERI shall be accelerated to November 20, 2013; and 

(iii) The vesting in Section 3 of the Restricted Stock Award Agreement dated on or about December 13, 2012, with respect to 46,200
shares of the Common Stock of ERI shall be accelerated to November 20, 2013. 
 Each of the shares referenced in this Section 2(b)(i) through
(iii) shall not be offered for sale, pledged, hypothecated, or otherwise transferred by Miller prior to April 15, 2014 and that a legend shall be placed on the certificates representing such shares consistent with this
Section 2(b). By clarification, this limitation does not apply to other shares owned by Miller whose vesting is not accelerated by this Section 2(b). 

(c) Any prior awards of Restricted Stock, Restricted Stock Units, Performance Awards, SAR, stock appreciation right, or Incentive other than
Stock Options (as those terms are defined in the EXCO Resources, Inc. Amended and Restated 2005 Long-Term Incentive Plan (the “Plan”)) are revoked and of no force and effect. For clarification, the Restricted Stock Award dated on or
about August 13, 2013 is revoked and of no further effect. All Stock Options (as that term is defined in the Plan) shall be exercisable in accordance with their terms and in accordance with a termination Without Cause. Except as modified
explicitly in this Section 2, all terms of all award agreements and the Plan shall remain unaffected by this Agreement and in full force and effect. 

(d) EXCO shall pay any COBRA premiums necessary for Miller to continue medical coverage for Miller and his eligible dependents through
May 31, 2015. 

  
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 (e) EXCO shall pay on November 22, 2014 any accrued (through November 20, 2013) base
salary previously unpaid. 
 (f) All payments shall be less withholding as required by federal, state, and local law. Withholding that is
required by federal, state or local law with respect to Section 2(b) shall be made from the payment on November 29, 2013. 
 3.
Other Matters. Miller and EXCO hereby agree as follows: 
 (a) Miller has been paid all compensation due to him that has
accrued through November 20, 2013, including any accrued but unused vacation and any incentive compensation. 
 (b) Within sixty
(60) days of the Separation Date, Miller shall account for any personal charges to his EXCO credit card and any reimbursement will be less such personal charges, and Miller shall submit any other expenses to be reimbursed in accordance with
EXCO policies. If personal charges exceed reimbursement, Miller will pay EXCO the difference within ninety (90) days of the Separation Date; if reimbursement exceeds personal charges, then EXCO will pay Miller the difference within ninety
(90) days of the Separation Date. 
 (c) EXCO will provide and/or maintain in effect directors and officers insurance for Miller’s
benefit covering any claims arising out of any conduct prior to the date on which Miller is no longer a member of the board of directors of EXCO, such coverage to be on the same terms as are available to all other members of EXCO’s board of
directors. 
 (d) Miller acknowledges and agrees that, except as expressly set forth in Section 2, this Section 3,
Section 4 and Section 13, Miller has no rights to, and hereby expressly disclaims any right to, any compensation, benefits or other remuneration from EXCO of any kind or nature whatsoever or any profit sharing, deferred
compensation, or retirement plan benefits, and EXCO has no further obligation to pay or provide to Miller any such compensation, benefits or other remuneration. 

(e) The Parties acknowledge that they are each otherwise responsible for their own tax consequences and liabilities arising out of this
Agreement and that neither of the Parties nor their respective attorneys have made any representation to the other regarding tax consequences of any amounts received pursuant to the Agreement. 

4. Mutual Release and Covenant Not to Sue.  

(a) In consideration of the matters referenced in Section 2 and Section 3 above, Miller, on behalf of himself and his
heirs, executors, administrators, and assigns, hereby forever releases, discharges, cancels, waives, and acquits ERI, the Affiliates, and the EXCO Parties, and their respective agents, officers, owners, members, managers, partners, joint venturers,
directors, employees, insurers, and assigns, of and from any and all rights, claims, demands, causes of action, obligations, damages, penalties, fees, costs, expenses, and liabilities of any nature whatsoever, whether in law or equity (collectively,
“Claims”), which Miller has, had or may hereafter have against it arising out of, or by reason of, any cause or matter, existing as of the date of execution of this Agreement, WHETHER KNOWN TO MILLER AT THE TIME OF EXECUTION OF THIS
AGREEMENT OR NOT, other than any Claims arising out 

  
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of, or by reason of any breaches by EXCO of its obligations under this Agreement. This FULL RELEASE AND WAIVER OF ALL CLAIMS by Miller includes, without limitation, any Claims arising out of, or
relating in any manner whatsoever to, the employment and/or termination of the employment of Miller by EXCO, such as, BUT NOT LIMITED TO, any charge, claim, lawsuit or other proceeding arising under the Civil Rights Acts, Title VII as amended by the
Civil Rights Act of 1991, the Americans with Disabilities Act, the Age Discrimination in Employment Act (ADEA), the Labor Management Relations Act (LMRA), Employee Retirement Income Security Act (ERISA), the Consolidated Omnibus Budget
Reconciliation Act, the Fair Labor Standards Act (FLSA), the Equal Pay Act, the Rehabilitation Act of 1973, and the Family and Medical Leave Act of 1993, worker’s compensation laws, any claim relating to the purchase, sale, or award of any
interest in any EXCO Party, or any other federal, state, or local statute, or any contract, agreement, plan or policy, including any Claims for breach of express or implied contract, wrongful discharge, tort, personal injury, or any claims for
attorney’s fees or other costs. This release shall not apply to (i) any vested amounts in Miller’s 401(k) account, (ii) any benefits due to, or on behalf of, Miller or his dependents pursuant to the terms of any health, dental,
vision or other similar health-related plan or policy of EXCO, or (iii) any right to indemnification, advancement of expenses, limitation of liability or exculpation of liability to the extent provided under or arising from the Articles of
Incorporation or Bylaws of EXCO or under any insurance policy maintained by EXCO benefiting Miller with respect to his service as an officer, employee, or director of EXCO. 

(b) In consideration of the matters referenced in Section 2 and Section 3 above, ERI, on behalf of itself and its
Affiliates,, and their respective subsidiaries, affiliates, agents, officers, owners, members, managers, directors, employees, insurers, and assigns, hereby forever releases, discharges, cancels, waives, and acquits Miller of and from any and all
Claims existing as of the date of execution of this Agreement, WHETHER KNOWN TO EXCO AT THE TIME OF EXECUTION OF THIS AGREEMENT OR NOT, other than any Claims arising out of, or by reason of, (i) any breaches by Miller of his obligations under
this Agreement, (ii) any actions or omissions by Miller in connection with his employment that subject EXCO to any criminal liabilities under federal, state or other laws, and (iii) any actions or omissions by Miller in connection with his
employment that subject EXCO to any civil liabilities under federal, state or other laws and with respect to which Miller is not entitled to the indemnification or other rights referenced in Section 4(a)(iii) above. This FULL RELEASE AND
WAIVER OF ALL CLAIMS by EXCO includes, without limitation, any Claims arising out of, or relating in any manner whatsoever to, any applicable federal, state, or local statute, or any contract, agreement, plan or policy, including any Claims for
breach of express or implied contract, tort, or any claims for attorney’s fees or other costs. 
 (c) Each of EXCO and Miller further
covenants and agrees not to institute, nor cause to be instituted, any legal proceeding of any nature whatsoever, including, without limitation, filing any claim or complaint with any government agency alleging any violation of law or public policy
or seeking workers’ compensation from EXCO (or any of its representatives) for any claim released hereunder premised upon any legal theory or claim whatsoever, including without limitation, contract, tort, wrongful discharge, personal injury,
interference with contract, breach of contract, defamation, negligence, infliction of emotional distress, fraud, or deceit, except that a party hereto may file a legal proceeding against the other solely to enforce the terms of this Agreement or any
agreement contemplated hereunder. 

  
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 (d) Miller’s release of liability described in this Agreement is a material provision of
this Agreement. Accordingly, Miller agrees that should any legal action be pursued on his behalf by any person or other entity against EXCO regarding the claims released in this Agreement, Miller will not accept recovery from such action, but will
assign such recovery to EXCO. Nothing in this Agreement shall be construed to affect the rights and responsibilities of the Equal Employment Opportunity Commission (the “Commission”), the National Labor Relations Board (the
“NLRB”), or any other federal, state or local agency with similar responsibilities to enforce any laws pertaining to employment discrimination or retaliation, or union activity or participation. Likewise, this waiver will not be used to
justify interfering with the protected right of any Miller to file a charge or participate in an investigation or proceeding conducted by the Commission, the NLRB or any similar agency; however, Miller waives the right to any benefits or recovery
arising out of any such proceeding. 
 (e) Each of EXCO and Miller acknowledges that the considerations afforded such party under this
Agreement are in full and complete satisfaction of any Claims such party may have or may have had prior to the date hereof, including, without limitation, any such Claim arising out of Miller’s employment with EXCO or the termination thereof,
and provide good and sufficient consideration for every promise, duty, release, obligation, agreement and right contained in this Agreement. 

5. No Disparagement. During the period through December 31, 2014, each of EXCO and Miller agrees that as part of the
consideration for this Agreement, each will not make disparaging or derogatory remarks, whether oral or written, about the other party, including, in the case of Miller, any disparaging or derogatory remarks by Miller, whether oral or written,
regarding EXCO or its business, products, subsidiaries, affiliates, directors, officers or agents. Each of EXCO and Miller also agree that neither it nor he will characterize Miller’s termination in a manner other than as described herein, in
the press release issued by EXCO on November 20, 2013 related thereto, or in the Current Report on Form 8-K filed by EXCO in respect of this Agreement. Nothing in this Agreement shall prevent any party from giving truthful testimony or
providing any information requested by any agent of the United States, State, or local government or member of Congress.  

6. Cooperation. Miller agrees that he will not counsel or assist any attorneys or their clients in the presentation or
prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against EXCO or its subsidiaries, affiliates, directors, officers or agents regarding any alleged acts or omissions prior to November 20,
2013 by EXCO or its Affiliates, unless under a subpoena or court order to do so and except as may be required to enforce his rights hereunder or any agreement contemplated herein. Miller will provide reasonable cooperation to EXCO with respect to
any litigation involving the EXCO Parties. This obligation includes Miller’s meeting with EXCO and its counsel at reasonable times upon EXCO’s request; providing testimony in court or upon deposition and other information (whether by
testimony or otherwise) that is truthful, accurate, and complete, according to information known to Miller, in connection with the prosecution or defense of EXCO or any of the other Released Parties in such litigation. For any services other than of
a de minimis nature performed at EXCO’s request, EXCO agrees to reimburse Miller at the agreed hourly rate of $500 for Miller’s time devoted to such activities, upon presentation of substantiating documentation and for any reasonable out
of pocket expenses incurred by Miller in cooperating pursuant to this Section 6. Nothing herein shall be construed to prohibit Miller from giving truthful testimony or to alter or influence such testimony in any way.  

  
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 7. Non-Disclosure. Miller agrees that he will not, at any time from and
after the date hereof, in any manner, either directly or indirectly, divulge, disclose, or communicate any Confidential Information (as hereinafter defined) to any person, firm, corporation, or other entity, or use the Confidential Information for
his own benefit or for the benefit of any person, firm, corporation, or other entity, and not for the benefit of EXCO, without the express prior written consent of an authorized officer of EXCO. Miller shall not, directly or indirectly, copy, take,
or remove from EXCO’s premises any of the Confidential Information. Miller further agrees that in the event it appears that he will be compelled by law or judicial process to disclose any such Confidential Information, he will notify
EXCO’s General Counsel in writing immediately upon her receipt of a subpoena or other legal process. As used herein, the term “Confidential Information” as used in this Agreement means any information which is proprietary or
confidential to any of the EXCO Parties, including, without limitation, any books, records, lists, studies, reports, knowledge of the EXCO Parties, methods of operation, client lists, processes, trade secrets, potential acquisitions, potential
funding transactions, methods of determination of prices, business plans, marketing plans, budgets, financial condition, profits, sales, net income, and indebtedness, as the same may exist from time to time in any form, media or format.  

8. Property and Confidential Information. Miller acknowledges that, no later than December 1, 2013, he will return
to EXCO any and all EXCO property (including, without limitation, laptops, cell phones, PDAs, key cards, digital media storage devices, etc.), as well as the originals and/or copies of documents containing EXCO’s Confidential Information, and
that he will not retain any such material in any format, whether in hard copy or electronic, whatsoever.  
 9.
Non-Solicitation and Non-Hire of Officers. Miller agrees that, through December 31, 2014, neither he nor anyone acting in concert with him, on his behalf or at his behest, shall, directly or indirectly, whether as an individual or
on his own account, or as a partner or joint venture, or as an employee or agent for any person, firm, or corporation, or as an officer, director or shareholder of a corporation or other business entity, solicit, contact, or communicate with, in any
way, any EXCO employee or independent contractor for purposes of causing such person to terminate his/her relationship with EXCO. In addition, Miller agrees that, through December 31, 2014, neither he nor anyone acting in concert with him, on
his behalf or at his behest, shall, directly or indirectly, whether as an individual or on his own account, or as a partner or joint venture, or as an employee or agent for any person, firm, or corporation, or as an officer, director or shareholder
of a corporation or other business entity, shall hire any Officer of EXCO. An “Officer of EXCO,” for purposes of this Agreement, shall mean any person who, as of November 20, 2013, served as a Vice President of EXCO or higher
position (for example, Executive Vice President, Senior Vice President, or President) or whose title with EXCO was as an officer (for example, Chief Information Officer, Chief Financial Officer, or Chief Compliance Officer).  

10. No Admission of Liability. Nothing contained in this Agreement shall be construed in any manner as an admission by
any party that it has or may have violated any statute, law or regulation, or breached any contract or agreement. 

  
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 11. Reliance. Miller represents and warrants that: (a) he has relied on
his own judgment regarding the consideration for and language of this Agreement; (b) he has been given a reasonable period of time to consider this Agreement, has been advised to consult with independent counsel of his own choosing before
signing this Agreement, and has consulted with independent counsel or voluntarily elected not to consult with independent counsel with respect hereto; (c) EXCO has not in any way coerced or unduly influenced him to execute this Agreement; and
(d) this Agreement is written in a manner that is understandable to him and he has read and understood all paragraphs of this Agreement. 

12. Nature of the Agreement. This Agreement and all provisions thereof, including all representations and promises
contained herein, are contractual and not a mere recital and shall continue in permanent force and effect. This Agreement and all attachments constitute the sole and entire agreement of the parties with respect to the subject matter hereof, and
there are no agreements of any nature whatsoever between the parties hereto with respect to the subject matter hereof, except as expressly stated herein. With respect to any stock options or restricted stock awards, all prior award agreements and
the plan documents relating thereto shall remain in full force and effect, except as explicitly provided herein. All other prior agreements or plans between EXCO and Miller or otherwise relating to Miller, are hereby terminated This Agreement may
not be modified or changed unless done so in writing, signed by both parties. In the event that any portion of this Agreement is found to be unenforceable for any reason whatsoever, the unenforceable provision shall be considered to be severable,
and the remainder of the Agreement shall continue to be in full force and effect. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas without regard to choice of law principles. 

13. Time Period of Considering or Canceling This Agreement. Miller waives the 21-day period provided in the Older Worker
Benefit Protection Act to consider whether to sign this Agreement, and EXCO agrees that Miller may revoke his release of any Claims arising under the Age Discrimination in Employment Act referred to in Section 4(a) above at any time
during the seven (7) days following the date on which this Agreement has been signed by all parties to this Agreement. In order to effect a revocation of any Claims under the Age Discrimination in Employment Act referred to in
Section 4(a) above, Miller must deliver to EXCO, c/o EXCO Resources, Inc., Attn: General Counsel, written notice expressly stating that Miller is revoking his release of Claims under the Age Discrimination in Employment Act. If Miller
delivers such notice revoking his release of Claims under the Age Discrimination in Employment Act, then: 
 (a) Miller’s release
of Claims under the Age Discrimination in Employment Act shall not be effective or enforceable; but 
 (b) Miller’s release of all other
Claims under Section 4(a) above shall remain in full force and effect; and 
 (c) The first payment referenced in
Section 2(a) shall be reduced from $4,000,000.00 to $3,000,000.00. 

  
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 14. Remedies. EXCO, on the one hand, and Miller, on the other, acknowledge and
agree that irreparable damage will occur in the event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction
to prevent breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof. Miller agrees that, if Miller in any non-immaterial respect violates Sections 7 through 9, EXCO shall not be obliged to pay
any remaining payment under Section 2. The foregoing remedies shall be in addition to any other remedy to which a party hereunder may be entitled at law or in equity. 

15. Section 409A.  

(a) This section is intended to help ensure that payments made to Miller pursuant to this Agreement are either paid in compliance with, or
exempt from, Section 409A of the Code and the rules and regulations promulgated thereunder (collectively, “Section 409A”). This Agreement shall be interpreted on a basis consistent with such intent. However, ERI does not
warrant to Miller that any amount paid to or for the benefit of him will be exempt from, or paid in compliance with, Section 409A. 
 (b) If
any payments or benefits provided to Miller by ERI, either per this Agreement or otherwise, are non-qualified deferred compensation subject to, and not exempt from, Section 409A (“Subject Payments”), the following
provisions shall apply to such payments and/or benefits: 
 (i) With regard to any payment that is required to be delayed pursuant to Code
Section 409A(a)(2)(B) (the “Delayed Payments”), such payment shall not be made prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of Miller’s “separation from
service” and (ii) the date of Miller’s death. Any payments other than the Delayed Payments shall be paid in accordance with the normal payment dates specified in this Agreement. In no case will the delay of any of the Delayed Payments
by ERI constitute a breach of ERI’s obligations to Miller. 
 (ii) Miller’s right to receive the payments in
Section 2(a) above shall be treated as a right to receive a series of separate and distinct payments. 
 (iii) To the extent
that any reimbursement or in-kind benefits are Subject Payments: (x) the amount eligible for reimbursement or in-kind benefit in one calendar year may not affect the amount eligible for reimbursement or in-kind benefit in any other calendar
year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (y) the right to reimbursement or an in-kind benefit is not subject to liquidation or exchange
for another benefit, and (z) subject to any shorter time periods provided herein, any such reimbursement of an expense or in-kind benefit must be made on or before the last day of the calendar year following the calendar year in which the
expense was incurred. 

  
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 16. Construction. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.
 
 17. Choice of Law. The Parties agree that the terms of the Agreement shall be governed and construed in
according with the laws of the State of Texas.  
 18. Severability. If any provision of this Agreement is held
by a court of competent jurisdiction to be invalid, void or unenforceable for whatever reason, the remaining provisions of this Agreement shall nevertheless continue in full force and effect without being impaired in any manner whatsoever. 

 19. Notices. Unless otherwise provided, any notice required or permitted by this Agreement shall be in writing
and shall be deemed sufficient upon receipt, when delivered by overnight courier or sent by electronic mail or facsimile, or upon delivery when delivered personally, or upon seventy-two (72) hours after being deposited in the U.S. mail, as
certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s address or facsimile number, as subsequently modified by written notice, as follows:  

(i) if to Miller, to 3 Brigade Court, Dallas, TX 75225, Attn: Douglas H. Miller, with copy to Brian Lidji, 500 North Akard, Suite 3500,
Dallas, Texas 75201, blidji@ldhlaw.com; or 
 (ii) if to EXCO, to EXCO Resources, Inc., William L. (Lanny) Boeing, Vice President and
General Counsel, EXCO Resources, Inc., 12377 Merit Dr., Suite 1700, Dallas, TX 75251, 214-368-2084 (Main), 214-706-3409 (Fax), lboeing@excoresources.com. 

20. Signatures. This Agreement may be executed in multiple counterparts, and a signature transmitted by pdf or facsimile shall
be considered to be an original for all purposes. 
 [Signature Page Follows] 

  
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 Dated this 20th day of
November, 2013. 
  

			
	EXCO RESOURCES, INC.
		
	By:	 	/s/ William L. Boeing
	Name:	 	William L. Boeing
	Title:	 	Vice President and General Counsel

  
 - 10 - 

 Dated this 20th day of
November, 2013. 
  

			
	DOUGLAS H. MILLER
		
	By:	 	/s/ Douglas H. Miller
		 	Douglas H. Miller

  
 - 11 -

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