Document:

Form of Stock Option Agreement

 Exhibit 10.1.12.1 
  
 STOCK OPTION AGREEMENT 
 UNDER CHESAPEAKE ENERGY CORPORATION 
 2002 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN 

 
 THIS STOCK OPTION AGREEMENT (the “Option Agreement”), made as of
the grant date set forth on the Notice of Grant of Stock Options and Option Agreement attached to this Option Agreement (the “Notice”) at Oklahoma City, Oklahoma by and between the participant named on the Notice (the
“Participant”) and Chesapeake Energy Corporation (the “Company”): 
  
 W I T N E S S E T H: 
  
 WHEREAS,
the Participant is a director of the Company, and it is important to the Company that the Participant be encouraged to remain a director of the Company; and 
  
 WHEREAS, in recognition of such facts, the Company desires to provide to the Participant an opportunity to purchase shares of the common stock of the
Company, as hereinafter provided, pursuant to the “Chesapeake Energy Corporation 2002 Non-Employee Director Stock Option Plan” (the “Plan”), a copy of which has been provided to the Participant; and 
  
 WHEREAS, any capitalized terms used but not defined herein have the same
meanings given them in the Plan. 
  
 NOW, THEREFORE, in
consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the Participant and the Company hereby agree as follows: 
  
 Section 1. Grant of Stock Option. The Company hereby grants to the Participant a nonqualified stock option
(the “Stock Option”) to purchase all or any part of the number of shares of its common stock, par value $.01 (the “Stock”), as set forth on the Notice, under and subject to the terms and conditions of this Option Agreement and
the Plan, which is incorporated herein by reference and made a part hereof for all purposes. The purchase price for each share to be purchased hereunder shall be the option price set forth on the Notice (the “Option Price”). 
  
 Section 2. Times of Exercise of Stock Option. On and after the
Date of Grant, the Participant shall be entitled, subject to the applicable provisions of the Plan and this Option Agreement having been satisfied, to exercise the Stock Option and purchase, on a cumulative basis, the number of shares of Stock
subject to the Stock Option set forth on the Notice. 
  
 Section 3. Term of Stock Option. Subject to earlier termination as hereafter provided, the Stock Option shall expire at the close of business on the expiration date set forth on the Notice and may not be exercised after such
expiration date. At all times during the period commencing with the date the Stock Option is granted to the Participant and ending on the earlier of the expiration of the Stock Option or the date which is three years prior to the date the Stock
Option is exercised, the Participant must be serving as a director of the Company. 
  
 Section 4. Limited Transferability of Stock Option. Except as provided hereafter, the Stock Option is not transferable, and the Stock Option may be exercised, during the lifetime of the Participant, only
by the Participant. A Participant may transfer all or a portion of the Stock Option to (i) the ex-spouse of the Participant pursuant to the terms of a qualified domestic relations order, (ii) the spouse, children or grandchildren of the Participant
(“Immediate Family Members”), (iii) a trust or trusts for the exclusive benefit of such Immediate Family Members, or (iv) a partnership in which such Immediate Family Members are the only partners. In addition, (x) there may be no
consideration for any such transfer, and (y) any subsequent transfer of a transferred Stock Option is prohibited except by will or the laws of descent and distribution. However, no such transfer of a Stock Option by a Participant shall be effective
to bind the Company unless the Company has been furnished with written notice of such transfer and an authenticated copy of the will and/or such other evidence as the Committee may deem necessary to establish the validity of the transfer and the
acceptance by the transferee of the terms and conditions of the Stock Option. Following transfer, any transferred Stock Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer,

  
 October 28, 2004 

 provided that, with the exception of Sections 6.2, 6.3(c) and 6.3(e) of the Plan, the term “Participant” shall
be deemed to refer to the transferee. Any other attempted assignment, transfer, pledge, hypothecation or other disposition of, or the levy of execution, attachment or similar process upon, the Stock Option contrary to the provisions of the Plan and
this Option Agreement shall be null and void and without effect, shall give no right to any purported transferee and may, in the Committee’s sole discretion, result in the forfeiture of the Stock Option. 
  
 Section 5. Right to Continued Board Membership. Nothing in the
Plan or in this Option Agreement shall confer upon the Participant any right to remain on the Board of the Company. 
  
 Section 6. Exercise of Stock Option After a Participant’s Termination. A Participant who ceases to be a director, the transferee of the
Stock Option transferred by such Participant in accordance with the terms of this Option Agreement or the personal representative of a deceased Participant shall automatically have the right to exercise the Stock Option and purchase all or any part
of the shares subject to the Stock Option on the date of the Participant’s termination of membership on the Board until the earlier of (a) three years after termination of the Participant’s service on the Board or (b) the expiration of the
Stock Option unless the Participant is terminated for cause. If a Participant’s membership on the Board is terminated for cause, the Stock Option will expire thirty days after such termination. 
  
 Section 7. Method of Exercising Stock Option. 
  
 (a) Procedures for Exercise. The manner of exercising the Stock
Option shall be by written notice to the Secretary of the Company at the time the Stock Option, or part thereof, is to be exercised, and in any event prior to the expiration of the Stock Option. Such notice shall state the election to exercise the
Stock Option, the number of shares of Stock to be purchased upon exercise, the form of payment to be used, and shall be signed by the person so exercising the Stock Option. 
  
 (b) Form of Payment. Payment in full for shares of Stock purchased under this Option Agreement shall accompany the
Participant’s notice of exercise, together with payment for any applicable withholding taxes. Payment shall be made (i) in cash or by check, bank draft or money order payable to the order of the Company; (ii) by tendering, by either actual
delivery of shares or by attestation, shares of Stock acceptable to the Committee having a Fair Market Value as of the day of exercise equal to the amount of the Option Price; or (iii) a combination thereof. In addition to the foregoing, the
Committee may permit the Participant to elect to pay the Option Price by irrevocably authorizing a third party to sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the Stock Option and remit to the Company a
sufficient portion of the sale proceeds to pay the entire Option Price and any tax withholding resulting from such exercise. 
  
 (c) Further Information. In the event the Stock Option is exercised, pursuant to the foregoing provisions of this Section 7, by any person other
than the Participant, such notice shall also be accompanied by appropriate proof of the right of such person to exercise the Stock Option. The notice so required shall be given by personal delivery to the Secretary of the Company or by registered or
certified mail, addressed to the Company at 6100 North Western Avenue, Oklahoma City, Oklahoma 73118, and it shall be deemed to have been given when it is so personally delivered or when it is deposited in the United States mail in an envelope
addressed to the Company, as aforesaid, properly stamped for delivery as a registered or certified letter. 
  
 Section 8. Amendments. This Option Agreement may be amended by a written agreement signed by the Company and the Participant; provided, that
the Committee may modify the terms of this Option Agreement without the consent of the Participant in any manner that is not adverse to the Participant. 
  
 Section 9. Securities Law Restrictions. The Stock Option shall be exercised and Stock issued only upon compliance with the Securities Act of
1933, as amended (the “Act”), and any other applicable securities law, or pursuant to an exemption therefrom. If deemed necessary by the Company to comply with the Act or any applicable laws or regulations relating to the sale of
securities, the Participant, at the time of exercise and as a condition imposed by the Company, shall represent, warrant and agree that the shares of Stock subject to the Stock Option are being purchased for investment and not with any present
intention to resell the same and without a view to distribution, and the Participant 
  
 October 28, 2004 
  

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 shall, upon the request of the Company, execute and deliver to the Company an agreement to such effect. The Participant
acknowledges that any stock certificate representing Stock purchased under such circumstances will be issued with a restricted securities legend. 
  
 Section 10. Payment of Withholding Taxes. A Participant must pay the amount of taxes required by law upon the exercise of the Stock Option
in cash. 
  
 Section 11. Notices. All notices or
other communications relating to the Plan and this Option Agreement as it relates to the Participant shall be in writing and shall be delivered personally or mailed (U.S. Mail) by the Company to the Participant at the then current address as
maintained by the Company or such other address as the Participant may advise the Company in writing. 
  
 October 28, 2004 
  

 -3-Form of Restricted Stock Award Agreement

 Exhibit 10.1.14.1 
  
 RESTRICTED STOCK AWARD AGREEMENT FOR 
 CHESAPEAKE ENERGY CORPORATION 
 2003 STOCK INCENTIVE PLAN 
  
 THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) entered
into as of the grant date set forth on the attached Notice of Grant of Award and Award Agreement (the “Notice”), by and between Chesapeake Energy Corporation, an Oklahoma corporation (the “Company”), and the participant named on
the Notice (the “Participant”); 
  
 W I T N E S S E T H:

  
 WHEREAS, the Participant is an Employee, and it is important
to the Company that the Participant be encouraged to remain an Employee; and 
  
 WHEREAS, the Company has previously adopted the Chesapeake Energy Corporation 2003 Stock Incentive Plan (the “Plan”); and 
  
 WHEREAS, the Company has awarded the Participant shares of Common Stock under the Plan, as set forth on the Notice, subject
to the terms and conditions of this Agreement; and 
  
 NOW,
THEREFORE, in consideration of the premises and the mutual promises and covenants herein contained, the Participant and the Company agree as follows: 
  
 1. The Plan. The Plan, a copy of which has been made available to the Participant, is hereby incorporated by reference herein and made a part
hereof for all purposes, and when taken with this Agreement shall govern the rights of the Participant and the Company with respect to the Award (as defined below). Any capitalized terms used but not defined in this Agreement have the same meanings
given to them in the Plan. 
  
 2. Grant of Award. The
Company hereby grants to the Participant an award (the “Award”) of shares of Common Stock, as set forth on the Notice, on the terms and conditions set forth herein and in the Plan. 
  
 3. Terms of Award. 
  
 (a) Escrow of Shares. A certificate, or book-entry equivalent
representing the shares of Common Stock subject to the Award (the “Restricted Stock”) shall be issued in the name of the Participant and shall be escrowed with the Secretary of the Company (the “Escrow Agent”) subject to removal
of the restrictions placed thereon or forfeiture pursuant to the terms of this Agreement. 
  
 (b) Vesting. The shares of Restricted Stock will vest based on the Participant’s continuous employment with the Company, a Subsidiary or Affiliated Entity in accordance with the vesting schedule set forth
on the Notice. Once vested pursuant to the terms of this Agreement, the Restricted Stock shall be deemed “Vested Stock.” 

 (c) Voting Rights and Dividends. The Participant shall not have the voting rights attributable to
the shares of Restricted Stock issued under this Award. No dividends will be declared and paid by the Company with respect to shares of Restricted Stock until such Restricted Stock becomes Vested Stock. 
  
 (d) Vested Stock - Removal of Restrictions. Upon Restricted Stock
becoming Vested Stock, all restrictions shall be removed from the Stock and the Secretary of the Company shall deliver to the Participant shares either in certificate form or via D.W.A.C. (delivery/withdrawal at custodian) representing such Vested
Stock free and clear of all restrictions, except for any applicable securities laws restrictions or restrictions pursuant to the Company’s Insider Trading Policy. 
  
 (e) Forfeiture. Restricted Stock that does not become Vested Stock pursuant to the terms of this Agreement shall be
absolutely forfeited and the Participant shall have no future interest therein of any kind whatsoever. In the event the Participant’s employment with the Company, a Subsidiary or an Affiliated Entity terminates prior to all shares of Restricted
Stock becoming Vested Stock, then any remaining shares of Restricted Stock which have not yet vested shall be absolutely forfeited and the Participant shall have no further interest therein of any kind whatsoever. The Committee may, in its
discretion, accelerate the vesting of the balance of this Award in the event of death, Disability or termination due to special circumstances (as determined by the Committee in its sole discretion). 
  
 4. Change of Control. In accordance with the terms of the Plan, all
Restricted Stock that becomes Vested Stock upon a Change of Control shall be delivered to the Participant in certificate form or via D.W.A.C. free and clear of all restrictions, except for any applicable securities law restrictions. In the event
that acceleration of vesting of this Award is subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax (collectively the “Excise Tax”), the Participant shall be entitled to
receive a payment (a “Gross-Up Payment”) in an amount such that after payment by the Participant of all taxes, including any Excise Tax, imposed upon the Gross-Up Payment, the Participant retains an amount of the Gross-Up Payment equal to
the Excise Tax imposed upon such acceleration of vesting of this Award. Any determination concerning the amount of Gross-Up Payment payable shall be made by an outside auditor selected by the Company and shall be binding on the Participant.

  
 5. Nontransferability of Award. The Participant shall
not have the right to sell, assign, transfer, convey, dispose, pledge, hypothecate, burden, encumber or charge any shares of Restricted Stock or any interest therein in any manner whatsoever. Any attempted assignment, transfer, pledge, hypothecation
or other disposition of the Restricted Stock contrary to the provisions hereof shall be null and void and without effect. 
  
 6. Withholding. The Company may make such provision as it may deem appropriate for the withholding of any applicable federal, state or local taxes
that it determines it may be obligated to withhold or pay in connection with the vesting of the Restricted Stock or any election made by the Participant. Required withholding taxes as determined by the Company associated with this Award must be paid
in cash unless the Committee permits the Participant to 
  

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 pay such required withholding taxes by directing the Company to withhold from the Award the number of shares of Common
Stock having a Fair Market Value on the date of vesting equal to the amount of required withholding taxes. 
  
 7. Notification of 83(b) Election. In the event the Participant elects to make an 83(b) election with respect to this Award, the Participant must
provide the Company notice of such election at the same time the election is filed with the Internal Revenue Service. The Participant must also tender to the Company payment of the required withholding taxes associated with such election. In the
event the Participant makes an 83(b) election without consulting with the Company as to the payment of required withholding taxes, the Company may withhold from other payments to the Participant amounts necessary to effect the required withholding.

  
 8. Amendments. This Award Agreement may be amended by a
written agreement signed by the Company and the Participant; provided that the Committee may modify the terms of this Award Agreement without the consent of the Participant in any manner that is not adverse to the Participant. 
  
 9. Securities Law Restrictions. This Award shall be vested and common
stock issued only in compliance with the Securities Act of 1933, as amended (the “Act”), and any other applicable securities law, or pursuant to an exemption therefrom. If deemed necessary by the Company to comply with the Act or any
applicable laws or regulations relating to the sale of securities, the Participant at the time of vesting and as a condition imposed by the Company, shall represent, warrant and agree that the shares of Common Stock subject to the Award are being
acquired for investment and not with any present intention to resell the same and without a view to distribution, and the Participant shall, upon the request of the Company, execute and deliver to the Company an agreement to such a fact. The
Participant acknowledges that any stock certificate representing Common Stock acquired under such circumstances will be issued with a restricted securities legend. 
  
 10. Notices. All notices or other communications relating to the Plan and this Agreement as it relates to the
Participant shall be in writing, shall be deemed to have been made if personally delivered in return for a receipt, or if mailed, by regular U.S. mail, postage prepaid, by the Company to the Participant at his last known address evidenced on the
payroll records of the Company. 
  
 11. Binding Effect and
Governing Law. This Agreement shall be (i) binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and assigns except as may be limited by the Plan and (ii) governed and construed under the laws of the
State of Oklahoma. 
  
 12. Captions. The captions of
specific provisions of this Agreement are for convenience and reference only, and in no way define, describe, extend or limit the scope of this Agreement or the intent of any provision hereof. 
  

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 13. Counterparts. This Agreement may be executed in any number of identical counterparts, each of
which shall be deemed an original for all purposes, but all of which taken together shall form but one agreement. 
  

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 Chesapeake Energy Corporation 
  

					
	 Notice of Grant of Award
	  	 	  	 
		
	 	  	ID: 73-1395733
			
	 and Award Agreement
	  	 	  	 
		
	 	  	6100 N. Western Avenue
		
	 	  	Oklahoma City, OK 73118
			
	 <NAME>
	  	Award Number:	  	___________
	 <ADDRESS>
	  	Plan:	  	2003
	 <ADDRESS>
	  	ID:	  	___________

  
 Effective <date>,
you have been granted an award of <number> shares of Chesapeake Energy Corporation (the Company) common stock. These shares are restricted until the vest date(s) shown below. 
  
 The current total value of the award is
$                    . 
  
 The award will vest in increments on the date(s) shown. [four equal annual installments] 
  

			
	 Shares

	  	 Full Vest

	______	  	mm/dd/yyyy
	______	  	mm/dd/yyyy
	______	  	mm/dd/yyyy
	______	  	mm/dd/yyyy

  
 By your signature and the
Company’s signature below, you and the Company agree that this award is granted under and governed by the terms and conditions of the Company’s Award Plan as amended and the Award Agreement, all of which are attached and made a part of
this document. 
  

			
	 Chesapeake Energy Corporation
	  	Date
		
	 <NAME>
	  	Date

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