Document:

Chesapeake's Amended and Restated Long Term Incentive Plan

 Exhibit 10.1.14 
 CHESAPEAKE ENERGY CORPORATION 
 AMENDED AND RESTATED
LONG TERM INCENTIVE PLAN 
 1. PURPOSE 
 Section 1.1 Background. The original Long Term Incentive Plan was approved by shareholders on June 10, 2005, and amendments to the Plan were approved by shareholders on June 9,
2006, June 8, 2007, June 6, 2008 and June 12, 2009. 
 Section 1.2 Purpose. This Long
Term Incentive Plan is established by Chesapeake Energy Corporation (the “Company”) to foster and promote the sustained progress, growth and profitability of the Company by: 
 (a) Attracting, retaining and motivating Employees, Non-Employee Directors and Consultants; 
 (b) allowing Employees, Non-Employee Directors and Consultants to acquire a proprietary and vested interest in the growth and performance of
the Company; 
 (c) providing incentives and rewards to Employees, Non-Employee Directors and Consultants who are in a position
to contribute materially to the success and long-term objectives of the Company; and 
 (d) aligning the financial interests of
Employees, Non-Employee Directors and Consultants with those of the Company’s shareholders. 
 Section 1.3
Effective Date. The Plan was effective as of October 1, 2004. The authority to issue Awards under the Plan will terminate on September 30, 2014 and the remaining terms of the Plan will continue in effect thereafter until all matters
relating to the exercise and settlement of Awards and administration of the Plan have been completed. 
 2. DEFINITIONS 
 Section 2.1 “Affiliated Entity” means any partnership or limited liability company in which at least 50% of voting
power thereof is owned or controlled, directly or indirectly, by the Company or one or more of its Subsidiaries or Affiliated Entities or a combination thereof. 
 Section 2.2 “Appreciation” means, with respect to a SAR (as hereafter defined), the amount by which the Fair Market Value of a share of Common Stock on the date of exercise of the
SAR exceeds either (i) the exercise price of the Option to which a tandem SAR relates, in the case of a tandem SAR, or (ii) the Fair Market Value of a share of Common Stock on the Date of Grant of the SAR, in the case of a stand-alone SAR.

 Section 2.3 “Award” means, individually or collectively, any Option, SAR, Performance Share,
Restricted Stock, Other Stock Award or Cash Award granted under the Plan to an Eligible Person pursuant to such terms, conditions, restrictions, and/or limitations, if any, as the applicable Committee may establish by the Award Agreement or
otherwise. 

 Section 2.4 “Award Agreement” means any written or electronic
instrument that establishes the terms, conditions, restrictions, and/or limitations applicable to an Award in addition to those established by this Plan and by the Committee’s exercise of its administrative powers. 
 Section 2.5 “Board” means the Board of Directors of the Company. 
 Section 2.6 “Cash Award” means a cash bonus granted by the Committee to a Participant pursuant to Section 8.

 Section 2.7 “Change of Control” means the occurrence of any of the following: 
 (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
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”). For purposes of this
Section 2.7 the following acquisitions by a Person will not constitute a Change of Control: (1) any acquisition directly from the Company; (2) any acquisition by the Company; (3) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of paragraph
(iii) below; 
 (ii) the individuals who, as of the date hereof, constitute the board of directors (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the board of directors. Any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, is
approved by a vote of at least a majority of the directors then comprising the Incumbent Board will be considered a member of the Incumbent Board as of the date hereof, but 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 Person other than the Incumbent Board will not be deemed a member of
the Incumbent Board as of the date hereof; 
 (iii) the consummation of a reorganization, merger, consolidation or sale or other
disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless following such Business Combination: (A) all or substantially all of the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities

  

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immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% 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 the Company or all or substantially all of the Company’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 Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the
Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 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 (C) 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, providing for such Business Combination; or 
 (iv) the approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 
 For Executive Officers, a Change of Control means the occurrence of any of the foregoing events; provided, however, if a change of control
is defined in any Executive Officer’s employment agreement with the Company, a Change of Control with respect to any Award granted to such Executive Officer under the Plan shall mean any of the events described in the definition of change of
control in such Executive Officer’s employment agreement in force at the time of determination. 
 Section 2.8
“Code” means the Internal Revenue Code of 1986, as amended. Reference in the Plan to any Section of the Code shall be deemed to include any amendments or successor provisions to such Section and any regulations under such Section.

 Section 2.9 “Committee” means the Compensation Committee of the Board (or any successor committee) or
any other committee designated by the Board. 
 Section 2.10 “Common Stock” means the common stock, par
value $.01 per share, of the Company and, after substitution, such other stock as shall be substituted therefor as provided in Section 3.3(b) of the Plan. 
 Section 2.11 “Consultant” means any person who is engaged by the Company, a Subsidiary or an Affiliated Entity to render consulting or advisory services. 
  

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 Section 2.12 “Date of Grant” means the date on which the grant of an
Award is made by the Committee. 
 Section 2.13 “Disability” has the meaning set forth in
Section 409(A)(a)(2)(C) of the Code. 
 Section 2.14 “Eligible Person” means any Employee,
Non-Employee Director, or Consultant. 
 Section 2.15 “Employee” means any employee of the Company, a
Subsidiary or an Affiliated Entity or any person to whom an offer of employment with the Company, a Subsidiary or an Affiliated Entity is extended, as determined by the Committee. 
 Section 2.16 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 Section 2.17 “Executive Officer Participants” means Participants who are subject to the provisions of
Section 16 of the Exchange Act with respect to the Common Stock. 
 Section 2.18 “Fair Market
Value” means, as of any day, the closing price of the Common Stock on such day (or on the next preceding business day, if such day is not a business day or if no trading occurred on such day) as reported on the New York Stock Exchange or on
such other securities exchange or reporting system as may be designated by the Committee. In the event that the price of a share of Common Stock shall not be so reported, the Fair Market Value of a share of Common Stock shall be determined by the
Committee in its absolute discretion. 
 Section 2.19 “Incentive Stock Option” means an Option within
the meaning of Section 422 of the Code. 
 Section 2.20 “Non-Executive Officer Participants” means
Participants who are not subject to the provisions of Section 16 of the Exchange Act. 
 Section 2.21
“Non-Employee Director” shall have the meaning set forth in Rule 16b-3, or any successor rule, promulgated under Section 16 of the Exchange Act. 
 Section 2.22 “Nonqualified Stock Option” means an Option to purchase shares of Common Stock which is not an Incentive Stock Option within the meaning of Section 422(b) of the
Code. 
 Section 2.23 “Option” means an Incentive Stock Option or Nonqualified Stock Option. 

Section 2.24 “Other Stock Award” means any right granted to a Participant by the Committee under Section 7
of the Plan. 
 Section 2.25 “Participant” means an Eligible Person to whom an Award has been granted by
the Committee under the Plan. 
  

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 Section 2.26 “Performance Award” means any award of Performance
Shares granted by the Committee under Section 6 of the Plan. 
 Section 2.27 “Performance Measures”
means the Company’s achievement of target levels of earnings per share, share price, net income, cash flows, reserve additions or replacements, production volume, finding costs, operating costs, overhead or other costs, drilling results,
acquisitions and divestitures, risk management activities, return on equity, total or comparative shareholder return, a combination of or interrelationship among any of the foregoing, or other criteria, as determined by the Committee. 
 Section 2.28 “Performance Share” means the Common Stock subject to a Performance Award granted under Section 6
of the Plan, which may be delivered to the Participant upon the achievement of such performance goals during the Performance Period as specified by the Committee. 
 Section 2.29 “Plan” means the Chesapeake Energy Corporation Long Term Incentive Plan. 
 Section 2.30 “Restricted Stock” means the Common Stock issued under Section 5 which is subject to any restrictions that the Committee, in its discretion, may impose.

 Section 2.31 “SAR” means a Stock Appreciation Right. 
 Section 2.32 “Shareholder Approval” means approval by the holders of a majority of the outstanding shares of Common
Stock, present or represented and entitled to vote at a meeting called for such purposes. 
 Section 2.33 “Stock
Appreciation Right” means a right, granted under Section 4, to an amount in Common Stock equal to any increase in the Fair Market Value of the Common Stock between the date on which the Stock Appreciation Right is granted and the date
on which the right is exercised. 
 Section 2.34 “Subsidiary” shall have the same meaning set forth in
Section 424(f) of the Code. 
 3 . ADMINISTRATION 
 Section 3.1 Administration of the Plan; the Committee. The Compensation Committee shall have overall authority to administer the Plan. The Board may designate another committee or committees
to administer the Plan with respect to Non-Executive Officer Participants, subject to any terms or conditions established by the Committee. Hereafter, “Committee” shall mean the Compensation Committee, except when used in reference to
Awards granted to Non-Executive Officer Participants, “Committee” shall mean any applicable committee designated by the Board. 
  

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 Unless otherwise provided in the bylaws of the Company or resolutions adopted from time to
time by the Board establishing the Committee, the Board may from time to time remove members from, or add members to, the Committee. Vacancies on the Committee, however caused, shall be filled by the Board. The Committee shall hold meetings at such
times and places as it may determine. A majority of the Committee shall constitute a quorum, and the acts of a majority of the members present at any meeting at which a quorum is present shall be the valid acts of the Committee. Any action which may
be taken at a meeting of the Committee may be taken without a meeting if all the members of the Committee consent to the action in writing. Although the Committee is generally responsible for the administration of the Plan, the Board in its sole
discretion may take any action under the Plan that would otherwise be the responsibility of the Committee, except as such action pertains to the administration of Awards to Non-Employee Directors. 
 Subject to the provisions of the Plan, the Committee shall have the authority to: 
 (a) Select the Eligible Persons to participate in the Plan. 
 (b) Determine the time or times when Awards will be granted. 
 (c) Determine the
form of Award, the number of shares of Common Stock subject to any Award, all the terms, conditions (including performance requirements), restrictions and/or limitations, if any, of an Award, including the time and conditions of exercise or vesting,
and the terms of any Award Agreement, which may include the waiver or amendment of prior terms and conditions or acceleration of the vesting or exercise of an Award under certain circumstances determined by the Committee (subject to
Section 10.2 of the Plan). However, nothing in this Section 3.1 shall be construed to permit the repricing of any outstanding Award in violation of Section 4.3. 
 (d) Determine whether Awards will be granted singly or in combination. 
 (e) Determine whether, to what extent and under what circumstances Awards may be settled in cash or Common Stock. 
 (f) Determine whether any conditions applicable to an Award have been met and whether an Award will be paid at the end of a Performance
Period. 
 (g) Employ attorneys, consultants, accountants and other advisors as deemed necessary or appropriate by the
Committee. 
 (h) Take any and all other action it deems necessary or advisable for the proper operation or administration of
the Plan. 
 Section 3.2 Committee to Make Rules and Interpret Plan. The Committee in its sole discretion
shall have the authority, subject to the provisions of the Plan, to establish, adopt, or revise such rules and regulations and to make all such determinations relating to the Plan as it may deem necessary or advisable for the administration of the
Plan. The Committee’s interpretation of the Plan or any Awards granted pursuant hereto and all decisions and determinations by the Committee with respect to the Plan shall be final, binding, and conclusive on all parties, unless otherwise
determined by the Board. 
  

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 Section 3.3 Shares Subject to the Plan. Subject to adjustment as provided in
paragraph (b) below and subject to Section 3.4, the aggregate number of shares of Common Stock which are available for Awards under the Plan will not exceed thirty-one million, five hundred thousand (31,500,000) shares. Any of the
authorized shares of Common Stock may be used for any of the types of Awards described in the Plan, except that no more than 3,000,000 shares of Common Stock may be issued pursuant to Incentive Stock Options. Common Stock delivered pursuant to an
Award under the Plan may consist, in whole or in part, of authorized and unissued shares or treasury shares. The Committee, in its sole discretion, shall determine the manner in which fractional shares arising under this Plan are treated. Additional
restrictions or adjustments with respect to shares subject to the Plan are as follows: 
 (a) Subject to (b) below, the
aggregate number of shares of Common Stock pursuant to Options and SARs granted to any Employee or Non-Employee Director in any calendar year under this Plan may not exceed 750,000 shares subject and the aggregate number of shares of Common Stock
pursuant to Restricted Stock, Performance Awards and Other Stock Awards granted to any Employee or Non-Employee Director in any calendar year may not exceed 750,000 shares. 
 (b) In the event that the shares of Common Stock, as presently constituted, shall be changed into or exchanged for a different number or
kind or shares of stock or other securities of the Company or of another corporation (whether by reason of merger, consolidation, recapitalization, reclassification, stock split, combination of shares or other corporate event of similar nature), or
if the number of such shares of Common Stock shall be increased through the payment of a stock dividend, then there shall be substituted for or added to each share available under and subject to the Plan as provided herein, the number and kind of
shares of stock or other securities into which each outstanding share of Common Stock shall be so changed or for which each such share shall be exchanged or to which each such share shall be entitled, as the case may be, to reflect any increase or
decrease in the number of, or change in the kind or value of, issued shares of Common Stock to preclude, to the extent practicable, the enlargement or dilution of rights under such Awards. In the event there shall be any other change in the number
or kind of the outstanding shares of Common Stock, or any stock or other securities into which the Common Stock shall have been changed or for which it shall have been exchanged, then if the Committee shall, in its sole discretion, determine that
such change equitably requires an adjustment in the shares available under and subject to the Plan, or in any Award theretofore granted or which may be granted under the Plan, such adjustments shall be made in accordance with such determination.

 No fractional shares of Common Stock or units of other securities shall be issued pursuant to any such adjustment, and any
fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. 
  

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 Section 3.4 Share Counting. The following shares of Common Stock related to
Awards will be available for issuance again under the Plan: 
 (a) Common Stock related to Awards paid in cash; 
 (b) Common Stock related to Awards that expire, are forfeited or cancelled or terminate for any other reason without the delivery of the
Common Stock; 
 (c) Common Stock equal in number to the shares of Common Stock surrendered in payment of the exercise price of
an Option; and 
 (d) Common Stock tendered or withheld in order to satisfy withholding tax obligations. 
 4. STOCK OPTIONS AND STOCK APPRECIATION RIGHTS 
 Section 4.1 Grant of Options and SARs. The Committee may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant
Nonqualified Stock Options and Stock Appreciation Rights (SARs) to Eligible Persons and Incentive Stock Options to Employees. SARs may be granted either alone or in tandem with concurrently or previously issued Options. Each grant of an Option or
SAR shall be evidenced by an Award Agreement executed by the Company and the Participant, and shall contain such terms and conditions and be in such form as the Committee may from time to time approve, subject to the requirements of
Section 4.2. 
 Section 4.2 Conditions of Options and SARs. Each Option and SAR so granted shall be subject
to the following conditions: 
 (a) Exercise Price. As limited by Section 4.2(e) below, the Award Agreement for each
Option and SAR shall state the exercise price set by the Committee on the Date of Grant. No Option or SAR shall be granted at an exercise price which is less than the Fair Market Value of the Common Stock on the Date of Grant. 
 (b) Exercise of Options and SARs. Options and SARs granted under the Plan shall be exercisable, in whole or in such installments and
at such times, and shall expire at such time, as shall be provided by the Committee in the Award Agreement. An SAR issued in tandem with an Option is only exercisable to the extent the related Option is exercisable and is subject to the conditions
applicable to such Option. When a tandem SAR is exercised, the Option to which it relates shall cease to be exercisable to the extent of the number of shares with respect to which the tandem SAR is exercised. Similarly when the Option is exercised,
the tandem SARs relating to the shares covered by such Option exercise shall terminate. 
 (c) Form of Payment. The
payment of the exercise price of an Option by the Participant shall be made in cash, shares of Common Stock, a combination thereof or in such other manner as the Committee may specify in the applicable Award Agreement.

  

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The payment of the Appreciation associated with the exercise of a SAR shall be made by the Company in shares of Common Stock. 
 (d) Term of Option or SAR. The term of an Option or SAR shall be determined by the Committee and specified in the applicable Award
Agreement, except that no Option or SAR shall be exercisable after the expiration of ten years from the Date of Grant. 
 (e)
Special Restrictions Relating to Incentive Stock Options. Options issued in the form of Incentive Stock Options shall only be granted to Employees of the Company or a Subsidiary and not to Employees of an Affiliated Entity unless such entity
is classified as a “disregarded entity” of the Company or the applicable Subsidiary under the Code. In addition to being subject to all applicable terms, conditions, restrictions and/or limitations established by the Committee, Options
issued in the form of Incentive Stock Options shall comply with the requirements of Section 422 of the Code (or any successor Section thereto), including, without limitation, the requirement that the exercise price of an Incentive Stock Option
not be less than 100% of the Fair Market Value of the Common Stock on the Date of Grant, the requirement that each Incentive Stock Option, unless sooner exercised, terminated or canceled, expire no later than ten years from its Date of Grant, and
the requirement that the aggregate Fair Market Value (determined on the Date of Grant) of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under this Plan or
any other plan of the Company or any Subsidiary) not exceed $100,000. Incentive Stock Options which are in excess of the applicable $100,000 limitation will be automatically recharacterized as Nonqualified Stock Options. No Incentive Stock Options
shall be granted to any Employee if, immediately before the grant of an Incentive Stock Option, such Employee owns more than 10% of the total combined voting power of all classes of stock of the Company or its Subsidiaries (as determined in
accordance with the stock attribution rules contained in Sections 422 and 424(d) of the Code) unless the exercise price is at least 110% of the Fair Market Value of the Common Stock subject to the Incentive Stock Option, and such Incentive Stock
Option by its terms is exercisable no more than five years from the date such Incentive Stock Option is granted. 
 (f)
Shareholder Rights. No Participant shall have any rights as a shareholder with respect to any share of Common Stock subject to an Option or SAR prior to the purchase or receipt of such share of Common Stock by exercise of the Option or SAR.
In addition, no Option or SAR granted under the Plan shall include any dividend equivalents. 
 Section 4.3 No
Repricing. Except for adjustments made pursuant to Section 3.3(b), in no event will the Committee, without first obtaining Shareholder Approval, (i) decrease the exercise price of an Option or SAR after the Date of Grant;
(ii) accept for surrender to the Company any outstanding Option or SAR granted under the Plan as consideration for the grant of a new Option or SAR with a lower exercise price; or (iii) repurchase from Participants any outstanding Options
or SARs that have an exercise price per share higher than the then current Fair Market Value of a Share. 
  

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 5. RESTRICTED STOCK AWARDS 
 Section 5.1 Grant of Restricted Stock. The Committee may, from time to time, subject to the provisions of the Plan and such
other terms and conditions as it may determine, grant Restricted Stock to any Eligible Person. Restricted Stock shall be awarded in such number, for such purchase price (if any) and at such times during the term of the Plan as the Committee shall
determine. Each grant of Restricted Stock shall be evidenced by an Award Agreement executed by the Company and the Participant, and shall contain such terms and conditions and be in such form as the Committee may from time to time approve, subject
to the requirements of Section 5.2. Restricted Stock issued pursuant to a Restricted Stock Award may be evidenced in such manner as the Committee deems appropriate, including, without limitation, a book-entry registration or issuance of a stock
certificate or certificates into escrow until the restrictions associated with such Award are satisfied. 
 Section 5.2
Conditions of Restricted Stock Awards. The grant of Restricted Stock shall be subject to the following: 
 (a)
Restriction Period. Each Restricted Stock Award shall require the holder to remain in the employment or otherwise be classified as an Eligible Person (or in the case of a Non-Employee Director, remain a director or consultant or be classified
as another category of Eligible Person) of the Company, a Subsidiary, or an Affiliated Entity for a prescribed period (the “Restriction Period”). The Committee shall determine the Restriction Period or Periods that shall apply to the
shares of Common Stock covered by each Award or portion thereof. In addition to any time vesting conditions determined by the Committee, Restricted Stock may be subject to the achievement by the Company of specified Performance Measures or other
individual criteria as determined by the Committee. At the end of the Restriction Period, assuming the fulfillment of any other specified vesting conditions, the restrictions imposed by the Committee shall lapse with respect to the shares of Common
Stock covered by the Award or portion thereof. 
 (b) Code Section 162(m). If the Committee intends for a Restricted
Stock Award to be granted and administered in a manner designed to preserve the deductibility of the resulting compensation in accordance with Section 162(m) of the Code, then Performance Measures applicable to such Award shall be established
in writing by the Committee no later than the earlier of (i) 90 days after the commencement of the relevant Performance Period and (ii) the date as of which 25% of the Performance Period has elapsed. The Committee’s discretion to
modify or waive the Performance Measures related to the vesting of the Award may be restricted in order to comply with Section 162(m). 
 (c) Forfeiture. Except as otherwise determined by the Committee, upon termination of service or employment during the Restriction Period, all shares of Restricted Stock still subject to forfeiture
shall be forfeited by the Participant and any purchase price paid by the Participant shall be returned to such Participant. 
  

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 (d) Shareholder Rights. During any Restriction Period, the Committee may, in its
discretion, grant to or withhold from the holder of Restricted Stock all or any of the rights of a shareholder with respect to the shares, including, but not by way of limitation, the right to vote such shares or to receive dividends. If any
dividends or other distributions are paid in shares of Common Stock and distributed to the holder of Restricted Stock, all such shares shall be subject to the same restrictions on transferability as the shares of Common Stock subject to the Award
with respect to which they were paid. 
 (e) Minimum Vesting Condition. The minimum Restriction Period applicable to any
Restricted Stock that is not subject to performance criteria restricting the vesting of the Award shall be three years from the Date of Grant (subject to the provisions of Section 10.2). 
 6. PERFORMANCE AWARDS 
 Section 6.1 Grant of Performance Shares. The Committee may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant Performance Shares to any Eligible Person.
Performance Shares shall be awarded in such number and at such times during the term of the Plan as the Committee shall determine. Each Performance Award shall be evidenced by an Award Agreement executed by the Company and the Participant, and shall
contain such terms and conditions and be in such form as the Committee may from time to time approve, subject to the requirements of Section 6.2. 
 Section 6.2 Conditions of Performance Awards. The grant of Performance Shares shall be subject to the following: 
 (a) Performance Period. Performance Shares will be subject to the achievement of one or more performance goals by the Company or the
Participant individually, measured for a prescribed period (the “Performance Period”), as specified by the Committee, such Performance Period to be not less than one year in duration. Such performance goals may be based upon the
Company’s achievement of Performance Measures or other individual criteria. 
 (b) Code Section 162(m). If the
Committee intends for a Performance Award to be granted and administered in a manner designed to preserve the deductibility of the resulting compensation in accordance with Section 162(m) of the Code, then the Performance Measures applicable to
such Award shall be established in writing by the Committee no later than the earlier of (i) 90 days after the commencement of the relevant Performance Period and (ii) the date as of which 25% of the Performance Period has elapsed. The
Committee’s discretion to modify or waive the Performance Measures to the vesting of the Award may be restricted in order to comply with Section 162(m). 
 (c) Payment Respecting Performance Shares. Performance Shares shall be earned to the extent that their terms and conditions are met, as certified by the Committee. The form and timing of payment
for Performance Shares earned shall be determined by the Committee and specified in the Award Agreement; however, in no event shall the payment for Performance Shares earned be made on a date that is later than 60 days after the vesting of such
Performance Shares. 
  

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 (d) Termination of Employment. The Committee, in its sole discretion, may
(i) permit a Participant who ceases to be an Eligible Person before the end of any Performance Period, or the personal representative of a deceased Participant, to continue to be subject to a Performance Award relative to the current
Performance Period until such Awards are forfeited or earned pursuant to their terms and conditions or (ii) authorize the payment to such Participant, or the personal representative of a deceased Participant, of the Performance Shares which
would have been paid to the Participant had the Participant remained an Eligible Person to the end of the Performance Period. In the absence of such permission by the Committee, any unvested Performance Shares shall be forfeited when a Participant
ceases to be an Eligible Person. 
 7. OTHER STOCK AWARDS 
 Section 7.1 Grant of Other Stock Awards. The Committee may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine, specify the
terms and provisions of other forms of equity-based or equity-related awards not described above which the Committee determines to be consistent with the purpose of the Plan and the interests of the Company, which awards may provide for cash
payments based in whole or in part on the value or future value of Common Stock, for the acquisition or future acquisition of Common Stock, or any combination thereof. Each Other Stock Award shall be evidenced by an Award Agreement executed by the
Company and the Participant, and shall contain such terms and conditions and be in such form as the Committee may from time to time approve, subject to the requirements of Section 7.2. 
 Section 7.2 Minimum Vesting Condition. Other Stock Awards subject to performance criteria shall not vest in less than one year
and Other Stock Awards which are subject to time vesting shall not vest in less than three years. 
 8. CASH AWARDS 
 The Committee may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant to
an Eligible Person a Cash Award (including without limitation, discretionary Awards, Awards based on objective performance criteria or Awards based on subjective performance criteria). Cash Awards shall be awarded in such amount and at such times
during the term of the Plan as the Committee shall determine, provided however that the total amount of all Cash Awards made under the Plan, in the aggregate, will not exceed $10 million. Each Cash Award shall be evidenced by an Award Agreement
executed by the Company and the Participant, and shall contain such terms and conditions and be in such form as the Committee may from time to time approve. 
  

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 9. FUNDAMENTAL TRANSACTION; CHANGE OF CONTROL 
 Section 9.1 Fundamental Transaction. If the Company merges with another entity in a transaction in which the Company is not the
surviving entity or if, as a result of a merger, other business combination or any other transaction or event, other securities are substituted for the Common Stock or the Common Stock may no longer be issued (each, a “Fundamental
Transaction”), then notwithstanding any other provisions of the Plan, (i) all outstanding Options and SARs shall be fully exercisable and any unexercised Options and SARs shall terminate upon the closing of the Fundamental Transaction,
(ii) restrictions on outstanding Restricted Stock, Other Stock Awards and Cash Awards shall lapse; and (iii) each outstanding Performance Award shall be deemed to have achieved a level of performance that would cause all of the Performance
Shares to become payable. 
 Section 9.2 Change of Control. Notwithstanding any other provisions of the Plan to
the contrary, upon the occurrence of a Change of Control, (i) all outstanding Options and SARs shall be fully exercisable and any unexercised Options and SARs shall terminate upon the closing of the Change of Control, (ii) restrictions on
outstanding Restricted Stock, Other Stock Awards and Cash Awards shall lapse; and (iii) each outstanding Performance Award shall be deemed to have achieved a level of performance that would cause all of the Performance Shares to become payable.

 10. GENERAL 
 Section 10.1 Amendment or Termination of Plan. The Board may suspend or terminate the Plan at any time. In addition, the Board may, from time to time, amend the Plan in any manner, but may not adopt any amendment without
Shareholder Approval if (i) such approval is necessary or desirable to qualify or comply with any tax or regulatory requirement for which or with which the Board deems it necessary or desirable to qualify or comply, or (ii) in the opinion
of counsel to the Company, Shareholder Approval is required by any federal or state laws or regulations or the rules of any stock exchange on which the common stock may be listed. 
 Section 10.2 Acceleration of Awards on Disability, Death, Retirement or Involuntary Termination. With respect to (i) a
Participant who ceases to be an Eligible Person due to a Disability, (ii) the personal representative of a deceased Participant, or (iii) any other Participant who ceases to be an Eligible Person due to the Participant’s retirement or
involuntary termination (as defined by the Committee), the Committee, in its sole discretion, may permit the purchase of all or any part of the shares subject to any unvested Option or waive the vesting requirements of any Award on the date the
Participant ceases to be an Eligible Person due to a Disability, death, retirement or involuntary termination. With respect to Options which have already vested at such date or the vesting of which is accelerated by the Committee in accordance with
the foregoing provision, the Participant or the personal representative of a deceased Participant shall have the right to exercise such vested Options within such period(s) as the Committee shall determine. The purchase of all or any part of the
shares subject to any unvested Option or the waiver the vesting requirements of any Award on the date 
  

 13 

 
the Participant ceases to be an Eligible Person due to an involuntary termination pursuant to this Section 10.2 will be limited to 5% of the aggregate number of shares of Common Stock which
are available for Awards under the Plan pursuant to Section 3.3 of the Plan.
 Withholding Taxes. A Participant must
pay in cash to the Company the amount of taxes required to be withheld by law upon the exercise of an Option. Required withholding taxes associated with Restricted Stock, Performance Shares, Cash or Other Stock Awards must also be paid in cash
unless the Committee requires a Participant to pay the amount of taxes required by law to be withheld from such Awards by directing the Company to withhold from any 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. 
 Section 10.3 Code Section 83(b) Elections. The
Company, its Subsidiaries and Affiliated Entities have no responsibility for a Participant’s election, attempt to elect or failure to elect to include the value of an Award subject to Section 83 in the Participant’s gross income for
the year of grant pursuant to Section 83(b) of the Code. Any Participant who makes an election pursuant to Section 83(b) will promptly provide the Committee with a copy of the election form. 
 Section 10.4 Code Section 162(m). It is the intent of the Company that the Plan comply in all respects with
Section 162(m) of the Code and that any ambiguities or inconsistencies in construction of the Plan be interpreted to give effect to such intention. 
 Section 10.5 Code Section 409A. It is the intent of the Company that no Award under the Plan be subject to Section 409A of the Code. The Committee shall design and administer the
Awards under the Plan so that they are not subject to Section 409A of the Code. 
 Section 10.6 Certain
Additional Payments by the Company. The Committee may, in its sole discretion, provide in any Award Agreement for certain payments by the Company in the event that acceleration of vesting of any Award under the Plan is subject to the excise tax
imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax (such excise tax, interest and penalties, collectively, the “Excise Tax”). An Award Agreement may provide that 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 interest or penalties imposed with respect to such 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 any Award. 
 Section 10.7 Non-Transferability. Subject to other provisions of the Plan and any applicable Award Agreement, Awards are not transferable other than by will or the laws of descent and
distribution. Any attempted sale, transfer, assignment, pledge, hypothecation or other disposition of, or the levy of execution, attachment or similar process upon, any Award contrary to the provisions hereof shall be void and ineffective,

  

 14 

 
shall give no right to any purported transferee, any may, at the sole discretion of the Committee, result in forfeiture of the Award involved in such attempt. The Committee shall impose such
other restrictions and conditions on any shares of Common Stock covered by an Award as it may deem advisable including, without limitation, restrictions under applicable Federal or state securities laws, and may legend the certificates representing
the shares of Common Stock subject to the Award to give appropriate notice of such restrictions. Notwithstanding the foregoing, an Award held by a Non-Employee Director may be transferable under certain circumstances as specified by the Committee in
the Award Agreement. 
 Section 10.8 Non-Uniform Determinations. The Committee’s determinations under the
Plan, including without limitation, (i) the determination of the Eligible Persons to receive Awards, (ii) the form, amount and timing of such Awards, (iii) the terms and provisions of such Awards, (iv) minimum employment or
service periods, and (v) agreements evidencing the same, need not be uniform and, subject to any restrictions set forth in the Plan, may be made by the Committee selectively among Participants who receive, or who are eligible to receive, Awards
under the Plan, whether or not such Participants are similarly situated. 
 Section 10.9 Leaves of Absence,
Suspensions. The Committee shall be entitled to make such rules, regulations and determinations as it deems appropriate under the Plan in respect of any suspension of employment or leave of absence from the Company granted to a Participant
whether such suspension or leave is paid or unpaid and whether due to a Disability or otherwise. Without limiting the generality of the foregoing, the Committee shall be entitled to determine (i) whether or not any such suspension or leave of
absence shall be treated as if the Participant ceased to be an employee of the Company and (ii) the impact, if any, of any such suspension or leave of absence on Awards under the Plan. 
 Section 10.10 Participant Misconduct. Notwithstanding anything in the Plan to the contrary, the Committee shall have the
authority under the Plan to determine that in the event of serious misconduct by the Participant (including violations of employment agreements, confidentiality or other proprietary matters) or any activity of a Participant in competition with the
business of the Company or any Subsidiary or Affiliated Entity, any outstanding Award granted to such Participant may be cancelled, in whole or in part, whether or not vested. The determination of whether a Participant has engaged in a serious
breach of conduct or any activity in competition with the business of the Company or any Subsidiary or Affiliated Entity shall be determined by the Committee in good faith and in its sole discretion. This Section 10.11 shall have no effect and
be deleted from the Plan following a Change of Control. 
 Section 10.11 Regulatory Approval and Listings. The
Company shall use its best efforts to file with the Securities and Exchange Commission as soon as practicable following the date this Plan is effective, and keep continuously effective and usable, a Registration Statement on Form S-8 with respect to
shares of Common Stock subject to Awards hereunder. Notwithstanding anything contained in this Plan to the contrary, the Company shall have no obligation to issue or deliver certificates representing shares of Common Stock evidencing Awards prior
to: 
 (a) the obtaining of any approval from, or satisfaction of any waiting period or other condition imposed by, any
governmental agency which the Committee shall, in its sole discretion, determine to be necessary or advisable; 
  

 15 

 (b) the listing of such shares on any exchange on which the Common Stock may be listed; and

 (c) the completion of any registration or other qualification of such shares under any state or federal law or regulation of
any governmental body which the Committee shall, in its sole discretion, determine to be necessary or advisable. 
 Section
10.12 Right to Continued Employment or Board Membership. Participation in the Plan shall not give any Participant any right to remain in the employ of the Company, a Subsidiary or an Affiliated Entity or any right to remain on the Board
of the Company. Further, the adoption of this Plan shall not be deemed to give any Employee, Non-Employee Director or Consultant or any other individual any right to be granted an Award. 
 Section 10.13 Other Compensation Programs. The existence and terms of the Plan shall not limit the authority of the Board in
compensating Employees and Non-Employee Directors in such other forms and amounts, including compensation pursuant to any other plans as may be currently in effect or adopted in the future, as it may determine from time to time. 
 Section 10.14 Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in
relying or acting in good faith upon any report made by the independent public accountants of the Company and its Subsidiaries and upon any other information furnished in connection with the Plan by any person or persons other than the Committee or
Board member. In no event shall any person who is or shall have been a member of the Committee or the Board be liable for any determination made or other action taken or any omission to act in reliance upon any such report or information, including
the furnishing of information, or failure to act, if in good faith. 
 Section 10.15 Construction. The titles and
headings of the sections in the Plan are for the convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 Section 10.16 Governing Law, Severability. The Plan shall be governed by and construed in accordance with the laws of the
State of Oklahoma except as superseded by applicable federal law. If any provision of the Plan is held unlawful or otherwise invalid or unenforceable in whole or in part, the unlawfulness, invalidity or unenforceability will not affect any other
parts of the Plan, which will remain in full force and effect. 
  

 16 

 Section 10.17 Supersession. Upon receipt of Shareholder Approval pursuant to
Section 1.4, this Plan supersedes and replaces in all respects the Initial Plan and any Award Agreement issued pursuant to the Plan after the effective date of this Plan will be governed by the terms of this Plan and not by the Initial Plan or
any other plans or agreements, oral or otherwise. 
  

 17Form of Employment Agreement

 Exhibit 10.2.7 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIS
AGREEMENT is made effective [Effective Date], between CHESAPEAKE ENERGY CORPORATION, an Oklahoma corporation (the “Company”), and [Executive Name], an individual (the “Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Company previously retained the services of the Executive under the Employment Agreement dated effective [Effective Date Prior Agreement], (the “Prior Agreement”). 
 WHEREAS, the Board of Directors has determined that it is in the best interests of the Company to renew the Executive’s employment
arrangement and to maximize the Executive’s incentive to remain as an employee and officer of the Company. 
 WHEREAS, as a
result of the Executive’s contribution to the Company and the Company’s consummation of the joint venture transactions consummated by the Company during 2008 that increased the Company’s intrinsic value by at least $10 billion, the
Board of Directors has also determined that it is in the best interests of the Company to grant to the Executive an incentive award as provided herein. 
 WHEREAS, the Company and the Executive desire to amend and restate the Prior Agreement in its entirety to incorporate the foregoing and other changes to the employment arrangement between the Company and
the Executive. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained, the Company and the Executive agree
as follows: 
  

	1.	Employment. The Company hereby employs the Executive and the Executive hereby accepts such employment subject to the terms and conditions contained in this
Agreement. The Executive is engaged as an Executive of the Company, and the Executive and the Company do not intend to create a joint venture, partnership or other relationship which might impose a fiduciary obligation on the Executive or the
Company in the performance of this Agreement. 

  

	2.	Executive’s Duties. The Executive is employed on a full-time basis. Throughout the term of this Agreement, the Executive will use the Executive’s best
efforts and due diligence to assist the Company in achieving the most profitable operation of the Company and the Company’s affiliated entities consistent with developing and maintaining a quality business operation. The Executive shall also
devote all of Executive’s working time, attention and energies to the performance of Executive’s duties and responsibilities under this Agreement. 

  

	 	2.1	 Specific Duties. The Executive will serve as [Executive Title] for the Company, and in such positions as are mutually agreed upon by the
parties. The Executive shall perform all of the duties required to fully and faithfully execute the office and position to which the Executive is appointed, and such other duties as may be reasonably requested by the Executive’s supervisor.
During the term of this

	 	 
Agreement, the Executive may be nominated for election or appointed to serve as a director or officer of any of the Company’s affiliated entities as determined in such affiliates’ Board
of Directors’ sole discretion. The services of the Executive will be requested and directed by the Chief Executive Officer, Mr. Aubrey K. McClendon. 

  

	 	2.2	Rules and Regulations. The Company has issued various policies and procedures applicable to employees and the Executive including an Employment Policies Manual
which sets forth the general human resources policies of the Company and addresses frequently asked questions regarding the Company. The Executive agrees to comply with such policies and procedures except to the extent inconsistent with this
Agreement. Such policies and procedures may be changed or adopted in the sole discretion of the Company without advance notice. 

  

	 	2.3	Stock Investment. The Executive acknowledges that the Executive is expected to own not less than ten thousand (10,000) shares of the Company’s common
stock at all times after [Effective Date] and prior to termination of the Agreement. In the event the Executive’s stock investment is less than 10,000 shares, the Executive will have a grace period of at least ninety (90) days to restore
the Executive’s stock investment to the guideline amount. The Compensation Committee of the Board of Directors (the “Compensation Committee”) may, in its discretion, extend the grace period for complying with the Executive’s
stock investment guideline. The Company has no obligation to sell to or to purchase from the Executive any of the Company’s stock in connection with this paragraph and has made no representations or warranties regarding the Company’s
stock, operations or financial condition. 

  

	3.	Other Activities. Except as provided in this Agreement or approved by the Compensation Committee, or its designee, as applicable, in writing, the Executive
agrees not to: (a) engage in other business activities independent of the Company; (b) serve as a general partner, officer, executive, director or member of any corporation, partnership, company or firm; or (c) directly or indirectly
invest, participate or engage in the Oil and Gas Business. For purposes of this Agreement the term “Oil and Gas Business” means: (i) producing oil and gas; (ii) drilling, owning or operating an interest in oil and gas leases or
wells; (iii) providing material or services to the Oil and Gas Business; (iv) refining, processing or marketing oil or gas; or (v) owning an interest in or assisting any corporation, partnership, company, entity or person in any of
the foregoing. The foregoing will not prohibit: (v) ownership of publicly traded securities; (w) ownership of royalty interests where the Executive owns or previously owned the surface of the land covered in whole or in part by the royalty
interest and the ownership of the royalty interest is incidental to the ownership of such surface estate; (x) ownership of royalty interests, overriding royalty interests, working interests or other interests in oil and gas owned prior to the
Executive’s date of first employment with the company and disclosed to the Company in writing; (y) ownership of royalty interests, overriding royalty interests, working interests or other interests in oil and gas acquired by the Executive
through a bona fide gift or inheritance subject to disclosure by Executive to the Company in writing; or (z) service as an officer or director of a not-for-profit organization. If the Executive serves as a director or officer of a
not-for-profit organization, the Executive shall disclose the name of the organization and their involvement in an annual disclosure statement, the form of which shall be provided by the Company. 

	4.	Executive’s Compensation. The Company agrees to compensate the Executive as follows: 

  

	 	4.1	Base Salary. A base salary (the “Base Salary”), at the initial annual rate of not less than [Base Salary] Dollars ($XXX,000.00) will be paid to the
Executive in regular installments in accordance with the Company’s designated payroll schedule. 

  

	 	4.2	Bonus. In addition to the Base Salary described in paragraph 4.1 of this Agreement, the Company may periodically pay bonus compensation to the Executive. Any
bonus compensation is subject to the requirement that the Executive be employed on the bonus payment date selected by the Company, and will be at the absolute discretion of the Company in such amounts and at such times as the Board of Directors of
the Company may determine. 

  

	 	4.3	Equity Compensation. In addition to the compensation set forth in paragraphs 4.1 and 4.2 of this Agreement, the Executive may periodically receive grants of
Chesapeake Energy Corporation restricted stock or other awards from the Company’s various equity compensation plans, subject to the terms and conditions thereof. 

  

	 	4.4	Benefits. The Company will provide the Executive such retirement benefits, reimbursement of reasonable expenditures for dues, travel and entertainment and such
other benefits as are customarily provided to similarly situated executives of the Company and as are set forth in and governed by the Company’s Employment Policies Manual. The Company will also provide the Executive the opportunity to apply
for coverage under the Company’s medical, life and disability plans, if any. If the Executive is accepted for coverage under such plans, the Company will make such coverage available to the Executive on the same terms as is customarily provided
by the Company to the plan participants as modified from time to time. The Executive is subject to all of the terms and provisions of the Company’s benefit plans or policies. The following specific benefits will also be provided to the
Executive at the expense of the Company: 

  

	 	4.4.1	Vacation. The Executive will be entitled to take four (4) weeks of paid vacation, calculated from the Executive’s anniversary date, during the term of
this Agreement. No additional compensation will be paid for failure to take vacation. 

  

	 	4.4.2	 Membership Dues. The Company will reimburse the Executive for: (a) the monthly dues necessary to maintain a full membership in a club in
the Oklahoma City area selected by the Executive in an amount not to exceed Seven Hundred Fifty Dollars ($750.00) per month; and (b) the reasonable cost of any approved business entertainment at such club. Such reimbursement shall be made
within thirty (30) days of the date such costs are incurred and submitted for reimbursement. All other costs, including,

	 	 
without implied limitation, any initiation costs, initial membership costs, personal use and business entertainment unrelated to the Company will be the sole obligation of the Executive and the
Company will have no liability with respect to such amounts. 

  

	 	4.5	Change of Control Payment. If, during the term of this Agreement, there is a Change of Control (as hereafter defined) the Executive will be entitled to a lump
sum payment (the “Change of Control Payment”) within thirty (30) days of the effective date of the Change of Control (in addition to any other amounts payable to the Executive under this Agreement or otherwise including the
acceleration of the 2008 Incentive Award Payments under paragraph 4.6 of this Agreement) in an amount equal to two hundred percent (200%) of: (a) the Executive’s then current Base Salary under paragraph 4.1 of this Agreement and
(b) the actual bonuses paid to the Executive during the twelve (12) calendar months preceding the Change of Control under paragraph 4.2 of this Agreement or its predecessor. Additionally, upon the occurrence of such a Change of Control all
Equity Compensation granted to the Executive under Section 4.3 of this Agreement will be immediately vested and the remaining unpaid installments of the 2008 Incentive Award under paragraph 4.6 of this Agreement will be paid in a lump sum
contemporaneously with the Change of Control Payment. For the purpose of this Agreement, a “Change of Control” means the occurrence of any of the following: 

  

	 	(a)	the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more of either (i) the then outstanding shares of the Company’s
common stock (the “Outstanding CHK Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding CHK Voting
Securities”). For purposes of this paragraph, the following acquisitions by a Person will not constitute a Change of Control: (i) any acquisition directly from the Company; (ii) any acquisition by the Company; (iii) any
acquisition by or sponsored by Mr. Aubrey K. McClendon; (iv) any acquisition by any Executive benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (v) any
acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of paragraph (c) below; 

  

	 	(b)	 the individuals who, as of June 12, 2009, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board of Directors. Any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, is approved by a vote of at least a majority of the
directors then comprising the Incumbent Board will be

	 	 
considered a member of the Incumbent Board as of the date hereof, but 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 Person other than the Incumbent Board will not be deemed a member of the Incumbent Board as of the date hereof;

  

	 	(c)	the consummation of a reorganization, merger, consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business
Combination”), unless following such Business Combination: (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding CHK Common Stock and Outstanding CHK Voting Securities
immediately prior to such Business Combination beneficially own, directly or indirectly, more than sixty percent (60%) 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 the Company
or all or substantially all of the Company’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 CHK Common
Stock and Outstanding CHK Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or any Executive benefit plan (or related trust) of the Company 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 (iii) 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 Incumbent Board, providing for such Business Combination; or,

  

	 	(d)	the approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

  

	 	4.6	 2008 Incentive Award. In addition to any bonus compensation under paragraph 4.2 of this Agreement, the Company hereby grants to the Executive an
incentive award in the amount of [Incentive Award] Dollars ($X,XXX,XXX.00) (the “2008 Incentive Award”) to be paid in four (4) equal annual installments. The first installment of the 2008 Incentive Award will be paid no later than
September 30, 2009 and the remaining installments of the 2008 Incentive Award will be paid on

	 	 
September 30, 2010, September 30, 2011 and September 30, 2012. Except as expressly provided herein or approved by the Board of Directors, the payment of each installment of
the 2008 Incentive Award is conditioned on the continued employment of the Executive by the Company or an affiliate of the Company on the scheduled date of payment of such installment. The remaining unpaid installments of the 2008 Incentive Award
will be accelerated and payable in a lump sum: (a) on a Change of Control in accordance with paragraph 4.5 of this Agreement; (b) as provided in paragraphs 6.1.1, 6.2, 6.4 and 6.5 of this Agreement. The amounts payable under this paragraph
will be excluded from all other wage and benefit computations including, without implied limitation, the base used to compute 401(k) benefits, deferred compensation benefits, change of control payments and severance compensation.

  

	5.	Term. The employment relationship evidenced by this Agreement is an “at will” employment relationship and the Company reserves the right to terminate
the Executive at any time with or without cause as provided herein. In the absence of such termination, this Agreement will commence on [Effective Date] and end on [Expiration Date] (the “Expiration Date”). 

  

	6.	Termination. This Agreement will continue in effect until the expiration of the term stated in paragraph 5 of this Agreement unless earlier terminated pursuant
to this paragraph 6. 

  

	 	6.1	Termination by Company. The Company will have the following rights to terminate this Agreement: 

  

	 	6.1.1	 Termination without Cause. The Company may terminate this Agreement without Cause at any time by the service of written notice of termination to
the Executive specifying an effective date of such termination not sooner than thirty (30) business days after the date of such notice (the “Termination Date”). In the event of elimination of the Executive’s job position or
reduction in duties and/or reassignment of the Executive to a new position of less authority or reduction in Base Salary (collectively referred to as the “Good Reason Conditions”) the Executive may terminate this Agreement if the Executive
provides notice to the Company within ninety (90) days of the initial existence of the Good Reason Condition and a thirty (30) day period for the Company to cure the Good Reason Condition. If the Company fails to cure the Good Reason
Condition within the thirty (30) day cure period, the Executive may terminate this Agreement and it will be deemed to be a termination without Cause. In the event the Executive is terminated without Cause, the Executive will receive as
termination compensation within thirty (30) days of the Termination Date: (a) fifty-two (52) weeks of Base Salary in a lump sum payment; (b) all Equity Compensation granted to Executive under Section 4.3 of this Agreement
and any Supplemental Matching Contributions to the Chesapeake Energy Corporation Amended and Restated Deferred Compensation Plan (the “401(k) Make-Up Plan”) shall be immediately vested; (c) the remaining unpaid portion of the 2008
Incentive Award

	 	 
under paragraph 4.6 of this Agreement in a lump sum payment; and (d) payment of any vacation pay accrued through the Termination Date. The right to the foregoing termination compensation
under clauses (a), (b) and (c) above is subject to the Executive’s execution of the Company’s severance agreement which will operate as a release of all legally waivable claims against the Company and the Executive’s
compliance with all of the provisions of this Agreement, including all post-employment obligations. 

  

	 	6.1.2	Termination for Cause. The Company may terminate the employment of the Executive hereunder at any time for Cause (as hereinafter defined) (such a termination
being referred to in this Agreement as a “Termination For Cause”) by giving the Executive written notice of such termination, which shall take effect immediately upon the giving of such notice to the Executive. As used in this Agreement,
“Cause” means (a) the Executive’s breach or threatened breach of this Agreement; (b) the Executive’s neglect of duties or failure to act, other than by reason of disability or death; (c) the misappropriation,
fraudulent conduct, or acts of workplace dishonesty by the Executive with respect to the assets or operations of the Company or any of its subsidiaries or affiliated companies; (d) the Executive’s failure to comply with directives from
superiors or written company policies; (e) the Executive’s personal misconduct which injures the Company and/or reflects poorly on the Company’s reputation; (f) the Executive’s failure to perform Executive’s duties; or
(g) the conviction of the Executive for, or a plea of guilty or no contest to, a felony or any crime involving moral turpitude. In the event this Agreement is terminated for Cause, the Company will not have any obligation to provide any further
payments or benefits to the Executive after the Termination Date other than any vacation pay accrued through the Termination Date. 

  

	 	6.2	Termination by Executive. The Executive may voluntarily terminate this Agreement with or without cause by the service of written notice of such termination to
the Company specifying a Termination Date no sooner than thirty (30) days after the date of such notice. The Company reserves the right to end the employment relationship at any time after the notice date and to pay Executive through the notice
date. If this Agreement is terminated by the Executive in accordance with this paragraph: (a) the obligations of the parties will be controlled by paragraphs 6.3 and 6.6 of this Agreement; and (b) if the termination is based in whole, or
in part, on the breach by the Company of a material provision of this Agreement or another material obligation of the Company in favor of the Executive and the breach is not cured after thirty (30) days written notice and the Executive has not
exercised the termination rights under paragraph 6.1.1 of this Agreement, in addition to any other amounts the Executive will be entitled to a lump sum payment of the remaining unpaid installments of the 2008 Incentive Award under paragraph 4.6 of
this Agreement. 

	 	6.3	Retirement by Executive. In the event the Executive is fifty- five (55) years or older and terminates this Agreement under paragraph 6.2 of this Agreement,
the Executive will be (a) eligible for accelerated vesting of the unvested Equity Compensation awarded by the Company with the exception of any Equity Compensation issued to the Executive under the 2006 Long Term Stock Incentive Program award;
and (b) eligible for accelerated vesting of the unvested Supplemental Matching Contributions to the 401(k) Make-Up Plan. The accelerated vesting under clauses (a) and (b) of this paragraph will be in accordance with the retirement
matrix (the “Retirement Matrix”) attached to this Agreement. 

  

	 	6.4	Incapacity of Executive. If the Executive suffers from a physical or mental condition which in the reasonable judgment of the Company’s management prevents
the Executive in whole or in part from performing the duties specified herein for a period of three (3) consecutive months, the Executive may be terminated. Although the termination may be deemed as a termination for Cause, the Executive will
be entitled to receive within thirty (30) days of the Date of Termination: (a) a payment of twenty-six (26) weeks of Base Salary in a lump sum; (b) all Equity Compensation granted to the Executive under Section 4.3 of this
Agreement and any Supplemental Matching Contributions to the 401(k) Make-Up Plan shall be immediately vested; (c) a lump sum payment of the remaining unpaid installments of the 2008 Incentive Award under paragraph 4.6 of this Agreement; and
(d) payment of any vacation pay accrued through the Termination Date. Notwithstanding the foregoing, the amount payable under clause (a) above will be reduced by any benefits payable under any disability plans provided by the Company. The
right to the foregoing compensation due under clauses (a), (b) and (c) above is subject to the execution by the Executive or the Executive’s legal representative of the Company’s severance agreement which will operate as a
release of all legally waivable claims against the Company. In applying this section, the Company will comply with any applicable legal requirements, including the Americans with Disabilities Act. 

  

	 	6.5	Death of Executive. If the Executive dies during the term of this Agreement, the Company may thereafter terminate this Agreement without compensation except the
Company will: (a) pay fifty-two (52) weeks of Base Salary in a single lump sum payment within ninety (90) days of the date of the Executive’s death; (b) immediately vest all Equity Compensation granted to the Executive under
Section 4.3 of this Agreement and any Supplemental Matching Contributions to the 401(k) Make-Up Plan; (c) pay in a lump sum the remaining unpaid portion of the 2008 Incentive Award under paragraph 4.6 of this Agreement within 90 days of
the date of the Executive’s death; and (d) pay any vacation pay accrued through the Termination Date. Amounts payable under this Section 6.5 shall be paid to the beneficiary designated on the Company’s universal beneficiary
designation form in effect on the date of the Executive’s death. If the Executive fails to designate a beneficiary or if such designation is ineffective, in whole or in part, any payment that would otherwise have been paid under this
Section 6.5 shall be paid to the Executive’s estate. The right to the foregoing compensation due under clauses (a), (b) and (c) above is subject to the execution by the beneficiary, or as applicable, the administrator of the
Executive’s estate of the Company’s severance agreement which will operate as a release of all legally waivable claims against the Company. 

	 	6.6	Effect of Termination. The termination of this Agreement will terminate all obligations of the Executive to render services on behalf of the Company from and
after the Termination Date, provided that the Executive will maintain the confidentiality of all information acquired by the Executive during the term of Executive’s employment in accordance with paragraph 7 of this Agreement and the Executive
shall comply with all other post employment requirements including paragraphs 7, 8, 9, 10, 11, 12, 13 and 14. Except as otherwise provided in paragraphs 4.5, 4.6 and 6 of this Agreement and payment of any vacation pay accrued through the Termination
Date, no accrued bonus, severance pay or other form of compensation will be payable by the Company to the Executive by reason of the termination of this Agreement. All keys, entry cards, credit cards, files, records, financial information,
furniture, furnishings, equipment, supplies and other items relating to the Company in the Executive’s possession will remain the property of the Company. The Executive will have the right to retain and remove all personal property and effects
which are owned by the Executive and located in the offices of the Company at a time determined by the Company. All such personal items will be removed from such offices no later than two (2) days after the Termination Date, and the Company is
hereby authorized to discard any items remaining and to reassign the Executive’s office space after such date. Prior to the Termination Date, the Executive will render such services to the Company as might be reasonably required to provide for
the orderly termination of the Executive’s employment. Notwithstanding the foregoing and without discharging any obligations to pay compensation to the Executive under this Agreement, after notice of the Termination, the Company may request
that the Executive not provide any other services to the Company and not enter the Company’s premises before or after the Termination Date. In the event that the Executive separates employment with the Company, Executive hereby grants consent
to notification by the Company to Executive’s new employer about Executive’s rights and obligations under this Agreement. Upon such termination of employment, the Executive further agrees to acknowledge compliance with this Agreement in a
form reasonably provided by the Company. 

  

	7.	 Confidentiality. The Executive recognizes that the nature of the Executive’s services are such that the Executive will have access to
information which constitutes trade secrets, is of a confidential nature, is of great value to the Company and/or is the foundation on which the business of the Company is predicated. The Executive also acknowledges that, during the course of
employment, the Executive may have personal contact and conduct business with the customers, suppliers and accounts of the Employer. The Executive agrees not to disclose to any person other than authorized Executives of the Company or the
Company’s legal counsel nor use for any purpose, other than the performance of this Agreement, any confidential information (“Confidential Information”). Confidential Information includes data or material (regardless of form) which
is: (a) a trade secret (a trade secret shall include any formula, pattern, device or compilation of information used by the Employer in its business); (b) provided, disclosed or delivered to Executive by the Company, any officer,

	 	 
director, Executive, agent, attorney, accountant, consultant, or other person or entity employed by the Company in any capacity, any customer, borrower or business associate of the Company or any
public authority having jurisdiction over the Company of any business activity conducted by the Company; or (c) produced, developed, obtained or prepared by or on behalf of Executive or the Company (whether or not such information was developed
in the performance of this Agreement) with respect to the Company or any assets oil and gas prospects, business activities, officers, directors, Executives, borrowers or customers of the foregoing. The Executive acknowledges that Executive will
obtain unique benefits from employment and the provisions contained in this Agreement are reasonably necessary to protect the Employer’s legitimate business interests. On request by the Company, the Company will be entitled to the return of any
Confidential Information in the possession of the Executive. The Executive also agrees that the provisions of this paragraph 7 will survive the termination, expiration or cancellation of this Agreement for a period of three (3) years. The
Executive will deliver to the Company all originals and copies of the documents or materials containing Confidential Information. For purposes of paragraphs 7, 8, 9, 10 and 13 of this Agreement, the Company expressly includes any of the
Company’s affiliated corporations, partnerships or entities. 

  

	8.	Non-Competition. For a period of six (6) months after the Executive is no longer employed by the Company for any reason, the Executive will not acquire,
attempt to acquire or aid another in the acquisition or attempted acquisition of an interest in oil and gas assets, oil and gas production, oil and gas leases, mineral interests, oil and gas wells or other such oil and gas exploration, development
or production activities within any spacing unit in which the Company owns an oil and gas interest on the date of the resignation or termination of the Executive. 

  

	9.	Non-Solicitation. The Executive agrees that during his/her employment hereunder, and for the one (1) year period immediately following the separation of
employment for any reason, the Executive shall not solicit or contact any established client or customer of the Company with a view to inducing or encouraging such established client or customer to discontinue or curtail any business relationship
with the Company. The Executive further agrees that the Executive will not request or advise any established clients, customers or suppliers of the Company to withdraw, curtail or cancel its business with the Company. 

  

	10.	Non-Solicitation of Employees. The Executive covenants that during the term of employment and for the one (1) year period immediately following the
separation of employment for any reason, Executive will neither directly nor indirectly induce nor attempt to induce any Executive or Employee of the Company to terminate his or her employment to go to work for any other Company.

  

	11.	Reasonableness. The Company and Executive have attempted to specify a reasonable period of time and reasonable restrictions to which this Agreement shall apply.
The Company and Executive agree that if a court or administrative body should subsequently determine that the terms of this Agreement are greater than reasonably necessary to protect the Company’s interest, the Company agrees to waive those
terms which are found by a court or administrative body to be greater than reasonably necessary to protect the Company’s interest and to request that the court or administrative body reform this Agreement specifying a reasonable period of time
and such other reasonable restrictions as the court or administrative body deems necessary. 

	12.	Equitable Relief. The Executive acknowledges that the services to be rendered by Executive are of a special, unique, unusual, extraordinary, and intellectual
character, which gives them a peculiar value, and the loss of which cannot reasonably or adequately be compensated in damages in an action at law; and that a breach by the Executive of any of the provisions contained in this Agreement will cause the
Company irreparable injury and damage. The Executive further acknowledges that the Executive possesses unique skills, knowledge and ability and that any material breach of the provisions of this Agreement would be extremely detrimental to the
Company. By reason thereof, the Executive agrees that the Company shall be entitled, in addition to any other remedies it may have under this Agreement or otherwise, to injunctive and other equitable relief to prevent or curtail any breach of this
Agreement by him/her. 

  

	13.	Proprietary Matters. The Executive expressly understands and agrees that any and all improvements, inventions, discoveries, processes, know-how or intellectual
property that are generated or conceived by the Executive during the term of this Agreement, whether generated or conceived during the Executive’s regular working hours or otherwise, will be the sole and exclusive property of the Company.
Whenever requested by the Company (either during the term of this Agreement or thereafter), the Executive will assign or execute any and all applications, assignments and or other instruments and do all things which the Company deems necessary or
appropriate in order to permit the Company to: (a) assign and convey or otherwise make available to the Company the sole and exclusive right, title, and interest in and to said improvements, inventions, discoveries, processes, know-how,
applications, patents, copyrights, trade names or trademarks; or (b) apply for, obtain, maintain, enforce and defend patents, copyrights, trade names, or trademarks of the United States or of foreign countries for said improvements, inventions,
discoveries, processes or know-how. However, the improvements, inventions, discoveries, processes or know-how generated or conceived by the Executive and referred to above (except as they may be included in the patents, copyrights or registered
trade names or trademarks of the Company, or corporations, partnerships or other entities which may be affiliated with the Company) shall not be exclusive property of the Company at any time after having been disclosed or revealed or have otherwise
become available to the public or to a third party on a non-confidential basis other than by a breach of this Agreement, or after they have been independently developed or discussed without a breach of this Agreement by a third party who has no
obligation to the Company or its affiliates. The foregoing will not prohibit any activities which are expressly permitted by the last sentence of paragraph 3 of this Agreement during the term of this Agreement. 

  

	14.	 Arbitration. Any disputes, claims or controversy’s between the Employer and Executive including, but not limited to those arising out of or
related to this Agreement or out of the parties’ employment relationship, shall be settled by arbitration as provided herein. This agreement shall survive the termination or rescission of this Agreement. All arbitration shall be in accordance
with Rules of the American Arbitration Association, including discovery, and shall be undertaken pursuant to the Federal Arbitration Act. Arbitration will be held in Oklahoma City, Oklahoma unless the parties mutually agree to another location. The

	 	 
decision of the arbitrator will be enforceable in any court of competent jurisdiction. The parties, however, agree that the Employer shall be entitled to obtain injunctive or other equitable
relief to enforce the provisions of this Agreement in a court of competent jurisdiction. The parties further agree that this arbitration provision is not only applicable to the Company but its affiliates, officers, directors, employees and related
parties. 

  

	15.	Miscellaneous. The parties further agree as follows: 

  

	 	15.1	Time. Time is of the essence of each provision of this Agreement. 

  

	 	15.2	 Notices. Any notice, payment, demand or communication required or permitted to be given by any provision of this Agreement will be in writing
and will be deemed to have been given when delivered personally or by telefacsimile to the party designated to receive such notice, or on the date following the day sent by overnight courier, or on the third (3rd) business day after the same is sent by certified mail, postage
and charges prepaid, directed to the following address or to such other or additional addresses as any party might designate by written notice to the other party: 

  

			
	 To the Company:
	  	 Chesapeake Energy Corporation
 Post Office Box 18496
 Oklahoma City, OK 73154-0496
 Attn: Aubrey K. McClendon

		
	 To the Executive:
	  	 [Executive Name]
 [Address]

 [City, State Zip]

  

	 	15.3	Assignment. Neither this Agreement nor any of the parties’ rights or obligations hereunder can be transferred or assigned without the prior written consent
of the other parties to this Agreement; provided, however, the Company may assign this Agreement to any wholly owned affiliate or subsidiary of Chesapeake Energy Corporation without Executive’s consent as well as to any purchaser of the
Company. 

  

	 	15.4	Construction. If any provision of this Agreement or the application thereof to any person or circumstances is determined, to any extent, to be invalid or
unenforceable, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which the same is held invalid or unenforceable, will not be affected thereby, and each term and provision of
this Agreement will be valid and enforceable to the fullest extent permitted by law. Except as provided for in paragraph 14, this Agreement is intended to be interpreted, construed and enforced in accordance with the laws of the State of Oklahoma.

  

	 	15.5	Entire Agreement. This Agreement, any documents executed in connection with this Agreement, any documents specifically referred to in this Agreement and the
Employment Policies Manual constitute the entire agreement between the parties hereto with respect to the subject matter herein contained, and no modification hereof will be effective unless made by a supplemental written agreement executed by all
of the parties hereto. 

	 	15.6	Binding Effect. This Agreement will be binding on the parties and their respective successors, legal representatives and permitted assigns. In the event of a
merger, consolidation, combination, dissolution or liquidation of the Company, the performance of this Agreement will be assumed by any entity which succeeds to or is transferred the business of the Company as a result thereof, and the Executive
waives the consent requirement of paragraph 15.3 to effect such assumption. 

  

	 	15.7	Supersession. This Agreement supersedes and replaces any prior employment agreements including the Prior Agreement. On execution of this Agreement by the Company
and the Executive, the relationship between the Company and the Executive will be bound by the terms of this Agreement, any documents executed in connection with this Agreement, any documents specifically referred to in this Agreement and the
Employment Policies Manual. In the event of a conflict between the Employment Policies Manual and this Agreement, this Agreement will control in all respects. 

  

	 	15.8	Third-Party Beneficiary. The Company’s affiliated entities and partnerships are beneficiaries of all terms and provisions of this Agreement and entitled to
all rights hereunder. 

  

	 	15.9	Section 409A. This Agreement is intended to comply with Internal Revenue Code Section 409A and related U.S. Treasury regulations or pronouncements
(“Section 409A”) and any ambiguous provision will be construed in a manner that is compliant with or exempt from the application of Section 409A. Notwithstanding any provision to the contrary in this Agreement, if Executive is
deemed on his Termination Date to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Internal Revenue Code, then the payments and benefits under this Agreement that are subject to
Section 409A and paid by reason of a termination of employment shall be made or provided (subject to the last sentence hereof) on the later of (a) the payment date set forth in this Agreement or (b) the date that is the earliest of
(i) the expiration of the six-month period measured from the date of the Executive’s Termination of employment or (ii) the date of the Executive’s death (the “Delay Period”). Payments subject to the Delay Period shall
be paid to the Executive without interest for such delay in payment. 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement effective the date first
above written. 
  

			
	 CHESAPEAKE ENERGY CORPORATION, an
 Oklahoma corporation.

		
	By:	 	 
		 	 Aubrey K. McClendon, Chief Executive Officer
 (the “Company”)

		
	By:	 	 
		 	 [Executive Name], Individually
 (the “Executive”)

 RETIREMENT MATRIX 
  

									
	 Sr. Vice
President

	 Service Yrs
	  	 <55
	 	 55-59
	 	 60-64
	 	 >= 65

	 0 - 5
	  	0%	 	0%	 	0%	 	0%
	 5 - 10
	  	0%	 	60%	 	80%	 	100%
	 10 - 15
	  	0%	 	80%	 	100%	 	100%
	 15 +
	  	0%	 	100%	 	100%	 	100%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]