Document:

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                                                                  EXHIBIT 10.2.8

                              EMPLOYMENT AGREEMENT

                                     between

                               MICHAEL A. JOHNSON

                                       and

                          CHESAPEAKE ENERGY CORPORATION

                             Effective July 1, 2000

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                             Page
                                                                             ----
<S>  <C>                                                                     <C>
1.   Employment..........................................................       1

2.   Executive's Duties..................................................       1
     2.1  Specific Duties................................................       1
     2.2  Supervision....................................................       1
     2.3  Rules and Regulations..........................................       1
     2.4  Stock Investment...............................................       2

3.   Other Activities....................................................       2

4.   Executive's Compensation............................................       2
     4.1  Base Salary....................................................       2
     4.2  Bonus..........................................................       2
     4.3  Stock Options..................................................       2
     4.4  Benefits.......................................................       3
          4.4.1  Vacation................................................       3
          4.4.2  Membership Dues ........................................       3
          4.4.3  Compensation Review.....................................       3

5.   Term................................................................       3

6.   Termination.........................................................       3
     6.1  Termination by Company.........................................       3
          6.1.1  Termination without Cause...............................       4
          6.1.2  Termination for Cause...................................       4
          6.1.3  Termination After Change in Control.....................       4
     6.2  Termination by Executive.......................................       5
     6.3  Incapacity of Executive........................................       5
     6.4  Death of Executive.............................................       5
     6.5  Effect of Termination..........................................       6

7.   Confidentiality ....................................................       6

8.   Noncompetition......................................................       7

9.   Proprietary Matters ................................................       7
</TABLE>

<PAGE>   3

                          TABLE OF CONTENTS (continued)

<TABLE>
<S>  <C>                                                                     <C>
10.  Arbitration ........................................................       8

11.  Miscellaneous ......................................................       8
     11.1 Time...........................................................       8
     11.2 Notices........................................................       8
     11.3 Assignment.....................................................       9
     11.4 Construction...................................................       9
     11.5 Entire Agreement...............................................       9
     11.6 Binding Effect.................................................       9
     11.7 Attorney's Fees................................................       9
     11.8 Supersession...................................................       9
</TABLE>

<PAGE>   4

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT is made effective July 1, 2000, between CHESAPEAKE
ENERGY CORPORATION, an Oklahoma corporation (the "Company"), and Michael A.
Johnson, an individual (the "Executive") and replaces and supersedes that
certain Employment Agreement between Company and Executive dated July 1, 1997.

                                   WITNESSETH:

         WHEREAS, the Company desires to retain the services of the Executive
and the Executive desires to make the Executive's services available to the
Company.

         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 employee 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.

         2.1      Specific Duties. The Executive will serve as Senior Vice
                  President - Accounting and Controller for the Company. The
                  Executive will perform all of the services required to fully
                  and faithfully execute the office and position to which the
                  Executive is appointed and such other services 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 the
                  Company's subsidiaries as determined in the board of
                  directors' sole discretion.

         2.2      Supervision. The services of the Executive will be requested
                  and directed by the Senior Vice President - Finance and Chief
                  Financial Officer, Mr. Marcus C. Rowland, and the Chief
                  Executive Officer, Mr. Aubrey K. McClendon.

         2.3      Rules and Regulations. The Company currently has an Employment
                  Policies Manual which sets forth the general human resources
                  policies of the Company and addresses frequently asked
                  questions regarding the

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                  Company. The Executive agrees to comply with the Employment
                  Policies Manual except to the extent inconsistent with this
                  Agreement. The Employment Policies Manual is subject to change
                  without notice in the sole discretion of the Company at any
                  time.

         2.4      Stock Investment. The Executive agrees to hold not less than
                  one thousand (1,000) shares of the Company's common stock
                  during the term of this Agreement.

3. Other Activities. Unless the Executive has obtained the prior written
approval of the board of directors of the Company, the Executive will not: (a)
engage in business independent of the Executive's employment by the Company; (b)
serve as an officer, general partner or member in any corporation, partnership,
company, or firm; (c) directly or indirectly invest in, participate in or
acquire an interest in any oil and gas business, including, without limitation,
(i) producing oil and gas, (ii) drilling, owning or operating oil and gas leases
or wells, (iii) providing services or materials to the oil and gas industry,
(iv) marketing or refining oil or gas, or (v) owning any interest in any
corporation, partnership, company or entity which conducts any of the foregoing
activities. The limitation in this paragraph 3 will not prohibit an investment
by the Executive in publicly traded securities; or the continued direct
ownership and operation of oil and gas interests and leases to the extent such
interests were owned by the Executive on the Executive's first date of
employment with the Company. The Executive agrees not to directly or indirectly
acquire any additional oil and gas interests or increase ownership of any oil
and gas interests owned by the Executive on the Executive's first date of
employment with 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 One Hundred Fifty Thousand
                  Dollars ($150,000.00), will be paid to the Executive in equal
                  semi-monthly installments beginning July 15, 2000 during the
                  term of this Agreement.

         4.2      Bonus. In addition to the Base Salary described at paragraph
                  4.1 of this Agreement, the Company may periodically pay bonus
                  compensation to the Executive. Any bonus compensation 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      Stock Options. In addition to the compensation set forth in
                  paragraphs 4.1 and 4.2 of this Agreement, the Executive may
                  periodically receive grants of stock options from the
                  Company's various stock option plans, subject to the terms and
                  conditions thereof.

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         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 by 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 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
                           three (3) weeks of paid vacation each twelve months
                           during the term of this Agreement. No additional
                           compensation will be paid for failure to take
                           vacation and no vacation may be carried forward from
                           one twelve month period to another.

                  4.4.2    Membership Dues. The Company will reimburse the
                           Executive for: (a) the monthly dues necessary to
                           maintain a full membership in a country club in the
                           Oklahoma City area selected by the Executive in an
                           amount not to exceed Five Hundred Dollars ($500.00)
                           per month; and (b) the reasonable cost of any
                           approved business entertainment at such country club.
                           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.

                  4.4.3    Compensation Review. The compensation of the
                           Executive will be reviewed not less frequently than
                           annually by the board of directors of the Company.

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. In the absence of such termination,
this Agreement will extend for a term of three (3) years commencing on July 1,
2000, and ending on June 30, 2003 (the "Expiration Date").

6. Termination. This Agreement will continue in effect until the expiration of
the term stated at 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:

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                  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 sixty (60) business days
                           after the date of such notice (the "Termination
                           Date"). In the event the Executive is terminated
                           without cause, or the Company elects not to renew
                           this Agreement, the Executive will receive as
                           termination compensation: (a) Base Salary for a
                           period of ninety (90) days; (b) any benefits payable
                           by operation of paragraph 4.4 of this Agreement; and
                           (c) any vacation pay accrued through the Termination
                           Date. The termination compensation in (a) shall be
                           paid only if the Executive executes the Company's
                           standard termination agreement releasing all legally
                           waivable claims arising from the Executive's
                           employment.

                  6.1.2    Termination for Cause. The Company may terminate this
                           Agreement for cause if the Executive: (a)
                           misappropriates the property of the Company or
                           commits any other act of dishonesty; (b) engages in
                           personal misconduct which materially injures the
                           Company; (c) willfully violates any law or regulation
                           relating to the business of the Company which results
                           in injury to the Company; or (d) willfully and
                           repeatedly fails to perform the Executive's duties
                           hereunder. 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.

                  6.1.3    Termination after Change of Control. If, during the
                           term of this Agreement, there is a "Change of
                           Control" and within one (1) year from the effective
                           date of such Change of Control: (a) this Agreement
                           expires and is not extended; or (b) the Executive
                           resigns as a result of (i) a reduction in the
                           Executive's compensation (including the Executive's
                           then current Base Salary under Paragraphs 4.1 of this
                           Agreement and bonuses equal to those paid to the
                           Executive during calendar year 2000 under Paragraph
                           4.2 of this Agreement), or (ii) a required relocation
                           more than twenty five (25) miles from the Executive's
                           then current place of employment; or within one (1)
                           year from the effective date of the Change of Control
                           the Executive is terminated other than under
                           Paragraphs 6.1.2, 6.3 or 6.4 based on adequate
                           grounds; then the Executive will be entitled to a
                           severance payment (in addition to any other amounts
                           payable to the Executive under this Agreement or
                           otherwise, excluding any Base Salary payable under
                           Paragraph 6.1.1, as of the date of

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                           termination or resignation hereunder) in an amount
                           equal to six (6) months of the Executive's then
                           current Base Salary under Paragraph 4.1 of this
                           Agreement plus bonuses equal to those paid to the
                           Executive during calendar year 2000 under Paragraph
                           4.2. The term "Change of Control" means any action of
                           a nature that would be required to be reported in
                           response to Item 6(e) of Schedule 14A of Regulation
                           14A under the Securities Exchange Act of 1934 with
                           respect to Chesapeake Energy Corporation
                           ("Chesapeake") including, without limitation (i) the
                           direct or indirect acquisition by any person after
                           the date hereof of beneficial ownership of the right
                           to vote or securities of Chesapeake representing the
                           right to vote fifty one percent (51%) or more of the
                           combined voting power of Chesapeake's then
                           outstanding securities having the right to vote for
                           the election of directors, or (ii) a merger,
                           consolidation, sale of assets or contested election
                           or (iii) any combination of (i) and (ii) which
                           results in a majority of the members of Chesapeake's
                           board of directors being replaced by directors who
                           were not nominated and approved by the existing board
                           of directors.

         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. In the event this Agreement is
                  terminated by the Executive, neither the Company nor the
                  Executive will have any further obligations hereunder
                  including, without limitation, any obligation of the Company
                  to provide any further payments or benefits to the Executive
                  after the Termination Date.

         6.3      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, any compensation payable under
                  paragraph 4 of this Agreement will be continued for ninety
                  (90) days following the Termination Date. Notwithstanding the
                  foregoing, the Executive's Base Salary specified in paragraph
                  4.1 of this Agreement will be reduced by any benefits payable
                  under any disability plans.

         6.4      Death of Executive. If the Executive dies during the term of
                  this Agreement, the Company may thereafter terminate this
                  Agreement without compensation to the Executive's estate
                  except: (a) the obligation to continue the Base Salary
                  payments under paragraph 4.1 of this Agreement for ninety (90)
                  days

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                  following the date of the Executive's death; and (b) the
                  benefits described in paragraph 4.4 of this Agreement accrued
                  through the date of the Executive's death.

         6.5      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. Except as otherwise provided in paragraph 6 of
                  this Agreement, 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. 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.

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 or is the foundation on which the business of the Company is predicated.
The Executive agrees not to disclose to any person other than the Company's
employees 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; (b) provided, disclosed or delivered to
Executive by the Company, any officer, director, employee, 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,
employees, borrowers or customers of the foregoing. However, Confidential
Information shall not include any information, data or material which at the
time of disclosure or use was generally available to the public other than by a
breach of this Agreement, was available to the party to whom disclosed on a
non-confidential basis by disclosure or access provided by the Company or a
third party, or was otherwise developed or obtained independently by the

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person to whom disclosed without a breach of this Agreement. 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,
and 9 of this Agreement, the Company expressly includes any of the Company's
affiliated corporations, partnerships or entities.

8. Noncompetition. For a period of twelve (12) months after Executive is no
longer employed by the Company as a result of either the resignation by the
Executive pursuant to paragraph 6.1.3 or 6.2 above, or termination for cause
pursuant to paragraph 6.1.2 above, 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 one (1) mile of any operations or
ownership interests of the Company or its affiliated corporations, partnerships
or entities for which Executive had primary responsibilities within three (3)
years prior to the Executive's Termination Date and while employed with the
Company. The Executive further agrees that the Executive will not circumvent or
attempt to circumvent the foregoing agreements by any future arrangement or
through the actions of a third party.

9. Proprietary Matters. The Executive expressly understands and agrees that any
and all improvements, inventions, discoveries, processes or know-how 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.

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<PAGE>   11

10. Arbitration. The parties will attempt to promptly resolve any dispute or
controversy arising out of or relating to this Agreement or termination of the
Executive by the Company. Any negotiations pursuant to this paragraph 10 are
confidential and will be treated as compromise and settlement negotiations for
all purposes. If the parties are unable to reach a settlement amicably, the
dispute will be submitted to binding arbitration before a single arbitrator in
accordance with the Employment Dispute Resolution Rules of the American
Arbitration Association. The arbitrator will be instructed and empowered to take
reasonable steps to expedite the arbitration and the arbitrator's judgment will
be final and binding upon the parties subject solely to challenge on the grounds
of fraud or gross misconduct. Except for damages arising out of a breach of
paragraphs 7, 8 or 9 of this Agreement, the arbitrator is not empowered to award
total damages (including compensatory damages) which exceed 200% of compensatory
damages and each party hereby irrevocably waives any damages in excess of that
amount. The arbitration will be held in Oklahoma County, Oklahoma. Judgment upon
any verdict in arbitration may be entered in any court of competent jurisdiction
and the parties hereby consent to the jurisdiction of, and proper venue in, the
federal and state courts located in Oklahoma County, Oklahoma. Each party will
bear its own costs in connection with the arbitration and the costs of the
arbitrator will be borne by the party who the arbitrator determines did not
prevail in the matter. Unless otherwise expressly set forth in this Agreement,
the procedures specified in this paragraph 10 will be the sole and exclusive
procedures for the resolution of disputes and controversies between the parties
arising out of or relating to this Agreement. Notwithstanding the foregoing, a
party may seek a preliminary injunction or other provisional judicial relief if
in such party's judgment such action is necessary to avoid irreparable damage or
to preserve the status quo.

11. Miscellaneous. The parties further agree as follows:

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

         11.2     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

                                       8
<PAGE>   12

                  To the Executive: Mr. Michael A. Johnson
                                    2100 Faircloud Dr.
                                    Edmond, OK  73034

         11.3     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 the
                  Company without Executive's consent.

         11.4     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. This Agreement is intended to be
                  interpreted, construed and enforced in accordance with the
                  laws of the State of Oklahoma and any litigation relating to
                  this Agreement will be conducted in a court of competent
                  jurisdiction located in Oklahoma County, Oklahoma.

         11.5     Entire Agreement. This Agreement constitutes 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.

         11.6     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 11.3 to effect such
                  assumption.

         11.7     Attorneys' Fees. If any party institutes an action or
                  proceeding against any other party relating to the provisions
                  of this Agreement or any default hereunder, the unsuccessful
                  party to such action or proceeding will reimburse the
                  successful party therein for the reasonable expenses of
                  attorneys' fees and disbursements and litigation expenses
                  incurred by the successful party, except with respect to any
                  arbitration proceeding conducted pursuant to paragraph 10
                  above.

         11.8     Supersession. 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 and
                  the Employment Policies Manual

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<PAGE>   13

                  and not by any other agreements or otherwise. In the event of
                  a conflict between the Employment Policies Manual and this
                  Agreement, this Agreement will control in all respects.

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

                                   CHESAPEAKE ENERGY CORPORATION, an
                                   Oklahoma corporation

                                   By: /s/ Aubrey K. McClendon
                                   ---------------------------------------------
                                   Aubrey K. McClendon, Chief Executive Officer
                                   (the "Company")

                                   By: /s/ Michael A. Johnson
                                   ---------------------------------------------
                                   Michael A. Johnson, Individually
                                   (the "Executive")

                                       10<PAGE>   1
                                                                  EXHIBIT 10.2.9

                              EMPLOYMENT AGREEMENT

                                     between

                                MARTHA A. BURGER

                                       and

                          CHESAPEAKE ENERGY CORPORATION

                             Effective July 1, 2000

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                            Page
                                                                                                            ----
<S>   <C>                                                                                                   <C>
1.    Employment.......................................................................................       1

2.    Executive's Duties...............................................................................       1
      2.1   Specific Duties............................................................................       1
      2.2   Supervision................................................................................       1
      2.3   Rules and Regulations......................................................................       1
      2.4   Stock Investment...........................................................................       2

3.    Other Activities.................................................................................       2

4.    Executive's Compensation.........................................................................       2
      4.1   Base Salary................................................................................       2
      4.2   Bonus......................................................................................       2
      4.3   Stock Options..............................................................................       2
      4.4   Benefits...................................................................................       3
            4.4.1   Vacation...........................................................................       3
            4.4.2   Membership Dues....................................................................       3
            4.4.3   Compensation Review................................................................       3

5.    Term.............................................................................................       3

6.    Termination......................................................................................       3
      6.1   Termination by Company.....................................................................       3
            6.1.1   Termination without Cause..........................................................       4
            6.1.2   Termination for Cause..............................................................       4
            6.1.3   Termination After Change in Control................................................       4
      6.2   Termination by Executive...................................................................       5
      6.3   Incapacity of Executive....................................................................       5
      6.4   Death of Executive.........................................................................       5
      6.5   Effect of Termination......................................................................       6

7.    Confidentiality..................................................................................       6

8.    Noncompetition...................................................................................       7

9.    Proprietary Matters..............................................................................       7
</TABLE>

<PAGE>   3

                          TABLE OF CONTENTS (continued)

<TABLE>

<S>   <C>                                                                                                    <C>
10.   Arbitration                                                                                             8

11.   Miscellaneous                                                                                           8
      11.1  Time.......................................................................................       8
      11.2  Notices....................................................................................       8
      11.3  Assignment.................................................................................       9
      11.4  Construction...............................................................................       9
      11.5  Entire Agreement...........................................................................       9
      11.6  Binding Effect.............................................................................       9
      11.7  Attorney's Fees............................................................................       9
      11.8  Supersession...............................................................................       9
</TABLE>

<PAGE>   4

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT is made effective July 1, 2000, between CHESAPEAKE
ENERGY CORPORATION, an Oklahoma corporation (the "Company"), and Martha A.
Burger, an individual (the "Executive") and replaces and supersedes that certain
Employment Agreement between Company and Executive dated July 1, 1997.

                                   WITNESSETH:

         WHEREAS, the Company desires to retain the services of the Executive
and the Executive desires to make the Executive's services available to the
Company.

         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 employee 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.

          2.1  Specific Duties. The Executive will serve as Treasurer and Senior
               Vice President - Human Resources for the Company. The Executive
               will perform all of the services required to fully and faithfully
               execute the office and position to which the Executive is
               appointed and such other services 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 the Company's subsidiaries as
               determined in the board of directors' sole discretion.

          2.2  Supervision. The services of the Executive will be requested and
               directed by the Senior Vice President - Finance and Chief
               Financial Officer, Mr. Marcus C. Rowland, and the Chief Executive
               Officer, Mr. Aubrey K. McClendon.

          2.3  Rules and Regulations. The Company currently has an Employment
               Policies Manual which sets forth the general human resources
               policies of the Company and addresses frequently asked questions
               regarding the

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               Company. The Executive agrees to comply with the
               Employment Policies Manual except to the extent inconsistent with
               this Agreement. The Employment Policies Manual is subject to
               change without notice in the sole discretion of the Company at
               any time.

          2.4  Stock Investment. The Executive agrees to hold not less than one
               thousand (1,000) shares of the Company's common stock during the
               term of this Agreement.

3. Other Activities. Unless the Executive has obtained the prior written
approval of the board of directors of the Company, the Executive will not: (a)
engage in business independent of the Executive's employment by the Company; (b)
serve as an officer, general partner or member in any corporation, partnership,
company, or firm; (c) directly or indirectly invest in, participate in or
acquire an interest in any oil and gas business, including, without limitation,
(i) producing oil and gas, (ii) drilling, owning or operating oil and gas leases
or wells, (iii) providing services or materials to the oil and gas industry,
(iv) marketing or refining oil or gas, or (v) owning any interest in any
corporation, partnership, company or entity which conducts any of the foregoing
activities. The limitation in this paragraph 3 will not prohibit an investment
by the Executive in publicly traded securities; or the continued direct
ownership and operation of oil and gas interests and leases to the extent such
interests were owned by the Executive on the Executive's first date of
employment with the Company. The Executive agrees not to directly or indirectly
acquire any additional oil and gas interests or increase ownership of any oil
and gas interests owned by the Executive on the Executive's first date of
employment with 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 One Hundred Seventy Thousand Dollars
               ($170,000.00), will be paid to the Executive in equal
               semi-monthly installments beginning July 15, 2000 during the term
               of this Agreement.

          4.2  Bonus. In addition to the Base Salary described at paragraph 4.1
               of this Agreement, the Company may periodically pay bonus
               compensation to the Executive. Any bonus compensation 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  Stock Options. In addition to the compensation set forth in
               paragraphs 4.1 and 4.2 of this Agreement, the Executive may
               periodically receive grants of stock options from the Company's
               various stock option plans, subject to the terms and conditions
               thereof.

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          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 by 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 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 three (3)
                     weeks of paid vacation each twelve months during the term
                     of this Agreement. No additional compensation will be paid
                     for failure to take vacation and no vacation may be carried
                     forward from one twelve month period to another.

               4.4.2 Membership Dues. The Company will reimburse the Executive
                     for: (a) the monthly dues necessary to maintain a full
                     membership in a country club in the Oklahoma City area
                     selected by the Executive in an amount not to exceed Five
                     Hundred Dollars ($500.00) per month; and (b) the reasonable
                     cost of any approved business entertainment at such country
                     club. 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.

               4.4.3 Compensation Review. The compensation of the Executive will
                     be reviewed not less frequently than annually by the board
                     of directors of the Company.

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. In the absence of such termination,
this Agreement will extend for a term of three (3) years commencing on July 1,
2000, and ending on June 30, 2003 (the "Expiration Date").

6. Termination. This Agreement will continue in effect until the expiration of
the term stated at 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:

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               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 sixty
                     (60) business days after the date of such notice (the
                     "Termination Date"). In the event the Executive is
                     terminated without cause, or the Company elects not to
                     renew this Agreement, the Executive will receive as
                     termination compensation: (a) Base Salary for a period of
                     ninety (90) days; (b) any benefits payable by operation of
                     paragraph 4.4 of this Agreement; and (c) any vacation pay
                     accrued through the Termination Date. The termination
                     compensation in (a) shall be paid only if the Executive
                     executes the Company's standard termination agreement
                     releasing all legally waivable claims arising from the
                     Executive's employment.

               6.1.2 Termination for Cause. The Company may terminate this
                     Agreement for cause if the Executive: (a) misappropriates
                     the property of the Company or commits any other act of
                     dishonesty; (b) engages in personal misconduct which
                     materially injures the Company; (c) willfully violates any
                     law or regulation relating to the business of the Company
                     which results in injury to the Company; or (d) willfully
                     and repeatedly fails to perform the Executive's duties
                     hereunder. 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.

               6.1.3 Termination after Change of Control. If, during the term of
                     this Agreement, there is a "Change of Control" and within
                     one (1) year from the effective date of such Change of
                     Control: (a) this Agreement expires and is not extended; or
                     (b) the Executive resigns as a result of (i) a reduction in
                     the Executive's compensation (including the Executive's
                     then current Base Salary under Paragraphs 4.1 of this
                     Agreement and bonuses equal to those paid to the Executive
                     during calendar year 2000 under paragraph 4.2 of this
                     Agreement), or (ii) a required relocation more than twenty
                     five (25) miles from the Executive's then current place of
                     employment; or within one (1) year from the effective date
                     of the Change of Control the Executive is terminated other
                     than under Paragraphs 6.1.2, 6.3 or 6.4 based on adequate
                     grounds; then the Executive will be entitled to a severance
                     payment (in addition to any other amounts payable to the
                     Executive under this Agreement or otherwise, excluding any
                     Base Salary payable under Paragraph 6.1.1, as of the date

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                     of termination or resignation hereunder) in an amount equal
                     to six (6) months of the Executive's then current Base
                     Salary under Paragraph 4.1 of this Agreement plus bonuses
                     equal to those paid to the Executive during calendar year
                     2000 under Paragraph 4.2. The term "Change of Control"
                     means any action of a nature that would be required to be
                     reported in response to Item 6(e) of Schedule 14A of
                     Regulation 14A under the Securities Exchange Act of 1934
                     with respect to Chesapeake Energy Corporation
                     ("Chesapeake") including, without limitation (i) the direct
                     or indirect acquisition by any person after the date hereof
                     of beneficial ownership of the right to vote or securities
                     of Chesapeake representing the right to vote fifty one
                     percent (51%) or more of the combined voting power of
                     Chesapeake's then outstanding securities having the right
                     to vote for the election of directors, or (ii) a merger,
                     consolidation, sale of assets or contested election or
                     (iii) any combination of (i) and (ii) which results in a
                     majority of the members of Chesapeake's board of directors
                     being replaced by directors who were not nominated and
                     approved by the existing board of directors.

          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. In the event this Agreement is terminated by the
               Executive, neither the Company nor the Executive will have any
               further obligations hereunder including, without limitation, any
               obligation of the Company to provide any further payments or
               benefits to the Executive after the Termination Date.

          6.3  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, any
               compensation payable under paragraph 4 of this Agreement will be
               continued for ninety (90) days following the Termination Date.
               Notwithstanding the foregoing, the Executive's Base Salary
               specified in paragraph 4.1 of this Agreement will be reduced by
               any benefits payable under any disability plans.

          6.4  Death of Executive. If the Executive dies during the term of this
               Agreement, the Company may thereafter terminate this Agreement
               without compensation to the Executive's estate except: (a) the
               obligation to continue the Base Salary payments under paragraph
               4.1 of this Agreement for ninety (90) days

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               following the date of the Executive's death; and (b) the benefits
               described in paragraph 4.4 of this Agreement accrued through the
               date of the Executive's death.

          6.5  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. Except as otherwise provided in paragraph 6 of this
               Agreement, 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.
               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.

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 or is the foundation on which the business of the Company is predicated.
The Executive agrees not to disclose to any person other than the Company's
employees 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; (b) provided, disclosed or delivered to
Executive by the Company, any officer, director, employee, 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,
employees, borrowers or customers of the foregoing. However, Confidential
Information shall not include any information, data or material which at the
time of disclosure or use was generally available to the public other than by a
breach of this Agreement, was available to the party to whom disclosed on a
non-confidential basis by disclosure or access provided by the Company or a
third party, or was otherwise developed or obtained independently by the

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person to whom disclosed without a breach of this Agreement. 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,
and 9 of this Agreement, the Company expressly includes any of the Company's
affiliated corporations, partnerships or entities.

8. Noncompetition. For a period of twelve (12) months after Executive is no
longer employed by the Company as a result of either the resignation by the
Executive pursuant to paragraph 6.1.3 or 6.2 above, or termination for cause
pursuant to paragraph 6.1.2 above, 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 one (1) mile of any operations or
ownership interests of the Company or its affiliated corporations, partnerships
or entities for which Executive had primary responsibilities within three (3)
years prior to the Executive's Termination Date and while employed with the
Company. The Executive further agrees that the Executive will not circumvent or
attempt to circumvent the foregoing agreements by any future arrangement or
through the actions of a third party.

9. Proprietary Matters. The Executive expressly understands and agrees that any
and all improvements, inventions, discoveries, processes or know-how 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.

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10. Arbitration. The parties will attempt to promptly resolve any dispute or
controversy arising out of or relating to this Agreement or termination of the
Executive by the Company. Any negotiations pursuant to this paragraph 10 are
confidential and will be treated as compromise and settlement negotiations for
all purposes. If the parties are unable to reach a settlement amicably, the
dispute will be submitted to binding arbitration before a single arbitrator in
accordance with the Employment Dispute Resolution Rules of the American
Arbitration Association. The arbitrator will be instructed and empowered to take
reasonable steps to expedite the arbitration and the arbitrator's judgment will
be final and binding upon the parties subject solely to challenge on the grounds
of fraud or gross misconduct. Except for damages arising out of a breach of
paragraphs 7, 8 or 9 of this Agreement, the arbitrator is not empowered to award
total damages (including compensatory damages) which exceed 200% of compensatory
damages and each party hereby irrevocably waives any damages in excess of that
amount. The arbitration will be held in Oklahoma County, Oklahoma. Judgment upon
any verdict in arbitration may be entered in any court of competent jurisdiction
and the parties hereby consent to the jurisdiction of, and proper venue in, the
federal and state courts located in Oklahoma County, Oklahoma. Each party will
bear its own costs in connection with the arbitration and the costs of the
arbitrator will be borne by the party who the arbitrator determines did not
prevail in the matter. Unless otherwise expressly set forth in this Agreement,
the procedures specified in this paragraph 10 will be the sole and exclusive
procedures for the resolution of disputes and controversies between the parties
arising out of or relating to this Agreement. Notwithstanding the foregoing, a
party may seek a preliminary injunction or other provisional judicial relief if
in such party's judgment such action is necessary to avoid irreparable damage or
to preserve the status quo.

11. Miscellaneous. The parties further agree as follows:

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

          11.2 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:        Ms. Martha A. Burger
                                        3005 Red Oak. Rd.
                                        Oklahoma City, OK  73120

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          11.3 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 the Company without
               Executive's consent.

          11.4 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. This
               Agreement is intended to be interpreted, construed and enforced
               in accordance with the laws of the State of Oklahoma and any
               litigation relating to this Agreement will be conducted in a
               court of competent jurisdiction located in Oklahoma County,
               Oklahoma.

          11.5 Entire Agreement. This Agreement constitutes 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.

          11.6 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
               11.3 to effect such assumption.

          11.7 Attorneys' Fees. If any party institutes an action or proceeding
               against any other party relating to the provisions of this
               Agreement or any default hereunder, the unsuccessful party to
               such action or proceeding will reimburse the successful party
               therein for the reasonable expenses of attorneys' fees and
               disbursements and litigation expenses incurred by the successful
               party, except with respect to any arbitration proceeding
               conducted pursuant to paragraph 10 above.

          11.8 Supersession. 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 and the
               Employment Policies Manual

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               and not by any other agreements or otherwise. In the event of a
               conflict between the Employment Policies Manual and this
               Agreement, this Agreement will control in all respects.

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

                                    CHESAPEAKE ENERGY CORPORATION, an
                                    Oklahoma corporation

                                By: /s/ Aubrey K. McClendon
                                   ---------------------------------------------
                                    Aubrey K. McClendon, Chief Executive Officer
                                    (the "Company")

                                By: /s/ Martha A. Burger
                                   ---------------------------------------------
                                    Martha A. Burger, Individually
                                    (the "Executive")

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