Document:

Consent & Waiver Letter

 Exhibit 4.4.1 
 LIMITED WAIVER AND CONSENT 
 RECITALS: 
 Reference is made to that certain Seventh Amended and Restated Credit Agreement dated as of November 2, 2007 (the “Agreement”),
among Chesapeake Energy Corporation (“CEC”), Chesapeake Exploration, L.L.C. (“Chesapeake Exploration”) and Chesapeake Appalachia, L.L.C. (“Chesapeake Appalachia”, and together with Chesapeake
Exploration, collectively, “Borrowers”), Union Bank of California, N.A., as Administrative Agents (“Agent”), the other agents named therein and the Lenders from time to time parties thereto
(“Lenders”). Terms used and not defined herein shall have the meanings given them in the Agreement. 
 Chesapeake Appalachia
intends to execute a conveyance (the “VPP Conveyance”) of a volumetric production payment (the “VPP”) to be carved out of its working interests in approximately 4,200 specified presently producing wells (the
“VPP Wells”) in Kentucky and West Virginia that are not included in the Collateral. The VPP Conveyance will not cover any other wells in which Chesapeake Appalachia owns an interest. In connection with the VPP, Chesapeake Appalachia
intends to (i) enter into a Purchase and Sale Agreement (the “VPP PSA”), containing certain representations, warranties and covenants relating to the VPP and the VPP Wells and a restriction on further assignments of the VPP
Wells, (ii) enter into a Gas Purchase Contract with the buyer of the VPP (the “Gas Purchase Contract”) to purchase the VPP buyer’s share of production at or near the wellhead at an index price (reduced for anticipated and
estimated shrinkage and escalating transportation costs) and (iii) grant Liens on its retained interests in the VPP Wells and the production therefrom and its rights, titles and interests related thereto pursuant to one or more mortgages and
deeds of trust (the “VPP Mortgages”), to secure performance of its ongoing covenants and obligations pursuant to the VPP Conveyance, the VPP PSA, and the Gas Purchase Contract. CEC intends to guaranty (the “CEC
Guaranty”) Chesapeake Appalachia’s performance of these same covenants and obligations. 
 CEC and Borrowers have requested
that Agent and Lenders constituting Majority Lenders consent to, and waive certain violations of the Agreement which would otherwise result from, the transactions described above. 
 LIMITED WAIVER AND CONSENT: 
 Subject to the conditions and limitations set forth
below, Agent and Lenders hereby (i) consent to the conveyance of the VPP and the entering into and performance of the VPP Mortgages and the CEC Guaranty, and (ii) waive any violations of (A) Section 7.02 of the Agreement that
would result from the Indebtedness of Chesapeake Appalachia in respect of the VPP and the Indebtedness of CEC in respect of the CEC Guaranty, (B) Section 7.03 of the Agreement that would result from the Liens under the VPP Mortgages, and
(C) Section 7.12 of the Agreement that would result from any restrictions on Chesapeake Appalachia’s ability to assign or grant Liens on its retained interests in the VPP Wells and the assets subject to the VPP Mortgages. 

 

 [LIMITED WAIVER AND CONSENT] 

 For the avoidance of doubt with respect to the treatment of the VPP under the Credit Agreement, CEC,
Borrowers and Lenders acknowledge and agree that, (i) Consolidated Indebtedness shall not include any Indebtedness in respect of the VPP and (ii) without duplication with respect to any other provision subtracting or excluding such income
or gain in determining Consolidated EBITDA, any income or gain reflected in Consolidated Net Income for any period in respect of the VPP shall be subtracted from Consolidated Net Income for purposes of determining Consolidated EBITDA for such
period. 
 Notwithstanding anything to the contrary under the Credit Agreement, CEC and Borrowers agree that no Group Member shall enter into
or be subject to any Qualifying Production Call Obligation, and the exclusion of Qualifying Production Call Obligations from (i) the definition of “Indebtedness” in the Agreement and (ii) the restrictions on Liens provision under
Section 7.3(o) of the Agreement, shall no longer be applicable. 
 LIMITATIONS AND CONDITIONS: 
 This Limited Waiver and Consent shall be effective when executed or consented to by Majority Lenders. Borrowers and CEC hereby represent and warrant to
Agent and Lenders that immediately after giving effect to this Limited Waiver and Consent there shall exist no Default or Event of Default and immediately after giving effect to this Limited Waiver and Consent all representations and warranties
contained herein, in the Agreement or otherwise made in writing by any Group Member in connection herewith or therewith shall be true and correct in all material respects with the same force and effect as if those representations and warranties had
been made on and as of the date hereof. 
 Except as expressly waived or agreed herein, all covenants, obligations and agreements of
Borrowers and CEC contained in the Agreement shall remain in full force and effect in accordance with their terms. Without limitation of the foregoing, the consents, waivers and agreements set forth herein are limited precisely to the extent set
forth herein and shall not be deemed to (a) be a consent or agreement to, or waiver or modification of, any other term or condition of the Agreement or any of the documents referred to therein, or (b) except as expressly set forth herein,
prejudice any right or rights which Agent or any Lender may now have or may have in the future under or in connection with the Agreement or any of the documents referred to therein. Except as expressly modified hereby, the terms and provisions of
the Agreement and any other documents or instruments executed in connection with any of the foregoing, are and shall remain in full force and effect, and the same are hereby ratified and confirmed by Borrowers and CEC in all respects. 
 This Limited Waiver and Consent and the rights and obligations of the parties hereunder shall be construed in accordance with and be governed by the laws
of the State of Texas. 
 This Limited Waiver and Consent and the documents referred to herein represent the entire understanding of the
parties hereto regarding the subject matter hereof and supersede all prior and contemporaneous oral and written agreements of the parties hereto with respect to the subject matter hereof. This Limited Waiver and Consent is a “Loan
Document” as defined and described in the Agreement and all of the terms and provisions of the Agreement relating to Loan Documents shall apply hereto. 
  

 [LIMITED WAIVER AND CONSENT] 

 This Limited Waiver and Consent may be separately executed in counterparts and by the different parties
hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same agreement. 
 [Remainder of page intentionally left blank.] 
  

 [LIMITED WAIVER AND CONSENT] 

 IN WITNESS WHEREOF, the undersigned parties have
executed this Limited Waiver and Consent as of the 12th day of December, 2007. 
  

			
	 CHESAPEAKE EXPLORATION, L.L.C.

		
	By:	 	 /s/ Jennifer M. Grigsby

		 	Jennifer M. Grigsby
		 	Senior Vice President and Treasurer
	
	CHESAPEAKE APPALACHIA, L.L.C.
		
	By:	 	 /s/ Jennifer M. Grigsby

		 	Jennifer M. Grigsby
		 	Senior Vice President and Treasurer
	
	CHESAPEAKE ENERGY CORPORATION
		
	By:	 	 /s/ Jennifer M. Grigsby

		 	Jennifer M. Grigsby
		 	Senior Vice President and Treasurer

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	 UNION BANK OF CALIFORNIA, N.A.
 as
Administrative Agent, as Swing Line Lender, as
 an Issuing Lender and as a Lender

		
	By:	 	 /s/ Randall L. Osterberg

	Name:	 	Randall L. Osterberg
	Title:	 	Vice President – US Marketing Manager
		
	By:	 	 /s/ Timothy Brendel

	Name:	 	Timothy Brendel
	Title:	 	Assistant Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	 THE ROYAL BANK OF SCOTLAND PLC, as
 Syndication Agent, as an Issuing Lender and as a
 Lender

		
	By:	 	 /s/ Scott L. Joyce

	Name:	 	Scott L. Joyce
	Title:	 	Senior Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	 BNP PARIBAS, as Co-Documentation Agent
 and
as a Lender

		
	By:	 	 /s/ David Dodd

	Name:	 	David Dodd
	Title:	 	Managing Director
		
	By:	 	 /s/ Richard Hawthorne

	Name:	 	Richard Hawthorne
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	 BANK OF AMERICA, N.A.,
 as Co-Documentation
Agent and as a Lender

		
	By:	 	 /s/ Ronald E. McKaig

	Name:	 	Ronald E. McKaig
	Title:	 	Senior Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	 SUNTRUST BANK, as Co-Documentation Agent
 and
as a Lender

		
	By:	 	 /s/ Sean Roche

	Name:	 	Sean Roche
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	CALYON NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Dennis E. Petito

	Name:	 	Dennis E. Petito
	Title:	 	Managing Director
		
	By:	 	 /s/ Michael D. Willis

	Name:	 	Michael D. Willis
	Title:	 	Director

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ H.R. Biedrzychki

	Name:	 	H.R. Biedrzychki
	Title:	 	Director

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	WELLS FARGO BANK, N.A., as a Lender
		
	By:	 	 /s/ Dustin S. Hansen

	Name:	 	Dustin S. Hansen
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	BANK OF SCOTLAND PLC, as a Lender
		
	By:	 	 /s/ Karen Weich

	Name:	 	Karen Weich
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	CITICORP USA, INC., as a Lender
		
	By:	 	 /s/ David Hunt

	Name:	 	David Hunt
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	 BMO CAPITAL MARKETS FINANCING, INC.,
 as a
Lender

		
	By:	 	 /s/ Mary Lou Allen

	Name:	 	Mary Lou Allen
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	 /s/ Andrew Ostrov

	Name:	 	Andrew Ostrov
	Title:	 	Director

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Daria Mahoney

	Name:	 	Daria Mahoney
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Joseph Gyurindak

	Name:	 	Joseph Gyurindak
	Title:	 	Director

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	ABN AMRO BANK N.V., as a Lender
		
	By:	 	 /s/ J.A. Conn

	Name:	 	J.A. Conn
	Title:	 	Managing Director
		
	By:	 	 /s/ John D. Reed

	Name:	 	John D. Reed
	Title:	 	Director

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	NATIXIS, as a Lender
		
	By:	 	 /s/ Donovan C. Broussard

	Name:	 	Donovan C. Broussard
	Title:	 	Managing Director
		
	By:	 	 /s/ Louis P. Laville, III

	Name:	 	Louis P. Laville, III
	Title:	 	Managing Director

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	COMERICA BANK, as a Lender
		
	By:	 	 /s/ Peter L. Sefzik

	Name:	 	Peter L. Sefzik
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	BANK OF OKLAHOMA, N.A., as a Lender
		
	By:	 	 /s/ Mike Weatherholt

	Name:	 	Mike Weatherholt
	Title:	 	Officer

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	TORONTO DOMINION (TEXAS) LLC, as a Lender
		
	By:	 	 /s/ Debbi L. Brito

	Name:	 	Debbi L. Brito
	Title:	 	Authorized Signatory

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Kay Murphy

	Name:	 	Kay Murphy
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	COMPASS BANK, as a Lender
		
	By:	 	 /s/ Kathleen J. Bowen

	Name:	 	Kathleen J. Bowen
	Title:	 	Senior Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	RZB FINANCE LLC, as a Lender
		
	By:	 	 /s/ Shirley Ritch

	Name:	 	Shirley Ritch
	Title:	 	Assistant Vice President
		
	By:	 	 /s/ John A. Valiska

	Name:	 	John A. Valiska
	Title:	 	First Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	MIDFIRST BANK, as a Lender
		
	By:	 	 /s/ Steve A. Griffin

	Name:	 	Steve A. Griffin
	Title:	 	Senior Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	ARVEST BANK, as a Lender
		
	By:	 	 /s/ Cindy Batt

	Name:	 	Cindy Batt
	Title:	 	Senior Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	MORGAN STANLEY BANK, as a Lender
		
	By:	 	 /s/ Daniel Twenge

	Name:	 	Daniel Twenge
	Title:	 	Authorized Signatory

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	BEAR STEARNS CORPORATE LENDING INC., as a Lender
		
	By:	 	 /s/ Victor F. Bulzacchelli

	Name:	 	Victor F. Bulzacchelli
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ Brian Caldwell

	Name:	 	Brian Caldwell
	Title:	 	Director
		
	By:	 	 /s/ Christopher Day

	Name:	 	Christopher Day
	Title:	 	Associate

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	UBS LOAN FINANCE LLC, as a Lender
		
	By:	 	 /s/ Richard L. Tavrow

	Name:	 	Richard L. Tavrow
	Title:	 	Director
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender
		
	By:	 	 /s/ Dusan Lazarov

	Name:	 	Dusan Lazarov
	Title:	 	Vice President
		
	By:	 	 /s/ Omayra Laucella

	Name:	 	Omayra Laucella
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ William M. Yarbenet

	Name:	 	William M. Yarbenet
	Title:	 	Vice President

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	LEHMAN BROTHER COMMERCIAL BANK, as a Lender
		
	By:	 	 /s/ Brian McNany

	Name:	 	Brian McNany
	Title:	 	Authorized Signatory

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT] 

			
	GOLDMAN SACHS CREDIT PARTNERS L.P., as a Lender
		
	By:	 	 /s/ Pedro Ramirez

	Name:	 	Pedro Ramirez
	Title:	 	Authorized Signatory

  

 [SIGNATURE PAGE TO LIMITED
WAIVER AND CONSENT]Chesapeake's 2003 Stock Award Plan

 Exhibit 10.1.14 
 CHESAPEAKE ENERGY CORPORATION 
 2003 STOCK AWARD PLAN FOR NON-EMPLOYEE DIRECTORS 
 (as amended) 
 1. Purposes of the
Plan. This Plan is established by the Company to aid in attracting and retaining persons of outstanding competence to serve on the Board of Directors who are not employed by the Company. The Plan is intended to enable such persons to
acquire or increase ownership interests in the Company on a basis that will encourage them to use their best efforts to promote the growth and profitability of the Company. Consistent with these objectives, the Plan provides for the award of Shares
to Non-Employee Directors on the terms and subject to the conditions set forth in the Plan. 
 2. Establishment. The Plan is effective
as of January 3, 2003. 
 3. Definitions. As used herein, the following definitions shall apply: 
 (a) “Applicable Laws” means the requirements of state corporate laws, United States federal and state securities laws,
the Code, and any stock exchange or quotation system on which the Common Stock is listed or quoted. 
 (b)
“Board” means the Board of Directors of the Company. 
 (c) “Code” means the Internal
Revenue Code of 1986, as amended. 
 (d) “Common Stock” means the Company’s common stock. 
 (e) “Company” means Chesapeake Energy Corporation, an Oklahoma corporation, and any successor to the Company. 

(f) “Director” means a member of the Board. 
 (g) “Non-Employee Director” means a Director who, as of the date first elected or appointed to the Board, is not an
officer or otherwise employed by the Company or any of its subsidiaries. 
 (h) “Paragraph” means a paragraph
of the Plan. 
 (i) “Participant” means a Non-Employee Director who has been awarded Shares under the Plan.

 (j) “Plan” means the Chesapeake Energy Corporation 2003 Stock Award Plan for Non-Employee Directors, as
may be amended from time to time. 
 (k) “Share” means a share of the Common Stock, as adjusted in accordance
with Paragraph 7. 
 (l) “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. 
  

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 4. Stock Subject to the Plan. Subject to the provisions of Paragraph 7, the maximum aggregate
number of Shares that may be awarded under the Plan is 100,000 Shares. 
 5. Administration of the Plan. The Plan shall be
administered by the Board. Subject to the provisions of the Plan, the Board shall have the authority to prescribe, amend and rescind rules and regulations relating to the Plan and to construe and interpret the terms of the Plan and awards made
pursuant to the Plan. All decisions, determinations and interpretations of the Board shall be final and binding on all Participants. 
 6.
Award of Shares. 
 (a) Each individual who becomes a Non-Employee Director after the effective date of the Plan shall
be awarded 10,000 Shares on his or her first day of service as a Non-Employee Director. 
 (b) In consideration for the Shares
awarded under the Plan, each Participant shall pay the Company an amount equal to the aggregate par value of the Shares awarded (the “Share Consideration”). The Share Consideration shall be payable in cash, provided the Company shall
withhold the Share Consideration from the first payment of director fees to be made by the Company to the Participant as a Non-Employee Director if the Share Consideration has not been earlier paid. A Participant must pay the amount of taxes
required by law as a result of an award of Shares under the Plan. 
 (c) Upon receipt of the Share Consideration and subject
to Paragraph 9, the Company shall issue the Participant a stock certificate evidencing the Shares awarded to the Participant under the Plan. 
 7. Adjustments Upon Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number and type of Shares which have been authorized for issuance under the Plan but as to which no Shares have yet
been awarded, shall be proportionately adjusted for any increase or decrease in the number or type of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other
increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company. The conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt
of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. 
 8. Amendment and Termination of the 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 in the opinion of counsel to the Company, Shareholder Approval is required by any Applicable Laws. 
 9. Conditions Upon
Issuance of Shares. 
 (a) Legal Compliance. Shares awarded pursuant to the Plan shall not be issued unless the
issuance and delivery of such Shares comply with Applicable Laws. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s legal counsel to be necessary to the
lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority shall not have been obtained 
  

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 (b) Investment Representations. As a condition to the award of Shares under the
Plan, the Board may require a Participant to represent and warrant at the time of the award that the Shares will be held only for investment and without any present intention to sell or distribute such Shares if, in the opinion of legal counsel to
the Company, such a representation is necessary or appropriate. 
 10. Reservation of Shares. The Company shall at all times reserve
and keep available such number of authorized and unissued Shares or Shares in its reserve of treasury stock as shall be sufficient to satisfy the requirements of the Plan. 
 11. Right to Continued Board Membership. Participation in the Plan shall not give any Participant any right to remain on the Board.

 12. 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. 
 13. Governing Law. 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. 
  

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