Document:

exhibit10.htm

    
      

      

    

     

     

     

    Rex
      Energy Corporation

    Director
      Compensation Plan

    

    Effective
      as of January 1, 2008

    

    This
      Director Compensation Plan (this “Plan”) of Rex Energy Corporation, a Delaware
      corporation (the “Company”), summarizes the director compensation of the
      Company.  The compensation that this Plan provides shall replace the
      compensation that Section 2(a) of any Independent Director’s Agreement may have
      provided prior to the effective date of this Plan as of the effective date
      of
      this Plan.  Any Participant’s acceptance of compensation under this
      Plan shall be deemed as the Participant’s acceptance of this Plan’s modification
      to Section 2(a) of the Participant’s Independent Director
      Agreement.

    

    
      	
              1.  

            	
              Definitions,
                Administration and
                Construction

            

    

    

    
      	
               

            	
              (a)

            	
              The
                following capitalized terms used in this Plan shall have the following
                meanings given to each of them in this Section
                1(a):

            

    

    

    
      	
               

            	
              “Annual
                Governance Cycle” means the period from the Board meeting immediately
                following the Company’s Annual Meeting of Stockholders until the next such
                meeting the following year;

            

    

    

    
      	
               

            	
              “Board”
                means the Board of Directors of the
                Company;

            

    

    

    
      	
               

            	
              “Committee”
                means a committee of the Board;

            

    

    

    
      	
               

            	
              “Common
                Stock” means Company Common Stock, $.001 par value per
                share;

            

    

    

    
      	
               

            	
              “Compensation
                Committee” means the Compensation Committee of the
                Board;

            

    

    

    
      	
               

            	
              “Equity
                Plan” means the Company’s 2007 Long-Term Incentive Plan or any successor
                plan; and

            

    

    

    
      	
               

            	
              “Participant”
                means a director of the Company who is not an employee of the
                Company.

            

    

    

    
      	
               

            	
              “Secretary”
                means the Secretary of the Company.

            

    

    

    
      	
               

            	
              (b)

            	
              The
                Compensation Committee shall administer this Plan.  The
                Compensation Committee may adopt rules for the administration of
                this Plan
                as it may deem necessary or advisable.  The Compensation
                Committee shall administer this Plan in accordance with Section 409A
                of
                the Internal Revenue Code of 1986, as amended (the “Code”), for deferrals
                made after December 31, 2004.  The Compensation Committee has
                full and absolute discretion in the exercise of each and every aspect
                of
                the rights, power, authority and duties retained or granted it under
                this
                Plan, including the authority to determine all facts, to interpret
                this
                Plan, to apply the terms of this Plan to the facts determined, to
                make
                decisions based upon those facts and to make any and all other decisions
                required of it by this Plan, such as the right to benefits, the correct
                amount and form of benefits, the determination of any appeal, the
                review
                and correction of the actions of any prior administrative committee,
                and
                the other rights, powers, authority and duties specified in this
                paragraph
                and elsewhere in this Plan.  Notwithstanding any provision of
                law, or any explicit or implicit provision of this document, any
                action
                taken, or finding, interpretation, ruling or decision made by the
                Compensation Committee in the exercise of any of its rights, powers,
                authority or duties under this Plan shall be final and conclusive
                as to
                all parties, including without limitation all Participants, former
                Participants and beneficiaries, regardless of whether the Compensation
                Committee or one or more of its members may have an actual or potential
                conflict of interest with respect to the subject matter of the action,
                finding, interpretation, ruling or decision.  No final action,
                finding, interpretation, ruling or decision of the Compensation Committee
                shall be subject to de novo review in any judicial
                proceeding.  No final action, finding, interpretation, ruling or
                decision of the Compensation Committee may be set aside unless it
                is held
                to have been arbitrary and capricious by a final judgment of a court
                having jurisdiction with respect to the
                issue.

            

    

    

    
      	
               

            	
              (c)

            	
              Except
                as expressly stated to the contrary, references in this plan to
                “including” mean “including, without limitation” and to “persons” mean
                natural persons and legal entities.

            

    

    

    2.           Retainers.

    

    
      	
               

            	
              (a)

            	
              From
                time to time, the Board (or at its direction, the Compensation Committee)
                may set retainers for Participants for their service as a member
                of the
                Board or one or more of its Committees.  Retainers for a
                Participant, including those for Committee chairs, may vary from
                those of
                other Participants.  The current retainers for Participants are
                listed on Exhibit A.

            

    

    

    
      	
               

            	
              (b)

            	
              Annual
                retainers are intended to compensate Participants for each Annual
                Governance Cycle.  A Participant who joins the Board during an
                Annual Governance Cycle shall receive annual retainers that are pro-rated
                based on the number of whole or partial months of an Annual Governance
                Cycle in which the Participant first serves.  The Company shall
                pay the joining Participant these retainers in cash in quarterly
                installments until the beginning of the next Annual Governance Cycle
                in
                accordance with Section 2(c).

            

    

    

    
      	
               

            	
              (c)

            	
              The
                Company shall pay to each Participant annual retainers in cash in
                four
                quarterly installments.  The Company shall pay each installment
                to the Participant on the date of the first regular meeting of the
                Board
                for that quarter.  If no such regular meeting is held during a
                quarter, the Company shall pay the Participant the installment on
                the last
                day of the calendar quarter.

            

    

    

    3.           Meeting
      Fees.

    

    
      	
               

            	
              (a)

            	
              From
                time to time, the Board (or at its direction, the Compensation Committee)
                may set meeting fees for Participants for their attendance at meetings
                of
                the Board or one or more of its Committees.  The amount of the
                meeting fees for a Participant, including those for Committee chairs,
                may
                vary from those of other Participants.  The current meeting fees
                for Participants are listed on Exhibit
                A.

            

    

    

    
      	
               

            	
              (b)

            	
              The
                meeting fees shall be due and payable to each Participant upon the
                Participant’s attendance at the applicable
                meeting.

            

    

    

    
      	
               

            	
              (c)

            	
              Meeting
                fees shall be paid in cash.

            

    

    

    3.           Equity
      Grants.

    

    From
      time
      to time, the Board (or at its direction, the Compensation Committee) may make
      grants of Common Stock or Common Stock derivatives (such as stock options or
      restricted unit awards) to Participants as compensation for their service on
      the
      Board with such terms and conditions as are stated in the grant.  The
      grant shall be made pursuant to this Plan and the terms of the Equity
      Plan.  The current equity grants are summarized on Exhibit
      A.

    

    4.           Expenses

    

    Upon
      submission of appropriate receipts, invoices or vouchers as the Company may
      reasonably require, the Company shall reimburse each Participant for all
      reasonable out-of-pocket expenses that the Participant may incur in connection
      with the Participant’s performance of the Participant’s duties as a
      director.

    

    5.           General

    

    
      	
               

            	
              (a)

            	
              None
                of this Plan, the Equity Plan, the grant of any award under this
                Plan or
                the Equity Plan or any other action taken pursuant to this Plan or
                the
                Equity Plan shall constitute or be evidence of any agreement or
                understanding, express or implied, that the Company will retain a
                Participant for any period of time or at any particular rate or amount
                of
                compensation.

            

    

    

    
      	
               

            	
              (b)

            	
              Except
                by the laws of decent and distribution in the event of a Participant’s
                death, the rights and benefits of this Plan may not be assigned or
                otherwise transferred.  A Participant shall cease to be a
                Participant under this Plan upon the Participant’s termination of his or
                her directorship with the Company whether by death, disability,
                retirement, resignation or removal.

            

    

    

    
      	
               

            	
              (c)

            	
              Any
                notice to the Company that this Plan requires shall be in writing,
                addressed to the Secretary and be effective when the Secretary receives
                the notice.

            

    

    

    
      	
               

            	
              (d)

            	
              This
                Plan and any determination or action taken respecting this Plan shall
                be
                governed by and construed in accordance with the laws of the State
                of
                Delaware, without reference to its law of conflicts of
                law.

            

    

    
      
              

                  --      
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    Board
      Retainers as of January 1, 2008

    

    
      	
               

            	
              Annual
                retainer = $20,000

            

    

    
      	
               

            	
              Annual
                retainer for Governance Committee Chair =
                $5,500

            

    

    
      	
               

            	
              Annual
                retainer for Compensation Committee Chair =
                $5,500

            

    

    
      	
               

            	
              Annual
                retainer for Audit/Ethics Committee Chair =
                $10,000

            

    

    
      	
               

            	
              Annual
                retainer for Committee members = $0

            

    

    

    Meeting
      fees as of January 1, 2008

    

    
      	
               

            	
              $1,500
                for each Board meeting attended

            

    

    
      	
               

            	
              $850
                for each Committee meeting attended

            

    

    

    Equity
      grants as of January 1, 2008

    

    Options
      to purchase 25,000 shares of the Company’s Common Stock (with a strike price
      equal to the reported closing price on the NASDAQ Stock Market on the date
      of
      grant) vesting 1/3 of the option on each of the 1st, 2nd
      and 3rd anniversaries
      of
      the date of grant and subject to such other terms and conditions as may be
      set
      forth in a stock option agreement, the form of which shall be approved by the
      Compensation Committee from time to time, which grant is to be made on the
      first
      meeting of the Board following the annual meeting of stockholders of the
      Company.

    
      
              

                  --exhibit10-1_121207.htm

    EXHIBIT
      10.1

    

    COMPUTER
      SCIENCES CORPORATION

    SENIOR
      MANAGEMENT AND KEY EMPLOYEE

    SEVERANCE
      AGREEMENT

     

    This
      SENIOR MANAGEMENT AND KEY EMPLOYEE SEVERANCE AGREEMENT (this "Agreement"),
      dated
      as of August 11, 2003 is made and entered into by and between Computer Sciences
      Corporation, a Nevada corporation (the "Company"), and the executive of the
      Company executing this Agreement (the "Executive").

     

    RECITALS

     

    This
      Agreement is being entered into in accordance with the Severance Plan attached
      hereto as Annex 1 (the "Plan") in order to set forth the specific severance
      compensation which the Company agrees that it will pay to the Executive if
      the
      Executive’s employment with the Company terminates under certain circumstances
      described in the Plan.

     

    AGREEMENT

     

    NOW,
      THEREFORE, in consideration of the continued service of the Executive as an
      employee of the Company, the mutual covenants and agreements contained in this
      Agreement, and for other good and valuable consideration, the receipt of which
      is hereby acknowledged, the parties hereto agree as follows:

     

    1.  
       Agreement to Provide Plan Benefits.  The Plan (as it may
      hereafter be amended or modified in accordance with the terms thereof) is hereby
      incorporated into this Agreement in full and made a part hereof as though set
      forth in full in this Agreement.  The Executive is hereby designated a
      member of Group B under the Plan and shall be entitled to all of the rights
      and
      benefits applicable to employees of the Company in such Group under the
      Plan.  The Company agrees to be bound by the Plan and to provide to
      the Executive all of the benefits provided to employees of the Company who
      are
      members of Group B under the Plan subject to the terms and conditions of the
      Plan.  Terms not otherwise defined in this Agreement shall have the
      meanings set forth in the Plan.  

     

    2. 
        Heirs and Successors.

     

    (a)   
      Successors of the Company.  The Company will require any
      successor or assign (whether direct or indirect, by purchase, merger,
      consolidation or otherwise) to all or substantially all of the business and/or
      assets of the Company to assume and agree to perform this Agreement in the
      same
      manner and to the same extent that the Company would be required to perform
      it
      if no such succession or assignment had taken place.  Failure of the
      Company to obtain such agreement prior to the effectiveness of any such
      succession transaction shall be a breach of this Agreement and shall entitle
      the
      Executive to terminate his or her employment with the Company within six months
      thereafter for Good Reason and to receive the benefits provided under the Plan
      in the event of termination for Good Reason following a Change of
      Control.  As used in this Agreement, "Company" shall mean the Company
      as defined above and any successor or assign to its business and/or assets
      as
      aforesaid which executes and delivers the agreement provided for in this Section
      2 or which otherwise becomes bound by all the terms and provisions of this
      Agreement by operation of law.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)   
      Heirs of the Executive.  This Agreement shall inure to the
      benefit of and be enforceable by the Executive's personal and legal
      representatives, executors, administrators, successors, heirs, distributees,
      devises and legatees.  If the Executive should die after the
      conditions to payment of benefits set forth in Section 5 of the Plan have been
      met and any amounts are still payable to him hereunder, all such amounts, unless
      otherwise provided herein, shall be paid in accordance with the terms of this
      Agreement to the Executive's beneficiary, successor, devisee, legatee or other
      designee or, if there be no such designee, to the Executive's
      estate.  Until a contrary designation is made to the Company, the
      Executive hereby designates as his beneficiary under this Agreement the person
      whose name appears below his signature on page 3 of this Agreement.

     

    3.   
      Notice.  For purposes of this Agreement, notices and all other
      communications provided for in the Agreement shall be in writing and shall
      be
      deemed to have been duly given when delivered or mailed by United States
      registered mail, return receipt requested, postage prepaid, as follows: if
      to
      the Company -- Computer Sciences Corporation, 2100 East Grand Avenue, El
      Segundo, California 90245 Attention: Vice President, General Counsel and
      Secretary; and if to the Designated Employee at the address specified at the
      end
      of this Agreement.  Notice may also be given at such other address as
      either party may have furnished to the other in writing in accordance herewith,
      except that notices of change of address shall be effective only upon
      receipt.

     

    4.   
      Miscellaneous.  No provisions of this Agreement or the Plan may
      be modified, waived or discharged unless such waiver, modification or discharge
      is agreed to in writing signed by the Designated Employee and the Company,
      except as provided in Section 9(a) of the Plan.  No waiver by any
      party hereto of, or compliance with, any condition or provision of this
      Agreement to be performed by such other party shall be deemed a waiver of
      similar or dissimilar provisions or conditions at the same or at any prior
      or
      subsequent time.  No agreements or representations, oral or otherwise,
      express or implied, with respect to the subject matter hereof have been made
      by
      either party which are not set forth expressly in this Agreement.

     

    5.   
      Validity.  The invalidity or
      unenforceability of any provisions of this Agreement shall not affect the
      validity or enforceability of any other provision of this Agreement, which
      shall
      remain in full force and effect.

     

    6.   
      Counterparts.  This Agreement may be executed in one or more
      counterparts, each of which shall be deemed to be an original but all of which
      together will constitute one and the same instrument.

     

    7.   
      Gender.  In this Agreement (unless the context requires
      otherwise), use of' any masculine term shall include the feminine.

     

    8.   
      Rescission.  The Company agrees that this Agreement and the
      right to receive payments pursuant to the Plan and this Agreement may be
      rescinded at any time by the Executive giving written notice to such effect
      to
      the Company in accordance with Section 3 above.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      above written.

     

    

    
      	
              COMPUTER
                SCIENCES CORPORATION

            	 	
                      EXECUTIVE

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              By:

            	
                /s/
                Van B. Honeycutt

            	 	
                /s/
                Michael W. Laphen

            
	 	
                      Van
                B. Honeycutt

            	 	
                      (Signature)

            
	 	 	 	 
	 	 	 	 
	 	 	 	
                      Michael
                W. Laphen

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	
                      (Address
                for Notice)

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	
                      (Designated
                Beneficiary)

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	
                      (Address
                for Beneficiary)

            

    

    

    
      
         

      

      
        3

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