Document:

Exhibit 10.1

 

September 29, 2021

 

[Executive]

[Address]

[Address]

 

Re:     Change
in Control Agreement

 

Dear [Name]:

 

Reference is made to the Agreement
and Plan of Merger, dated as of May 23, 2021, among Cabot Oil & Gas Corporation (“Cabot”), Double C Merger
Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Cabot (“Merger Sub”), and Cimarex Energy Co.,
a Delaware corporation (“Cimarex”), as subsequently amended on June 29, 2021 (the “Merger Agreement”),
pursuant to which Merger Sub will be merged with and into Cimarex (the “Merger”) in accordance with the terms of the
Merger Agreement.

 

This letter agreement (this
 “Letter Agreement”) is intended to memorialize our agreement regarding the treatment of certain rights under the Change
in Control Agreement, dated as of [DATE] (as amended [DATE]) between you and Cabot (the “Change in Control Agreement”).
Except as otherwise indicated herein, capitalized terms that are used but not defined in this Letter Agreement, but that are defined in
the Change in Control Agreement, shall have the meanings ascribed to them in the Change in Control Agreement.

 

This Letter Agreement shall
automatically terminate and be of no force or effect if your employment with Cabot is terminated for any reason before the Closing (as
defined in the Merger Agreement) or the Merger Agreement is terminated for any reason without the occurrence of the Closing.

 

1.     Termination
of Change in Control Agreement. By signing below, you and Cabot agree that, subject to and in consideration for the compensation described
in Section 2 of this Letter Agreement, the Change in Control Agreement shall terminate and be of no further force or effect (other
than provisions of such agreement [relating to Sections 280G and 4999 of the Code (and any associated definitional provisions) and] relating
to disputes, which shall survive and continue in full force and effect and be incorporated by reference into this Letter Agreement and
apply to this Letter Agreement and the [Deferred Compensation Contribution/Deferred Compensation Agreement] as if set forth herein) effective
as of the Effective Time (as defined in the Merger Agreement).

 

2.     Deferred
Compensation. As of the Closing Date (as defined in the Merger Agreement), Cabot will [cause to be credited to the Cabot Oil &
Gas Corporation Deferred Compensation Plan (the “Deferred Compensation Plan”) a Company Discretionary Contribution
Amount (as defined in the Deferred Compensation Plan) equal to $[_____________] (the “Deferred Compensation Contribution”).
The Deferred Compensation Contribution shall be credited to your Company Contribution Account and shall be deemed to be invested in the
Investment Fund Subaccounts (each as defined in the Deferred Compensation Plan) designated by you pursuant to the Deferred Compensation
Plan. The Deferred Compensation Contribution will be paid to you from Cabot as provided in the payment provisions of the Deferred Compensation
Plan.][enter into a deferred compensation agreement with you substantially in the form set forth in Exhibit A (the “Deferred
Compensation Agreement”) in an amount equal to $[_____________].

 

     

     

    

 

3.     Restrictive
Covenants. In consideration of the benefits provided by this Letter Agreement, you agree to comply with the restrictive covenants
set forth in Exhibit [A/B] hereto.

 

4.     Section 409A.
This Letter Agreement is intended to be exempt from or comply with Section 409A of the Code
and ambiguous provisions, if any, shall be construed in a manner that is compliant with or exempt from the application of Section 409A.

 

5.     [Section 280G.
In the event that any payment or benefit received or to be received by you from the Company (or an affiliate or successor) pursuant to
this Letter Agreement or otherwise (“Payments”) would be subject (in whole or part) to the excise tax imposed by Section 4999
of the Internal Revenue Code of 1986, as amended (the “Excise Tax”), then the Payments shall be either (a) provided in
full pursuant to the terms of this Letter Agreement or any other applicable agreement, or (b) reduced to an amount equal to the greatest
portion of the Payments that, if paid, would result in no portion of any Payment being subject to the Excise Tax (the “Reduced Amount”),
whichever results in the receipt by you, on a net after-tax basis (including, without limitation, any Excise Tax), of the greatest amount,
notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Any reduction shall be made by agreement of
the Company and you first from Payments that are exempt from Section 409A of the Code, and only thereafter from Payments that are
subject to Section 409A of the Code. To the extent the reduction is made from Payments that are subject to Section 409A of the
Code, the reduction shall first apply to any in-kind benefits (or reimbursements) beginning with the benefits (or reimbursements) to be
paid latest in time; second, to Payments in the form of shares of common stock of the Company, beginning with shares to be delivered
latest in time; third, with respect to cash Payments, beginning with the cash Payments to be made latest in time.]

 

6.     Governing
Law. The validity, interpretation, construction and performance of this Letter Agreement shall in all respects be governed by the
laws of the State of Texas, without reference to any principles of conflicts of law thereof that would result in the application of the
laws of any other jurisdiction.

 

7.     Entire
Agreement; Amendments. This Letter Agreement, together with the Change in Control Agreement and [the Deferred Compensation Contribution/the
Deferred Compensation Agreement], represents the complete understanding between you and Cabot regarding the subject matter of this Letter
Agreement. No amendment to this Letter Agreement shall be binding upon either party unless in writing and signed by or on behalf of such
party. The obligations of the parties hereto are severable and divisible. In the event any provision hereunder is determined to be illegal
or unenforceable, the remainder of this Letter Agreement shall continue in full force and effect.

 

    2

     

    

 

8.     Employment
at Will; Tax Withholding. This Letter Agreement does not provide a guarantee of employment for any specific duration or a guarantee
of any fixed terms or conditions of employment. Your employment with Cabot will continue to be “at will”, which means that
either you or Cabot may terminate your employment relationship at any time, with or without cause or notice, subject only to payment of
the compensation and benefits contemplated by this Letter Agreement or any other agreement between you and Cabot or any severance or benefit
plan maintained by Cabot pursuant to which you are a participant or a beneficiary. Employment with Cabot for purposes of this Letter Agreement
shall include employment with any subsidiary or affiliate of Cabot. Cabot reserves the right to withhold or cause to be withheld applicable
local, state, federal and foreign taxes from any amounts paid pursuant to this Letter Agreement in the reasonable discretion of Cabot.

 

[Signature Page Follows]

 

    3

     

    

 

	 	Sincerely,
	 	 
	 	CABOT OIL & GAS CORPORATION
	 	 
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:    
	 	 	 
	 	Acknowledged and Agreed:
	 	
	 	 
	 	[Name]

 

[Signature Page for Letter Agreement]

 

     

     

    

 

[Exhibit A

 

Deferred Compensation Agreement]

 

    A-1

     

    

 

Exhibit [A/B]

 

Restrictive Covenants

 

In return for the consideration provided for in
the Letter Agreement as well as the goodwill and Confidential Information you receive from, develop, or have access to due to your employment
with Cabot, you acknowledge and agree that you are subject to the following restrictive covenants, both during and after the term of your
employment by Cabot. Therefore, you agree as follows:

 

1. Non-Compete. You shall not, either during
the term of your employment by Cabot or for a period of 18 months thereafter, engage in any Competitive Business (as defined below) within
any county or parish or adjacent to any county or parish in which Cabot or an affiliate owns an interest (whether by ownership, leasehold
or otherwise) in any oil or natural gas properties or other properties utilized by Cabot in the operation of its business; provided, however,
that the ownership of less than five percent of the outstanding capital stock of a corporation whose shares are traded on a national securities
exchange or on the over-the-counter market shall not be deemed engaging in a Competitive Business. “Competitive Business”
shall mean the acquisition, development or production of crude oil and/or natural gas, or any other business activities that are the same
as or similar to Cabot's or any of its affiliate's business operations as its business exists, and in the geographic areas in which Cabot
is operating, on the date of termination of your employment.

 

2. No Solicitation. You shall not, directly
or indirectly, either during the term of your employment by Cabot or for a period of 18 months thereafter, (a) solicit, directly
or indirectly, the services of any person who was an employee of Cabot, its subsidiaries, divisions or affiliates, or otherwise induce
such employee to terminate or reduce such employment or (b) solicit the business of any person who was a customer of Cabot, its subsidiaries,
divisions or affiliates, in each case at any time during the last year of the term of your employment by Cabot.

 

3. Non-Disclosure: You shall not, during
the term of your employment by Cabot or any time thereafter, irrespective of the time, manner or cause of the termination of your employment,
directly or indirectly use or reveal, divulge, disclose or communicate to any person or entity, other than in the course of performing
your job duties to authorized officers, directors and employees of Cabot, in any manner whatsoever, any Confidential Information subsequent
to the time of your termination of employment for any purpose, without the prior written consent of Cabot. “Confidential Information”
shall mean information about Cabot or any of its subsidiaries or affiliates or their respective businesses, products and practices, disclosed
to or known or obtained by you as a direct or indirect consequence of or through your employment with Cabot, which information is not
generally known in the business in which Cabot or such subsidiaries or affiliates are or may be engaged. However, Confidential Information
shall not include under any circumstances any information with respect to the foregoing matters which is (a) available to the public
from a source other than you, (b) released in writing by Cabot to the public or to persons who are not under a similar obligation
of confidentiality to Cabot and who are not parties to this Letter Agreement, (c) obtained by you from a third party not under a
similar obligation of confidentiality to Cabot, (d) required to be disclosed by any court process or any government agency or department
of any government, or (e) the subject of a written waiver executed by Cabot for the benefit of you.

 

    B-1

     

    

 

4. Return of Property: Upon your termination
of employment, you will surrender to Cabot all Confidential Information, including without limitation, all lists, charts, schedules, reports,
financial statements, books and records of Cabot or any of Cabot’s subsidiaries or affiliates, and all copies thereof, and all other
property belonging to Cabot or any of Cabot’s subsidiaries or affiliates, provided, however, that you shall be accorded reasonable
access to such Confidential Information subsequent to your termination of employment for any proper purpose as determined in the reasonable
judgment of Cabot. In addition, you agree to search for and delete all Cabot business information (other than the payroll information
that you may need to file tax returns or keep for financial records), including all Confidential Information, that may exist on your personal
electronic devices such as a smartphone, laptop, tablet, personal computer, flash drive, or any other electronic storage device and, if
requested by Cabot, certify that you have searched for, returned, and deleted all Cabot information from your personal electronic storage
devices.

 

5. Protected Rights and Immunity. Notwithstanding
the foregoing, nothing in this Letter Agreement or the restrictive covenants above limits your ability to file a charge or complaint with
a government agency. In addition, the non-disclosure provision above does not affect your ability to communicate with any government agency
or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents
or other information, without notice to Cabot. Further, you acknowledge that an individual shall not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that — (a) is made (i) in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose
of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal.

 

6. Remedies. You acknowledge and agrees
that Cabot’s remedy at law for a breach or a threatened breach of the provisions of the foregoing covenants could be inadequate
or difficult to quantify, and in recognition of this fact, in the event of a breach or threatened breach by you of any of the provisions
of the foregoing covenants, it is agreed that Cabot will be entitled to seek equitable relief in the form of specific performance, a temporary
restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without posting bond
or other security. You acknowledge that the granting of a temporary injunction, a temporary restraining order or other permanent injunction
merely prohibiting you from engaging in any business activities would not be an adequate remedy upon breach or threatened breach of the
foregoing covenants, and consequently agree upon any such breach or threatened breach to the granting of injunctive relief prohibiting
you from engaging in any activities prohibited by the foregoing covenants. No remedy herein conferred is intended to be exclusive of any
other remedy, and each and every such remedy will be cumulative and will be in addition to any other remedy given hereunder now or hereinafter
existing at law or in equity or by statute or otherwise. In addition, in the event of any breach or suspected breach of the provisions
of the foregoing covenants, Cabot shall have the right to suspend immediately any payments or benefits that may otherwise be due to you
pursuant to this Letter Agreement.

 

    B-2Exhibit 10.2

 

CABOT
OIL & GAS CORPORATION

 

DEFERRED
COMPENSATION AGREEMENT

 

This Deferred
Compensation Agreement (“Agreement”) is made between Cabot Oil & Gas Corporation, a Delaware corporation (the “Company”),
and Phillip L. Stalnaker (“Executive”), effective as of October 1, 2021 (the “Effective Date”) in connection
with the Company and Executive entering into a letter agreement (the “letter agreement”) regarding the treatment of certain
rights under Executive’s Change in Control Agreement (as defined in such letter agreement).

 

This Agreement
shall automatically terminate and be of no force or effect if Executive’s employment with the Company is terminated for any reason
before the Closing (as defined in the Agreement and Plan of Merger, dated as of May 23, 2021, among the Company, Double C Merger
Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”), and Cimarex Energy Co.,
a Delaware corporation (“Cimarex”), as subsequently amended on June 29, 2021 (the “Merger Agreement”), pursuant
to which Merger Sub will be merged with and into Cimarex (the “Merger”) in accordance with the terms of the Merger Agreement)
or the Merger Agreement is terminated for any reason without the occurrence of the Closing.

 

ARTICLE I

 

DEFINITIONS

 

	1.1	Definitions.

 

Whenever
the following words and phrases are used in this Agreement, with the first letter capitalized, they shall have the meanings specified
below.

 

(a) “Account”
shall mean the bookkeeping account maintained by the Committee for Executive that, pursuant to Section 3.1, is credited with amounts
equal to (i) $3,131,700 and (ii) earnings and losses.

 

(b) “Beneficiary”
or “Beneficiaries” shall mean the person or persons, including a trustee, personal representative or other fiduciary, last
designated in writing by Executive in accordance with procedures established by the Committee to receive the benefits specified hereunder
in the event of Executive’s death. No beneficiary designation shall become effective until it is filed with the Committee. Any
designation shall be revocable at any time through a written instrument filed by Executive with the Committee with or without the consent
of the previous Beneficiary. If there is no such designation or if there is no surviving designated Beneficiary, then the Beneficiary
shall be Executive’s surviving spouse, if any, or, if there is no surviving spouse, Executive’s estate. Payment by the Company
to the Beneficiary identified pursuant to the terms of this Section 1.1(b) if no such designation exists, of all benefits owed
hereunder shall terminate any and all liability of the Company.

 

(c) “Board of Directors”
or “Board” shall mean the Board of Directors of the Company.

 

(d) “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(e) “Committee”
shall mean the Committee appointed by the Board to administer the Agreement in accordance with Article VI.

 

(f) “Company”
shall mean Cabot Oil & Gas Corporation and any successor corporations.

 

(g) “Deferred
Compensation Plan” shall mean Cabot Oil & Gas Corporation Deferred Compensation Plan now in effect, or as amended from
time to time.

 

(h) “Distributable
Amount” shall mean the balance in Executive’s Account.

 

(i) “401
(k) Plan” shall mean the retirement plan maintained by the Company on the Effective Date that is intended to qualify under
Sections 401(a) and 401(k) of the Code and any successor or replacement plan.

 

(j) “Fund”
or “Funds” shall mean one or more of the investment funds selected by the Committee pursuant to Section 2.1(b).

 

     

     

    

 

(k) “Interest”
shall mean, for each Fund, an amount equal to the net rate of gain or loss on the assets of such Fund, as calculated on a daily basis.

 

(l) “Investment
Fund Subaccount” means one of the separate subaccounts into which Executive’s Account is divided pursuant to Executive’s
election under Section 2.1(a).

 

(m) “Payment Date”
shall mean

 

(i) except
as provided in Section 1.1(m)(ii), the 15th business day following the earlier of (A) the date of Executive’s Separation
from Service or (B) Executive’s death; and

 

(ii) if
Executive is a Specified Employee on the Payment Date otherwise applicable in Section 1.1(m)(i), the 15th business day following
the earlier of (A) the expiration of six months following the date of Executive’s Separation from Service or (B) the
date of Executive’s death.

 

(n) “Section 409A”
shall mean Section 409A of the Code and all related regulations and notices in effect thereunder.

 

(o) “Separation
from Service” shall mean separation from service as defined in Treasury Regulation 1.409A-1(h), other than because of Executive’s
death.

 

(p) “Specified
Employee” shall mean an individual who, on the date of Separation from Service with the Company, is treated as a Specified Employee
by the Company in accordance with the requirements of Section 409A.

 

(q) “Trust”
shall mean a trust that may be established pursuant to Section 3.2.

 

(r) “Unforeseeable
Emergency” shall mean a severe financial hardship to Executive resulting from:

 

(i) a
sudden and unexpected illness or accident of Executive or of his spouse, beneficiary or dependent (as defined in Section 152 of
the Code without regard to Section 152(b)(1), Section 152(b)(2) and Section 152(d)(1)(B));

 

(ii) loss of
Executive’s property due to casualty and not otherwise covered by insurance; or

 

(iii) such other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond Executive’s control.

 

Except as otherwise provided
herein, “Unforeseeable Emergency” shall not include the purchase of a home or the payment of college tuition.

 

The Committee
shall have the sole authority and discretion to determine whether Executive has experienced an Unforeseeable Emergency and may require
Executive to submit such documentary evidence as the Committee, in its sole discretion, deems necessary to establish the existence or
non-existence of an Unforeseeable Emergency and/or the amount of such distribution. The Committee shall have the sole discretion and
authority to establish the time period within which Executive must provide any such documentary evidence.

 

(s) “Year”
shall mean the period of twelve consecutive months beginning on each January 1 and ending on December 31.

 

ARTICLE II

 

INVESTMENT
ELECTIONS

 

	2.1	Investment
    Elections.

 

(a) In
connection with entering into this Agreement, Executive shall designate the types of Funds Executive’s Account will be deemed to
be invested in for purposes of determining the amount of Interest to be credited to the Account. In making the designation pursuant to
this Section 2.1, Executive may specify that all or any multiple of his Account in whole percentage increments (equal to or greater
than 1%) be deemed to be invested in one or more of the types of Funds provided under the Agreement as communicated from time to time
by the Committee. Executive may change the designation made under this Section 2.1 effective as of the next following business day,
by following the procedures set forth by the Committee; provided, however, that the portion of Executive’s Account that is subject
to such change shall be at least $250. If Executive fails to designate a type of fund under this Section 2.1, his Account shall
be invested in the fund or funds designated by Executive under the Deferred Compensation Plan and if no such election has been made thereunder,
his account shall be invested in the fund designated by the Committee.

 

    2

     

    

 

(b) Although
Executive may designate the type of investments, the Committee shall not be bound by such designation. The Committee, from time to time,
in its sole discretion, may designate commercially available investments of each of the types communicated by the Committee to Executive
pursuant to Section 2.1(a) above to be the Funds. The interest rate of each such commercially available Fund shall be used
to determine the amount of earnings or losses to be credited to Executive’s Account under Article III.

 

ARTICLE III

 

ACCOUNT
AND TRUST FUNDING

 

	3.1	Account.

 

The Committee
shall establish and maintain an Account for Executive under the Agreement. Executive’s Account shall be further divided into separate
Investment Fund Subaccounts, each of which corresponds to a Fund elected by Executive pursuant to Section 2.1(a). Executive’s
Account shall be credited as follows:

 

(a) On
or within fifteen business days of the Effective Date, the Committee shall credit the Investment Fund Subaccounts of Executive’s
Account with an amount equal to $3,131,700 in accordance with Executive’s designation under Section 2.1(a); that is, the portion
of the credit that Executive has elected to be deemed to be invested in a certain type of Fund shall be credited to the Investment Fund
Subaccount corresponding to that Fund; and

 

(b) As
of each payroll date during each Year, each Investment Fund Subaccount of Executive’s Account shall be credited with Interest in
an amount equal to that determined by multiplying the balance credited to such Investment Fund Subaccount immediately following the preceding
payroll date by the Interest Rate for the corresponding Fund selected by the Company pursuant to Section 2.1(b).

 

	3.2	Trust
    Funding.

 

The Company
may create a Trust with respect to which Fidelity Management Trust Company, or another third party, may serve as Trustee. The Company
may contribute to the Trust an amount equal to the amount credited to Executive’s Account pursuant to Section 3.1. The Company
may also contribute such additional amounts as it shall deem necessary or appropriate.

 

Although
the principal of the Trust and any earnings thereon shall, if established, be held separate and apart from other funds of Company and,
except as provided below, shall be used exclusively for the uses and purposes of Executive and Beneficiaries as set forth therein, neither
Executive nor his Beneficiaries shall have any preferred claim on, or any beneficial ownership in, any assets of the Trust prior to the
time such assets are paid to Executive or his Beneficiaries as benefits and all rights created under this Agreement shall be unsecured
contractual rights of Executive and his Beneficiaries against the Company. Any assets held in the Trust will be subject to the claims
of Company’s general creditors under federal and state law in the event of insolvency as may be defined in the Trust.

 

Except
as provided above, assets of the Agreement and, if established, the Trust shall never inure to the benefit of the Company and the same
shall be held for the exclusive purpose of providing benefits to Executive and his Beneficiaries and deferring reasonable expenses of
administering the Agreement and, if established, the Trust.

 

ARTICLE IV

 

VESTING

 

	4.1	Vesting.

 

Executive’s Account shall
be 100% vested at all times.

 

    3

     

    

 

ARTICLE V

 

DISTRIBUTIONS

 

	5.1	Distribution
    of Account.

 

The Distributable Amount shall
be paid to Executive in a lump sum on the Payment Date.

 

	5.2	Inability
    to Locate Executive.

 

In the
event that the Committee is unable to locate Executive or Beneficiary within two years following the required Payment Date, the amount
allocated to Executive’s Account shall be forfeited and, to the extent that such amounts have been funded through contributions
to the Trust Fund, shall be credited and restored to the Company.

 

ARTICLE VI

 

ADMINISTRATION

 

	6.1	Committee.

 

A Committee
shall be appointed by, and serve at the pleasure of, the Board of Directors. The number of members comprising the Committee shall be
determined by the Board which may from time to time vary the number of members. A member of the Committee may resign by delivering a
written notice of resignation to the Board. The Board may remove any member by delivering a certified copy of its resolution of removal
to such member. Vacancies in the membership of the Committee shall be filled promptly by the Board.

 

	6.2	Committee
    Action.

 

The Committee
shall act at meetings by affirmative vote of a majority of the members of the Committee. Any action permitted to be taken at a meeting
may be taken without a meeting if, prior to such action, a written consent to the action is signed by all members of the Committee and
such written consent is filed with the minutes of the proceedings of the Committee. The Chairman or any other member or members of the
Committee designated by the Chairman may execute any certificate or other written direction on behalf of the Committee.

 

	6.3	Powers
    and Duties of the Committee.

 

(a) The
Committee, on behalf of Executive and his Beneficiaries, shall enforce the Agreement in accordance with its terms, shall be charged with
the general administration of the Agreement, and shall have all powers necessary to accomplish its purposes, including, but not by way
of limitation, the following:

 

(i) To select
the Funds in accordance with Section 2.1(b) hereof;

 

(ii) To construe
and interpret the terms and provisions of this Agreement;

 

(iii) To compute
and certify to the amount of benefits payable to Executive and his Beneficiaries;

 

(iv) To
maintain all records that may be necessary for the administration of the Agreement;

 

(v) To
provide for the disclosure of all information and the filing or provision of all reports and statements to Executive, Beneficiaries or
governmental agencies as shall be required by law;

 

(vi) To
make and publish such rules for the regulation of the Agreement and procedures for the administration of the Agreement as are not
inconsistent with the terms hereof;

 

(vii) To
appoint an administrator or any other agent, and to delegate to them such powers and duties in connection with the administration of
the Agreement as the Committee may from time to time prescribe; and

 

(viii) To take
all actions necessary for the administration of the Agreement.

 

	6.4	Construction
    and Interpretation.

 

The Committee
shall have full discretion to construe and interpret the terms and provisions of this Agreement, which interpretations or construction
shall be final and binding on all parties, including, but not limited to, the Company and Executive or Beneficiary.

 

    4

     

    

 

	6.5	Information.

 

To enable
the Committee to perform its functions, the Company shall supply full and timely information to the Committee on all matters relating
to Executive’s Separation from Service or death, and such other pertinent facts as the Committee may require.

 

	6.6	Compensation,
    Expenses and Indemnity.

 

(a) The
members of the Committee shall serve without compensation for their services hereunder.

 

(b) The
Committee is authorized, at the expense of the Company, to employ such legal counsel as it may deem advisable to assist in the performance
of its duties hereunder. Expenses and fees in connection with the administration shall be paid by the Company.

 

(c) To
the extent permitted by applicable state law, the Company shall indemnify and hold harmless the Committee and each member thereof, the
Board of Directors and any delegate of the Committee who is an employee of the Company against any and all expenses, liabilities and
claims, including legal fees to defend against such liabilities and claims arising out of their discharge in good faith of responsibilities
under or incident to the Agreement, other than expenses and liabilities arising out of willful misconduct. This indemnity shall not preclude
such further indemnities as may be available under insurance purchased by the Company or provided by the Company under any bylaw, agreement
or otherwise, as such indemnities are permitted under state law.

 

	6.7	Quarterly
    Statements.

 

Under procedures
established by the Committee, Executive shall receive a statement with respect to his Account on a quarterly basis as of each March 31,
June 30, September 30 and December 31.

 

	6.8	Claims
    and Review Procedures.

 

(a) Claims
Procedure. If Executive believes he is entitled to any rights or benefits under the Agreement, he may file a claim in writing with
the Chief Executive Officer of the Company (“CEO”). If any such claim is wholly or partially denied, the CEO will notify
such person of his decision in writing. Such notification will contain (i) specific reasons for the denial, (ii) specific reference
to pertinent Agreement provisions, (iii) a description of any additional material or information necessary for Executive to perfect
such claim and an explanation of why such material or information is necessary, and (iv) information as to the steps to be taken
if Executive wishes to submit a request for review, the time limits applicable to such procedures, and a statement of Executive’s
rights following an adverse benefit determination on review, including a statement of his right to file a lawsuit under the Employee
Retirement Income Security Act of 1974 (“ERISA”) if the claim is denied on appeal. Such notification will be given within
90 days after the claim is received by the CEO (or within 180 days, if special circumstances require an extension of time for processing
the claim, and if written notice of such extension and circumstances is given to Executive within the initial 90-day period).

 

(b) Claim
Review Procedure. Within 60 days after the date on which Executive receives a notice of denial, Executive or his duly authorized
representative (“Applicant”) may (i) file a written request with the CEO for a review of his denied claim; (ii) review
pertinent documents; and (iii) submit issues and comments in writing. The Applicant may submit written comments, documents, records
and other information relating to the claim for benefits under this Agreement. The Applicant may request a formal hearing before the
CEO, which the CEO may grant in his discretion. The CEO shall notify the Applicant of his decision with regard to Applicant’s claim
not later than 60 days of the receipt of Applicant’s request; provided, however, that CEO may determine that an extension of up
to 60 days from the termination date of the initial 60-day review period is required and shall advise the Applicant in writing of the
special circumstances requiring any such extension and the date by which the expects to render a decision. Such special circumstances
that require an extension of time for rendering a decision include, but are not limited to, the need to hold a hearing. The decision
on review shall be in written or electronic notice of the final determination. If the claim is denied in whole or part, such notice,
which shall be in a manner calculated to be understood by the person receiving such notice, shall include (A) the specific reasons
for the decision, (B) the specific references to the pertinent Agreement provisions on which the decision is based, (C) that
the Applicant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and
other information relevant to the claim for benefits, and (D) a statement of the Applicant’s right to file a lawsuit under
ERISA.

 

    5

     

    

 

Benefits
under this Agreement will only be paid if the CEO decides, in his discretion, that an Applicant is entitled to them. The decision of
the CEO on review of the claim denial shall be binding on all parties when Executive has exhausted the claims procedure under this Section 6.8.
Moreover, no action at law or in equity shall be brought to recover benefits under this Agreement prior to the date the Applicant has
exhausted the administrative remedies under this Section 6.8.

 

ARTICLE VII

 

MISCELLANEOUS

 

	7.1	Unsecured
    General Creditor.

 

Executive
and his Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, claims, or interest in any specific property
or assets of the Company. No assets of the Company shall be held in any way as collateral security for the fulfilling of the obligations
of the Company under this Agreement. Any and all of the Company’s assets shall be, and remain, the general unpledged, unrestricted
assets of the Company. The Company’s obligation under the Agreement shall be merely unfunded and unsecured promise of the Company
to pay money in the future, and the rights of Executive and Beneficiaries shall be no greater than those of unsecured general creditors.
It is the intention of the Company that this Agreement be unfunded for purposes of the Code and for purposes of Title 1 of ERISA.

 

	7.2	Restriction
    Against Assignment.

 

The Company
shall pay all amounts payable hereunder only to the person or persons designated by the Agreement and not to any other person or corporation.
No part of Executive’s Account shall be liable for the debts, contracts, or engagements of any successors in interest, nor shall
Executive’s Account be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding,
nor shall any such person have any right to alienate, anticipate, sell, transfer, commute, pledge, encumber, or assign any benefits or
payments hereunder in any manner whatsoever. If Executive, any Beneficiary or successor in interest is adjudicated bankrupt or purports
to anticipate, alienate, sell, transfer, commute, assign, pledge, encumber or charge any distribution or payment from the Agreement,
voluntarily or involuntarily, the Committee, in its discretion, may cancel such distribution or payment (or any part thereof) to or for
the benefit of Executive, such Beneficiary or successor in interest in such manner as the Committee shall direct.

 

	7.3	Withholding.

 

There shall
be deducted from each payment made under the Agreement to Executive (or Beneficiary) all taxes which are required to be withheld by the
Company in respect to such payment or this Agreement. The Company shall have the right to reduce any payment (or compensation) by the
amount of cash sufficient to provide the amount of said taxes.

 

	7.4	Amendment,
    Modification, Suspension or Termination.

 

The Committee
may amend, modify, suspend or terminate the Agreement in whole or in part, except that no amendment, modification, suspension or termination
shall have any retroactive effect to reduce any amounts allocated to Executive’s Account. In the event that this Agreement is terminated,
the amounts allocated to Executive’s Account shall be distributed to Executive or, in the event of his death, his Beneficiary in
a lump sum on the fifteenth business day following the date of termination.

 

	7.5	Governing
    Law.

 

This Agreement
shall be construed, governed and administered in accordance with the laws of the State of Delaware.

 

	7.6	Receipt
    or Release.

 

Any payment
to Executive or Executive’s Beneficiary in accordance with the provisions of the Agreement shall, to the extent thereof, be in
full satisfaction of all claims under the Agreement against the Committee and the Company. The Committee may require Executive or Beneficiary,
as a condition precedent to such payment, to execute a receipt and release to such effect; provided, however, that the terms and conditions
applicable to such release shall not cause this Agreement or the payment of any amounts under this Agreement to fail to comply with Section 409A.

 

    6

     

    

 

	7.7	Payments
    on Behalf of Persons Under Incapacity.

 

In the
event that any amount becomes payable under the Agreement to a person who, in the sole judgment of the Committee, is considered by reason
of physical or mental condition to be unable to give a valid receipt therefore, the Committee may direct that such payment be made to
any person found by the Committee, in its sole judgment, to have assumed the care of such person. Any payment made pursuant to such determination
shall constitute a full release and discharge of the Committee and the Company.

 

	7.8	Limitation
    of Rights and Employment Relationship.

 

Neither
the establishment of the Agreement or Trust nor any modification thereof, nor the creating of any fund or account, nor the payment of
any benefits shall be construed as giving to Executive or other person any legal or equitable right against the Company or the trustee
of the Trust except as provided in the Agreement and, if established, Trust; and in no event shall the terms of employment of Executive
be modified or in any way be affected by the provisions of the Agreement and, if established, Trust.

 

	7.9	Headings.

 

Headings
and subheadings in this Agreement are inserted for convenience of reference only and are not to be considered in the construction of
the provisions hereof.

 

	7.10	Section 409A.

 

The following provisions shall
apply to this Agreement, notwithstanding any provision to the contrary:

 

(a) This
Agreement is intended to comply with or be exempt from Section 409A of the Code and ambiguous provisions, if any, shall be construed
in a manner that is compliant with or exempt from the application of Section 409A.

 

(b) This
Agreement shall not be amended or terminated in a manner that would cause the Agreement or any amounts payable under the Agreement to
fail to comply with the requirements of Section 409A, to the extent applicable, and, further, the provisions of any purported amendment
that may reasonably be expected to result in such non-compliance shall be of no force or effect with respect to the Agreement.

 

(c) The
Agreement shall neither cause nor permit any payment, benefit or consideration to be substituted for a benefit that is payable under
this Agreement if such action would result in the failure of any amount that is subject to Section 409A to comply with the applicable
requirements of Section 409A.

 

(d) Notwithstanding
any provision of this Agreement to the contrary, if Executive is a Specified Employee as of the date of Executive’s Separation
from Service, then any amounts or benefits which are payable under this Agreement upon Executive’s Separation from Service which
are subject to the provisions of Section 409A and are not otherwise excluded under Section 409A and would otherwise be payable
during the first six-month period following such Separation from Service shall be paid on the first business day next following the earlier
of (i) the date that is six months and one day following the date of Executive’s Separation from Service or (ii) the
date of Executive’s death.

 

    7

     

    

 

IN WITNESS
WHEREOF, the Company has caused this document to be executed by its duly authorized officer on this 30th day of September,
2021.

 

COMPANY

 

	By:	 /s/
    Scott C. Schroeder	 
	 	Name:	Scott
    C. Schroeder	 
	 	Title:	Executive Vice President and
    Chief Financial Officer	 

 

EXECUTIVE
  

 

	/s/
    Phillip L. Stalnaker	 
	Phillip
    L. Stalnaker	 

 

    8

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