Document:

<PAGE>   1

                                                                  EXHIBIT 4.7.1

         FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

         THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (herein
called this "Amendment") is made effective as of the 31st day of July, 2000 by
and among Chesapeake Exploration Limited Partnership, an Oklahoma limited
partnership ("Borrower"), Chesapeake Energy Corporation, an Oklahoma corporation
("CEC"), certain other Subsidiaries of CEC (the "Subsidiary Guarantors"), Union
Bank of California, N.A. ("Union Bank"), as administrative agent (in such
capacity, the "Administrative Agent") and documentation agent, Bear Stearns
Corporate Lending Inc. ("Bear Stearns"), as syndication agent (in such capacity,
the "Syndication Agent"), Union Bank and Bear Stearns & Co. Inc., as Co-Lead
Arrangers, and certain financial institutions party hereto ("Lenders").

                                   WITNESSETH:

         WHEREAS, Borrower, CEC and the Subsidiary Guarantors, as guarantors,
Union Bank of California, N.A., as initial Lender and Administrative Agent
entered into that certain Amended and Restated Credit Agreement dated as of May
30, 2000 (the "Original Agreement") for the purposes and consideration therein
expressed; and

         WHEREAS, pursuant to that certain Assignment and Assumption Agreement
of even date herewith by and between Union Bank and Bear Stearns, Union Bank has
sold and assigned to Bear Stearns, as a lender, a fifty-percent (50%) interest
in and to all of Union Bank's rights and obligations under the Original
Agreement and the other Loan Documents; and

         WHEREAS, Borrower, CEC, the Subsidiary Guarantors, Administrative Agent
and Syndication Agent and Lenders desire to amend the Original Agreement as
expressly set forth herein;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein and in the Original Agreement, in
consideration of the loans which may hereafter be made by Lenders to Borrower,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto do hereby agree as follows:

                                   ARTICLE I.

                           DEFINITIONS AND REFERENCES

         Section 1.1 Terms Defined in the Original Agreement. Unless the context
otherwise requires or unless otherwise expressly defined herein, the terms
defined in the Original Agreement shall have the same meanings whenever used in
this Amendment.

         Section 1.2. Other Defined Terms. Unless the context otherwise
requires, the following terms when used in this Amendment shall have the
meanings assigned to them in this Section 1.2.

<PAGE>   2

         "Amendment" means this First Amendment to Credit Agreement.

         "Credit Agreement" means the Original Agreement as amended hereby.

                                   ARTICLE II.

                        AMENDMENTS TO ORIGINAL AGREEMENT

         Section 2.1. Defined Terms. Section 1.1 of the Original Agreement is
hereby amended as follows:

                  (a) The definition of "Chesapeake Marketing" is hereby amended
         in its entirety to read as follows:

                  " 'Chesapeake Marketing' means Chesapeake Energy Marketing,
         Inc., an Oklahoma corporation."

                  (b) The definition of "Maximum Loan Amount" is hereby amended
         in its entirety to read as follows:

                  " 'Maximum Loan Amount' means the amount of $100,000,000."

                  (c) The definition of "Required Lenders" is hereby deleted.

                  (d) The definition of "Senior Debt Limit" is hereby amended as
         follows:

                  The reference to "Section 4.8" is changed to "Section 4.9".

                  (e) The definition of "Syndication Agent" is hereby added to
         read as follows:

                  " 'Syndication Agent' means Bear Stearns Corporate Lending
         Inc., as Syndication Agent hereunder, and its successors in such
         capacity."

         Section 2.2. Majority Lenders. All references to "Required Lenders" in
Sections 1.1, 2.7(b)(iii), 2.9 and 7.5(d) of the Original Agreement are hereby
changed to "Majority Lenders".

         Section 2.3. Agents' Fees. Section 2.5(b) of the Original Agreement is
hereby restated for the purposes of this Amendment:

                        "(b) Fees. In addition to all other amounts due to Agent
            and Syndication Agent under the Loan Documents, Borrower will pay
            fees to Agent and Syndication Agent as described in a letter
            agreement dated July 17, 2000 between Agent, Syndication Agent and
            Borrower."

         Section 2.4. Extension of Maturity Date. Section 2.17 is hereby added
to the Original Agreement to read as follows:

                                        2
<PAGE>   3

                  "Section 2.17. Option to Extend Maturity Date. On the last day
         of the Commitment Period, unless sooner paid as provided herein, all
         Loans shall be paid in full; provided that, upon Borrower's (i) written
         notice to Agent and Lenders of its intention to do so, given at least
         thirty (30) days prior to the Maturity Date and specifying the
         principal amount of Loans that will be outstanding on the Maturity Date
         and (ii) payment to Agent, on the Maturity Date for the account of each
         Lender, an amount equal to one-half of one-percent (.50%) times the
         Loans of each Lender outstanding on the Maturity Date, all Loans
         outstanding on the Maturity Date (but not to exceed the amount so
         specified in such written notice ) shall be due and payable in six (6)
         consecutive monthly installments, each of which shall be equal to
         one-sixth (1/6) of all Loans outstanding on the Maturity Date, and
         shall be due and payable on the 15th day of each calendar month,
         beginning August 15, 2002 and continuing regularly thereafter until
         January 15, 2003, at which time the unpaid principal balance of the
         Loans and all interest accrued thereon shall be due and payable in
         full."

         Section 2.5. Limitation on Dividends and Redemptions. Section 7.6 of
the Original Agreement is hereby amended in its entirety to read as follows:

                  "Section 7.6. Limitation on Dividends and Redemptions. No
         Restricted Person will declare or pay any dividends on, or make any
         other distribution in respect of, any class of its capital stock or any
         partnership or other interest in it, nor will any Restricted Person
         directly or indirectly make any capital contribution to or purchase,
         redeem, acquire or retire any shares of the capital stock of or
         partnership interests in any Restricted Person (whether such interests
         are now or hereafter issued, outstanding or created), or cause or
         permit any reduction or retirement of the capital stock of any
         Restricted Person, except as expressly provided in this section.
         Dividends, distributions, contributions, purchases, redemptions,
         acquisitions, retirements or reductions may be made by any Restricted
         Person to another Restricted Person. Dividends on Parent's 7%
         Cumulative Convertible Preferred Stock ("Preferred Stock") accrued for
         the Fiscal Quarter then most recently ended may be paid by Parent
         during each Fiscal Quarter beginning with a payment in the Fiscal
         Quarter ended September 30, 2000 (in respect of dividends accrued for
         the Fiscal Quarter ended June 30, 2000) provided (i) such dividends
         declared and paid in any Fiscal Quarter shall not exceed $.875 per
         share of Preferred Stock and (ii) at the time any such dividend is so
         declared and after giving effect to such declaration and payment, no
         Event of Default will result under Section 7.12 and no other Default or
         Event of Default will have occurred and be continuing or will result
         from such declaration and payment. No other dividends of any type to
         any Person shall be paid without the prior written consent of the Agent
         and Majority Lenders."

         Section 2.6. Other Agents. Section 9.10 is hereby added to the Original
Agreement to read as follows:

                  "Section 9.10. Other Agents. The Syndication Agent, in such
         capacity, shall not have any duties or responsibilities or incur any
         obligation or liabilities under this Agreement or other Loan
         Documents."

                                       3
<PAGE>   4

         Section 2.7. Borrowing Base. As of the date hereof and until compliance
with the conditions set forth in the immediately following sentence of this
paragraph, the Borrowing Base shall be $75,000,000. Upon (i) Borrower's
execution, acknowledgment and delivery to Agent of Security Documents in form
and substance satisfactory to Agent, granting to Agent, on behalf of the
Lenders, first perfected Liens on and in the properties listed on Schedule 1
attached hereto and (ii) completion by counsel to Agent of title review in
respect of the properties listed on Schedule 2 attached hereto satisfactory in
form and scope to Agent reflecting to Agent's satisfaction, that Borrower has
good and defensible title to such properties free and clear of all Liens other
than Permitted Liens and such other matters as Agent shall specify, the
Borrowing Base shall be $100,000,000. Nothing in this paragraph shall prevent
the Borrowing Base from continuing to be subject to the provisions of Sections
2.9 and 2.10 of the Original Agreement.

                                  ARTICLE III.

                           CONDITIONS OF EFFECTIVENESS

         Section 3.1 This Amendment shall become effective as of the date first
above written when, and only when Administrative Agent shall have received the
following, at Administrative Agent's office in Los Angeles, California, duly
executed and delivered in form, substance and date satisfactory to Agent:

                  (a) This Amendment and any other documents that Administrative
         Agent, Syndication Agent and Lenders are to execute in connection
         herewith.

                  (b) Certain certificates of Borrower including:

                           (i) An "Omnibus Certificate" of the Secretary and of
                  the Chairman of the Board or President of the general partner
                  of Borrower, which shall contain the names and signatures of
                  the officers of the general partner of Borrower authorized to
                  execute Loan Documents and which shall certify to the truth,
                  correctness and completeness of the following exhibits
                  attached thereto: (1) a copy of resolutions attached thereto
                  duly adopted by the Board of Directors of the general partner
                  of Borrower and in full force and effect at the time this
                  Amendment is entered into, authorizing the execution of this
                  Amendment and the other Loan Documents delivered or to be
                  delivered in connection herewith and the consummation of the
                  transactions contemplated herein and therein, (2) a copy of
                  the charter documents of Borrower and of the general partner
                  of Borrower and all amendments thereto, certified by the
                  appropriate official of the Borrower's state and general
                  partner's state of organization, and (3) a copy of any bylaws
                  of the general partner of Borrower previously delivered to
                  Agent and Lenders in connection with the Original Agreement
                  (which may, with respect to any such charter documents or
                  bylaws, reference documents previously delivered in connection
                  with the Original Agreement); and

                           (ii) A "Compliance Certificate" of the Chairman of
                  the Board or President and of the chief financial officer of
                  Parent, of even date with such Loan

                                       4
<PAGE>   5

                  or such Letter of Credit, in which such officers certify to
                  the satisfaction of the conditions set out in subsections (a),
                  (b), (c) and (d) of Section 4.2 of the Original Agreement.

                  (c) Documents similar to those specified in subsection (b)(i)
         of this Section with respect to each Guarantor (which may, with respect
         to charter documents or bylaws, reference documents previously
         delivered in connection with the Original Agreement).

                  (d) A favorable opinion of Messrs. Self, Giddens and Lees,
         counsel for Restricted Persons, substantially in the form set forth in
         Exhibit F of the Original Agreement.

                  (e) A certificate executed by the chief financial officer of
         Parent of even date herewith reflecting the computation of the then
         current Senior Debt Limit together with supporting information
         satisfactory to Agent.

                  (f) Payment of all commitment, facility, agency and other fees
         required to be paid to any Bank Party pursuant to the letter agreement
         referred to in Section 2.3 of this Amendment.

                                   ARTICLE IV.

                         REPRESENTATIONS AND WARRANTIES

         Section 4.1. Representations and Warranties of Borrower and CEC. In
order to induce Administrative Agent, Syndication Agent and Lenders to enter
into this Amendment, Borrower and CEC represent and warrant to Administrative
Agent, Syndication Agent and Lenders that:

                  (a) The representations and warranties contained in Article V,
         subsections 5.01 to 5.19, inclusive, of the Original Agreement are true
         and correct at and as of the time of the effectiveness hereof.

                  (b) Borrower, CEC and the Subsidiary Guarantors are duly
         authorized to execute and deliver this Amendment and are and will
         continue to be duly authorized to borrow monies and to perform their
         obligations under the Credit Agreement. Borrower, CEC and the
         Subsidiary Guarantors have duly taken all partnership and corporate
         action necessary to authorize the execution and delivery of this
         Amendment and to authorize the performance of the obligations of
         Borrower, CEC and the Subsidiary Guarantors hereunder.

                  (c) The execution and delivery by Borrower, CEC and the
         Subsidiary Guarantors of this Amendment, the performance by Borrower,
         CEC and the Subsidiary Guarantors of their obligations hereunder and
         the consummation of the transactions contemplated hereby do not and
         will not conflict with any provision of law, statute, rule or
         regulation or the articles of incorporation and bylaws of Borrower or
         CEC, or of any material agreement, judgment, license, order or permit
         applicable to or binding upon

                                       5

<PAGE>   6

         Borrower, CEC and the Subsidiary Guarantors, or result in the creation
         of any lien, charge or encumbrance upon any assets or properties of
         Borrower, CEC and the Subsidiary Guarantors. Except for those which
         have been obtained, no consent, approval, authorization or order of any
         court or governmental authority or third party is required in
         connection with the execution and delivery by Borrower, CEC and the
         Subsidiary Guarantors of this Amendment or to consummate the
         transactions contemplated hereby.

                  (d) When duly executed and delivered, this Amendment and the
         Credit Agreement will each be a legal and binding obligation of
         Borrower, CEC and the Subsidiary Guarantors, enforceable in accordance
         with its terms, except as limited by bankruptcy, insolvency or similar
         laws of general application relating to the enforcement of creditors'
         rights and by equitable principles of general application.

                  (e) The audited Consolidated financial statements of the
         Parent dated as of December 31, 1999 and the unaudited Consolidated
         financial statements of the Parent dated as of March 31, 2000, fairly
         present the Parent's Consolidated financial position at such date and
         the Consolidated results of the Parent's operations and changes in the
         Parent's Consolidated cash flow for the period thereof. Copies of such
         financial statements have heretofore been delivered to Administrative
         Agent, Syndication Agent and Lenders.

                                   ARTICLE V.

                                  MISCELLANEOUS

         Section 5.1. Ratification of Agreements. The Original Agreement as
hereby amended and each other Loan Document affected hereby are ratified and
confirmed in all respects. Any reference to the Credit Agreement in any Loan
Document shall be deemed to be a reference to the Original Agreement as hereby
amended. The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein or therein, operate as a waiver of any
right, power or remedy of Administrative Agent, Syndication Agent or Lenders
under the Credit Agreement or any other Loan Document nor constitute a waiver of
any provision of the Credit Agreement or any other Loan Document.

         Section 5.2. Survival of Agreements. All representations, warranties,
covenants and agreements of Borrower, CEC and the Subsidiary Guarantors herein
shall survive the execution and delivery of this Amendment and the performance
hereof, including without limitation the making or granting of the Loan, and
shall further survive until all of the Obligations are paid in full. All
statements and agreements contained in any certificate or instrument delivered
by Borrower or CEC or any Subsidiary Guarantor hereunder or under the Credit
Agreement to Administrative Agent, Syndication Agent or Lenders shall be deemed
to constitute representations and warranties by, and/or agreements and covenants
of, Borrower, CEC and the Subsidiary Guarantors under this Amendment and under
the Credit Agreement.

         Section 5.3. Consent of Guarantors. Each of the undersigned Guarantors
hereby consents to the provisions of this Amendment and the transactions
contemplated herein and hereby (i)

                                       6
<PAGE>   7

acknowledges and agrees that any and all indebtedness, liabilities or
obligations arising under or in connection with the Notes are Obligations and
are secured indebtedness under, and are secured by, each and every Security
Document to which it is a party, (ii) re-pledges, re-grants and re-assigns a
security interest in and lien on all of its assets described as collateral in
any Security Document, (iii) ratifies and confirms its Guaranty dated May 30,
2000 made by it for the benefit of Administrative Agent and Lenders, and (iv)
expressly acknowledges and agrees that such Guarantor guarantees all
indebtedness, liabilities and obligations arising under or in connection with
the Notes pursuant to the terms of such Guaranty, and agrees that its
obligations and covenants thereunder are unimpaired hereby and shall remain in
full force and effect.

         Section 5.4. Release of Claims. Borrower hereby releases and forever
discharges Administrative Agent, Syndication Agent and Lenders, together with
their employees, agents, attorneys, officers, and directors (all of the
foregoing hereinafter called the "Released Parties"), from any and all actions
and causes of action, judgments, executions, suits, debts, claims, demands,
liabilities, obligations, damages and expenses of any and every character, known
or unknown, direct and/or indirect, at law or in equity, of whatsoever kind or
nature, whether heretofore or hereafter accruing, for or because of any matter
or things done, omitted or suffered to be done by any of the Released Parties
prior to and including the date hereof, and in any way directly or indirectly
arising out of or in any way connected to the Original Agreement, including but
not limited to claims of usury (although no such claims are known to exist) (all
of the foregoing hereinafter called the "Released Matters"). Borrower
acknowledges that the agreements in this Section 5.4 are intended to cover and
be in full satisfaction for all or any alleged injuries or damages arising in
connection with the Released Matters herein compromised and settled.

         Section 5.5. Loan Documents. This Amendment is a Loan Document, and all
provisions in the Credit Agreement pertaining to Loan Documents apply hereto.

         Section 5.6. Governing Law. This Amendment shall be governed by and
construed in accordance the laws of the State of Texas and any applicable laws
of the United States of America in all respects, including construction,
validity and performance.

         Section 5.7. Counterparts. This Amendment 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
Amendment.

         THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

         THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

                                       7
<PAGE>   8

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the date first written above by their duly authorized officers.

                                    CHESAPEAKE EXPLORATION LIMITED PARTNERSHIP,
                                    BORROWER

                                        By: Chesapeake Operating, Inc.,
                                            its general partner

                                        By:
                                           ------------------------------------
                                            Martha A. Burger
                                            Treasurer

                                    CHESAPEAKE ENERGY CORPORATION,
                                    GUARANTOR

                                    By:
                                       ----------------------------------------
                                         Martha A. Burger
                                         Treasurer

                                    CHESAPEAKE PANHANDLE LIMITED
                                    PARTNERSHIP,
                                    GUARANTOR

                                        By:  Chesapeake Operating, Inc.,
                                             its general partner

                                        By:
                                           ------------------------------------
                                             Martha A. Burger
                                             Treasurer

                                    CHESAPEAKE LOUISIANA, L.P.,
                                    GUARANTOR

                                        By:  Chesapeake Operating, Inc.,
                                             its general partner

                                        By:
                                           ------------------------------------
                                             Martha A. Burger
                                             Treasurer

<PAGE>   9

                                    CHESAPEAKE ACQUISITION CORPORATION,
                                    GUARANTOR

                                    By:
                                       ----------------------------------------
                                        Martha A. Burger
                                        Treasurer

                                    CHESAPEAKE OPERATING, INC.,
                                    GUARANTOR

                                    By:
                                       ----------------------------------------
                                        Martha A. Burger
                                        Treasurer

                                    CHESAPEAKE ENERGY LOUISIANA CORPORATION,
                                    GUARANTOR

                                    By:
                                       ----------------------------------------
                                        Martha A. Burger
                                        Treasurer

                                    CHESAPEAKE ROYALTY COMPANY,
                                    GUARANTOR

                                    By:
                                       ----------------------------------------
                                        Martha A. Burger
                                        Treasurer

                                    ARKOMA PITTSBURG HOLDING CORPORATION,
                                    GUARANTOR

                                    By:
                                       ----------------------------------------
                                        Martha A. Burger
                                        Treasurer

<PAGE>   10

                                  UNION BANK OF CALIFORNIA, N.A.,
                                  ADMINISTRATIVE AGENT, DOCUMENTATION AGENT, LC
                                  ISSUER, LENDER AND CO-LEAD ARRANGER

                                    By:
                                       ----------------------------------------
                                         Name:
                                         Title:

                                    By:
                                       ----------------------------------------
                                         Name:
                                         Title:

<PAGE>   11

                                    BEAR STEARNS CORPORATE LENDING INC.,
                                    SYNDICATION AGENT AND LENDER

                                    By:
                                       ----------------------------------------
                                         Name:
                                         Title:

                                    BEAR STEARNS & CO. INC.,
                                    CO-LEAD ARRANGER

                                    By:
                                       ----------------------------------------
                                         Name:
                                         Title:<PAGE>   1
                                                                  EXHIBIT 10.2.5

                              EMPLOYMENT AGREEMENT

                                     between

                                 STEVEN C. DIXON

                                       and

                          CHESAPEAKE ENERGY CORPORATION

                             Effective July 1, 2000

<PAGE>   2

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----

<S>                                                                                                            <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>
<CAPTION>
<S>                                                                                                             <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 Steven C.
Dixon, 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 - operations 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 President and Chief Operating Officer, Mr. Tom
                L. Ward, 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

                                       1
<PAGE>   5

                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 Two Hundred Five Thousand Dollars
                ($205,000.00), 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.

                                       2
<PAGE>   6

        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:

                                       3
<PAGE>   7

                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

                                       4
<PAGE>   8

                        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

                                       5
<PAGE>   9

                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

                                       6
<PAGE>   10

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.

                                       7
<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. Steven C. Dixon
                                                 4300 Rock Canyon
                                                 Edmond, OK  73003

        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

                                       9
<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/ Steven C. Dixon
                                              ----------------------------------
                                              Steven C. Dixon, Individually
                                              (the "Executive")

                                       10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}]]