Document:

Document

Exhibit 10.2
Executive Version

AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT

THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made as of March 16, 2021, by and among TRINITY INDUSTRIES, INC., a Delaware corporation (the “Borrower”), the lenders listed on the signature pages hereof (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), under that certain Credit Agreement, dated as of November 1, 2018, by and among the Borrower, the lenders from time to time party thereto and the Administrative Agent, and as amended by that certain Amendment No. 1 to Amended and Restated Credit Agreement, dated as of July 17, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used but not otherwise defined herein shall have the meaning given to them in the Credit Agreement.
WITNESSETH
WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement;
WHEREAS, the Borrower, the Lenders and the Administrative Agent entered into that certain Amendment No. 1 to the Credit Agreement, dated as of July 17, 2020;
WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders amend the Credit Agreement on the terms and conditions set forth herein; and
WHEREAS, the Borrower, the Administrative Agent and the requisite number of Lenders have agreed to amend the Credit Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to the following:
Section 1.    Amendments to the Credit Agreement.  Subject to the satisfaction of the conditions precedent set forth in Section 2 below, on the Amendment No. 2 Effective Date (as defined below), the Credit Agreement is hereby amended as follows:
(a)    Section 1.01 of the Credit Agreement is hereby amended by inserting the following defined terms in appropriate alphabetical order:
“Amendment No. 2” means that certain Amendment No. 2 to Amended and Restated Credit Agreement, dated as of March 16, 2021, by and among the Borrower, the Lenders party thereto and the Administrative Agent.
“Amendment No. 2 Effective Date” means March 16, 2021.
“Payment” has the meaning assigned to it in Section 8.06(c)(i).
“Payment Notice” has the meaning assigned to it in Section 8.06(c)(ii).

(b)    Section 1.01 of the Credit Agreement is hereby amended by restating the definition of “Specified Period” to read as follows:
“Specified Period” means the period from and including the Amendment No. 1 Effective Date to and including the first date after delivery a compliance certificate, in the form attached hereto as Exhibit E, for a fiscal quarter ending on or after June 30, 2022 that demonstrates compliance with the Leverage Ratio and Interest Coverage Ratio then in effect.
(c)    Section 6.09(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(a)  Maximum Leverage Ratio.  The Borrower will not permit the ratio (the “Leverage Ratio”), determined as of the end of each of its fiscal quarters ending on and after the fiscal quarter ending March 31, 2021, of (i) Consolidated Total Indebtedness to (ii) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Restricted Subsidiaries on a 
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consolidated basis, to be greater than the ratio indicated below; provided that after the end of the Specified Period, as of the last day of the four (4) fiscal quarters following a Qualified Acquisition, the Borrower may elect to permit the Leverage Ratio to be greater than 3.25 to 1.00 but not greater than 3.75 to 1.00 so long as the Borrower has not previously made two such elections during the term of this Agreement.  
						
	Fiscal Quarter End Date	Maximum Leverage Ratio
	March 31, 2021	4.50:1.00
	June 30, 2021	4.50:1.00
	September 30, 2021	4.25:1.00
	December 31, 2021	4.00:1.00
	March 31, 2022	3.75:1.00
	June 30, 2022 and thereafter	3.25:1.00

(d)    Section 6.09(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(a)   Minimum Interest Coverage Ratio.  The Borrower will not permit the ratio (the “Interest Coverage Ratio”), determined as of the end of each of its fiscal quarters ending on and after March 31, 2021, of (i) the difference of (A) Consolidated EBITDA less (B) Consolidated Capital Expenditures (but not including Consolidated Capital Expenditures of TILC or any of its Restricted Subsidiaries utilized to acquire railcars or make modifications or improvements to railcars to comply with regulatory standards as reasonably determined by the Borrower) to (ii) Consolidated Interest Expense to the extent paid in cash, in each case for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Restricted Subsidiaries on a consolidated basis, to be less than the ratio indicated below:  
						
	Fiscal Quarter End Date	Maximum Interest Coverage Ratio
	March 31, 2021	1.50:1.00
	June 30, 2021	1.50:1.00
	September 30, 2021	1.75:1.00
	December 31, 2021	1.75:1.00
	March 31, 2022 and thereafter	2.25:1.00

(e)    Section 8.06 of the Credit Agreement is hereby amended by inserting a new clause (c) as follows:
(c) (i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.  A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive, absent manifest error.
(ii) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender agrees that, in each such case, or if it otherwise 
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becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
(iii) The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party.
(iv) Each party’s obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.
(f)    Clause 1.(g) in the Compliance Certificate Worksheet attached to Exhibit E is hereby amended and restated to read as follows:
“(g) Maximum Leverage Ratio (from Section 6.09(a))         [4.50:1.00]
                                    [4.50:1.00]
                                    [4.25:1.00]
                                    [4.00:1.00]
                                [3.75:1.00]
                                [3.25:1.00]”
(g)    Clause 2.(q) in the Compliance Certificate Worksheet attached to Exhibit E is hereby amended and restated to read as follows:
“(q) Minimum Interest Coverage Ratio (from Section 6.09(b))     [1.50:1.00]
                                    [1.50:1.00]
                                    [1.75:1.00]
                                [1.75:1.00]
                                [2.25:1.00]”
Section 2.    Amendment Effective Date; Conditions Precedent.  This Amendment shall become effective on the date on which the following conditions have been satisfied or waived (the “Amendment No. 2 Effective Date”):
(a)    the Administrative Agent shall have received a counterpart of this Amendment executed by the Borrower, the Administrative Agent and each of the Required Lenders;
(b)    the representations and warranties contained in Section 3 hereof shall be true and correct; 
(c)    the Administrative Agent and the Lenders shall have received all other fees and amounts due and payable on or prior to the Amendment No. 2 Effective Date, including, to the extent invoiced, reimbursement or payment of all reasonable expenses required to be reimbursed or paid by the Borrower under the Credit Agreement (including, without limitation, the reasonable and documented out-of-pocket fees and expenses of Sidley Austin LLP, counsel to the Administrative Agent); and 
(d)    the Administrative Agent shall have received such other documents, instruments and agreements as the Administrative Agent shall reasonably request.
Section 3.    Representations and Warranties and Reaffirmations of the Borrower.
(a)    The Borrower hereby represents and warrants that (i) this Amendment and the Credit Agreement as previously executed and as modified hereby constitute legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their terms (except as enforceability may be limited by 
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bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally), and (ii) after giving effect to this Amendment on the Amendment No. 2 Effective Date, no Default or Event of Default has occurred and is continuing.
(b)    The Borrower hereby represents and warrants that the representations and warranties of the Borrower set forth in the Loan Documents are true and correct in all material respects (without duplication of any materiality qualifiers set forth therein) on and as of the Amendment No. 2 Effective Date after giving effect to this Amendment, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, in the case of any representation or warranty already qualified by materially, in any respect) as of such earlier date, and except that the representations and warranties contained in Sections 3.04(a)(i) and (a)(ii) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 5.01(a) and (b) of the Credit Agreement, respectively.
(c)    Upon the effectiveness of this Amendment and after giving effect hereto, the Borrower hereby reaffirms all covenants and other agreements set forth  in the Credit Agreement as modified hereby.  
Section 4.    Reference to the Effect on the Credit Agreement.
(a)    Upon the effectiveness of Section 1 hereof, on and after the date hereof, each reference in the Credit Agreement (including any reference therein to “this Credit Agreement,” “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring thereto) or in any other Loan Document shall mean and be a reference to the Credit Agreement as modified hereby.
(b)    Except as specifically modified above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect, and are hereby ratified and confirmed.
(c)    Except as expressly set forth herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.
(d)    Upon satisfaction of the conditions set forth in Section 2 hereof and the execution hereof by the Borrower, the Lenders and the Administrative Agent, this Amendment shall be binding upon all parties to the Credit Agreement.
(e)    This Amendment shall constitute a Loan Document.
Section 5.    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.. EACH OF THE PARTIES TO THIS AMENDMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 6.    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
Section 7.    Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.

[SIGNATURE PAGES FOLLOW]
 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.
TRINITY INDUSTRIES, INC.,
as the Borrower
By    /s/ John Lee    
Name:  John Lee
Title:  V.P.
 

Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
Trinity Industries, Inc.

JPMORGAN CHASE BANK, N.A.,     
individually as a Lender and as 
Administrative Agent

By: /s/ Kody J. Nerios     
Name: Kody J. Nerios
Title: Authorized Officer

 

Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
Trinity Industries, Inc.

BANK OF AMERICA, N.A.,
as a Lender

By: /s/ Allison W. Connally     
Name: Allison W. Connally    
Title: Senior Vice President 

 

Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
Trinity Industries, Inc.

WELLS FARGO BANK, NATIONAL 
ASSOCIATION,
as a Lender 

By: /s/ Kevin Valenta    
Name: Kevin Valenta    
Title: Director

 

Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
Trinity Industries, Inc.

TRUIST BANK, 
as a Lender 

By: /s/ Anika Kirs    
Name: Anika Kirs     
Title: Vice President 
 

Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
Trinity Industries, Inc.

REGIONS BANK,
as a Lender

By: /s/ Joe K. Dancy    
Name: Joe K. Dancy    
Title: Senior Vice President 

 

Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
Trinity Industries, Inc.

FIFTH THIRD BANK, NATIONAL 
ASSOCIATION,
as a Lender 

By:/s/ Kelly Shield    
Name: Kelly Shield    
Title: Managing Director

 

Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
Trinity Industries, Inc.

ZIONS BANCORPORATION, N.A. DBA 
AMEGY BANK,
as a Lender 

By: /s/ Kathy Magee    
Name: Kathy Magee    
Title: Senior Vice President
Signature Page to Amendment No. 2 to Amended and Restated Credit Agreement
Trinity Industries, Inc.Exhibit 10.1

 

April 26, 2021

 

Robert D. Lawler

[Address]

[City, State Zip]

 

Dear Doug:

 

Your employment with Chesapeake Energy Corporation
and any applicable subsidiaries or affiliates, (the “Company”) will terminate effective April 30, 2021 (the “Termination
Date”).

 

This letter, along with the attached General Release,
will reflect your Severance Agreement with the Company, provided you sign and return copies of both these documents no later than twenty-one
(21) days from the date you receive them, but you may not execute the General Release prior to April 30, 2021.

 

Regardless of whether you accept this Severance
Agreement, if you have any Company property in your possession, you must return it without delay. In addition to any electronic devices
and other physical property of the Company, you must also return all originals and any copies of company records. This includes any disks,
files, notebooks, etc. you have personally generated or maintained with respect to the Company’s business, as well as any Company
records in your possession.

 

1.            Severance.
Pursuant to Section 6.1.1(c) of your Employment Agreement dated May 20, 2013, as amended on June 16, 2016 and December 31,
2018 (the “Employment Agreement”), you are entitled to the following severance payments: (i) a payment of one and three-quarters
(1.75) times the sum of your base salary and Annual Bonus (as defined in your Employment Agreement) in a lump sum payment and (ii) a
lump sum payment of any paid time off accrued and unused through April 30, 2021. You acknowledge and agree that: (a) your current
base salary is $1,345,500; (b) the bonus payments you received during the immediately preceding three (3) calendar years for
purposes of calculating your Annual Bonus were $2,620,850.00 in 2018, $1,917,337.50 in 2019 and $1,715,778.00 in 2020, and the average
of such amounts is $2,084,655.17; (c) one and three-quarters (1.75) times the sum of $1,345,500 and $2,084,655.17 is $6,002,771.54;
(d) your accrued and unused paid time off is valued at $258,750.00; (e) the 30-day notice period set forth in Section 6.1.1(a) of
your Employment Agreement is hereby waived in exchange for an additional payment in the amount of $158,510.96; and (f) you are not
entitled to receive any other severance benefits from the Company or any of its affiliates pursuant to your Employment Agreement or any
other plan, program or arrangement. Your total severance payment of $6,420,032.50 will be paid to you within thirty (30) days following
the Termination Date subject to your execution of this Severance Agreement and the General Release as provided herein.

 

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2.            Separation
from Employment; Deemed Resignations. Your employment with the Company shall end on the Termination Date and, as of the Termination
Date, you shall no longer have an employment relationship with the Company or any its affiliates. You acknowledge and agree that, as of
the Termination Date, you will be deemed to have automatically resigned, to the extent applicable: (a) as an officer of the Company
and each affiliate of the Company for which you served as an officer; (b) from the board of directors or board of managers (or similar
governing body) of the Company and each affiliate of the Company for which you served as a director or manager; and (c) from the
board of directors or board of managers (or similar governing body) of any corporation, limited liability entity, unlimited liability
entity or other entity in which the Company or any other affiliate of the Company holds an equity interest and with respect to which board
of directors or board of managers (or similar governing body) you served as the Company’s or such other affiliate’s member’s
designee or other representative.

 

3.            General
Release. As indicated above, you will return an executed copy of this Severance Agreement and the attached General Release within
twenty-one (21) days of your receipt of these documents, but you may not execute the General Release prior to April 30, 2021. By
signing this Severance Agreement, you are agreeing that once seven (7) days have passed from the date you sign the General Release,
you will not attempt to revoke or rescind the General Release at any time in the future. In addition, you are representing that you fully
understand the terms of this Severance Agreement and the General Release and will have had an opportunity to seek legal advice regarding
this Severance Agreement and the General Release, if you desire to do so, before signing these documents. You are also representing to
the Company that you have not commenced or filed, and do not intend to commence or file, any action, administrative charge or complaint
against the Company or any of its subsidiaries or affiliates in regard to your employment. You are further representing that you have
not otherwise acted in any way that would be or have been prohibited by your Employment Agreement or this Severance Agreement once it
becomes effective.

 

4.            Employment
Agreement. You and the Company agree and acknowledge that Sections 7, 8, 9, 10, 11, 12, 13, 14, 15 and 16 of your Employment Agreement
remain in full force and effect as if fully set forth in this Severance Agreement. Except as set forth in this Severance Agreement, you
acknowledge that the other terms and provisions (other than your right to receive the payments and benefits set forth in Section 1
of this Severance Agreement and provisions in the Employment Agreement relating to your right to reimbursements for any expenses incurred
prior to the Termination Date) are of no further force and effect.

 

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5.            Requests
to Provide Information and Future Activities. At any time in the future, if you receive any subpoena or court order to testify or
provide information regarding the Company or your past employment with the Company, you will promptly notify the Company’s general
counsel, Jim Webb, or his successor, in writing or by email within five (5) days of receipt or within twenty four (24) hours if the
subpoena or court order requires compliance sooner than five (5) days. Further, you will not act as a paid expert witness or paid
consultant, or in any similar paid capacity in any litigation, arbitrations, administrative proceedings, governmental inquiries, external
investigations or hearings (each a “Prohibited Activity”) involving the Company; provided, however, that this sentence shall
not restrict any services you perform in connection with your ordinary employment or engagement with any entity or organization that may
be involved in any Prohibited Activity as long as you are not engaged solely or primarily as an expert witness or consultant with respect
such Prohibited Activities or in any similar paid capacity.

 

6.            Confidentiality
of Information. You agree that, except with the prior written consent of the Company, you will not, at any time after the date of
this Agreement, make any independent use of or disclose to any other person or organization, including any governmental agency, any of
the Company’s or any of its affiliates’ confidential, proprietary information or trade secrets. This shall apply to any information
which is of a special and unique value and includes, without limitation, both written and unwritten information relating to operations
and marketing; business planning and strategies; finance; accounting; costs of providing service; operating and maintenance costs; and
pricing matters. This obligation regarding the Company’s and its affiliates’ confidential, proprietary information or trade
secrets is in addition to, but does not replace, any prior agreement between you and the Company or any of its affiliates regarding confidentiality.
For this purpose, information will not be considered confidential information, proprietary information or trade secrets if it has been
published in a form generally available to the public or is publicly available or has become public knowledge prior to the date you propose
to disclose or use such information, provided, that such publishing or public availability or knowledge of such information shall not
have resulted from your directly or indirectly breaching your obligations under this paragraph or any of your other confidentiality obligations
to the Company or any of its affiliates. For purposes of the previous sentence, information will not be deemed to have been published
or otherwise disclosed merely because individual portions of the information have been separately published, but only if material features
comprising such information have been published or become publicly available. Notwithstanding the foregoing, you may respond to a lawful
and valid subpoena or other legal process but shall give the Company the earliest possible notice thereof, shall, as much in advance of
the return date as possible, make available to the Company and its counsel the documents and other information sought and shall assist
such counsel at Company’s expense in resisting or otherwise responding to such process, in each case, to the extent permitted by
applicable laws or rules. Nothing in this paragraph shall prohibit you from (i) disclosing information and documents when required
by law, subpoena or court order (subject to the requirements above), (ii) disclosing information and documents to your attorney,
financial or tax adviser for the purpose of securing legal, financial or tax advice, (iii) disclosing your post-employment restrictions
in confidence to any potential new employer.

 

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7.            Trade
Secrets and Whistleblower Protection. 18 U.S.C. § 1833(b) provides: “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—(i) is made—(a) in
confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (b) solely for
the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal.” Nothing in this Severance Agreement or your Employment Agreement
is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed
by 18 U.S.C. § 1833(b). Accordingly, you have the right to disclose in confidence trade secrets to federal, state, and local government
officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. You also have the right
to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected
from public disclosure.

 

Notwithstanding anything to
the contrary contained herein, no provision of this Severance Agreement or your Employment Agreement will be interpreted so as to impede
you (or any other individual) from: (i) making any disclosure of relevant and necessary information or documents in any action, investigation,
or proceeding relating to this Severance Agreement or your Employment Agreement, or as required by law or legal process, including with
respect to possible violations of law; (ii) participating, cooperating, or testifying in any action, investigation, or proceeding
with, or providing information to, any governmental agency, legislative body or any self-regulatory organization, including, but not limited
to, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General; (iii) accepting
any U.S. Securities and Exchange Commission Awards; or (iv) making other disclosures under the whistleblower provisions of federal
law or regulation. In addition, nothing in this Severance Agreement, your Employment Agreement or any other agreement or Company policy
prohibits or restricts you from initiating communications with, or responding to any inquiry from, any administrative, governmental, regulatory
or supervisory authority regarding any good faith concerns about possible violations of law or regulation. You do not need the prior authorization
of the Company to make any such reports or disclosures and you will not be required to notify the Company that such reports or disclosures
have been made.

 

8.            Conditions
of Receipt of Payments and Benefits; Forfeiture. The Company’s obligation to make any payments or to provide any benefits under
this Severance Agreement is contingent on your not revoking your signature on this Severance Agreement and the General Release. Also,
your retention of the payments and other benefits provided in this Severance Agreement are contingent on your continued compliance with
your commitments in this Severance Agreement and the applicable portions of your Employment Agreement. Material breach of these obligations
will entitle the Company to cease all payments to be made or benefits provided under this Severance Agreement and shall entitle the Company
to immediate reimbursement from you of any payments you have previously received and/or the value of any benefits provided under this
Severance Agreement.

 

9.            Severability.
You and the Company agree that if any portion of this Severance Agreement or the General Release or the application of their terms to
any person or circumstance or claim is determined, to any extent, to be invalid or unenforceable, the remainder of this Severance Agreement
and the General Release, or the application of such terms to any other persons, circumstances or claims shall not be affected and that
this Severance Agreement and General Release shall continue to be valid and enforceable to the fullest extent permitted by law.

 

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By signing and returning this Severance Agreement,
you will be agreeing to all the terms and conditions stated above and agreeing that this document, together with the General Release,
constitutes the entire agreement between you and the Company except for the terms and provisions of your Employment Agreement that remain
in full force and effect.

 

Signature Page Follows

 

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AGREED TO ON BEHALF OF CHESAPEAKE ENERGY CORPORATION

 

	/s/ James R. Webb	 
	Name: James R. Webb	 
	Title: Executive Vice-President - General Counsel & Corporate
Secretary	 
	 	 
	AGREED TO BY THE EMPLOYEE:	 
	 	 
	/s/ Robert D. Lawler	 
	Robert D. Lawler	 
	 	 

 

	4/27/21	 
	Date	 

 

[Signature Page to Severance Agreement]

 

     

     

    

 

NOTICE

Various laws, including Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1866, the Pregnancy Discrimination Act of 1978, the Equal Pay Act, the Civil Rights Act of
1991, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans With Disabilities Act, the Employee Retirement
Income Security Act and the Uniformed Services Employment and Reemployment Rights Act (all as amended from time to time), prohibit employment
discrimination based on sex, race, color, national origin, religion, age, disability, eligibility for covered employee benefits and veteran
status. You may also have rights under laws such as the Older Workers Benefit Protection Act of 1990, the Worker Adjustment and Retraining
Notification Act of 1988, the Fair Labor Standards Act, the Family and Medical Leave Act, the Occupational Health and Safety Act and other
federal, state and/or municipal statutes, orders or regulations pertaining to labor, employment and/or employee benefits. These laws are
enforced through federal departments and agencies such as the United States Department of Labor, the Equal Employment Opportunity Commission
and various state and municipal labor departments, fair employment boards, human rights commissions and similar agencies.

 

This General Release is being provided to you
in connection with the proposed Severance Agreement outlined in a letter dated April 26, 2021. The federal Older Workers Benefit
Protection Act requires that you have at least twenty-one (21) days, if you want it, to consider whether you wish to sign a release such
as this one in connection with a special, individualized Severance Agreement. You may sign the Severance Agreement and General Release
anytime prior to the end of that twenty-one (21) day period, but you may not sign the General Release prior to April 30, 2021.

 

BEFORE EXECUTING EITHER THE PROPOSED SEVERANCE
AGREEMENT OR THIS GENERAL RELEASE YOU SHOULD REVIEW THESE DOCUMENTS CAREFULLY AND CONSULT WITH YOUR ATTORNEY.

 

You may revoke this General Release within
seven (7) days after you sign it and it shall not become effective or enforceable until that revocation period has expired. If you
do not sign and return the proposed Severance agreement and this General Release within twenty-one (21) days, or if you exercise your
right to revoke the General Release after signing it, you will not be eligible for any payments or benefits described in the Severance
Agreement. Any revocation must be in writing and must be sent or delivered to Jim Webb by facsimile to (405) 849-1000 or by regular mail
to Mr. Webb at Chesapeake Energy Corporation, P.O. Box 18128, Oklahoma City, Oklahoma 73154 or by express mail or private overnight
delivery service to Mr. Webb at Chesapeake Energy Corporation, 6100 N. Western Avenue, Oklahoma City, Oklahoma 73118. To be effective,
any revocation must be received by Mr. Webb no later than 5:00 p.m. Central Standard or Daylight Savings Time seven (7) days
following your execution of this General Release (or if that day falls on a Saturday, Sunday or legal holiday, the next regular business
day thereafter).

 

     

     

    

 

GENERAL RELEASE

 

In consideration of the Severance Agreement proposed
to me by Chesapeake Energy Corporation as reflected in a letter dated April 26, 2021 (the “Severance Agreement”) and
the payments and benefits I will receive under the Severance Agreement, I hereby release and discharge Chesapeake Energy Corporation
and its predecessors, successors, affiliates, subsidiaries and partners and each of those entities’ employees, officers, directors
and agents (hereafter collectively referred to as the “Company”) from all claims, liabilities, demands, and causes of action,
known or unknown, fixed or contingent, which I may have or claim to have against the Company either as a result of my past employment
with the Company and/or the severance of that relationship and/or otherwise, and hereby waive any and all rights I may have with respect
to any such claims.

 

This General Release includes, but is not limited
to, claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Pregnancy Discrimination Act of
1978, the Equal Pay Act, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans
With Disabilities Act, the Employee Retirement Income Security Act of 1974 and the Uniformed Services Employment and Reemployment Rights
Act (all as amended from time to time). This General Release also includes, but is not limited to, any rights I may have under the Older
Workers Benefit Protection Act of 1990, the Worker Adjustment and Retraining Notification Act of 1988, the Fair Labor Standards Act, the
Family and Medical Leave Act, the Occupational Health and Safety Act and any other federal, state and/or municipal statutes, orders or
regulations pertaining to labor, employment and/or employee benefits. This General Release also applies to any claims or rights I may
have based on any legal or equitable restrictions on the Company’s rights not to continue an employment relationship with its employees,
including any express or implied employment contracts, and to any claims I may have against the Company for fraudulent inducement or misrepresentation,
defamation, wrongful termination or other retaliation claims in connection with workers’ compensation or alleged “whistleblower”
status or on any other basis whatsoever.

 

It is specifically agreed, however, that this
General Release does not have any effect on any rights or claims I may have against the Company which arise after the date I execute this
General Release. This General Release also does not have any effect on any claims that cannot be released as a matter of law, any vested
rights I may have under any of the Company’s benefit plans or arrangements or equity or equity-based awards as of or after my last
day of employment with the Company, any rights or claims I may have to indemnification under the Company’s bylaws, Directors’
and Officers’ insurance policy, any contract or any applicable State laws pertaining to indemnification of employees or
officers following termination of employment. Finally, this General Release does not have any effect on any of the Company’s
obligations under the Severance Agreement or any provisions of my Employment Agreement (as defined in the Severance Agreement)
that, pursuant to the express terms of the Severance Agreement, are intended to survive the execution of the Severance Agreement.

 

     

     

    

 

I have carefully reviewed and fully understand
all the provisions of this General Release (including the foregoing NOTICE) and the Severance Agreement. I have not relied on any
representation or statement, oral or written, by the Company or any of its representatives, which is not set forth in those documents.

 

Except for the terms and provisions of my Employment
Agreement dated May 20, 2013, as amended on June 16, 2016 and December 31, 2018, that remain in full force and effect to
the extent set forth in the Severance Agreement, the Severance Agreement and this General Release set forth the entire agreement between
me and the Company with respect to this subject and supersede all prior agreements. I understand that my receipt and retention of the
special payments and benefits covered by the Severance Agreement are contingent not only on my execution of this General Release, but
also on my continued compliance with my other obligations under the Severance Agreement and, to the extent still in effect, my Employment
Agreement dated May 20, 2013, as amended on June 16, 2016 and December 31, 2018, and that the violation of any of these
obligations will result in my loss of right to or forfeiture of the payments and benefits I may receive under the Severance Agreement
without affecting the validity and enforceability of this General Release.

 

I acknowledge that the Company has given me twenty-one
(21) days to consider the Severance Agreement and this General Release and advised me to seek independent legal advice as to these matters,
if I chose to do so. I hereby represent and state that I have taken such actions and obtained such information and independent legal or
other advice, if any, that I believed were necessary for me to fully understand the effects and consequences of the Severance Agreement
and this General Release prior to signing those documents. I understand that I may revoke this General Release within seven (7) days
after I have signed it, and that this General Release shall not become effective or enforceable until seven (7) days have passed
from the date the General Release is signed. I represent and state that I fully understand how any such revocation is to be made and the
consequences of any such revocation.

 

Dated this 30th
day of April  2021.

 

	 	 
	 	Robert D. Lawler

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