SEC Contract Filing

Filing Date: 2019-01-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex1032019-01x01employmenta.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2019 Workiva -->
 <title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s4950E4EAB223B506EE9B10EA0B74C647"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Exhibit 10.3</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:24px;padding-top:120px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">between</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">CHESAPEAKE ENERGY CORPORATION&#160;</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">and</font></div><div style="line-height:120%;padding-bottom:104px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">JAMES R. WEBB</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Effective January 1, 2019</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sB7440B8D6B09F29CC44D10EA0B93C94D"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:32px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">THIS AGREEMENT is made effective January 1, 2019, between CHESAPEAKE ENERGY CORPORATION, an Oklahoma corporation (the "Company") and James R. Webb, an individual (the "Executive").</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">W I T N E S S E T H:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">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.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">NOW, THEREFORE, in consideration of the mutual promises herein contained, the Company and the Executive agree as follows:&#160;</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:Arial;font-size:12pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Employment</font><font style="font-family:Arial;font-size:12pt;">. 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.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:Arial;font-size:12pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Executive's Duties</font><font style="font-family:Arial;font-size:12pt;">. 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. The Executive shall also devote all of Executive's working time, attention and energies to the performance of Executive's duties and responsibilities under this Agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:Arial;font-size:12pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="lin