SEC Contract Filing

Filing Date: 2017-04-07

Document Content:
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<TYPE>EX-10.1
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<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXCO RESOURCES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2017 MANAGEMENT INCENTIVE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This 2017 Management Incentive Plan (the &#147;<B><I>MIP</I></B>&#148;) of EXCO Resources, Inc., a Texas corporation (the
&#147;<B><I>Company</I></B>&#148;), was adopted by the Board of Directors (the &#147;<B><I>Board</I></B>&#148;) of the Company on April&nbsp;3, 2017 (the &#147;<B><I>Execution Date</I></B>&#148;), to be effective as of the Effective Date. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Recitals</U>: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Board desires to encourage and reward value-enhancing performance of the Company&#146;s management team by providing
incentive compensation upon attaining <FONT STYLE="white-space:nowrap">pre-established</FONT> performance criteria; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>,
the Board believes it to be in the best interests of the Company and its shareholders to adopt this MIP effective as of the Effective Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in consideration of the foregoing and for the purpose described below, the Board hereby adopts this MIP as set forth
herein. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1<U> </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Purpose</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MIP is
intended to attract and retain the Company&#146;s management team and to encourage them to remain with, and devote their best efforts to, the Company and its Subsidiaries, and to reward such executives for outstanding performance, thereby advancing
the interests of the Company and aligning management&#146;s interests with those of the Company&#146;s shareholders. The MIP provides a means of rewarding participants based on the overall performance of the Company and the achievement of
performance measures. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 2<U> </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Definitions</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Where
the following words and phrases appear in this MIP, they shall have the respective meanings set forth below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1
&#147;<B><I>Award</I></B>&#148; means an amount granted to an Eligible Employee pursuant to Article&nbsp;4 that is payable pursuant to Article 5 on or before March 31st of the year immediately following the end of the applicable Performance Period.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 &#147;<B><I>Award Letter</I></B>&#148; means a written letter from the Company to a Participant setting forth the applicable
Performance Period, the potential range of the Award amount for such Participant&#146;s Tier Level, the Performance Goals and thresholds, and the payout schedule for such Performance Period. Award Letters covering different Participants need not
contain similar provisions. A sample Award Letter for Tier 1 Participants is attached hereto as <U>Appendix A</U>, and for Tier 2 Participants is attached hereto as <U>Appendix B</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 &#147;<B><I>Base Salary</I></B>&#148; means the annual base salary paid to the Eligible Employee during the Performance Period, before any
deductions, exclusions or any deferrals or contributions under any of the Company&#146;s plans or programs, but excluding overtime, bonuses, incentive compensation, employee benefits or any other form of compensation, being received by an Eligible
Employee during a Performance Period. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 &#147;<B><I>Board</I></B>&#148; means the Board of Directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5 &#147;<B><I>Cause</I></B>&#148; means (i)&nbsp;the willful breach or habitual neglect of assigned duties by an Eligible Employee related
to the Company, including compliance with Company policies; (ii)&nbsp;conviction (including any plea of nolo contendere) of the Eligible Employee of any felony or crime involving dishonesty or moral turpitude; (iii)&nbsp;any act of personal
dishonesty knowingly taken by the Eligible Employee in connection with his or her responsibilities as an employee and intended to result in personal enrichm