Amendment to Chesapeake Energy Corporation 2021 Long Term Incentive Plan
Chesapeake Energy Corporation has amended its 2021 Long Term Incentive Plan, effective April 26, 2021. The amendment changes the maximum value of stock awards that can be granted to any non-employee director in a calendar year to $500,000, based on grant date fair value. However, if a director is new, serves on a special committee, or acts as lead director or chairman, the limit increases to $750,000. This amendment was approved by the company's Board of Directors.
Exhibit 10.3
AMENDMENT TO THE CHESAPEAKE ENERGY CORPORATION 2021 LONG TERM INCENTIVE PLAN
Effective as of April 26, 2021, pursuant to action taken by the Board of Directors of Chesapeake Energy Corporation, the Chesapeake Energy Corporation 2021 Long Term Incentive Plan is hereby amended by deleting Section 3.3(a) its entirety and replacing it with the following:
“Subject to adjustment as provided in Section 9.1, the aggregate number of shares of Common Stock pursuant to Awards granted to any Non-Employee Director for such individual’s service on the Board in any calendar year under this Plan may not exceed a number of shares of Common Stock with a total value in excess of $500,000 (calculating the value of any Awards based on the grant date fair value for financial reporting purposes), provided that, for any calendar year in which a Non-Employee Director (i) first commences service on the Board, (ii) serves on a special committee of the Board, or (iii) serves as lead director or chairman of the Board, such limit shall be $750,000.”
