Second Amendment to Amended and Restated Gastar Exploration, Ltd. Employee Change of Control Severance Plan
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Summary
This amendment updates the Gastar Exploration, Ltd. Employee Change of Control Severance Plan, effective June 7, 2013. It revises Appendix A, which sets out the severance periods and bonus targets for various employee positions in the event of a change of control. The amendment specifies new severance durations and bonus percentages for roles ranging from CEO to staff. All other terms of the original plan remain unchanged.
EX-10.3 6 ex103secondamendmentcocsev.htm SECOND AMENDMENT TO COC PLAN Ex103SecondAmendmentCOCSeverancePlan
Exhibit 10.3
SECOND AMENDMENT TO AMENDED AND RESTATED GASTAR EXPLORATION, LTD. EMPLOYEE
CHANGE OF CONTROL SEVERANCE PLAN
The GASTAR EXPLORATION, LTD. EMPLOYEE CHANGE OF CONTROL SEVERANCE PLAN (as previously amended and restated) (the “Plan”) is hereby amended effective as of June 7, 2013 pursuant to the authorization and direction of the Board of Directors of GASTAR EXPLORATION, LTD.
1.Appendix A of the Plan is hereby deleted in its entirety and replaced with the following:
APPENDIX A
Position of Covered Employee | Severance Period (in years) | Bonus Target |
CEO | 3.00 | 75% |
CFO | 2.50 | 60% |
COO | 2.50 | 60% |
VP | 2.00 | 50% |
Director | 1.50 | 25% |
Manager | 1.25 | 0% |
Supervisor | 1.00 | 0% |
Staff | 0.75 | 0% |
2.Except as expressly modified by this Second Amendment, the terms of the Plan shall remain in full force and effect and are hereby confirmed and ratified.
EXECUTED on June 7, 2013
GASTAR EXPLORATION, LTD.
By: /s/ J. Russell Porter
Name: J. Russell Porter
Title: President and Chief Executive Officer
