FIRST AMENDMENT TO AMENDED AND RESTATED GASTAR EXPLORATION, LTD.EMPLOYEE CHANGE OF CONTROL SEVERANCE PLAN
Contract Categories:
Human Resources
- Change of Control Agreements
EX-10.2 3 d333427dex102.htm FIRST AMENDMENT TO GASTAR EXPLORATION LTD First Amendment to Gastar Exploration Ltd
Exhibit 10.2
FIRST 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 January 1, 2012 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% | ||
| 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 First Amendment, the terms of the Plan shall remain in full force and effect and are hereby confirmed and ratified.
EXECUTED on April 11, 2012
| GASTAR EXPLORATION, LTD. | ||
| By: | /s/ J. Russell Porter | |
| Name: | J. Russell Porter | |
| Title: | President and Chief Executive Officer | |
