First Amendment to Gastar Exploration Ltd. Employee Change of Control Severance Plan
This amendment, effective January 1, 2012, updates the Gastar Exploration Ltd. Employee Change of Control Severance Plan. 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. The amendment is executed by Gastar Exploration Ltd. and signed by its President and CEO.
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 | |
