REX ENERGY CORP
EMPLOYMENT AGREEMENT FOR CHRISTOPHER K. HULBURT
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>dex104.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT FOR CHRISTOPHER K. HULBURT
<TEXT>
<HTML><HEAD>
<TITLE>Employment Agreement for Christopher K. Hulburt</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.4 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>EMPLOYMENT AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>THIS EMPLOYMENT AGREEMENT</B> (this &#147;<B><I>Agreement</I></B>&#148;) by
and between Christopher K. Hulburt (the &#147;<B><I>Executive</I></B>&#148;) and Rex Energy Operating Corp., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), is made and entered into this 1st day of August, 2007, to be effective on
the date that the initial public offering of the common stock of its parent, Rex Energy Corporation (&#147;<B><I>Rex</I></B>&#148;), is consummated (the &#147;<B><I>Effective Date</I></B>&#148;). </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>WITNESSETH </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS</B>,
the Executive has been appointed as the Executive Vice President, Secretary and General Counsel of Rex by its board of directors (the &#147;<B><I>Board of Rex</I></B>&#148;); </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS</B>, the Company provides management and administrative services to Rex and its subsidiaries; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS</B>, due to Rex&#146;s planned initial public offering and the related reorganization of its subsidiaries, the Board of Directors of the
Company (the &#147;<B><I>Board</I></B>&#148;) desires to retain the Executive as the Executive Vice President, Secretary and General Counsel of the Company and to enter into an employment agreement with the Executive in order to encourage the
continued attention and dedication to the Company and Rex of the Executive as a member of the Company&#146;s management, in the best interests of the Company, Rex and its shareholders, and to compensate him for the additional duties the Executive
will undertake as an officer of a public company; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS</B>, the Executive is willing to commit himself to continue to serve the
Company and Rex, on the terms and conditions herein provided; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS</B>, the Company and the Executive desire to set forth in this
Agreement the terms and conditions of the Executive&#146;s employment; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>NOW, THEREFORE</B>, in consideration of the premises and the
respective covenants and agreements of the parties herein contained, and intending to be legally bound hereby, the parties hereto agree as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">1. <U>Employment and Term</U>. The Company hereby agrees to employ the Executive, and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth. The period of employment of the Executive by the Company
hereunder (the &#147;<B><I>Employment Period</I></B>&#148;) shall commence on the Effective Date and shall end on the Executive&#146;s Date of Termination (as defined in Section&nbsp;7(b) hereof). The term of this Agreement (the
&#147;<B><I>Term</I></B>&#148;) shall begin on the Effective Date and shall end on the third anniversary thereof; <I>provided</I>, that, on July&nbsp;30, 2010, and each anniversary of July&nbsp;30 thereafter, the Term shall be extended for one
additional year unless<B>, </B>prior to May&nbsp;30, 2010 with respect to the extension on July&nbsp;30, 2010 and each anniversary of May&nbsp;30 thereafter with respect to each subsequent annual extension, the Company or the Executive shall have
given written notice not to extend the Term or the Executive shall have incurred a termination of employment with the Company. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Position and Duties</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) As of the Effective Date, the Executive shall serve as the Executive Vice President, Secretary and General Counsel of the Company, in
which capacity the Executive shall perform the usual and customary duties of such office, which are normally inherent in such capacity in U.S. publicly held corporations of similar size and character as Rex. The Executive shall report to the Chief
Executive Officer. The Executive agrees and acknowledges that, in connection with his employment relationship with the Company, the Executive owes fiduciary duties to the Company and will act accordingly. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) During the Employment Period, the Executive agrees to devote substantially his full time, attention and energies to the Company&#146;s
business and agrees to faithfully and diligently endeavor to the best of his ability to further the best interests of the Company, Rex and its shareholders. The Executive shall not engage in any other business activity, whether or not such business
activity is pursued for gain, profit or other pecuniary advantage. Subject to the covenants of Section&nbsp;10 herein, this shall not be construed as preventing the Executive from investing his own assets in such form or manner as will not require
his services in the daily operations of the affairs of the companies in which such investments are made. Further, subject to Section&nbsp;10 herein, the Executive may serve as a director of other companies, if such service is approved by the
Compensation Committee of the Board (the &#147;<B><I>Compensation Committee</I></B>&#148;), so long as such service is not detrimental to the Company or Rex, does not interfere with the Executive&#146;s service to the Company and does not present
the Executive with a conflict of interest. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) In keeping with the Executive&#146;s fiduciary duties to the Company, the
Executive agrees that he shall not, directly or indirectly, become involved in any conflict of interest, or upon discovery thereof, allow such a conflict to continue. Moreover, the Executive agrees that he shall promptly disclose to the Board any
facts which might involve any reasonable possibility of a conflict of interest, or be perceived as such. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) Circumstances
in which a conflict of interest on the part of the Executive would or might arise, and which should be reported immediately by the Executive to the Board, include the following: (i)&nbsp;ownership of a material interest in, acting in any capacity
for, or accepting directly or indirectly any payments, services or loans from a supplier, contractor, subcontractor, customer or other entity with which the Company does business; (ii)&nbsp;misuse of information or facilities to which the Executive
has access in a manner which will be detrimental to the Company&#146;s interest; (iii)&nbsp;disclosure or other misuse of Confidential Information (as defined in Section&nbsp;10); (iv)&nbsp;acquiring or trading in, directly or indirectly, other
properties or interests connected with the design, manufacture or marketing of products designed, manufactured or marketed by the Company; (v)&nbsp;the appropriation to the Executive or the diversion to others, directly or indirectly, of any
opportunity in which it is known or could reasonably be anticipated that the Company would be interested; and (vi)&nbsp;the ownership, directly or indirectly, of a material interest in an enterprise in competition with the Company or its dealers and
</FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">distributors or acting as a director, officer, partner, consultant, employee or agent of any enterprise which is in competition with the Company or its
dealers or distributors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) Further, the Executive covenants, warrants and represents that he shall: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) devote his full and best efforts to the fulfillment of his employment obligations; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) exercise the highest degree of fiduciary loyalty and care and the highest standards and conduct in the performance of his duties; and
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) endeavor to prevent any harm, in any way, to the business or reputation of the Company, Rex or its subsidiaries.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Place of Performance</U>. In connection with the Executive&#146;s employment by the Company, the Executive&#146;s principal business
address shall be at the Company&#146;s current principal executive offices in State College, Pennsylvania (the &#147;<B><I>Principal Place of Employment</I></B>&#148;). Executive hereby agrees to perform a substantial amount of his duties at the
Principal Place of Employment, and understands and agrees that he will be required to travel from time to time for business purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.
<U>Compensation and Related Matters</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) <I>Base Salary</I>. During the Employment Period, the Company shall pay the
Executive an annual base salary (&#147;<B><I>Base Salary</I></B>&#148;) in an amount that shall be established from time to time by the Compensation Committee, payable in approximately equal installments in accordance with the Company&#146;s
customary payroll practices. The Base Salary shall be set initially at $185,000. The Compensation Committee shall review the Executive&#146;s Base Salary at least annually thereafter during the Employment Period. The Executive&#146;s Base Salary may
be increased but not decreased during the Employment Period. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Bonuses</I>. During the Employment Period, the
Executive shall be eligible to participate in the annual incentive compensation plan for executives, when and if such plan is established or adopted by the Company, or any successor plan, if any, thereto (the &#147;<B><I>Annual Incentive
Plan</I></B>&#148;. The bonus opportunity afforded the Executive pursuant under the Annual Incentive Plan, if any, may vary from year to year and any bonus earned thereunder, if any, (the &#147;<B><I>Annual Bonus</I></B>&#148;) shall be paid at a
time and in a manner consistent with the Company&#146;s customary practices. The Executive&#146;s bonus levels established under the Annual Incentive Plan, if any, will be contingent upon the Company achieving predetermined performance goals and
approval by the Compensation Committee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) <I>Equity-Based Compensation and Performance Awards</I>. During the Employment
Period, the Executive shall be entitled to receive equity-based compensation awards and performance awards on substantially similar terms and conditions no less favorable than awards made to the other senior executive officers of the Company.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) <I>Expenses</I>. The Company shall promptly reimburse the Executive for all
reasonable legal expenses that the Executive has incurred in connection with entering into this Agreement and all reasonable business expenses incurred during the Employment Period by the Executive in performing services hereunder, including all
expenses of travel and living expenses while away from home on business or at the request of and in the service of the Company; provided, in each case, that such expenses are incurred and accounted for in accordance with the policies and procedures
established by the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) <I>Other Benefits</I>. During the Employment Period, the Executive shall be entitled to
participate in all of the employee benefit plans and arrangements made available by the Company to its other senior executive officers, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and
arrangements, and shall be entitled to perquisites that may be added with the approval of the Compensation Committee. Notwithstanding the foregoing, the Company shall have the right to change, amend or discontinue any benefit plan, program, or
perquisite, so long as such changes are similarly applicable to senior executive officers of the Company generally. The Executive will also be entitled to a monthly vehicle allowance in the amount of $500.00 per month payable in accordance with the
Company&#146;s normal payroll practices. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(f) <I>Vacation</I>. During the Employment Period, the Executive shall be entitled
to 15 days of vacation per year. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(g) <I>Services Furnished</I>. During the Employment Period, the Executive shall at all
times be provided with office space, stenographic assistance and such other facilities and services as are suitable to his position and no less favorable than those being provided to the Executive by the Company as of the date hereof. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <U>Offices</U>. Subject to Sections&nbsp;2, 3 and 4 hereof, the Executive agrees to serve without additional compensation, if elected or appointed
thereto, as a director of any of Rex&#146;s subsidiaries and as a member of any committees of the board of directors of any such corporations, and in one or more executive positions of Rex or any of the Rex&#146;s or the Company&#146;s subsidiaries;
provided, that the Executive is indemnified for serving in any and all such capacities on a basis no less favorable than is currently or may be provided to any other director of the Company, Rex or any of its subsidiaries, or in connection with any
such executive position, as the case may be. This indemnity is in addition to and not in replacement of the Company&#146;s obligations to provide indemnity pursuant to Section&nbsp;11 hereof. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <U>Termination</U>. The Employment Period shall end in the event of a termination of the Executive&#146;s employment in accordance with any of the
provisions of Section&nbsp;6 or 7, and the Term shall expire in the event of a termination of Executive&#146;s employment by the Company for Cause or by the Executive without Good Reason, in each case, on the Executive&#146;s Date of Termination.
Otherwise the Term shall expire as set forth in Section&nbsp;1. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) <I>Death</I>. The Executive&#146;s employment hereunder
shall terminate upon his death. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Disability</I>. If, as a result of the Executive&#146;s incapacity due to physical
or mental illness, the Executive shall have been absent from the full-time performance of his duties hereunder for the entire period of ninety (90)&nbsp;days in the aggregate during any period of twelve (12)&nbsp;consecutive months or it is
reasonably expected that such disability will exist for more than such period of time, and within thirty (30)&nbsp;days after written Notice of Termination (as defined in Section&nbsp;7) is given (which notice may be given during such ninety
(90)&nbsp;day period) shall not have returned to the performance of his duties hereunder on a full-time basis, the Company may terminate the Executive&#146;s employment hereunder for &#147;<I>Disability</I>.&#148; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During any period that the Executive fails to perform his duties hereunder as a result of incapacity due to physical or mental illness
(&#147;<I>Disability Period</I>&#148;), the Executive shall continue to receive his Base Salary at the rate in effect at the beginning of such period as well as all other payments and benefits set forth in Section&nbsp;4 hereof, reduced by any
payments made to the Executive during the Disability Period under the disability benefit plans of the Company then in effect or under the Social Security disability insurance program. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) <I>Cause</I>. The Company may terminate the Executive&#146;s employment hereunder for Cause. For purposes of this Agreement, the
Company shall have &#147;<I>Cause</I>&#148; to terminate the Executive&#146;s employment hereunder upon the occurrence of any of the following events: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(i) the Executive is convicted of an act of fraud, embezzlement, theft or other criminal act constituting a felony; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(ii) a material breach by the Executive of any provision of this Agreement; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) the
failure by the Executive to perform any and all covenants contained in Sections&nbsp;2(c), 2(d), 2(e) and 10 of this Agreement for any reason other than the Executive&#146;s death, Disability or following the Executive&#146;s delivery of a Notice of
Termination for Good Reason; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iv) a material breach by the Executive of the Company&#146;s or Rex&#146;s Standards of
Ethical Conduct; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">provided, that, the Executive shall have thirty (30)&nbsp;business days from the date on which the Executive receives the
Company&#146;s Notice of Termination for Cause under clause (ii), (iii)&nbsp;or (iv)&nbsp;above to remedy any such occurrence otherwise constituting Cause under such clause (ii), (iii)&nbsp;or (iv). </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Cause shall not exist unless and until the Company has delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less
than two-thirds (2/3)&nbsp;of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice to the Executive and an opportunity for the Executive, together with his counsel, to be heard before
the Board), finding that in the good faith opinion of the Board, the Executive was guilty of the conduct set forth in this Section&nbsp;6(c) and specifying the particulars thereof in detail. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) <I>Good Reason</I>. The Executive may terminate his employment hereunder for
&#147;<I>Good Reason&#148;.</I> Good Reason for the Executive&#146;s termination of employment shall mean the occurrence, without the Executive&#146;s prior written consent, of any one or more of the following: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) the assignment to the Executive of any duties inconsistent with the Executive&#146;s position (including status, office, title and
reporting requirements), authorities, duties or other responsibilities as contemplated by Section&nbsp;2 of this Agreement; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(ii) the relocation of the Principal Place of Employment to a location more than twenty five (25)&nbsp;miles from the Principal Place of Employment; or </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) a material breach by the Company of any provision of this Agreement; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">provided, in any case, that the Company shall have thirty (30)&nbsp;business days from the date on which the Company receives the Executive&#146;s Notice
of Termination for Good Reason to remedy any such occurrence otherwise constituting Good Reason. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">If one or more Changes in Control of the
Company occurs prior to the termination of this Agreement, Good Reason for the Executive&#146;s termination of employment shall, in addition to the events listed above, also mean the occurrence, without the Executive&#146;s prior written consent, of
any one or more of the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) the Company or its successor reduces the Executive&#146;s Base Salary as in effect
immediately before the occurrence of the first Change in Control of the Company or as the Executive&#146;s Base Salary may be increased from time to time after that occurrence; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) the Company or its successor reduces the Executive&#146;s Annual Bonus (x)&nbsp;to an amount less than the Annual Bonus as in effect
immediately before the occurrence of the first Change in Control of the Company or (y)&nbsp;if more than one Annual Bonus has been paid to Executive under this Agreement, to an amount less than the average of the two annual bonuses earned by such
Executive with respect to the two preceding years; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) the Company or its successor fails to (x)&nbsp;continue in effect
any bonus, incentive, profit sharing, performance, savings, retirement or pension policy, plan, program or arrangement (such policies, plans, programs and arrangements collectively being referred to herein as &#147;Basic Benefit Plans&#148;),
including, but not limited to, any deferred compensation, supplemental executive retirement or other retirement income, stock option, stock purchase, stock appreciation, or similar policy, plan, program or arrangement of the Company, in </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%">
<FONT FACE="Times New Roman" SIZE="2">which the Executive was a participant immediately before the occurrence of the first Change in Control of the Company, or any substitute plan adopted by the
Board of Directors and in which the Executive was a participant immediately before the occurrence of the last Change in Control of the Company, unless an equitable and reasonably comparable arrangement (embodied in a substitute or alternative
benefit or plan) shall have been made with respect to such Basic Benefit Plan promptly following the occurrence of the last Change in Control of the Company, or (y)&nbsp;continue the Executive&#146;s participation in any Basic Benefit Plan (or any
substitute or alternative plan) on substantially the same basis, both in terms of the amount of benefits provided to the Executive (which are in any event always subject to the terms of any applicable Basic Benefit Plan) and the level of the
Executive&#146;s participation relative to other participants, as existed immediately before the occurrence of the first Change in Control of the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(iv) the Company or its successor fails to continue to provide the Executive with benefits substantially similar to those enjoyed by the Executive under any of the Company&#146;s other executive benefit plans,
policies, programs and arrangements, including, but not limited to, life insurance, medical, dental, health, hospital, accident or disability plans, in which the Executive was a participant immediately before the occurrence of the first Change in
Control of the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(v) the Company or its successor takes any action that would directly or indirectly materially
reduce any other non-contractual benefits that were provided to the Executive by the Company immediately before the occurrence of the first Change in Control of the Company or deprive the Executive of any material fringe benefit enjoyed by the
Executive immediately before the occurrence of the first Change in Control of the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(vi) the Company or its
successor fails to provide the Executive with the number of paid vacation days to which the Executive was entitled in accordance with the Company&#146;s vacation policy in effect immediately before the occurrence of the first Change in Control of
the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(vii) the Company or its successor requires the Executive to perform a majority of his duties outside the
Executive&#146;s principal office for a period of more than 21 consecutive days or for more than 90 days in any calendar year; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(viii) the Company or its successor fails to honor any provision of any agreement Executive has or may in the future have with the Company or fail to honor any provision of this Agreement; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ix) the Company or its successor gives effective notice of an election to terminate at the end of the term or the extended term of any
employment agreement Executive has or may in the future have with the Company or the Successor in accordance with the terms of any such agreement; or </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(x) the Company or its successor purports to terminate the Executive&#146;s employment by
the Company unless notice of that termination shall have been given to the Executive pursuant to, and that notice shall meet the requirements of, Section&nbsp;7(a); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
FACE="Times New Roman" SIZE="2">provided, in any case, that the Company or its successor shall have thirty (30)&nbsp;business days from the date on which the Company or its successor receives the Executive&#146;s Notice of Termination for Good
Reason to remedy any such occurrence otherwise constituting Good Reason. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) <I>Change in Control</I>. For purposes of this
Agreement, a &#147;<B><I>Change in Control of the Company</I></B>&#148; shall mean the occurrence of any of the following after the Effective Date: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(i) The acquisition by any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended from time to time, (the &#147;<B><I>Exchange
Act</I></B>&#148;) (a &#147;<B><I>Covered Person</I></B>&#148;) of beneficial ownership (within the meaning of rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (i)&nbsp;the then outstanding shares of the common stock of Rex
(the &#147;<B><I>Outstanding Company Common Stock</I></B>&#148;), or (ii)&nbsp;the combined voting power of the then outstanding voting securities of Rex entitled to vote generally in the election of directors (the &#147;<B><I>Outstanding Company
Voting Securities</I></B>&#148;); <I>provided</I>, <I>however</I>, that for purposes of this subsection&nbsp;(i) of this Section&nbsp;6(e), the following acquisitions shall not constitute a Change in Control of Rex: (1)&nbsp;any acquisition directly
from Rex, (2)&nbsp;any acquisition by Rex, (3)&nbsp;any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Rex or any entity controlled by Rex, or (4)&nbsp;any acquisition by any corporation pursuant to a
transaction which complies with clauses (1), (2)&nbsp;and (3)&nbsp;of subsection&nbsp;(iii) of this Section&nbsp;6(e); or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(ii) Individuals who, as of the Effective Date, constitute the Board of Rex (the &#147;<B><I>Incumbent Board</I></B>&#148;) cease for any reason to constitute at least a majority of the Board of Rex; <I>provided</I>, <I>however</I>, that
any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by Rex&#146;s shareholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Covered Person other than the Board of Rex; or </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) Consummation of (xx)&nbsp;a reorganization, merger or consolidation or sale of Rex or any subsidiary of Rex, or (yy)&nbsp;a
disposition of all or substantially all of the assets of Rex (a &#147;<B><I>Business Combination</I></B>&#148;), in each case, unless, following such Business Combination, (1)&nbsp;all or substantially all of the individuals and entities who were
the beneficial owners, respectively, of the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%">
<FONT FACE="Times New Roman" SIZE="2">Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, direct or
indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns Rex or all or substantially all of Rex&#146;s assets either directly or through one or more subsidiaries)
in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2)&nbsp;no Covered Person (excluding any
employee benefit plan (or related trust) of Rex or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (3)&nbsp;at least a majority
of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for
such Business Combination. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(f) <I>Termination of Agreement. </I>Either party hereto may terminate this Agreement at any
time by giving the Board or the Executive, as the case may be, no more than thirty (30)&nbsp;days&#146; prior written notice, in accordance with Section&nbsp;7 hereof, of such party&#146;s intent to so terminate this Agreement. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If one or more Changes in Control of Rex shall have occurred prior to the third anniversary of the Effective Date (or during any period
for which the term of this Agreement shall have been automatically extended pursuant to the second sentence of Section&nbsp;1), the term of this Agreement shall be extended until the third anniversary of the date on which the last Change in Control
of Rex occurred. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Termination Procedure</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) <I>Notice of Termination</I>. Any termination of the Executive&#146;s employment by the Company or by the Executive (other than
termination pursuant to Section&nbsp;6(a) hereof) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section&nbsp;13 hereof. For purposes of this Agreement, a &#147;<B><I>Notice of
Termination</I></B>&#148; shall mean a notice that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the
Executive&#146;s employment under the provision so indicated. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Date of Termination</I>. &#147;<B><I>Date of
Termination</I></B>&#148; shall mean (i)&nbsp;if the Executive&#146;s employment is terminated pursuant to Section&nbsp;6(a) above, the date of the Executive&#146;s death, (ii)&nbsp;if the Executive&#146;s employment is terminated pursuant to
</FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6(b) above, thirty (30)&nbsp;days after Notice of Termination is given (provided that the Executive shall not have returned to the performance
of his duties on a full-time basis during such thirty (30)&nbsp;day period), (iii)&nbsp;if the Executive&#146;s employment is terminated pursuant to Section&nbsp;6(c) above, the date specified in the Notice of Termination, which date may be no
earlier than the date the Executive is given notice in accordance with Section&nbsp;13 hereof, (iv)&nbsp;if the Executive&#146;s employment is terminated pursuant to Section&nbsp;6(d) above, the date on which a Notice of Termination is given or any
later date (within thirty (30)&nbsp;days of the date of such Notice of Termination) set forth in such Notice of Termination and (v)&nbsp;if the Executive&#146;s employment is terminated for any other reason, the date specified in the Notice of
Termination, which date shall be not later than thirty (30)&nbsp;days following the date on which Notice of Termination is given; provided, that, if within ten (10)&nbsp;days after any Notice of Termination is given the party receiving such Notice
of Termination notifies the other party that a dispute exists concerning such termination, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties or by a binding and
final arbitration award. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) <I>Compensation During Dispute</I>. If a purported termination occurs during the Term, and
such termination is disputed in accordance with subsection&nbsp;(b) of this Section&nbsp;7, the Company shall continue to pay the Executive the full compensation in effect when the notice giving rise to the dispute was given (including, but not
limited to, Base Salary) and continue the Executive as a participant in all compensation, benefit and insurance plans in which the Executive was participating when the notice giving rise to the dispute was given, until the Date of Termination,
determined in accordance with subsection&nbsp;(b) of this Section&nbsp;7. Amounts paid under this Section&nbsp;7(c) are in addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under
this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <U>Additional Payments</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Notwithstanding anything in this Agreement or any other agreement to the contrary, in the event it is determined that any payments or
distributions (including, without limitation, the vesting of an option or other non-cash benefit or property or the forgiveness of any indebtedness) by the Company or any affiliate (as defined under the Securities Act of 1933, as amended, and the
regulations thereunder) thereof or any other person to or for the benefit of the Executive, whether paid or payable pursuant to the terms of this Agreement, or pursuant to any other agreement or arrangement with the Company or any such affiliate
(&#147;<B><I>Payments</I></B>&#148;), would be subject to the excise tax imposed by Section&nbsp;4999 of the Code, or any successor provision, or any interest or penalties with respect to the excise tax (the excise tax, together with any interest
and penalties, are hereinafter collectively referred to as the &#147;<B><I>Excise Tax</I></B>&#148;), then the Executive will be entitled to receive an additional payment from the Company (a &#147;<B><I>Gross-Up Payment</I></B>&#148;) in an amount
that after payment by the Executive of all taxes (including, without limitation, any interest or penalties imposed with respect to such taxes and any Excise Tax) imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up
Payment equal to the Excise Tax imposed upon the Payments. The amount of the Gross-Up Payment will be calculated by the Company&#146;s independent accounting firm, engaged </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">immediately prior to the event that triggered the payment, in consultation with the Company&#146;s outside legal counsel. For purposes of making the
calculations required by this Section, the accounting firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of
the Code, provided that the accounting firm&#146;s determinations must be made with substantial authority (within the meaning of Section&nbsp;6662 of the Code). The Gross-Up Payment will be paid on the Executive&#146;s last day of employment or on
the occurrence of the event that results in the imposition of the Excise Tax, if later. If the precise amount of the Gross-Up Payment cannot be determined on the date it is to be paid, an amount equal to the best estimate of the Gross-Up Payment
will be made on that date and, within 10 days after the precise calculation is obtained, either the Company will pay any additional amount to the Executive or the Executive will pay any excess amount to the Company, as the case may be. If
subsequently the Internal Revenue Service (the &#147;<B><I>IRS</I></B>&#148;) claims that any additional Excise Tax is owing, an additional Gross-Up Payment will be paid to the Executive within 30 days of the Executive providing substantiation of
the claim made by the IRS. After payment to the Executive of the Gross-Up Payment, the Executive will provide to the Company any information reasonably requested by the Company relating to the Excise Tax, the Executive will take those actions as the
Company reasonable requests to contest the Excise Tax, cooperate in good faith with the Company to effectively contest the Excise Tax and permit the Company to participate in any proceedings contesting the Excise Tax. The Company will bear and pay
directly all costs and expenses (including any interest or penalties on the Excise Tax), and indemnify and hold the Executive harmless, on an after-tax basis, from all such costs and expenses related to such contest. Should it ultimately be
determined that any amount of an Excise Tax is not properly owed, the Executive will refund to the Company the related amount of the Gross-Up Payment. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(b) Notwithstanding anything in this Section to the contrary, all Gross-Up Payments due under this Section shall be made prior to the end of the Executive&#146;s taxable year following the year in which the related
taxes are remitted to the taxing authority. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <U>Compensation upon Termination or During Disability</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) <I>Accrued Obligation Defined</I>. For purposes of this Agreement, payment of the &#147;<B><I>Accrued Obligation</I></B>&#148; shall
mean payment by the Company to the Executive (or his designated beneficiary or legal representative, as applicable), when due, of all vested benefits to which the Executive is entitled under the terms of the employee benefit plans in which the
Executive is a participant as of the Date of Termination and a lump sum amount in cash equal to the sum of (i)&nbsp;the Executive&#146;s Base Salary through the Date of Termination, (ii)&nbsp;any compensation previously deferred by the Executive
(together with any accrued interest or earnings thereon) and any accrued vacation pay and (iii)&nbsp;any other amounts due the Executive as of the Date of Termination, in each case to the extent not theretofore paid. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Disability; Death</I>. Following the termination of the Executive&#146;s
employment pursuant to Sections&nbsp;6(a) or (b)&nbsp;hereof, the Company shall pay to the Executive (or his designated beneficiary or legal representative, if applicable): </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) the Accrued Obligation, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(ii) a lump sum in cash equal to one-half of the Executive&#146;s Base Salary as in effect on the Date of Termination (for each year and prorated for any partial years) for the remainder of the Term, and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) a lump sum in cash equal to the Executive&#146;s expected value of the Executive&#146;s bonus opportunity under the Annual
Incentive Plan for the fiscal year of the Company in which the Date of Termination occurs. Such payment is an accelerated payment of the full year expected value bonus for the fiscal year in which the Date of Termination occurs and is in lieu of all
other bonus payments that would have otherwise been due to the Executive under the Annual Incentive Plan after the completion of the fiscal year. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman"
SIZE="2">The Company shall pay the Executive the amounts required pursuant to this Section&nbsp;9(b) no later than 60 days after the termination of the Executive&#146;s employment pursuant to Sections&nbsp;6(a) or (b)&nbsp;hereof. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) <I>By the Company for Cause</I>. If during the Term the Executive&#146;s employment is terminated by the Company pursuant to
Section&nbsp;6(c) hereof, the Company shall pay to the Executive the Accrued Obligation within thirty (30)&nbsp;days following the Date of Termination. Following such payment, the Company shall have no further obligations to the Executive other than
as may be required by law or the terms of an employee benefit plan of the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) <I>By the Executive Without Good
Reason</I>. If during the Term the Executive terminates his employment for any reason other than Good Reason, the Company shall pay to the Executive the Accrued Obligation within thirty (30)&nbsp;days following the Date of Termination. Following
such payment, the Company shall have no further obligations to the Executive other than as may be required by law or the terms of an employee benefit plan of the Company. The Executive shall not have breached this Agreement if he terminates his
employment for any reason. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) <I>By the Company Without Cause or by the Executive for Good Reason</I>. If during the Term
the Executive&#146;s employment is terminated by the Company other than for Cause, death or Disability or if the Executive terminates his employment for Good Reason, then : </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) Within thirty (30)&nbsp;days after the Date of Termination the Company shall pay the Executive the Accrued Obligation. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) Subject to clause (viii), within sixty (60)&nbsp;days after the Date of Termination the Company shall also pay to the Executive a
lump sum cash severance payment in an amount equal to two times his Base Salary (at the rate in effect as of the Date of Termination). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) Subject to clause (viii), within sixty (60)&nbsp;days after the Date of Termination
the Company shall also pay to the Executive a lump sum in cash equal to the expected value of the Executive&#146;s bonus opportunity under the Annual Incentive Plan for the fiscal year of the Company in which the Date of Termination occurs prorated
to the Date of Termination. Such payment is an accelerated payment of the bonus for the fiscal year in which the Date of Termination occurs and is in lieu of all other bonus payments that would have otherwise been due to the Executive under the
Annual Incentive Plan after the completion of the fiscal year. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iv) For the remainder of the Term, the Company shall
arrange to provide the Executive and his dependents medical insurance benefits substantially similar to those provided to the Executive and his dependents immediately prior to the Date of Termination (at no greater cost to the Executive than such
cost to the Executive in effect immediately prior to the Date of Termination, or, if greater, the cost to similarly situated active employees of the Company under the applicable group health plan of the Company). </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(v) Subject to clause&nbsp;(viii), no later than 60 days after the Date of Termination the Company shall pay the Executive an amount
equivalent to the product of (1)&nbsp;the monthly basic life insurance premium applicable to the Executive&#146;s basic life insurance coverage immediately prior to the Date of Termination and (2)&nbsp;the number of full and fractional months
remaining in the Term. The Executive may, at his option, convert his basic life insurance coverage to an individual policy after the Date of Termination by completing the forms required by the Company for this purpose. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(vi) For the remainder of the Term the Company shall continue to provide the Executive perquisites, other than executive life insurance,
in the manner specified in Section&nbsp;4(e). Subject to clause&nbsp;(viii), these amounts shall be paid on the first of each month following the month in which such amounts should have otherwise been paid. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(vii) Subject to the Executive&#146;s group health plan coverage continuation rights under the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended, the benefits and perquisites listed in clauses&nbsp;(iv), (v)&nbsp;and (vi)&nbsp;of this Section&nbsp;9(e) shall be reduced to the extent benefits and perquisites of the same type are received by or made available to the
Executive during such period, and provided, further, that the Executive shall have the obligation to notify the Company that he is entitled to or receiving such benefits and perquisites. The Company agrees that, if the Executive&#146;s employment
with the Company terminates for any reason during the Term, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to this Section&nbsp;9. Further,
except with respect </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%">
<FONT FACE="Times New Roman" SIZE="2">to the benefits provided pursuant to clause&nbsp;(iv), (v)&nbsp;and (vi)&nbsp;above, the amount of any payment or benefit provided for in this Agreement
shall not be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement benefits, or by offset against any amount claimed to be owed by the Executive to the Company. Payments to the Executive
under this Section&nbsp;9 (other than Accrued Obligations) are contingent upon the Executive&#146;s execution of a release substantially in the form of Exhibit A hereto. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(viii) If the Board of Directors (or its delegate) determines in its sole discretion that as of the date of the Executive&#146;s
termination the Executive is a &#147;specified employee&#148; (as defined in Section&nbsp;409A(a)(2)(B)(i) of the Code, and Department of Treasury regulations and other interpretive guidance issued thereunder) as of the date of the Executive&#146;s
termination and that Section&nbsp;409A of the Code applies with respect to such payment, any payments due under clauses (ii), (iii)&nbsp;and (iv)&nbsp;during the six-month period commences on and follows the Executive&#146;s Date of Termination
shall be paid in one lump sum amount on the first business day following the six-month anniversary of the date of the Executive&#146;s Date of Termination. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(f) The following shall occur immediately upon the occurrence of a Change in Control of the Company: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(i) all options to acquire any stock of Rex and all stock appreciation rights pertaining to such stock held by the Executive immediately prior to a Change in Control of Rex shall become fully exercisable, regardless of whether or not the
vesting conditions set forth in the relevant stock option agreements have been satisfied in full; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) all restrictions
on any restricted stock of Rex granted to the Executive prior to a Change in Control of Rex shall be removed and the stock shall be freely transferable, regardless of whether the conditions set forth in the relevant restricted stock agreements have
been satisfied in full. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. <U>Confidential Information; Non-Competition; Non-Solicitation</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) <I>Confidential Information</I>. The Executive shall hold in a fiduciary capacity for the benefit of the Company all trade secrets,
confidential information, and knowledge or data relating to the Company, Rex or its subsidiaries and their businesses, which shall have been obtained by the Executive during the Executive&#146;s employment by the Company and which shall not have
been or hereafter become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement) (hereinafter being collectively referred to as &#147;<I>Confidential Information</I>&#148;). For the
avoidance of doubt, Confidential Information shall not include information that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) is already in Executive&#146;s
possession; provided that the information is not known by the Executive to be subject to another confidentiality agreement with, or other obligation of secrecy to, the Company , Rex or any of its subsidiaries, </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) becomes generally available to the public other than as a result of a disclosure by
the Executive, or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) becomes available to the Executive on a non-confidential basis from a source other than the
Company, Rex or any of its subsidiaries or any of their respective directors, officers, employees, agents or advisors; provided, that such source is not known by the Executive to be bound by a confidentiality agreement with or other obligation of
secrecy to the Company, Rex or any of its subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Executive shall not, without the prior written consent of the
Company or as may otherwise be required by law or legal process, communicate or divulge any such trade secrets, information, knowledge or data to anyone other than the Company and those designated by the Company. Any termination of the
Executive&#146;s employment or of this Agreement shall have no effect on the continuing operation of this Section&nbsp;10(a). The Executive agrees to return all Confidential Information, including all photocopies, extracts and summaries thereof, and
any such information stored electronically on tapes, computer disks or in any other manner to the Company at any time upon request by the Company and upon the termination of his employment hereunder for any reason. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Non-Competition</I>. During the Employment Period and for a period of one (1)&nbsp;year following the Date of Termination (such
period following the Employment Period, the &#147;<I>Restricted Period</I>&#148;), the Executive shall not, within the Restricted Territory, as defined below, engage in Competition, as defined below, with the Company, Rex or any of its subsidiaries;
provided, that it shall not be a violation of this Section&nbsp;10(b) for the Executive to become the registered or beneficial owner of up to five percent (5%)&nbsp;of any class of the capital stock of a corporation registered under the Securities
Exchange Act of 1934, as amended, provided that the Executive does not actively participate in the business of such corporation until such time as this covenant expires. Notwithstanding the foregoing, the restrictions imposed by this
Section&nbsp;10(b) shall not apply if the termination of the Executive&#146;s employment was by the Company without Cause or by the Executive with Good Reason, or occurs by reason of expiration of the term of this Agreement (which term includes any
extension period pursuant to the operation of Section&nbsp;12 hereof). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For purposes of this Agreement, &#147;<I>Restricted Territory&#148; </I>means anywhere
within a two (2)&nbsp;mile radius of any Area of Mutual Interest or oil or gas producing property in which the Company, Rex or any of its subsidiaries has an interest as of the Date of Termination<I>. &#147;Competition</I>&#148; by the Executive
means the Executive&#146;s engaging in, or otherwise directly or indirectly being employed by or acting as a consultant or lender to, or being a director, officer, employee, principal, agent, stockholder, member, owner or partner of, or permitting
his name to be used in connection with the activities of any other business or organization which competes, directly or indirectly, with the business of the Company, Rex or its subsidiaries as the same shall be constituted at any time during the
Term. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) <I>Non-Solicitation</I>. During the Restricted Period, the Executive agrees that he will not, directly or
indirectly, for his benefit or for the benefit of any other person, firm or entity, do any of the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) solicit
from any customer doing business with the Company, Rex or its subsidiaries as of the Date of Termination that is known to Executive, business of the same or of a similar nature to the business of the Company, Rex or its subsidiaries with such
customer; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) solicit from any potential customer of the Company, Rex or its subsidiaries that is known to the Executive
business of the same or of a similar nature to that which has been the subject of a known written or oral bid, offer or proposal by the Company, Rex or its subsidiaries, or of substantial preparation with a view to making such a bid, proposal or
offer, within six (6)&nbsp;months prior to such Date of Termination; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iii) solicit the employment or services of any person
who was known to be employed by or was a known consultant to the Company, Rex or its subsidiaries upon the Date of Termination, or within six (6)&nbsp;months prior thereto; or </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(iv) otherwise knowingly interfere with the business or accounts of the Company, Rex or its subsidiaries. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Executive and the Company agree and acknowledge that the Company has a substantial and legitimate interest in protecting the
Company&#146;s, Rex&#146;s and its subsidiaries&#146; Confidential Information and goodwill. The Executive and the Company further agree and acknowledge that the provisions of this Section&nbsp;10 are reasonably necessary to protect the
Company&#146;s, Rex&#146;s and its subsidiaries&#146; legitimate business interests and are designed to protect the Company&#146;s, Rex&#146;s and its subsidiaries&#146; Confidential Information and goodwill. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Executive agrees that the scope of the restrictions as to time, geographic area, and scope of activity in this Section&nbsp;10 are
reasonably necessary for the protection of the Company&#146;s, Rex&#146;s and its subsidiaries&#146; legitimate business interests and are not oppressive or injurious to the public interest. The Executive agrees that in the event of a </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">breach or threatened breach of any of the provisions of this Section&nbsp;10 the Company shall be entitled to injunctive relief against the Executive&#146;s
activities to the extent allowed by law, and the Executive waives any requirement for the posting of any bond by the Company in connection with such action. The Executive further agrees that any breach or threatened breach of any of the provisions
of Section&nbsp;10(a) would cause injury to the Company for which monetary damages alone would not be a sufficient remedy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11.
<U>Indemnification; Insurance</U>. The Company and/or Rex shall indemnify the Executive to the fullest extent permitted by the laws of the Company&#146;s state of incorporation in effect at that time, or certificate of incorporation and by-laws of
the Company, whichever affords the greater protection to the Executive. The Executive will be entitled to any insurance policies the Company or Rex may elect to maintain generally for the benefit of their respective officers and directors against
all costs, charges and expenses incurred in connection with any action, suit or proceeding to which he may be made a party by reason of being a director or officer of the Company, Rex or its subsidiaries. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12. <U>Successors; Binding Agreement</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(a) <I>Company&#146;s Successors</I>. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of
the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption
and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as he would be entitled to hereunder if he
terminated his employment for Good Reason, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, &#147;Company&#148; shall
mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section&nbsp;12 or which otherwise becomes bound by all the terms and provisions of
this Agreement by operation of law. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) <I>Executive&#146;s Successors</I>. This Agreement and all rights of the Executive
hereunder shall inure to the benefit of and be enforceable by the Executive&#146;s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amounts
would still be payable to him hereunder if he had continued to live, all such amounts unless otherwise provided herein shall be paid in accordance with the terms of this Agreement to the Executive&#146;s devisee, legatee or other designee or, if
there is no such designee, to the Executive&#146;s estate. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">13. <U>Notice</U>. For the purposes of this Agreement, notices, demands and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed
as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">If to the Executive: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman"
SIZE="2">Christopher K. Hulburt </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">1975 Waddle Road </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT
FACE="Times New Roman" SIZE="2">State College, Pennsylvania 16803 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">If to the Company: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Rex Energy Operating Corp. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Attention: Chief
Executive Officer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">1975 Waddle Road </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman"
SIZE="2">State College, Pennsylvania 16803 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">or to such other address as either party may have furnished to the other in writing in accordance herewith,
except that notices of change of address shall be effective only upon receipt. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">14. <U>Amendment or Modification; Waiver</U>. No provisions
of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and such officer of the Company as may be specifically designated by the Board or its Compensation
Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set
forth expressly in Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">15. <U>Dispute Resolution</U>. Any dispute or controversy arising under or in connection with this
Agreement, the Executive&#146;s employment by the Company or the Executive&#146;s compensation or benefits (a &#147;<B><I>Dispute</I></B>&#148;) shall be settled in accordance with the procedures described in this Section&nbsp;15. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) First, the parties shall attempt in good faith to resolve any Dispute promptly by negotiations between the Executive and executives or
directors of the Company who have authority to settle the Dispute. Either party may give the other disputing party written notice of any Dispute not resolved in the normal course of business. Within five days after the effective date of that notice,
the Executive and such executives or directors of the Company shall agree upon a mutually acceptable time and place to meet and shall meet at that time and place, and thereafter as often as they reasonably deem necessary, to exchange relevant
information and to attempt to resolve the Dispute. The first of those meetings shall take place within 30 days of the effective date of the disputing party&#146;s notice. If the Dispute has not been resolved within 60 days of the disputing
party&#146;s notice, or if the parties fail to agree on a time and place for an initial meeting within five days of that notice, either party may initiate mediation and arbitration of the Dispute as provided hereinafter. If a negotiator intends to
be accompanied at a meeting by an attorney, the other negotiators shall be given at least three business days&#146; notice of that intention and may also be accompanied by an attorney. </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">18 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">All negotiations pursuant to this Section&nbsp;15 shall be treated as compromise and settlement
negotiations for the purposes of applicable rules of evidence and procedure. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Second, if the Dispute is not resolved
through negotiation as provided in Section&nbsp;15(a), either disputing party may require the other to submit to non-binding mediation with the assistance of a neutral, unaffiliated mediator. If the parties encounter difficulty in agreeing upon a
neutral, they shall seek the assistance of the American Arbitration Association in the selection process. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) Any Dispute
that has not been resolved by the non-binding procedures provided in Sections&nbsp;15(a) and 15(b) within 90 days of the initiation of the first of the procedures shall be finally settled by arbitration conducted expeditiously in accordance with the
Commercial Arbitration Rules of the American Arbitration Association or of such similar organization as the parties hereto may mutually agree; provided, that if one party has requested the other to participate in a non-binding procedure and the
other has failed to participate within 30 days of the written request, the requesting party may initiate arbitration before the expiration of the period. The arbitration shall be conducted by three independent and impartial arbitrators. Executive
shall appoint one arbitrator, the Company shall appoint a second arbitrator, and a third arbitrator not appointed by the parties shall be appointed by the first two arbitrators selected. The arbitration shall be held in Centre County, Pennsylvania.
Judgment may be entered on the arbitrator&#146;s award in any court having jurisdiction. The arbitrators shall award the prevailing party in the arbitration its costs and expenses, including reasonable attorney&#146;s fees, incurred in connection
with the Dispute. The arbitrators shall not award any amount to either the Executive or the Company in excess of the compensation, employee benefits and indemnification amounts that the Company paid or should have paid to the Executive pursuant to
this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) Notwithstanding the Dispute resolution provisions of this Section&nbsp;15, either party may bring an
action in a court of competent jurisdiction in an effort to enforce the provisions of this Section&nbsp;15 and to seek injunctive relief to protect the party&#146;s rights pending resolution of a Dispute pursuant to this Section&nbsp;15, including,
without limitation, the Company&#146;s rights pursuant to Section&nbsp;10 of this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) The Company shall pay all
costs and expenses of Company and Executive (including, but not limited to, reasonable attorneys&#146; fees, the fees of the arbitrators and any other related costs) for any arbitration proceeding or legal action; provided, however, that if in any
such arbitration proceeding or legal action, the arbitrator or court, respectively, determines that Executive has prosecuted or defended any issue in such proceeding or action in bad faith, the arbitrator or court, respectively, may allocate the
portion of such costs and expenses relating to such issue between the parties in any other manner deemed fair, equitable and reasonable by the arbitrator or court, respectively. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">16. <U>Governing Law</U>. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the Commonwealth
of Pennsylvania without regard to its conflicts of law principles. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">17. <U>Miscellaneous</U>. All references to sections of any statute shall be deemed also to refer to any
successor provisions to such sections. The obligations of the parties under Sections&nbsp;9, 10, 11 and 15 hereof shall survive the expiration of the Term. The compensation and benefits payable to the Executive or his beneficiary under
Section&nbsp;9 of this Agreement shall be in lieu of any other severance benefits to which the Executive may otherwise be entitled upon his termination of employment under any severance plan, program, policy or arrangement of the Company.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">18. <U>Severability</U>. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity
or enforceability of any other provision of this Agreement, which shall remain in full force and effect throughout the Term. Should any one or more of the provisions of this Agreement be held to be excessive or unreasonable as to duration,
geographical scope or activity, then that provision shall be construed by limiting and reducing it so as to be reasonable and enforceable to the extent compatible with the applicable law. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">19. <U>Counterparts</U>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">20. <U>Release</U>. In consideration of the benefits and compensation which may be
awarded to the Executive pursuant to Section&nbsp;9 of this Agreement, the Executive hereby agrees to execute and be bound by, as a condition precedent to receiving said benefits and compensation, the Release attached hereto as <U>Exhibit A</U>,
such Release being incorporated herein by reference. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">21. <U>Deferred Compensation<B></B>. </U>This Agreement is intended to meet
the&nbsp;requirements of Section&nbsp;409A of the Code and shall be administered in a manner that is intended to meet those requirements and shall be construed and interpreted in accordance with such intent. To the extent that an award or payment,
or the settlement or deferral thereof, is subject to Section&nbsp;409A of the Code, except as the Board of Directors and Executive otherwise determine in writing, the award shall be granted, paid, settled or deferred in a manner that will meet the
requirements of Section&nbsp;409A of the Code, including regulations or other guidance issued with respect thereto, such that the grant, payment, settlement or deferral shall not be subject to the excise tax applicable under Section&nbsp;409A of the
Code. In the event additional regulations or other guidance is issued under Section&nbsp;409A of the Code or a court of competent jurisdiction provides additional authority concerning the application of Section&nbsp;409A with respect to the payments
described hereunder, then the provisions regarding such payments shall be amended to permit such payments to be made at the earliest time allowed under such additional regulations, guidance or authority that is practicable and achieves the original
intent of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">22. <U>Entire Agreement</U>. This Agreement sets forth the entire agreement of the parties hereto in respect of
the subject matter contained herein and, as of the Effective Date, supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative
of any party hereto. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">20 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">23. <U>Effectiveness</U>. This Agreement shall become effective upon approval of the Board of Directors.
The Company shall provide a certified copy of the resolution evidencing such approval as soon as practical after such approval. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>IN
WITNESS WHEREOF</B>, the parties have executed this Agreement on the date first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>Rex Energy Operating Corp. (the &#147;Company&#148;)</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ John A. Lombardi</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chairman of the Compensation Committee Rex Energy Corporation</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>Christopher K. Hulburt (&#147;Executive&#148;)</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Christopher K. Hulburt</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Christopher K. Hulburt</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>EXHIBIT A </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>RELEASE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Executive hereby irrevocably and unconditionally releases, acquits and forever
discharges the Company (as defined in the Executive&#146;s Employment Agreement) and its affiliated companies and their directors, officers, employees and representatives, (collectively &#147;<B><I>Releasees</I></B>&#148;), from any and all claims,
liabilities, obligations, damages, causes of action, demands, costs, losses and/or expenses (including attorneys&#146; fees) of any nature whatsoever, whether known or unknown, including, but not limited to, rights arising out of alleged violations
of any contracts, express or implied, any covenant of good faith and fair dealing, express or implied, or any tort, or any legal restrictions on the Company&#146;s right to terminate employees, or any federal, state or other governmental statute,
regulation, or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended and the Age Discrimination in Employment Act of 1967, as amended, which the Executive claims to have against any of the Releasees (in each
case, except as to indemnification provided by (a)&nbsp;the Executive&#146;s Employment Agreement with the Company (as amended or superseded from time to time) and/or (b)&nbsp;by the Company&#146;s bylaws and any indemnification agreement or
arrangement permitted by Section&nbsp;145 of the Delaware General Corporation Law and by directors, officers and other liability insurance coverage&#146;s to the extent you would have enjoyed such coverages had you remained a director or officer of
the Company). In addition, the Executive waives all rights and benefits afforded by any state laws which provide in substance that a general release does not extend to claims which a person does not know or suspect to exist in his favor at the time
of executing the release which, if known by him, must have materially affected the Executive&#146;s settlement with the other person. The only exception to the foregoing are claims and rights that may arise after the date of execution of this
Release, claims and rights arising under any employee benefit plan (including, but not limited to the Long Term Incentive Plan and the Annual Incentive Plan) and claims and rights arising under Section&nbsp;9 of the Executive&#146;s Employment
Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Executive understands and agrees that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">He has a period of 21 days within which to consider whether he desires to execute this Agreement, that no one hurried him into executing this Agreement during that 21-day period,
and that no one coerced him into executing this Agreement. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">He has carefully read and fully understands all of the provisions of this Agreement, and declares that the Agreement is written in a manner that he fully understands.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">C.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">He is, through this Agreement, releasing the Releasees from any and all claims he may have against the Releasees, and that this Agreement constitutes a release and discharge of
claims arising under the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. &#167;&#167; 621-634, including the Older Workers&#146; Benefit Protection Act, 29 U.S.C. &#167; 626(f). </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">22 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">D.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">He declares that his agreement to all of the terms set forth in this Release is knowing and is voluntary. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">E.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">He knowingly and voluntarily intends to be legally bound by the terms of this Release. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">F.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">He was advised and hereby is advised in writing to consult with an attorney of his choice concerning the legal effect of this Release prior to executing this Release.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">G.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">He understands that rights or claims that may arise after the date this Agreement is executed are not waived. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">H.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">He understands that, in connection with the release of any claim of age discrimination, he has a period of seven days to revoke his acceptance of this Release, and that he may
deliver notification of revocation by letter or facsimile addressed to the General Counsel of the Company, at _____________, or (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) -___.____. Executive understands that this
Agreement will not become effective and binding with respect to a claim of age discrimination until after the expiration of the revocation period. The revocation period commences when Executive executes this Agreement and ends at 11:59 p.m. on the
seventh calendar day after execution, not counting the date on which Executive executes this Agreement. Executive understands that if he does not deliver a notice of revocation before the end of the seven-day period described above, that this
Agreement will become a final, binding and enforceable release of any claim of age discrimination. This right of revocation shall not affect the release of any claim other than a claim of age discrimination arising under federal law.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">I.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">He understands that nothing in this Agreement shall be construed to prohibit Executive from filing a charge or complaint, including a challenge to the validity of this Agreement,
with the Equal Employment Opportunity Commission or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>AGREED AND ACCEPTED</B>, on this _____ day of ________________, _______. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">23 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
