EX-10.24



 Exhibit 10.24 

OPTION AWARD AGREEMENT 

THIS OPTION AWARD AGREEMENT (this “Agreement”) is made by and between Samson Resources Corporation, a Delaware corporation
(hereinafter referred to as the “Company”), and the individual (the “Optionee”) whose name is set forth on the signature page hereof, who is a Participant. Any capitalized terms used but not otherwise defined herein
shall have the meaning set forth in the Samson Resources Corporation 2011 Stock Incentive Plan, as amended, modified or supplemented from time to time (the “Plan”). 

WHEREAS, as an incentive for the Optionee’s efforts in connection with his or her Employment by, or performance of other services for,
the Company and/or Samson Investment Company, a Nevada corporation and a wholly owned subsidiary of the Company (“Samson” and together with the Company and their direct and indirect subsidiaries, the “Company
Group”), the Company wishes to afford the Optionee the opportunity to purchase a number of Shares (which Shares shall entitle the Optionee to any and all rights and benefits to which the holder of such Shares may be provided), subject to
the terms and conditions set forth herein and in the Plan; and 
 WHEREAS, the Company wishes to carry out the Plan, the terms of which are
hereby incorporated by reference and made a part of this Agreement, pursuant to which the Committee, appointed to administer the Plan, has instructed the undersigned officers to issue this Option. 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto do hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Whenever the
following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary. 

Section 1.1. Base Price Option 

“Base Price Option” means an option to purchase the number of shares of Common Stock, at such per Share exercise price, each
as set forth opposite such defined term on the signature page hereof. 
 Section 1.2. Cause 

“Cause” shall have the meaning assigned to it in the Employment Agreement. 

Section 1.3. Disability 

“Disability” shall have the meaning assigned to it in the Employment Agreement. 

Section 1.4. Employed or Employment 

“Employed” or “Employment” means employment by any member(s) of the Company Group as an employee or the
performance of services (whether as employee, consultant, director or other service provider) to any member(s) of the Company Group. 







 Section 1.5. Employment Agreement 

“Employment Agreement” means that certain Employment Agreement entered into by the Company and the Optionee, effective as of
April 18, 2013 (the “Effective Date”). For purposes of the Plan, this Employment Agreement constitutes an “Individual Agreement” as defined therein. 

Section 1.6. FMV Option 

“FMV Option” means an option to purchase the number of shares of Common Stock, at such per Share exercise price, each as set
forth opposite such defined term on the signature page hereof. 
 Section 1.7. Good Reason 

“Good Reason” shall have the meaning assigned to it in the Employment Agreement. 

Section 1.8. Stockholder’s Agreement 

“Stockholder’s Agreement” means that certain Executive Stockholder’s Agreement between the Company and the Optionee
effective as of the Effective Date. 
 Section 1.9. 1.5x Base Price Option 

“1.5x Base Price Option” means an option to purchase the number of shares of Common Stock, at such per Share exercise price,
each as set forth opposite such defined term on the signature page hereof. 
 ARTICLE II 

GRANT OF OPTIONS 
 Section 2.1.
Grant of Options; Exercise Price 
 For good and valuable consideration, upon the terms and conditions set forth herein and in the
Plan, on and as of the date set forth on the signature page hereof (the “Grant Date”), the Company grants to the Optionee the FMV Option, Base Price Option and 1.5x Base Price Option (collectively, the “Option”) to
purchase any part or all of an aggregate of the number of Shares set forth on the signature page hereof, at the exercise prices set forth on the signature page hereof, opposite each such portion of the Option, without commission or other charge.
Each exercise price per Share as set forth on the signature page hereof is at least equal to the Fair Market Value on the Grant Date. The Option is granted as a stock option intended to meet the requirements of Section 422(b) of the Code to the
greatest extent permitted by law (the Option, or such portion of the Option that meets such requirements, the “Incentive Stock Option”), and any portion of the Option that does not meet such requirements shall be treated as a
nonqualified stock option. In determining which component of the Option shall comprise the Incentive Stock Option in the event that less than all of the Option can constitute an Incentive Stock Option under applicable tax law limitations (the
“ISO Limit”), the FMV Option shall count first against the ISO Limit, then the Base Price Option and finally the 1.5x Base Price Option (such that if the ISO Limit applies, the portion of the Option constituting an Incentive Stock
Option shall be comprised first of FMV Options, then Base Price Options and finally 1.5x Base Price Options, in each case, until the ISO Limit is exceeded). 







 ARTICLE III 

PERIOD OF EXERCISABILITY 

Section 3.1. Vesting and Commencement of Exercisability 

(a) Vesting- General Rule. So long as the Optionee continues to be Employed through each relevant vesting date, the Shares subject to
the Option shall vest based on elapsed time, such that the Option shall become vested and exercisable with respect to 20% of the Shares subject to each of the FMV Option, the Base Price Option and the 1.5x Base Price Option on the first, anniversary
of the Effective Date and on each of the first four anniversaries thereof (each such date, a “Scheduled Vesting Date”). 

(b) Termination without Cause/Resignation for Good Reason. If the Optionee’s Employment is terminated without Cause by the Company
Group (other than due to the Optionee’s Disability) or by Optionee with Good Reason: (i) at least six months after the Effective Date but prior to the first anniversary of the Effective Date, then the portion of the Option that
would have become vested and exercisable on the first anniversary of the Effective Date if the Optionee had remained Employed with the Company Group through such date will become vested and exercisable as of immediately prior to such termination; or
(ii) on or subsequent to the first anniversary of the Effective Date, following an Initial Public Offering (as defined in the Stockholders’ Agreement), the Sponsors, collectively, are the Beneficial Owners of less than 40% of the aggregate
number of shares of Common Stock of which the Sponsors, collectively, are the Beneficial Owners as of the Grant Date, then the Option shall become vested and exercisable as of immediately prior to such termination, to the extent not
previously vested and exercisable, with respect to 100% of the Shares subject to the Option. 
 (c) Death or Disability.
Notwithstanding any of the foregoing, upon a termination of the Optionee’s Employment at any time by reason of the Optionee’s death or Disability, then 20% portion of the Option that would have become vested and exercisable on the next
Scheduled Vesting Date if the Optionee had remained Employed with the Company Group through such date will become vested and exercisable as of immediately prior to such termination. 

(d) Change of Control. Notwithstanding any of Section 3.1(a), (b) or (c) above, upon a Change of Control on a date that
the Optionee is Employed (disregarding for the avoidance of doubt any termination occurring on the date of the Change of Control), any then-outstanding and unvested Option shall become immediately vested and exercisable as to 100% of the Shares
subject to such Option immediately prior to a Change of Control (but only to the extent such Option has not otherwise terminated or become vested and exercisable). 

Section 3.2. Expiration of Option 

The exercisable portion of any Option (including any portion that becomes vested and exercisable pursuant to Section 3.1(b), (c) or
(d) above on or prior to any termination of Employment) shall lapse if not timely exercised pursuant to this Section 3.2. The Optionee must exercise the exercisable portion of the Option to any extent on or prior to the first to occur of
the following events: 
 (a) the tenth (10th) anniversary of the Grant Date; 

(b) the first anniversary of the date of the Optionee’s termination of Employment, if the Optionee’s Employment is terminated by
reason of death or Disability; 
 (c) one hundred eighty (180) days after the date of an Optionee’s termination of Employment by
the Company Group without Cause (and other than due to Optionee’s death or Disability) or by the Optionee for Good Reason; 







 (d) immediately upon the date of the Optionee’s termination of Employment by the Company
Group for Cause; 
 (e) thirty (30) days after the date of the Optionee’s voluntary termination of Employment without Good Reason;

 (f) the date the Option is terminated pursuant to Section 4 or 5 of the Stockholder’s Agreement; or 

(g) if the Committee so determines pursuant to Section 8 of the Plan, the date the Option is cancelled in accordance with the provisions
of such Section 8 (subject, for the avoidance of doubt, to the Company’s required payment of “fair value” in respect thereof as determined under and in accordance with the provisions of such Section 8). 

The portion of any Option that is not exercisable at the time of an Optionee’s termination of employment for any reason (and that does
not become exercisable pursuant to Section 3.1(b), (c) or (d) above prior to such termination) shall lapse and be of no further effect upon such termination of employment. 

ARTICLE IV 
 EXERCISE OF OPTION

 Section 4.1. Person Eligible to Exercise 

Except as expressly provided for herein, in the Plan or in the Stockholder’s Agreement, during the lifetime of the Optionee, only the
Optionee may exercise the Option or any portion thereof. After the Disability or death of the Optionee, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.2, be exercised by the
Optionee’s legatees, personal representatives, or distributees. 
 Section 4.2. Partial Exercise 

Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior
to the time when the Option or portion thereof becomes unexercisable under Section 3.2; provided however, that any partial exercise shall be for whole Shares only. 

Section 4.3. Manner of Exercise 

The Option, or any exercisable portion thereof, may be exercised solely by delivering to the Secretary of the Company all of the following on
or prior to the time when the Option or such portion becomes unexercisable under Section 3.2, and the satisfaction of all of the foregoing shall be determined in the good-faith, reasonable discretion of the Company: 

(a) notice in writing signed by the Optionee or any other person then entitled to exercise the Option or portion thereof, stating that the
Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Committee; 







 (b) full payment of the exercise price applicable to any Option in cash, by check, in Shares (any
such Shares valued at Fair Market Value on the date of exercise) that the Optionee has held for at least six months (or such lesser period of time as may be required by the Company’s accountants), through the withholding of Shares (any such
Shares valued at Fair Market Value on the date of exercise) otherwise issuable upon the exercise of the Option in a manner that is compliant with applicable law, or a combination of the foregoing methods; 

(c) execution and delivery, to the extent not previously executed and delivered, of the Stockholder’s Agreement; 

(d) full payment to the Company of all amounts which, under federal, state or local law, it (or an Affiliate) is required to withhold upon
exercise of the Option, except that upon any circumstance described in Section 3.1(b), (c) or (d) above, or as otherwise may be agreed to by the Company, the Optionee may make payment of any such taxes under any method described in
Section 4.3(b) above; and 
 (e) in the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by any
person or persons other than the Optionee, appropriate proof of the right of such person or persons to exercise the option. 
 In addition, following an
Initial Public Offering, the Optionee may satisfy his or her obligations under Section 4.3(b) and/or (c) through the sale of Shares (or equity securities into which Shares are convertible) into the public market pursuant to a cashless
exercise program that is compliant with applicable law, to the extent the sale of such Shares (or equity securities, as applicable) is permitted under the Stockholder’s Agreement. 

Without limiting the generality of the foregoing, the Committee may require an opinion of counsel acceptable to it to the effect that any subsequent transfer
of Shares acquired on exercise of the Option prior to the occurrence of an Initial Public Offering does not violate the Securities Act of 1933, as amended, and may issue stop-transfer orders covering such Shares in the absence of such opinion. 

Section 4.4. Conditions to Issuance of Shares 

The Company shall not be required to record the ownership by the Optionee of Shares purchased upon the exercise of the Option or portion
thereof prior to fulfillment of all of the following conditions: 
 (a) the obtaining of approval or other clearance from any federal, state,
local or non-U.S. governmental agency which the Committee shall, in its reasonable and good faith discretion, determine to be necessary; 

(b) the lapse of such reasonable period of time following the exercise of the Option as may otherwise be required by applicable law; and 

(c) the execution and delivery, to the extent not previously executed and delivered by the Optionee, of the Stockholder’s Agreement
applicable to the Optionee. 
 Section 4.5. Rights as Shareholder; Applicability of Plan and Stockholder’s Agreement; Disqualifying
Disposition 
 (a) The Optionee shall not be, and shall not have any of the rights or privileges of, shareholders of the Company in
respect of any Shares purchasable upon exercise of the Option or any portion thereof unless and until a book entry representing such Shares has been made on the books and records of the Company; provided, however, that the Optionee
shall be deemed to be admitted as a shareholder, retroactive to the date of exercise, once the criteria contained in Sections 4.3 and 4.4 hereof have been satisfied. 







 (b) The Option and any Shares issued to the Optionee upon exercise of the Option, in whole or in
part shall be subject to all of the terms and provisions of the Plan. The Option (and any Shares issued to the Optionee upon exercise of the Option) is being granted subject to the terms and conditions of the Stockholder’s Agreement, with all
such applicable terms hereby incorporated by reference and made a part hereof, regardless of whether the Optionee has executed such agreement. 

(c) The Optionee shall notify the Company in writing immediately after the date he or she makes a disqualifying disposition of any Shares
acquired pursuant to the exercise of this Option. A “disqualifying disposition” is any disposition (including any sale) of such Shares before the later of (i) two years after the Grant Date of the Option or (ii) one year after
the date of exercise of the Option, to the extent the portion of the Option that was exercised to which such Shares are attributable was an Incentive Stock Option. 

ARTICLE V 
 MISCELLANEOUS

 Section 5.1. Administration 

The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and
application of the Plan as are consistent therewith and to interpret or revoke any such rules and all actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon the Optionee, the
Company and all other interested persons. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan and this Agreement. 

Section 5.2. Notices 
 Any notice to
be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary, and any notice to be given to the Optionee shall be addressed to the Optionee at the address set forth in the Company’s books
and records. By a notice given pursuant to this Section 5.2, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to the Optionee, shall, if the Optionee is
then deceased, be given to the Optionee’s personal representative if such representative has previously informed the Company of the representative’s status and address by written notice under this Section 5.2. 

Section 5.3. Survival of Terms; Conflicts 

(a) The Option and the Shares issued to the Optionee upon exercise of the Option shall be subject to all of the terms and provisions of the
Plan and the Stockholder’s Agreement, to the extent applicable to the Option and such Shares. The Agreement remains subject to the terms of the Plan, and, in the event of any conflict between specific provisions of the Plan and the Agreement,
the Plan shall control. In the event of any conflict between this Agreement, the Stockholder’s Agreement and any other stockholder’s agreement to which the Optionee may be a party, solely to the extent of the applicability of the terms
thereof on the Option and Shares issued to the Optionee upon exercise of the Option, the terms of the Stockholder’s Agreement shall control. 

(b) Notwithstanding anything in the paragraph above, nothing in this Agreement shall be read to require any change to the Plan that would
affect the Company’s ability to rely on the exemption from registration under the Exchange Act available under Rule 12h-1(f) or Rule 12h-1(g), as amended. In any conflict between the provisions of this Agreement and the Plan that would affect
the Company’s ability to rely on the exemption from registration under the Exchange Act available under Rule 12h-1(f) or Rule 12h-1(g), as amended, the provisions that comply with Rule 12h-1(f) or Rule 12h-1(g) (as applicable) will control.
Notwithstanding the foregoing, the transfer restrictions on the Option and Shares set forth in this Agreement shall not be reduced, eliminated or otherwise altered except in accordance with the terms of this Agreement. 







 (c) The provisions of the Agreement shall survive the termination of the Agreement to the extent
consistent with, or necessary to carry out, the purposes thereof. 
 Section 5.4. Amendment 

Subject to Section 9 of the Plan, this Agreement may be amended only by a writing executed by the parties hereto, which specifically
states that it is amending this Agreement. 
 Section 5.5. Governing Law 

This Agreement shall be governed in all respects by the laws of the State of Delaware, without giving effect to the principal of conflict of
laws. 
 Section 5.6. Disputes  

In the event of any controversy among the parties hereto arising out of, or relating to, this Agreement which cannot be settled amicably by
the parties, such controversy shall be treated as if it were a controversy under the Employment Agreement. 
 Section 5.7. Conformity to
Section 409A  
 It is intended that the Option be exempt from Section 409A, and this Agreement shall be interpreted
accordingly. The Committee shall use commercially reasonable efforts to implement the provisions of this Section 5.7 in good faith; provided that neither Board, the Committee nor any of the Company’s employees, directors or representatives
or any part of the Company Group shall have any liability to Participants with respect to this Section 5.7 to the extent administered in accordance therewith. 

Section 5.8. No Right of Employment or Service 

Nothing contained herein shall confer on the Optionee any right to be continued in the Employ or service of the Company Group, constitute any
contract or agreement of Employment or other service or affect an Employee’s status as an at-will Employee, nor shall anything contained herein affect any rights which the Company Group may have to change an Optionee’s compensation or
other benefits or terminate such person’s Employment or association with the Company Group for any reason (with or without Cause, with or without compensation) at any time. 

Section 5.9. Counterparts 
 This
Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

*        *        *       
 *        * 







 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto. 

 

			
	SAMSON RESOURCES CORPORATION
		
	By:	 	/s/ Michael G. Daniel
		 	Name:     Michael G. Daniel
		 	Title:       Vice President-General Counsel









 [Optionee Signature Page to Option Award Agreement] 

 

			
	 Grant Date:
	  	May 20, 2013
		
	 FMV Option Grant:
	  	
		
	 Aggregate number of shares of Common Stock for which the FMV Option granted hereunder is exercisable (100% of number of
shares):
	  	6,250,000
		
	 Exercise Price per Share of FMV Option:
	  	$4.00 per Share
		
	 Base Price Option Grant:
	  	
		
	 Aggregate number of shares of Common Stock for which the Base Price Option granted hereunder is exercisable (100% of
number of shares):
	  	6,250,000
		
	 Exercise Price per Share of Base Price Option:
	  	$5.00 per Share
		
	 1.5x Base Price Option Grant:
	  	
		
	 Aggregate number of shares of Common Stock for which the 1.5x Base Price Option granted hereunder is exercisable (100% of
number of shares):
	  	17,500,000
		
	 Exercise Price per Share of 1.5x Base Price Option:
	  	$7.50 per Share
		
	 Optionee:
	  	Randy L. Limbacher
		
	 Optionee Address:
	  	Optionee’s then current home address on file with the Company.

 Acknowledged and agreed by the Optionee: 

	
	
	/s/ Randy L. Limbacher
	Randy L. Limbacher