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  Exhibit 10.21    
    

 
    HALCÓN RESOURCES CORPORATION
  2016 LONG-TERM INCENTIVE PLAN    
    
    EMPLOYEE STOCK OPTION AWARD AGREEMENT    
    

        THIS EMPLOYEE STOCK OPTION AWARD AGREEMENT (this
"Agreement") is made and entered into as of the Date of Grant (as set forth on the Summary of Stock Option Grant and provided through the online
platform of the Company's third-party Plan administrator) by and between HALCÓN RESOURCES CORPORATION, a Delaware corporation (the
"Company"), and the Participant set forth on the Summary of Stock Option Grant ("Participant") pursuant
to the Halcón Resources Corporation 2016 Long-Term Incentive Plan (as amended, modified or supplemented, the
"Plan"). 

        WHEREAS, the Participant is an employee or a consultant to the Company or a Subsidiary of the Company or is a non-employee director of the
Company, and it is important to the Company that the Participant be encouraged to remain in the service of the Company or such Subsidiary; 

        WHEREAS, the Board of Directors of the Company and the Committee (as defined in the Plan) have the authority to grant Options under the
Plan to eligible employees, non-employee directors and other individuals providing consulting or advisory services to the Company, its Subsidiaries or its Affiliated Entities; and 

        WHEREAS, the Board has determined to award to the Participant the Option described in this Agreement; 

        NOW, THEREFORE, the Company and the Participant agree as follows: 

        1.    Effect of Plan and Authority of Committee.    This Agreement and the Option granted
hereunder are subject to the Plan, which is incorporated herein by reference. The Committee is authorized to make all determinations and interpretations with respect to matters arising under or
relating to the Plan, this Agreement and the Option granted hereunder. Capitalized terms used and not otherwise defined herein have the respective meanings given them in the Plan or in the Summary of
Stock Option Grant, which are attached hereto and incorporated herein by this reference for all purposes. 

        2.    Grant of Option.    On the terms and conditions set forth in this Agreement, the Summary
of Stock Option Grant and the Plan, as of the Grant Date, the Company hereby grants to the Participant the option to purchase the number of shares of Common Stock set forth on the Summary of Stock
Option Grant at the Exercise Price per share set forth on the Summary of Stock Option Grant (the "Option"). The Option is intended to be an Incentive
Stock Option or a Nonqualified Stock Option, as provided in the Summary of Stock Option Grant. If the Option is intended to be an Incentive Stock Option, it is agreed that the exercise price is at
least 100% of the Fair Market Value of a share of Common Stock on the Date of Grant (110% of Fair Market Value if the Participant owns stock possessing more than 10% of the combined voting power of
the Company or its Subsidiaries or a "parent corporation"). To the extent that the aggregate Fair Market Value (determined at the time the Incentive Stock Option is granted) of shares of Common Stock
with respect to which Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all incentive stock option plans of the Company and its Subsidiaries
and any "parent corporation" (as defined in Section 424(e) of the Code) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified Stock Options. The Committee shall
determine, in accordance with applicable provisions of the Code, Treasury Regulations and other administrative pronouncements, which of the Participant's Options will not constitute Incentive Stock
Options because of such limitation and shall notify the Participant of such determination as soon as practicable after such determination. 

        3.    Vesting.    This Option may be exercised only to the extent it is vested on the vesting
dates in accordance with the Vesting Schedule set forth in the Summary of Stock Option Grant. The vested percentage indicated in such Vesting Schedule shall be exercisable, as to all or part of the
vested shares, at any time or times after the respective vesting date and until the expiration or termination of 

 

the
Option. The unvested portion of this Option shall terminate and be forfeited immediately on the date of the Participant's termination of employment or service with the Company, the Subsidiaries
and the Affiliated Entities, subject to accelerated vesting on termination in certain circumstances as set forth herein or in the Plan. Notwithstanding any other provision in the Plan or in this
Agreement to the contrary, this Option shall be immediately vested, fully earned and exercisable upon the occurrence of a Change of Control Event. 

        4.    Term.    

        (a)    Term of Option.    This Option may not be exercised after the close of the Company's
business on the Expiration Date as set forth in the Summary of Stock Option Grant. If the Expiration Date of this Option or any termination date provided for in this Agreement shall fall on a
Saturday, Sunday or a day on which the executive offices of the Company are not open for business, then such expiration or termination date shall be deemed to be the last normal business day of the
Company at its executive offices preceding such Saturday, Sunday or day on which such offices are closed. 

        (b)    Early Termination.    Except as provided below, this Option may not be exercised unless
the Participant shall have been in the continuous employ or service of the Company, any Subsidiary of the Company or any Affiliated Entity from the Date of Grant to the date of exercise of the Option. 

          (i)  If
the Participant is an Eligible Employee and the Participant's employment with the Company, a Subsidiary or an Affiliated Entity terminates by reason of the
Participant's Disability, this Option may be exercised in full by the Participant (or the Participant's estate or the person who acquires this Option by will or the laws of descent and distribution or
otherwise by reason of death of the Participant), but only within such period of time ending on the earlier of (A) the date that is one year following such termination or (B) the
Expiration Date. 

         (ii)  If
the Participant is an Eligible Employee and the Participant's employment with the Company, a Subsidiary or an Affiliated Entity terminates by reason of the
Participant's death, the Participant's estate, or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of death of the Participant, may exercise
this Option in full, but only within such period of time ending on the earlier of (A) the date that is one year following the Participant's death or (B) the Expiration Date. 

        (iii)  If
the Participant is an Eligible Employee and the Participant's employment with the Company, a Subsidiary or an Affiliated Entity is terminated without Cause, all
unvested Options shall be forfeited and the Participant may exercise any vested Options but only within such period of time ending on the earlier of (A) the date that is three months following
such termination or (B) the Expiration Date. For purposes of this Agreement, "Cause" means a Participant's gross negligence or willful misconduct in the performance of the duties of his or her
employment, or the Participant's final conviction of a felony or of a misdemeanor involving moral turpitude. 

        (iv)  If
the Participant is an Eligible Employee and the Participant's employment with the Company, a Subsidiary or an Affiliated Entity is terminated for Cause, all unvested
and vested Options shall be immediately forfeited upon such termination. 

         (v)  If
the Participant is an Eligible Employee and the Participant voluntarily terminates employment with the Company, a Subsidiary or an Affiliated Entity, all unvested
Options shall be forfeited and the Participant may exercise any vested Options but only within such period of time ending on the earlier of (A) the date that is three months following such
termination of employment or (B) the Expiration Date. 

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        (vi)  If
the Participant is a Consultant and the Participant ceases providing services to the Company, all unvested Options shall be forfeited and the Participant may
exercise any vested Options but only within such period of time ending on the earlier of (A) the date that is three months following such cessation of services or (B) the Expiration
Date. 

       (vii)  If
the Participant is an Eligible Director and the Participant terminates service as a director of the Company, all unvested Options shall be forfeited and the
Participant may exercise any vested Options but only within such period of time ending on the earlier of (A) the date that is three months following such cessation of services or (B) the
Expiration Date. 

        5.    Manner of Exercise and Payment.    Exercise of this Option shall be by written notice to
the Senior Vice President, Human Resources and Administration of the Company at least two business days in advance of such exercise stating the election to exercise in the form and manner determined
by the Committee. The exercise price of this Option may be paid (i) in cash or by check, bank draft or money order payable to the order of the Company; (ii) by delivering shares of
Common Stock having a Fair Market Value on the date of payment equal to the amount of the exercise price, but only to the extent such exercise of an Option would not result in an adverse accounting
charge to the Company for financial accounting purposes with respect to the shares used to pay the exercise price unless otherwise
determined by the Committee; or (iii) a combination of the foregoing. In addition to the foregoing, the Committee may permit this Option to be exercised by a broker-dealer acting on behalf of a
Participant through procedures approved by the Committee. 

        6.    Withholding Tax.    Unless otherwise paid by the Participant, the Company, its
Subsidiaries or any of its Affiliated Entities shall be entitled to deduct from any payment under this Agreement, regardless of the form of such payment, the amount of all applicable income and
employment taxes required by law to be withheld with respect to such payment or may require the Participant to pay to it such tax prior to and as a condition of the making of such payment. In
accordance with any applicable administrative guidelines it establishes, the Committee may allow the Participant to pay the amount of taxes required by law to be withheld with respect to this Option
by (i) directing the Company to withhold from any payment with respect to the Option a number of shares of Common Stock having a Fair Market Value on the date of payment equal to the amount of
the required withholding taxes or (ii) delivering to the Company previously owned shares of Common Stock having a Fair Market Value on the date of payment equal to the amount of the required
withholding taxes. However, any payment made by the Participant pursuant to either of the foregoing clauses (i) or (ii) shall not be permitted if it would result in an adverse accounting
charge with respect to such shares used to pay such taxes unless otherwise approved by the Committee. 

        7.    Delivery of Shares.    Delivery of the certificates representing the shares of Common
Stock purchased, upon exercise of this Option shall be made as soon as reasonably practicable after receipt of notice of exercise and full payment of the Exercise Price and any required withholding
taxes. If the Company so elects, its obligation to deliver shares of Common Stock upon the exercise of this Option shall be conditioned upon its receipt from the person exercising this Option of an
executed investment letter, in form and content satisfactory to the Company and its legal counsel, evidencing the investment intent of such person and such other matters as the Company may reasonably
require. If the Company so elects, the certificate or certificates representing the shares of Common Stock issued upon exercise of this Option shall bear a legend to reflect any restrictions on
transferability. 

        8.    Optional Issuance in Book-Entry Form.    Notwithstanding the provisions of
Section 7, at the option of the Company, any shares of Common Stock that under the terms of this Agreement are issuable in the form of a stock certificate may instead be issued in book-entry
form. 

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        9.    Transferability.    

        (a)   This
Option is personal to the Participant and during the Participant's lifetime may be exercised only by the Participant or his or her guardian or legal representative
upon the events and in accordance with
the terms and conditions set forth in the Plan, and shall not be transferred except by will or by the laws of descent and distribution, nor may it be otherwise sold, transferred, pledged, exchanged,
hypothecated or otherwise disposed of in any way (by operation of law or otherwise) and it shall not be subject to execution, attachment or similar process. Any attempted sale, transfer, pledge,
exchange, hypothecation or other disposition of this Option not specifically permitted by the Plan or this Agreement shall be null and void and without effect. 

        (b)   No
shares of Common Stock or other form of payment shall be issued with respect to any Option unless the Company shall be satisfied based on the advice of its counsel
that such issuance will be in compliance with applicable federal and state securities laws. Certificates evidencing shares of Common Stock delivered pursuant to exercise of this Option may be subject
to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any securities
exchange or transaction reporting system upon which the Common Stock is then listed or to which it is admitted for quotation and any federal or state securities law. The Committee may cause a legend
or legends to be placed upon such certificates (if any) to make appropriate reference to such restrictions. 

        10.    Notices.    All notices between the parties hereto shall be in writing. Notices to the
Participant shall be given to the Participant's address as contained in the Company's records. Notices to the Company shall be addressed to its Senior Vice President, Human Resources and
Administration at the principal executive offices of the Company at 1000 Louisiana, Suite 1500, Houston, Texas 77002. 

        11.    Relationship with Contract of Employment or Services.    

        (a)   The
grant of an Option does not form part of the Participant's entitlement to remuneration or benefits pursuant to his or her contract of employment or services, if any,
and, except as otherwise provided in a written contract of employment or for services, the existence of such a contract between any person and the Company, any Subsidiary or any Affiliated Entity does
not give such person any right or entitlement to have an Option granted to him or any expectation that an Option might be granted to him whether subject to any conditions or at all. 

        (b)   The
rights and obligations of the Participant under the terms of his or her contract of employment or other contract or agreement for services with the Company, any
Subsidiary of the Company or any Affiliated Entity, if any, shall not be affected by the grant of an Option. 

        (c)   The
rights granted to the Participant upon the grant of an Option shall not afford the Participant any rights or additional rights to compensation or damages in
consequence of the loss or termination of his or her office, employment or service with the Company, any Subsidiary of the Company or any Affiliated Entity for any reason whatsoever. 

        (d)   The
Participant shall not be entitled to any compensation or damages for any loss or potential loss which he or she may suffer by reason of being or becoming unable to
exercise an Option in consequence of the loss or termination of his or her office, employment or service with the Company, any Subsidiary of the Company or any Affiliated Entity for any reason
(including, without limitation, any breach of contract by the Company, any Subsidiary of the Company or any Affiliated Entity) or in any other circumstances whatsoever. 

        12.    Market Standoff Agreement.    The Participant agrees in connection with any public
offering of the Company's securities that, upon request of the Company or the managing underwriter(s) of such offering, the Participant will not sell or otherwise dispose of any Common Stock acquired
pursuant to 

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this
Agreement without the prior written consent of the Company or such managing underwriter(s), as the case may be, for a period of time (not to exceed 180 days) after the effective date of
the registration requested by such managing underwriter(s) and subject to all restrictions as the Company or the managing underwriter(s) may specify for employee or other service provider stockholders
generally. 

        13.    Governing Law; Exclusive Forum; Consent to Jurisdiction.    This Agreement shall be
governed by and construed in accordance with the internal laws (and not the principles relating to conflicts of laws) of the State of Texas, except as superseded by applicable federal law. The
exclusive forum for any action concerning this Agreement or the transactions contemplated hereby shall be in a court of competent jurisdiction in Harris County, Texas, with respect to a state court,
or the United States District Court for the Southern District of Texas, with respect to a federal court. THE PARTICIPANT HEREBY CONSENTS TO THE EXERCISE OF JURISDICTION OF A COURT IN THE
EXCLUSIVE FORUM AND WAIVES ANY RIGHT HE OR SHE MAY HAVE TO CHALLENGE OR CONTEST THE REMOVAL AT ANY TIME BY THE COMPANY, ANY OF ITS SUBSIDIARIES OR ANY OF ITS AFFILIATED ENTITIES TO FEDERAL COURT OF
ANY SUCH ACTION HE OR SHE MAY BRING AGAINST IT IN STATE COURT. 

 

 
 

					
	 
	 	 HALCÓN RESOURCES CORPORATION
	 
	 	 By:
	 	 /s/ LEAH R. KASPAREK

  Leah R. Kasparek
 Senior Vice President, Human Resources and Administration

 

 5

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Exhibit 10.21

HALCÓN RESOURCES CORPORATION 2016 LONG-TERM INCENTIVE PLAN EMPLOYEE STOCK OPTION AWARD AGREEMENTQuickLinks
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  Exhibit 10.22    
    

 
    HALCÓN RESOURCES CORPORATION
  2016 LONG-TERM INCENTIVE PLAN
  
    EMPLOYEE RESTRICTED STOCK AWARD AGREEMENT    
    

        THIS EMPLOYEE RESTRICTED STOCK AWARD AGREEMENT (this
"Agreement") is made between HALCÓN RESOURCES CORPORATION, a Delaware corporation (the
"Company"), and the Employee (the "Employee"). 

        WHEREAS, to carry out the purposes of the HALCÓN RESOURCES CORPORATION 2016 LONG-TERM INCENTIVE
PLAN (as amended, modified or supplemented, the "Plan"), the Company desires to grant to the Employee a Restricted Stock Award
pursuant to the terms of this Agreement and the Plan ("Restricted Stock"). 

        NOW THEREFORE, in consideration of the mutual agreements and other matters set forth herein and in the Plan, the Company and the Employee
hereby agree as follows: 

        1.    Grant.    On the Date of Grant, the Company hereby grants to the Employee shares of
Common Stock (the "Shares") on the terms and conditions set forth herein, in the Grant Information Summary as provided by the Company's third-party Plan
administrator's online platform and in the Plan, which Plan is incorporated herein by reference. 

        2.    Vesting.    

        (a)   The
Shares shall vest one-third one year after the Date of Grant; an additional one-third two years after the Date of Date; and the remaining one-third of the Shares
will vest three years after the Date of Grant; provided, however, that the Employee has served as an employee of the Company through and until each such vesting date. 

        (b)   Upon
termination of the Employee's employment with the Company, any Shares which are not vested shall be forfeited and returned to the Company, except that: 

          (i)  If
the Employee's service with the Company terminates by reason of Disability, legal ownership of the Shares shall fully vest as of the date of such termination. For
purposes hereof, the term Disability shall mean a physical or mental infirmity which impairs the Employee's ability to substantially perform his or her duties for a period of one hundred eighty
(180) consecutive days. 

         (ii)  If
the Employee dies while employed with the Company, the Shares shall fully vest on the date of death. 

        (c)   Notwithstanding
any other provision in this Agreement or in the Plan to the contrary, the Shares shall be immediately vested and fully earned upon the occurrence of a
Change of Control Event. 

        3.    Beneficial Ownership.    Unless and until the Shares are forfeited to the Company or
transferred by the Employee (in accordance with this Agreement and applicable law), the Employee shall have beneficial ownership of the Shares, including the right to receive dividends and the right
to vote the Shares. 

        4.    Issuance of the Shares.    The Shares shall be registered in the name of the Employee on
the records of the Company and shall be issued in book-entry form (with no physical certificate issued to the Employee). Until the vesting of any Shares (the period from the Date of Grant to the date
of vesting, the "Restriction Period"), any certificate representing the Shares shall be held in escrow by the Company for the account of the Employee
and the Company shall issue "stop-transfer" instructions to its transfer agent to prevent the transfer of the Shares by the Employee. 

        5.    Transfer Restrictions.    Except as approved by the Company, during the Restriction
Period, the Shares shall not be transferable or assignable by the Employee other than by will or the laws of descent 

 

and
distribution or pursuant to a qualified domestic relations order as defined by Section 414(p) of the Internal Revenue Code of 1986, as amended (the
"Code"). No transfer by will, trust, or by the laws of descent and distribution shall be effective to bind the Company unless the Board of Directors of
the Company (the "Board"), the Compensation Committee of the Board or other such committee as the Board shall appoint to administer the Plan as
permitted by the Plan (collectively herein the "Committee") has been furnished with a copy of the deceased Employee's enforceable will, trust or such
other evidence as the Committee deems necessary to establish the validity of the transfer. Any attempted transfer in violation of this provision shall be void and ineffective. 

        6.    Vesting Restrictions.    Except as provided under the terms of the Plan and in
Section 2 hereof, the Shares will vest only during Employee's lifetime while Employee remains employed by the Company. 

        7.    Withholding of Tax.    To the extent that the granting of the Shares or the lapse of
restrictions applicable to such Shares results in compensation income to the Employee for federal or state income tax purposes, the Employee shall pay to the Company (in cash or to the extent
permitted by the Committee, shares of Common Stock held by the Employee whose value is equal to the amount of the Employee's tax withholding liability as determined by the Committee) any federal,
state or local taxes of any kind required by law to be withheld, if any, with respect to the Shares. The Company, to the extent permitted by law, has the right to deduct from any payment of any kind
otherwise due to the Employee from the Company any federal, state or local taxes of any kind required by law to be withheld with respect to the Shares. The Company is further authorized in its
discretion to satisfy any such withholding requirement out of shares of Restricted Stock of the Employee held by the Company. 

        8.    Securities Law.    The Employee agrees that the Shares will not be sold or otherwise
disposed of in any manner which would constitute a violation of any applicable securities laws, whether federal or state. The Employee also agrees that (i) any certificates representing the
Shares may bear such legend or legends as the Committee deems appropriate in order to assure compliance with applicable securities laws; (ii) the Company may refuse to register the transfer of
such Shares on the stock transfer records of the Company if such proposed transfer would, in the opinion of counsel satisfactory to the Company, constitute a violation of any applicable securities
laws; and (iii) the Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of the Shares. 

        9.    No Rights to Continued Employment.    Nothing contained in this Agreement shall confer
upon the Employee the right to continue as an employee of the Company. 

        10.    Representations and Warranties of Employee.    The Employee represents and warrants to
the Company as follows: 

        (a)   The
Employee has received a copy of the Plan and has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions.
The Employee acknowledges that there may be adverse tax consequences upon the granting of the Shares, vesting of the Shares or disposition of the Shares once vested, and that the Employee should
consult a tax adviser prior to such time. 

        (b)   The
Employee agrees to sign such additional documentation as may reasonably be required from time to time by the Company in connection with this Agreement. 

        11.    Binding Effect.    This Agreement shall be binding upon and inure to the benefit of any
successors to the Company and all persons lawfully claiming under the Employee. 

        12.    Governing Laws.    This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Texas. 

        13.    Modification.    This Agreement may not be modified except in writing signed by the
parties hereto or their respective successors and permitted assigns. 

2

 

        14.    Headings.    The headings of paragraphs in this Agreement are for convenience of
reference only, do not constitute a part of this Agreement, and shall not be deemed to limit or alter any of the provisions of this Agreement. 

        15.    Defined Terms.    Except as otherwise provided in this Agreement, or unless the context
clearly indicates otherwise, capitalized terms used but not defined in this Agreement have the definitions as provided in the Plan. In the event of a conflict or inconsistency between the
discretionary terms and provisions of the Plan and the provisions of this Agreement, this Agreement shall govern and control. 

 

 
 

					
	 
	 	 HALCÓN RESOURCES CORPORATION
	 
	 	 By:
	 	 /s/ LEAH R. KASPAREK

  Leah R. Kasparek
 Senior Vice President, Human Resources and Administration

 

 3

QuickLinks

Exhibit 10.22

HALCÓN RESOURCES CORPORATION 2016 LONG-TERM INCENTIVE PLAN EMPLOYEE RESTRICTED STOCK AWARD AGREEMENT

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