Document:

QuickLinks
 -- Click here to rapidly navigate through this document
 

 

 
 

  EXHIBIT 10.7    
    

 AMENDMENT TO EMPLOYMENT AGREEMENT  

This
Amendment to Employment Agreement between Cimarex Energy Co, the successor to Key Production Company, Inc. (the "Employer") and Francis H. Merelli (the "Employee") is effective as of
January 1, 2009. 

 
 

Recitals

        1.     Effective
as of September 1, 1992, Key Production Company, Inc., the predecessor to the Employer, and the Employee entered into an Employment Agreement (the
"Agreement"). 

        2.     The
Agreement provides for deferred compensation within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), which became
effective January 1, 2005. 

        3.     The
Employee and the Employer wish to amend the Agreement in a manner consistent with Code § 409A. 

 
 

Amendment

        1.     Section 7.2(a)
shall be amended in its entirety to provide as follows: 

        (a)   24 months'
compensation at the then applicable Base Salary rate. 

        2.     Section 7.3
shall be amended by the addition of the following at the end: 

The
amount payable under subsection 7.2(a) shall be paid in a lump sum, on a date selected by the Employer, within 30 days following such termination. 

        3.     Article VII
shall be amended by the addition of the following Section 7.4: 

        Section 7.4    Section 409A Compliance.    

        (a)   Notwithstanding
anything in this Article to the contrary, to the extent that any amount or benefit that would constitute non-exempt "deferred compensation"
for purposes of Code section 409A would otherwise be payable or distributable hereunder by reason of the occurrence of a separation from service, such amount or benefit will not be payable or
distributable by reason of such circumstance unless (1) the circumstances giving rise to such separation from service meet the description or definition of "separation from service," in Code
section 409A and applicable regulations (without giving effect to any elective provisions that may be available under such definition), or (2) the payment or distribution of such amount
or benefit would be exempt from the application of Code section 409A by reason of the short-term deferral exemption or otherwise. If this provision prevents the payment or
distribution of any amount or benefit, such payment or distribution
shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant "separation from service" or any later date required by subsection (b) below. 

        (b)   Notwithstanding
anything in this Article to the contrary, if any amount or benefit that would constitute non-exempt "deferred compensation" for purposes of
Code section 409A would otherwise be payable or distributable under this Article by reason of the Employee's separation from service during a period in which the Employee is a Specified
Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order),
(j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes), the Employee's right to receive payment or distribution of such non-exempt deferred compensation will be
delayed until the earlier of the Employee's death or the first day of the 7th month following the Employee's separation from service. 

1

 

        4.     Article XII
shall be amended by the addition of a new subsection 12.9 as follows: 

        Section 12.9    Section 409A Savings Clause.    It is the intention of the Employer and the Employee
that payments or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Code, and the provisions of this Agreement shall be construed
and administered in accordance with such intent. To the extent such potential payments could become subject to Code Section 409A, the Employer and the Employee agree to amend this
Article VIII with the goal of giving the Employee the economic benefits described herein in a manner that does not result in such tax being imposed. 

        This
Amendment to Employment Agreement has been signed this 17th day of December 2008 to be effective as of January 1, 2009. 

					
	 	 	 CIMAREX ENERGY CO.
	

 	
 	
By:	
 	
/s/ Paul Korus

 
	 	 	Name:	 	Paul Korus
	 	 	Title:	 	Vice President, Chief Financial Officer
	

 	
 	
 EMPLOYEE:
	

 	
 	
/s/ Francis H. Merelli

  Francis H. Merelli

2

QuickLinks

EXHIBIT 10.7

Recitals

AmendmentQuickLinks
 -- Click here to rapidly navigate through this document
 

 

 
 

  EXHIBIT 10.9    
    

 AMENDMENT TO EMPLOYMENT AGREEMENT  

This
Amendment to Employment Agreement between Cimarex Energy Co, the successor to Key Production Company, Inc. (the "Employer") and Paul Korus (the "Employee") is effective as of
January 1, 2009. 

 
 

Recitals

        1.     Effective
as of September 7, 1999, Key Production Company, Inc., the predecessor to the Employer, and the Employee entered into an Employment Agreement (the
"Agreement"). 

        2.     The
Agreement expired by its terms on September 20, 2001, provided, however, that Article VIII of the Agreement ("Article VIII") provides that if the
Employee continues employment with the Company or its successor after the term of the Agreement (which Employee has done) and is terminated without cause following a change of control, Employee is
entitled to certain payments upon the change of control of the Employer. 

        3.     Article VIII
provides for deferred compensation within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), which
became effective January 1, 2005. 

        4.     The
Employee and the Employer wish to amend Article VIII in a manner consistent with Code § 409A. 

 
 

Amendment

        Article VIII
shall be amended in its entirety to provide as follows: 

 ARTICLE VIII

CHANGE OF CONTROL  

        Section 8.1.    Change of Control.    If the Employee continues as an employee of the Employer after the term
of this Agreement, as provided in Section 1.2, and if during the period of such extended employment the Employee is terminated without cause following a "Change in Control" (as defined below),
the Employee shall be entitled to payment (on a date selected by the Company) within 30 days after the closing of the transaction or transactions that constitute the "Change in Control" in a
single lump sum of an amount equal to twice the Employee's annual salary at the rate in effect when the Change in Control occurs. The term "Change in Control" as used herein means the occurrence of
any of the following events on or after the Effective Date of this Plan, provided that in the event Code section 409A applies to payments under this Plan, a Change of Control shall be deemed to
have occurred only if the event is also a change of control within the meaning of Code section 409A and the regulations and other guidance promulgated thereunder or not inconsistent therewith. 

        (i)    The
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (x) the then outstanding
shares of common stock (the "Common Stock") of the Company (the "Outstanding Company Common stock") or (y) the combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that for purposes of this subsection (i), the following acquisitions
shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or
related trust) sponsored or 

1

 

maintained
by the Company or any corporation controlled by the Company, (D) any acquisition by any corporation pursuant to a transaction that complies with clauses (A) and (B) of
paragraph (iii) below; or 

        (ii)   During
any period of twelve months beginning after the Effective Date, individuals who, as of the Effective Date, constitute the Board (the "Incumbent Board") cease for
any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director at the beginning of such twelve-month period, whose election, appointment or
nomination for election by the Company's stockholders, was approved by a vote of at least a majority 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 Person other than the Board; or 

        (iii)  The
closing of a reorganization, share exchange or merger (a "Business Combination"), in each case, unless, following such Business Combination, (A) all or
substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Voting Securities immediately prior to such
Business Combination will beneficially own, directly or indirectly, more than 40% 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 will own the Company 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 and (B) 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, providing for such Business
Combination or were elected, appointed or nominated by the Board; or 

        (iv)  The
closing of (1) a complete liquidation or dissolution of the Company or, (2) the sale or other disposition of all or substantially all of the assets of
the Company, other than to a corporation, with respect to which following such sale or other disposition, (A) more than 40% of, respectively, the then outstanding shares of common stock of such
corporation and the combined voting power of the then
outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other
disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting
Securities, as the case may be, and (B) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at the time of the execution of the
initial agreement, or of the action of the Board, providing for such sale or other disposition of assets of the Company or were elected, appointed or nominated by the Board. 

        Section 8.2    Section 409A Compliance.    

        (a)   Notwithstanding
anything in this Article to the contrary, to the extent that any amount or benefit that would constitute non-exempt "deferred compensation"
for purposes of Code section 409A would otherwise be payable or distributable hereunder by reason of the occurrence of a Change in Control or separation from service, such amount or benefit
will not be payable or distributable by reason of such circumstance unless (1) the circumstances giving rise to such 

2

 

Change
in Control or separation from service meet the description or definition of "change in control event" or "separation from service," as the case may be, in Code section 409A and
applicable regulations (without giving effect to any elective provisions that may be available under such definition), or (2) the payment or distribution of such amount or benefit would be
exempt from the application of Code section 409A by reason of the short-term deferral exemption or otherwise. If this provision prevents the payment or distribution of any amount or
benefit, such payment or distribution shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant "separation from service" or any later date required
by subsection (b) below. 

        (b)   Notwithstanding
anything in this Article to the contrary, if any amount or benefit that would constitute non-exempt "deferred compensation" for purposes of
Code section 409A would otherwise be payable or distributable under this Article by reason of the Employee's separation from service during a period in which the Employee is a Specified
Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order),
(j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes), the Employee's right to receive payment or distribution of such non-exempt deferred compensation will be
delayed until the earlier of the Employee's death or the first day of the 7th month following the Employee's separation from service. 

        Section 8.3    Benefits Under Other Agreement or Plan.    If, upon "separation from service" following a
"change in control event" (as each term is defined in section 8.2(a) above), the Employee is entitled to any payment or benefit under any plan of the Employer or any other agreement between the
Employer and the Employee, then no amount shall be payable at any time under this Article VIII. 

        Section 8.4    Section 409A Savings Clause.    It is the intention of the Employer and the Employee that
payments or benefits payable under this Article VIII not be subject to the additional tax imposed pursuant to Section 409A of the Code, and the provisions of this Article VIII
shall be construed and administered in accordance with such intent. To the extent such potential payments could become subject to Code Section 409A, the Employer shall be entitled to amend this
Article VIII with the goal of giving the Employee the economic benefits described herein in a manner that does not result in such tax being imposed. 

        This
Amendment to Employment Agreement has been signed this 17th day of December 2008 to be effective as of January 1, 2009. 

					
	 	 	 CIMAREX ENERGY CO.
	

 	
 	
By:	
 	
/s/ F. H. Merelli

 
	 	 	Name:	 	F. H. Merelli
	 	 	Title:	 	Chief Executive Officer and President
	

 	
 	
 EMPLOYEE:
	

 	
 	
/s/ Paul Korus

  Paul Korus

3

QuickLinks

EXHIBIT 10.9

Recitals

Amendment

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}]]