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  EXHIBIT 10.20    
    

CIMAREX ENERGY CO.  

 CHANGE IN CONTROL SEVERANCE PLAN  

 (Effective April 1, 2005; Amended and Restated Effective January 1, 2009)  

 INTRODUCTION  

        The Board of Directors of Cimarex Energy Co. recognizes that, as is the case with many publicly held corporations, there exists
the possibility of a Change in Control of the Company. This possibility and the uncertainty it creates may result in the loss or distraction of employees of the Company and its Subsidiaries to the
detriment of the Company and its stockholders. 

        The
Board considers the avoidance of such loss and distraction to be essential to protecting and enhancing the best interests of the Company and its stockholders. The Board also believes
that when a Change in Control is perceived as imminent, or is occurring, the Board should be able to receive and rely on disinterested service from employees regarding the best interests of the
Company and its stockholders without concern that employees might be distracted or concerned by the personal uncertainties and risks created by the perception of an imminent or occurring Change in
Control. 

        In
addition, the Board believes that it is consistent with the employment practices and policies of the Company and its Subsidiaries and in the best interests of the Company and its
stockholders to treat fairly its employees whose employment terminates in connection with or following a Change in Control. 

        Accordingly,
the Board has determined that appropriate steps should be taken to assure the Company and its Subsidiaries of the continued employment and attention and dedication to duty
of their employees and to seek to ensure the availability of their continued service, notwithstanding the possibility, threat or occurrence of a Change in Control. 

        The
Plan provides for nonqualified deferred compensation within the meaning of section 409A of the Internal Revenue Code of 1986, as amended, which became effective
January 1, 2005. The Internal Revenue Service has published final regulations and other guidance interpreting section 409A. The Board wishes to amend the Plan document to incorporate the
provisions necessary to comply with the requirements of section 409A. 

        In
order to fulfill the above purposes, the Board adopted the Cimarex Energy Co. Change in Control Severance Plan (the "Plan") effective as of the Effective Date, as set forth
below. The Board hereby amends and restates the Plan, effective as of January 1, 2009, to bring the Plan into compliance with section 409A. 

 ARTICLE I
  ESTABLISHMENT OF PLAN  

        As of April 1, 2004, the Company established a separation compensation plan known as the Cimarex Energy Co. Change in
Control Severance Plan, as set forth in this document. The Company hereby amends and restates the Plan in its entirety, effective as of January 1 2009. 

 ARTICLE II
  DEFINITIONS  

        As used herein the following words and phrases shall have the following respective meanings unless the context clearly indicates
otherwise. 

        (a)    Affiliate.    Any entity which controls, is controlled by or is under common control with the Company. 

        (b)    Annual Average Compensation.    The amount determined by adding (i) the amount received by the
Participant as regular annual base salary (hereinafter referred to as "Base Salary") during the 24-consecutive month period ending on or immediately prior to the Date of Termination,
including 

 

compensation
converted to other benefits under a flexible pay arrangement maintained by the Company or any Affiliate or deferred pursuant to a written plan or agreement with the Company or any
Affiliate but excluding overtime pay, allowances, premium pay or any similar payment and (ii) the amount of cash incentive awards received by the Participant pursuant to the Company's annual
incentive bonus arrangement (hereinafter the "Annual Incentive Bonus") during the 24-consecutive month period ending on or immediately prior to the Date of Termination, and then dividing
that sum by two. If a Participant was not employed by the Company for the full 24 months prior to the Date of Termination or otherwise did not receive Base Salary and Annual Incentive Bonus
with respect to the full 24 months immediately prior to the Date of Termination, the amounts of Base Salary and Annual Incentive Bonus compensation actually received by the Participant shall be
annualized over the two consecutive 12-month periods ending on or immediately prior to the Date of Termination. 

        (c)    Average Incentive Bonus.    The amount of Annual Incentive Bonus compensation that the Participant would have
received with respect to the Company's fiscal year during which the Date of Termination occurs if the Participant were to receive the average amount paid to all employees covered by the Company's
Annual Incentive Bonus plan for such fiscal year. 

        (d)    Board.    The Board of Directors of Cimarex Energy Co. 

        (e)    Cause.    With respect to any Participant: (i) the willful and continued failure of the Participant to
perform substantially the Participant's duties with the Company or one of its Affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a written
demand for substantial performance is delivered to the Participant by the Board or a senior officer of the Company which specifically identifies the manner in which the Board or senior officer
believes that the Participant has not substantially performed the Participant's duties, (ii) the willful engaging by the Participant in misconduct which is materially and demonstrably injurious
to the Company or any Affiliate, or (iii) a business crime or felony involving moral turpitude of which the Participant is convicted or pleads guilty. For purposes of this definition, no act or
failure to act on the part of the Participant shall be considered "willful" unless it is done, or omitted to be done, by the Participant in
bad faith or without reasonable belief that the Participant's action or omission was in the best interests of the Company or any Affiliate. Any act or failure to act based upon authority given
pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer or a senior officer of the Company or any Affiliate or based upon the advice of counsel for
the Company shall be conclusively presumed to be done, or omitted to be done, by the Participant in good faith and in the best interests of the Company. 

        (f)    Change in Control.    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 maintained by the Company or any corporation controlled by the Company, (D) any acquisition by 

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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. 

        (g)    Code.    The Internal Revenue Code of 1986, as amended from time to time. 

        (h)    Committee.    The Governance Committee of the Board. 

        (i)    Company.    Cimarex Energy Co. and any successor to such entity. 

        (j)    Date of Termination.    The date on which a Participant ceases to be an Employee of the Company and its
Affiliates as a result of a "separation from service" as determined in accordance with 

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the
provisions of Section 409A of the Code and the Internal Revenue Service and Treasury guidance thereunder. 

        (k)    Disability.    A Participant shall be disabled for purposes of this Plan if the Participant (1) is
unable to engage in any substantial, gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve months, or (2) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of
the Company. The foregoing definition of "Disability" shall be interpreted in a manner consistent with Section 409A of the Code and the Internal Revenue Service and Treasury guidance
thereunder. 

        (l)    Effective Date.    The effective date of this amendment and restatement is January 1, 2009. 

        (m)    Employee.    Any employee of an Employer. 

        (n)    Employer.    The Company or any Subsidiary which participates in the Plan pursuant to Article V hereof
or, under the circumstances set forth in the second sentence of Section 3.1 hereof, any Subsidiary or Affiliate described in such sentence. 

        (o)    ERISA.    The Employee Retirement Income Security Act of 1974, as amended from time to time. 

        (p)    Good Reason.    With respect to any Participant, without such Participant's written consent, (i) any
reduction in the Participant's annual Base Salary, as in effect during the 120-day period immediately preceding the Change in Control (or as such amount may be increased from time to time)
other than as a result of an isolated and inadvertent action not taken in bad faith and which is remedied by the Company or the Employer promptly after receipt of notice thereof given by the
Participant, (ii) a material reduction in the Participant's annual incentive compensation opportunity, as in effect as of the date of the Change in Control, provided that the Company may modify
the Company's annual incentive compensation arrangement subsequent to the date of a Change in Control so long as such change is applied to all Employees of the Company in a comparable manner,
(iii) the Company or the Employer requiring the Participant to relocate his or her principal place of business to another metropolitan area which is more than 50 miles from his or her previous
office location, (iv) following the date of a Change in Control, the failure of the Company to provide generally comparable benefits, provided that the Company may increase employee
contributions under benefit plans from time to time and/or it may modify benefits as required by law or competitive market conditions, so long as any such modifications apply in a comparable manner to
all employees enrolled in such benefit plan or plans at a comparable level of benefits. 

        (q)    Participant.    An individual who is designated as such pursuant to Section 3.1. 

        (r)    Plan.    The Cimarex Energy Co. Change in Control Severance Plan. 

        (s)    Separation Benefits.    The benefits described in Section 4.2 that are provided to qualifying
Participants under the Plan. 

        (t)    Subsidiary.    Any corporation in which the Company, directly or indirectly, holds a majority of the voting
power of such corporation's outstanding shares of capital stock. 

        (u)    Year of Service.    A Year of Service shall be credited to a Participant for each full twelve months of
employment with the Company or any Affiliate, Subsidiary or predecessor to the Company, including but not limited to Key Production Company and Helmerich & Payne, Inc. A month of service
shall be credited for each full month of employment with such entities. Service shall also be credited 

4

 

for
purposes of the Plan to the extent required by any agreement between the Company and an entity acquired by or merged with or into the Company or any Affiliate or Subsidiary of the Company. 

 ARTICLE III
  ELIGIBILITY  

        3.1    Participation.    Each Employee who is actively employed by the Company on the date of a Change in Control
shall be a Participant in the Plan. For this purpose, an Employee who is on a leave of absence approved by the Company in writing or authorized by applicable state or federal law on the date of a
Change in Control shall be a Participant in the Plan. Any person (a) who provides services to the Company or an Affiliate under an agreement, contract, or any other arrangement pursuant to
which the individual is initially classified as an independent contractor or (b) whose remuneration for services has not been treated initially as subject to the withholding of federal income
tax pursuant to Code section 3401 shall not be treated as an Employee and shall not be eligible to be a Participant in this Plan, even if the individual is subsequently reclassified as a
common-law employee as a result of a final decree of a court of competent jurisdiction or the settlement of an administrative or judicial proceeding. If a Participant's employment is
transferred from an Employer to a Subsidiary or Affiliate of the Company which is not a participating Employer under the Plan, the provisions of the Plan will continue to apply to such Participant
while employed by such Subsidiary or Affiliate. 

        3.2    Duration of Participation.    A Participant shall only cease to be a Participant in the Plan as a result of an
amendment or termination of the Plan complying with Article VII of the Plan, or when he ceases to be an Employee of any Employer, unless, at the time he ceases to be an Employee, such
Participant is entitled to payment of a Separation Benefit as provided in the Plan or there has been an event or occurrence constituting Good Reason that would enable the Participant to terminate his
employment and receive a Separation Benefit. A Participant entitled to payment of a Separation Benefit or any other amounts under the Plan shall remain a Participant in the Plan until the full amount
of the Separation Benefit and any other amounts payable under the Plan have been paid to the Participant. 

 ARTICLE IV
  SEPARATION BENEFITS  

        4.1    Terminations of Employment Which Give Rise to Separation Benefits Under This Plan.    A Participant shall be
entitled to Separation Benefits as set forth in Section 4.2 below if, at any time following a Change in Control and prior to the second anniversary of the Change in Control, the Participant's
employment is terminated as a result of a "separation from service" (as determined in accordance with Section 409A of the Code and the Internal Revenue Service and Treasury guidance thereunder)
(a) by the Participant's Employer for any reason other than Cause, death, or Disability or (b) by the Participant for Good Reason within 120 days after the Participant has
knowledge of the occurrence of a Good Reason. 

        4.2    Separation Benefits.    

        (a)   If
a Participant's employment is terminated in circumstances entitling such participant to Separation Benefits pursuant to Section 4.1, the Company shall provide
to such Participant cash payments as set forth in subsection (b) below, and shall provide to the Participant the continued benefits as set forth in subsection (c) below. For purposes of
determining the benefits set forth in subsections (b) and (c), if the termination of the Participant's employment is for Good Reason based upon a reduction of the Participant's annual Base
Salary, as described in Article II(p), a material reduction in the Participant's annual incentive compensation opportunity as provided in Article II(p), or the failure to provide
comparable employee benefits as provided in Article II(p), such reduction shall be ignored. 

5

 

        (b)   The
cash payments referred to in Section 4.2(a) shall be the following amounts: 

        (i)    the
product of (A) the Participant's Average Incentive Bonus and (B) a fraction, the numerator of which is the number of days in the calendar year during
which the Date of Termination occurs through the Date of Termination, and the denominator of which is 365; and 

        (ii)   an
amount equal to (A) in the case of a Participant who has less than three Years of Service on the Date of Termination, 1/24th of such Participant's
Annual Average Compensation for each month of service earned by the Participant at the Date of Termination, not to exceed 1.5 times the Participant's Annual Average Compensation, or (B) in the
case of a Participant with three or more Years of Service at the Date of Termination, an amount equal to two times the Participant's Annual Average Compensation. Payment of the amounts under
(A) shall be made in equal monthly installments for the number of months of the Participant's service, up to a maximum of 18 months. Payment of the amounts under (B) shall be made
in equal monthly installments for 24 months. 

        (c)   During
the period of time over which amounts are payable with respect to subparagraph (b)(ii) above in accordance with the provisions of Section (d) below,
following the Participant's Date of Termination, the Participant and his or her dependents shall be provided with medical, dental, vision, disability and life insurance benefits as if the
Participant's employment had not been terminated (provided, that such benefits and the cost to the Participant shall be no less favorable than under the
programs in which the Participant participated during the 120-day period immediately prior to the Change in Control). Medical, dental, and vision coverage shall be credited against the
time period that the Participant and his or her dependents are entitled to receive continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"). To the
extent any benefits described in this Section 4.2 cannot be provided pursuant to the appropriate plan or program maintained for Employees, the Company shall provide such benefits outside such
plan or program at no additional cost (including without limitation tax cost) to the Participant. 

        (d)   The
amount payable to the Participant in accordance with the provisions of Section 4.2(b)(i) shall be paid to the Participant in a cash lump sum at the same time
that the Company pays amounts to its Employees in accordance with its Annual Incentive Bonus plan for the year during which the Date of Termination occurs, provided, however, that such cash lump sum
payment must be made within two and one-half months following the end of the calendar year during which the Date of Termination occurs. The payments to the Participant in accordance with
Section 4.2(b)(ii) shall be paid on the first day of each calendar month beginning on the first day of the calendar month immediately following the month of the Participant's Date of
Termination and shall continue for the number of months (or half months) specified in Section 4.2(b)(ii). 

6

 

 
        4.3    Certain Additional Payments by the Company.    

        (a)   Anything
in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any payment or distribution by the
Company or its affiliates to or for the benefit of a Participant (whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise, but determined without regard
to any additional payments required under this Section 4.3) (a "Payment") would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred
by the Participant with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the "Excise Tax"), then the Participant
shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such that after payment by the Participant of all taxes (including any interest or penalties imposed
with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment,
the Participant retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. 

        (b)   Subject
to the provisions of Section 4.3(c), all determinations required to be made under this Section 4, including whether and when a Gross-Up
Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized certified public
accounting firm designated by the Company (the "Accounting Firm") which shall provide detailed supporting calculations both to the Company and the Participant within 15 business days of the receipt of
notice from the Participant that there has been a Payment, or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the
individual, entity or group effecting the Change in Control, the Company shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting
firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined
pursuant to this Section 4.3, shall be paid by the Company to the Participant on a date selected by the Company that is not later than the last day of the Participant's taxable year next
following the taxable year in which the Participant remits the Excise Tax and otherwise complies with the requirements of Section 409A of the Code. Any determination by the Accounting Firm
shall be binding upon the Company and the Participant. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting
Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made ("Underpayment"), consistent with the calculations required to be
made hereunder. In the event that the Company exhausts its remedies pursuant to Section 4.3(c) and the Participant thereafter is required to make a payment of any Excise Tax, the Accounting
Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be paid by the Company to or for the benefit of the Participant on a date selected by the Company
that is not later than the last day of the Participant's taxable year next following the taxable year in which the Participant remits the Excise Tax attributable to the Underpayment. 

        (c)   The
Participant shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the
Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after the Participant is informed in writing of such claim and shall apprise
the Company of the nature of such claim and the date on which such claim is requested to be paid. The Participant shall not pay such claim prior to the expiration of the 30-day period
following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to 

7

 

such
claim is due). If the Company notifies the Participant in writing prior to the expiration of such period that it desires to contest such claim, the Participant shall: 

        (i)    give
the Company any information reasonably requested by the Company relating to such claim, 

        (ii)   take
such action in connection with contesting such claim as the Copany shall reasonably request in writing from time to time, including, without limitation, accepting
legal representation with respect to such claim by an attorney reasonably selected by the Company, 

        (iii)  cooperate
with the Company in good faith in order effectively to contest such claim, and 

        (iv)  permit
the Company to participate in any proceedings relating to such claim; 

provided,
however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and
hold the Participant harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation
and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 4.3(c), the Company shall control all proceedings taken in connection with such contest and, at
its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either
direct the Participant to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and the Participant agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs the Participant to pay
such claim and sue for a refund, the Company shall reimburse the Participant for the tax claimed that is remitted to the applicable taxing authority or authorities within 10 days after receipt
of written notice from the Participant specifying the amount remitted to each taxing authority (but not later than the last day of the taxable year following the taxable year in which the tax claimed
was remitted); and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Participant with respect to which such contested amount is
claimed to be due is limited solely to such contested amount. Furthermore, the Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be
payable hereunder and the Participant shall be entitled to settle or contest, as the case may be, at the Participant's sole expense any other issue raised by the Internal Revenue Service or any other
taxing authority. To the extent the Company reimburses the Participant for any expenses incurred in contesting a claim by the Internal Revenue Service or other taxing authority, the reimbursements
shall be paid on a date or dates selected by the Company not later than the last day of the Participant's taxable year next following the taxable year in which the audit is completed or in which there
is a final and nonappealable settlement or other resolution of the controversy. All payments shall be made in a manner consistent with the requirements of Code section 409A. 

        (d)   If,
after the receipt by the Participant of a reimbursement of tax remitted pursuant to Section 4.3(c), the Participant becomes entitled to receive any refund
with respect to such claim, the Participant shall (subject to the Company's complying with the requirements of Section 4.3(c)) promptly pay to the Company the amount of such refund (together
with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Participant of a reimbursement of tax remitted pursuant to Section 4.3(c), a
determination is made that the Participant shall not be entitled to any refund with respect to such claim and the Company does not notify the Participant in writing of its intent to contest such
denial of refund prior to the expiration of 30 days after such determination, then the Participant shall not be required to refund the reimbursement of the tax remitted. 

8

 

        (e)   All
payments to the Participant in accordance with the provisions of this Plan shall be subject to applicable withholding of local, state, federal and foreign taxes, as
determined in the sole discretion of the Company. 

        4.4    Compliance with Section 409A.    

        (a)   Notwithstanding
anything in this Plan 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 (i) the circumstances giving rise to such 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 (ii) the payment of 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 or shall commence 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 Plan 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 Plan by reason of a Participant's separation from service during a period in which the Participant 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): 

        (i)    if
the payment or distribution is payable in a lump sum, the Participant's right to receive payment or distribution of such non-exempt deferred compensation
will be delayed until the earlier of the Participant's death or the first day of the seventh month following the Participant's separation from service; and 

        (ii)   if
the payment or distribution is payable over time (A) the amount of such non-exempt deferred compensation that would otherwise be payable in cash
during the six-month period immediately following the Participant's separation from service will be
accumulated and the Participant's right to receive payment or distribution of such accumulated amount will be delayed until the earlier of the Participant's death or the first day of the seventh month
following the Participant's separation from service, whereupon the accumulated amount will be paid or distributed to the Participant and the normal payment or distribution schedule for any remaining
payments or distributions will resume or (B) if the non-exempt deferred compensation that would be payable during the six-month period immediately following the
Participant's separation from service is the receipt of welfare benefits, the Participant shall pay the full cost of such benefits (in the case of medical, dental, and vision benefits, at the full
COBRA cost), on an after-tax basis, the Company shall reimburse the Participant for the full amount of such costs in the seventh month after the Participant's separation from service and
thereafter the coverage will continue for the period and on the basis specified in Section 4.2(c). 

 ARTICLE V
  PARTICIPATING EMPLOYERS  

        Any Subsidiary of the Company may become a participating Employer in the Plan following approval by the Company. The provisions of the
Plan shall be fully applicable to the Employees of any such Subsidiary who are Participants pursuant to Section 3.1. 

9

 
 ARTICLE VI
  SUCCESSOR TO COMPANY  

        This Plan shall bind any successor of the Company, its assets or its businesses (whether direct or indirect, by purchase, merger,
consolidation or otherwise), in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place. 

        In
the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by this Plan, the Company shall require such successor expressly
and unconditionally to assume and agree to perform the Company's obligations under this Plan, in the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place. The term "Company," as used in this Plan, shall mean the Company as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof
becomes bound by this Plan. 

 ARTICLE VII
  DURATION, AMENDMENT AND TERMINATION  

        7.1    Duration.    If a Change in Control occurs while this Plan is in effect, this Plan shall continue in full force
and effect for two years following such Change in Control, and shall then automatically terminate, provided, however, that all Participants who become entitled to any payments hereunder shall continue
to receive such payments notwithstanding any termination of the Plan. 

        7.2    Amendment or Termination.    The Incumbent Board may amend or terminate this Plan for any reason prior to a
Change in Control. In the event of a Change in Control, this Plan shall automatically terminate on the second anniversary of the date of the Change in Control, but may not be amended or terminated by
either the Board or the Incumbent Board between the date of the Change in Control and the second anniversary of the Change in Control. 

        7.3    Procedure for Extension, Amendment or Termination.    Any extension, amendment or termination of this Plan by
the Incumbent Board in accordance with the foregoing shall be made by action of the Incumbent Board in accordance with the Company's charter and by-laws and applicable law. 

 ARTICLE VIII
  MISCELLANEOUS  

        8.1    Full Settlement.    Except as otherwise provided in Section 4.3, the Company's obligation to make the
payments provided for under this Plan and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or
action which the Company may have against a Participant or others. In no event shall a Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Participant under any of the provisions of this Plan and such amounts shall not be reduced whether or not the Participant obtains other employment. 

        8.2    Employment Status.    This Plan does not constitute a contract of employment or impose on the Participant or
the Participant's Employer any obligation for the Participant to remain an Employee or
change the status of the Participant's employment or the policies of the Company and its Affiliates regarding termination of employment. 

        8.3    Confidential Information.    Each Participant shall hold in a fiduciary capacity for the benefit of the Company
all secret or confidential information, knowledge or data relating to the Company or any of its Affiliates, and their respective businesses, which shall have been obtained by the Participant during
the Participant's employment by the Company or any of its Affiliates and which shall not be or become public knowledge (other than by acts by the Participant or representatives of the Participant in 

10

 

violation
of this Plan). After termination of a Participant's employment with the Company or other Employer, the Participant 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 information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted
violation of the provisions of this Section 8.3 constitute a basis for deferring or withholding any amounts otherwise payable under this Plan. 

        8.4    Named Fiduciary; Administration.    The Company is the named fiduciary of the Plan, and shall administer the
Plan, acting through the Company's Vice-President of Human Resources, who shall be the Plan Administrator. The Plan Administrator shall initially review and determine all claims for
benefits under this Plan. In the event of any appeals from adverse benefit determinations by the Plan Administrator, the "Appeals Committee" shall consist of the Company's Chief Executive Officer,
Chief Financial Officer and Assistant Treasurer. 

        8.5    Claim Procedure.    

        (a)   If
an Employee or former Employee makes a written request alleging a right to receive benefits under this Plan or alleging a right to receive an adjustment in benefits
being paid under the Plan, the Company shall treat it as a claim for benefit. 

        (b)   All
claims and inquiries concerning benefits under the Plan must be submitted to the Plan Administrator in writing and be addressed as follows: 

 Plan Administrator

Cimarex Energy Co.

Change in Control Severance Plan

Cimarex Energy Co.

1700 Lincoln Street, Suite 1800

Denver, Colorado 80203  

        The Plan Administrator shall have full and complete discretionary authority to administer, to construe, and to interpret the Plan, to
decide all questions of eligibility, to determine the amount, manner and time of payment, and to make all other determinations deemed necessary or advisable for the Plan. The Plan Administrator shall
initially deny or approve all claims for benefits under the Plan. The claimant may submit written comments, documents, records or any other information relating to the claim. Furthermore, the claimant
shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits. 

        (c)    Claims Denial.    If any claim for benefits is denied in whole or in part, the Plan Administrator shall notify
the claimant in writing of such denial and shall advise the claimant of his right to a review thereof. Such written notice shall set forth, in a manner calculated to be understood by the claimant,
specific reasons for such denial, specific references to the Plan provisions on which such denial is based, a description of any information or material necessary for the claimant to perfect his
claim, an explanation of why such material is necessary and an explanation of the Plan's review procedure, and the time limits applicable to such procedures. Furthermore, the notification shall
include a statement of the claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review. Such written notice shall be given to the
claimant within a reasonable period of time, which normally shall not exceed ninety (90) days, after the claim is received by the Plan Administrator. 

        (d)    Appeals.    Any claimant or his duly authorized representative, whose claim for benefits is denied in whole or
in part, may appeal such denial by submitting to the Appeals Committee a request for a review of the claim within sixty (60) days after receiving written notice of such denial from the 

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Plan
Administrator. The Appeals Committee shall give the claimant upon request, and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the
claim of the claimant, in preparing his request for review. The request for review must be in writing and be addressed as follows: 

 Appeals Committee

Cimarex Energy Co.

Change in Control Severance Plan

Cimarex Energy Co.

1700 Lincoln Street, Suite 1800

Denver, Colorado 80203  

        The request for review shall set forth all of the grounds upon which it is based, all facts in support thereof, and any other matters
which the claimant deems pertinent. The Appeals Committee may require the claimant to submit such additional facts, documents, or other materials as the Appeals Committee may deem necessary or
appropriate in making its review. 

        (e)    Review of Appeals.    The Appeals Committee shall act upon each request for review within sixty
(60) days after receipt thereof. The review on appeal shall consider all comments, documents, records and other information submitted by the claimant relating to the claim without regard to
whether this information was submitted or considered in the initial benefit determination. The Appeals Committee shall have full and complete discretionary authority, in its review of any claims
denied by the Plan Administrator, to administer, to construe, and to interpret the Plan, to decide all questions of eligibility, to determine the amount, manner and time of payment, and to make all
other determinations deemed necessary or advisable for the Plan. 

        (f)    Decision on Appeals.    The Appeals Committee shall give written notice of its decision to the claimant. If the
Appeals Committee confirms the denial of the application for benefits in whole or in part, such notice shall set forth, in a manner calculated to be understood by the claimant, the specific reasons
for such denial, and specific references to the Plan provisions on which the decision is based. The notice shall also contain a statement that the claimant is entitled to receive upon request, and
free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant's claim for benefits. Information is relevant to a claim if it was relied
upon in making the benefit determination or was submitted, considered or generated in the course of making the benefit determination, whether it was relied upon or not. The notice shall also contain a
statement of the claimant's right to bring an action under ERISA Section 502(a). If the Appeals Committee has not rendered a decision on a request for review within sixty (60) days after
receipt of the request for review, the claimant's claim shall be deemed to have been approved. The Appeals Committee's decision shall be final and not subject to further review within the Company.
There are no voluntary appeals procedures after review by the Appeals Committee. 

        (g)    Time of Approved Payment.    In the event that either the Plan Administrator or the Appeals Committee
determines that the claimant is entitled to the payment of all or any portion of the benefits claimed, such payment shall be made to the claimant on the first anniversary of the Participant's Date of
Termination. 

        (h)    Determination of Time Periods.    If the day on which any of the foregoing time periods is to end is a
Saturday, Sunday or holiday recognized by the Company, the period shall extend until the next following business day. 

        8.6    Arbitration.    In the event that a Participant wishes to pursue any further claim for benefits under this Plan
following the completion of the appeal process described in Section 8.5, the Participant must resolve any such claim or dispute by final and binding arbitration in Denver, Colorado before a
single arbitrator in accordance with the arbitration rules and procedures of the Center for Public 

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Resources
Rules for Non-Administered Arbitration of Business Disputes (the "Arbitration Process"). The arbitration shall be commenced by filing a demand for arbitration in accordance with
the Arbitration Process within eighteen (18) months after the final notice of denial of the Participant's appeal in accordance with Section 8.5. The arbitrator shall decide all issues
relating to arbitrability and the arbitrator shall also decide all issues with respect to the payment of the costs of such arbitration, including attorney's fees and the arbitrator's fees. 

        8.7    Unfunded Plan Status.    All payments pursuant to the Plan shall be made from the general funds of the Company
and no special or separate fund shall be established or other segregation of assets made to assure payment. No Participant or other person shall have under any circumstances any interest in any
particular property or assets of the Company as a result of participating in the Plan. Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one or more grantor trusts,
the assets of which are subject to the claims of the Company's creditors, to assist it in accumulating funds to pay its obligations under the Plan. 

        8.8    409A Savings Clause.    It is the intention of the Company that payments or benefits payable under this Plan
not be subject to the additional tax imposed pursuant to Section 409A of the Code, and the provisions of this Plan shall be construed and administered in accordance with such intent. To the
extent such potential payments could become subject to Code Section 409A, the Company shall be entitled to amend the Plan with the goal of giving the participants the economic benefits
described herein in a manner that does not result in such tax being imposed 

        8.9    Validity and Severability.    The invalidity or unenforceability of any provision of the Plan shall not affect
the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 

        8.10    Governing Law.    The validity, interpretation, construction and performance of the Plan shall in all respects
be governed by the laws of Colorado, without reference to principles of conflict of law, except to the extent pre-empted by Federal law. 

        IN
WITNESS WHEREOF, this amended and restated Cimarex Energy Co. Change in Control Severance Plan has been adopted this 5th day of December, 2008, to be effective as of the
Effective Date set forth herein. 

						
	 	 	 	CIMAREX ENERGY CO.
	
 	
 ATTEST:	
 	

 	
 	

 
	
 	
 /s/ Mary Kay Rohrer

  Mary Kay Rohrer

Corporate Secretary	
 	
By:	
 	
/s/ F. H. Merelli

  F. H. Merelli

President and Chief Executive Officer

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EXHIBIT 10.20QuickLinks
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  EXHIBIT 10.21    
    

 INDEMNIFICATION AGREEMENT  

        THIS INDEMNIFICATION AGREEMENT (this "Agreement") is made and entered into as of the
5th day of December, 2008, by and between Cimarex Energy Co., a Delaware corporation (the "Company"), and Jerry Box (the
"Indemnitee"). 

 
 

RECITALS:

        A.    The
Company desires the benefits of having Indemnitee serve as a director and/or officer secure in the knowledge that any expenses, liability and/or losses incurred by
Indemnitee in Indemnitee's good faith service to the Company will be borne by the Company or its successors and assigns. 

        B.    Indemnitee
is willing to serve in Indemnitee's position with the Company only on the condition that Intemnitee be indemnified for such expenses, liability and losses. 

        C.    The
Company's Certificate of Incorporation and By-laws allow and require the Company to indemnify its directors, officers and agents to the maximum extent
permitted under Delaware Law. 

        D.    Indemnitee
desires to have the benefits of an agreement with the Company covering Indemnitee's rights to indemnification in order to provide greater certainty as to the
scope, permanency and enforceability of such rights, and the Company is willing to enter into such an agreement to enhance its ability to attract and retain directors and officers. 

        NOW,
THEREFORE, in consideration of Indemnitee's agreement to serve as a director and/or officer of the Company, the parties hereby agree as follows: 

        1.    Definitions.    For purposes of this Agreement: 

        1.1   "Agent" shall mean any person who is or was a director, officer, employee or agent of the Company or a subsidiary of the
Company whether serving in such capacity or as a director, officer, employee, agent, fiduciary or other official of another Enterprise (whether for profit or not for profit) at the request of, for the
convenience of, or to represent the interests of the Company or a subsidiary of the Company. 

        1.2   "Change of Control" shall have the same meaning as defined in the Cimarex 2002 Stock Incentive Plan, as it may be amended
from time to time. 

        1.3   "Delaware Law" means the Delaware General Corporation Law, as amended and in effect from time to time or any successor or
other statutes of Delaware having similar import and effect. 

        1.4   "Enterprise" shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan
or other entity that Indemnitee is or was serving at the request of, for the convenience of, or to represent the interests of the Company as a director, officer, employee, agent, fiduciary or other
official. 

        1.5   "Expenses" shall be broadly construed and shall include, without limitation, (a) all direct and indirect costs
incurred, paid or accrued, (b) all attorneys' fees, retainers, court costs, transcripts, fees of experts, witness fees, travel expenses, food and lodging expenses while traveling, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service, freight or other transportation fees and expenses, (c) all other disbursements and
out-of-pocket expenses, (d) amounts paid in settlement, to the extent not prohibited by Delaware Law, (e) reasonable compensation for time spent by Indemnitee for
which Indemnitee is otherwise not compensated by the Company or any third party, actually and reasonably incurred in connection with or arising out 

1

 

of
a Proceeding, including a Proceeding by Indemnitee to establish or enforce a right to indemnification under this Agreement, applicable law or otherwise, and (f) any and all federal, state,
local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including all interest, assessments and other charges paid or payable in
connection with or in respect of such Expenses. 

        1.6   "Independent Counsel" shall mean a law firm or a member of a law firm that neither is presently nor in the past five
years has been retained to represent: (a) the Company, an affiliate of the Company or Indemnitee in any matter material to either party or (b) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct
then prevailing would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's right to indemnification under this Agreement. 

        1.7   "Independent Director" shall mean a director of the Company who is not and was not a party to the Proceeding in respect
of which indemnification is being sought by Indemnitee. 

        1.8   "Liabilities" shall mean liabilities of any type whatsoever, including, but not limited to, judgments or fines, ERISA or
other excise taxes and penalties, and amounts paid in settlement (including all interest, assessments or other charges paid or payable in connection with any of the foregoing) actually and reasonably
incurred by Indemnitee in connection with a Proceeding. 

        1.9   "Proceeding" shall mean any pending, threatened or completed action, hearing, suit or any other proceeding, whether
civil, criminal, arbitrative, administrative, investigative or any alternative dispute resolution mechanism, including without limitation any such Proceeding brought by or in the right of the Company. 

        2.    Employment Rights and Duties.    Subject to any other obligations imposed on either of the parties by contract
or by law, and with the understanding that this Agreement is not intended to confer employment rights on either party which they did not possess on the date of its execution, Indemnitee agrees to
serve as a director or officer so long as Indemnitee is duly appointed or elected and qualified
in accordance with the applicable provisions of the Certificate of Incorporation and By-laws of the Company or any subsidiary of the Company and until such time as Indemnitee resigns or
fails to stand for election or until Indemnitee's employment, if any, terminates. Indemnitee may from time to time also perform other services at the request, or for the convenience of, or otherwise
benefiting the Company. Indemnitee may at any time and for any reason resign or be removed from such position (subject to any other contractual obligation or other obligation imposed by operation of
law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in any such position. 

        3.    Indemnification.    

        3.1   The
Company shall indemnify Indemnitee to the fullest extent authorized or permitted by Delaware Law, and as Delaware Law may from time to time be amended (but, in the
case of any such amendment, only to the extent such amendment permits the Company to provide broader indemnification rights under Delaware Law), against any and all Liabilities and Expenses. The right
to indemnification conferred in this Agreement shall be presumed to have been relied upon by Indemnitee in serving or continuing to serve the Company as a director and/or officer and shall be
enforceable as a contract right. 

        3.2   In
addition to, and without regard to any limitations on, the indemnification provided for in paragraph 3.1 of this Agreement, the Company shall and hereby does
indemnify and hold harmless Indemnitee against any and all Liabilities and Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf if, in connection with Indemnitee's service
as an Agent, 

2

 

Indemnitee
is, or is threatened to be made, a party to or participant in any Proceeding. The only limitations that shall exist upon the Company's obligations pursuant to this paragraph 3.2
shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 5 and
6 hereof) to be unlawful or not otherwise permitted pursuant to the terms of this Agreement. 

        4.    Advancement of Expenses.    

        4.1   All
Expenses incurred by or on behalf of Indemnitee shall be advanced by the Company to Indemnitee within twenty days after the receipt by the Company of a written
request for such advance which may be made from time to time, whether prior to or after final disposition of a Proceeding (unless there has been a final determination by a court of competent
jurisdiction that Indemnitee is not entitled to be indemnified for such Expenses). Indemnitee's entitlement to advancement of Expenses shall include those incurred in connection with any Proceeding by
Indemnitee seeking a determination, an adjudication or an award in arbitration pursuant to this Agreement. The requests shall reasonably evidence the Expenses incurred by Indemnitee in connection
therewith. Indemnitee hereby undertakes
to repay the amounts advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified pursuant to the terms of this Agreement. 

        4.2   Notwithstanding
any other provision in this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any Proceeding,
Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. 

        5.    Procedure for Determination of Entitlement to Indemnification.    

        5.1   Whenever
Indemnitee believes that Indemnitee is entitled to indemnification pursuant to this Agreement, Indemnitee shall submit a written request for indemnification
(the "Indemnification Request") to the Company to the attention of the President with a copy to the Secretary. This request shall include documentation
or information which is necessary for the determination of entitlement to indemnification and which is reasonably available to Indemnitee. Determination of Indemnitee's entitlement to indemnification
shall be made no later than forty-five days after receipt of the Indemnification Request. The President or the Secretary shall, promptly upon receipt of Indemnitee's request for
indemnification, advise the Board of Directors of the Company (the "Board") in writing that Indemnitee has made such request for indemnification. 

        5.2   Indemnitee
shall set forth in the Indemnification Request one of the following methods to determine whether Indemnitee is entitled to indemnification: 

        (a)   A
majority vote of Independent Directors even though less than a quorum or a written opinion of an Independent Counsel (provided there are no such directors or if such
directors so direct). 

        (b)   In
the event of a Change of Control, a written opinion of Independent Counsel. 

        (c)   A
decision by the court in which the Proceeding is or was pending upon application by Indemnitee. 

        (d)   If
the Board so agrees, by the stockholders of the Company in a vote that excludes the shares held by directors who are not Independent Directors. 

        The
Company agrees to bear any and all costs and expenses incurred by Indemnitee or the Company in connection with the determination of Indemnitee's entitlement to indemnification by any
of the above forums. 

3

 

        6.    Presumptions and Effect of Certain Proceedings.    It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under Delaware Law and public policy of the State of Delaware. Accordingly, the parties agree that the following presumptions shall apply
in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement: 

        6.1   In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that
Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion. Neither the failure of the
Company (including by its Board or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the
circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its Board or Independent Counsel) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

        6.2   The
knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of
determining the right to indemnification under this Agreement. It shall be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not
opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion. 

        6.3   Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination
regarding Indemnitee's entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the
person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby
indemnifies and agrees to hold Indemnitee harmless therefrom. 

        6.4   The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction,
disruption and uncertainty. In the
event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such
action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or
proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion. 

        6.5   The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement, arbitration award or conviction, or upon a plea of nolo
contendere or its equivalent, shall not, of itself, (a) adversely affect the rights of Indemnitee to indemnification except as indemnification may be expressly prohibited under this Agreement,
(b) create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or (c), with
respect to any criminal Proceeding, create a presumption that Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful. 

4

 

        7.    Remedies of Indemnitee in Cases of Determination not to Indemnify or to Advance Expenses.    

        7.1   In
the event that (a) an initial determination is made that Indemnitee is not entitled to indemnification, (b) advances for Expenses are not made when and
as required by this Agreement, (c) payment has not been timely made following a determination of entitlement to indemnification pursuant to this Agreement or (d) Indemnitee otherwise
seeks enforcement of this Agreement, Indemnitee shall be entitled to a final adjudication in an appropriate court of the State of Delaware of Indemnitee's entitlement to such indemnification or
advance. Alternatively, Indemnitee at Indemnitee's option may seek an award in arbitration. If the parties are unable to agree on an arbitrator, the parties shall provide the American Arbitration
Association ("AAA") with a statement of the nature of the dispute and the desired qualifications of the arbitrator. AAA shall then provide a list of
three available arbitrators. Each party may strike one of the names on the list, and the remaining person shall serve as the arbitrator. If both parties strike the same person, AAA shall select the
arbitrator from the other two names. The arbitration award shall be made within ninety days following the demand for arbitration. The arbitration shall take place in Denver, Colorado, and the
provisions of Delaware law shall apply to any such arbitration. The Company shall not oppose Indemnitee's right to seek any such adjudication or arbitration award. In any such proceeding or
arbitration Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of proof to overcome that presumption and the burden of
persuasion. 

        7.2   An
initial determination, in whole or in part, that Indemnitee is not entitled to indemnification shall create no presumption in any judicial proceeding or arbitration
that Indemnitee has not met the applicable standard of conduct for, or is otherwise not entitled to, indemnification. 

        7.3   If
an initial determination is made or deemed to have been made pursuant to the terms of this Agreement that Indemnitee is entitled to indemnification, the Company shall
be bound by such determination in the absence of (a) a misrepresentation of a material fact by Indemnitee in the request for indemnification or (b) a specific finding (which has become
final) by a court of competent jurisdiction that all or any part of such indemnification is expressly prohibited by law. 

        7.4   The
Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, will be inadequate, impracticable and difficult of proof, and
further agree that such breach would cause Indemnitee irreparable harm. Accordingly, the Company and Indemnitee agree that Indemnitee shall be entitled to temporary and permanent injunctive relief to
enforce this Agreement without the necessity of proving actual damages or irreparable harm. The Company and Indemnitee further agree that Indemnitee shall be entitled to such injunctive relief,
including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bond or other undertaking in connection therewith. Any such requirement of
bond or undertaking is hereby waived by the Company, and the Company acknowledges that in the absence of such a waiver, a bond or undertaking may be required by the court. 

        7.5   The
Company shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Company shall stipulate
in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary. Expenses incurred by
Indemnitee in connection with Indemnitee's request for indemnification under, seeking enforcement of or to recover damages for breach of this Agreement shall be borne and advanced by the Company. 

5

 

        8.    Non-Exclusivity; Insurance; and Subrogation.    

        8.1   The
rights of indemnification and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any
time be entitled under applicable law, the Certificate of Incorporation or By-laws of the Company, any agreement, a vote of stockholders, a resolution of the Board or otherwise. No right
or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other right or remedy. 

        8.2   To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of
the Company or of any other Enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for persons serving in a similar capacity as Indemnitee (e.g., as a director and/or officer) under such policy or policies. If, at the time of the
receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such
proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on
behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 

        8.3   In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

        9.    Limitations on Indemnification.    No indemnification pursuant to Section 3 of this Agreement shall be
paid by the Company nor shall Expenses be advanced by the Company pursuant to Section 4 of this Agreement if any of the following circumstances exist: 

        9.1   To
the extent that Indemnitee is reimbursed pursuant to such insurance as may exist for Indemnitee's benefit. Notwithstanding the availability of such insurance,
Indemnitee also may claim indemnification from the Company pursuant to this Agreement by assigning to the Company any claims under such insurance to the extent Indemnitee is paid by the Company.
Indemnitee shall reimburse the Company for any sums Indemnitee receives as indemnification from other sources to the extent of any amount paid to Indemnitee for that purpose by the Company; 

        9.2   On
account and to the extent of any wholly or partially successful claim against Indemnitee for an accounting of profits made from the purchase or sale by Indemnitee of
securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, and amendments thereto or similar provisions of any federal, state or
local statutory law; 

        9.3   In
connection with a judicial action by or in the right of the Company, in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be
liable for gross negligence or intentional misconduct in the performance of Indemnitee's duty to the Company unless, and only to the extent that, any court in which such action was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses as
such court shall deem proper; 

6

 

 

        9.4   If
it is proved by final judgment in a court of law or other final adjudication to have been based upon or attributable to Indemnitee's having gained any personal profit
or advantage to which Indemnitee was not legally entitled; 

        9.5   Except
as otherwise provided in this Agreement (including paragraph 4.1), in connection with all or any part of a Proceeding which is initiated or maintained by
or on behalf of Indemnitee, or any Proceeding by Indemnitee against the Company or its directors, officers, employees or other agents, unless (a) such indemnification is expressly required to
be made by Delaware Law, (b) the Proceeding was authorized by a majority of the Independent Directors (c) there has been a Change of Control, or (d) such indemnification is
provided by the Company, in its sole discretion, pursuant to the powers vested in the Company under Delaware Law; or 

        9.6   Any
judgment, fine or penalty that the Company is prohibited by applicable law from paying as indemnity. 

        10.    Duration and Scope of Agreement; Binding Effect.    All agreements and obligations of the Company contained
herein shall continue so long as Indemnitee shall be subject to any possible Proceeding subject to indemnification by reason of the fact that Indemnitee is or was an Agent and shall be applicable to
Proceedings commenced or continued after execution of this Agreement, whether arising from acts or omissions occurring before or after such execution. This Agreement shall be binding upon the Company
and its successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company) and
shall inure to the benefit of Indemnitee and Indemnitee's spouse, assigns, heirs, devisees, executors, administrators and other legal representatives. 

        11.    Notice by Indemnitee, Defense of Claims and Contribution.    

        11.1 Indemnitee
agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document
relating to any matter which may be subject to indemnification hereunder, whether civil, criminal, arbitrative, administrative or investigative; but the omission so to notify the Company will not
relieve it from any liability which it may have to Indemnitee if such omission does not actually materially prejudice the Company's rights and, if such omission does materially prejudice the Company's
rights, it will relieve the Company from liability only to the extent of such prejudice; nor will such omission relieve the Company from any liability which it may have to Indemnitee otherwise than
under this Agreement. With respect to any Proceeding: 

        (a)   The
Company shall be entitled to participate therein at its own expense; 

        (b)   Except
as otherwise provided below, to the extent that it may wish, the Company jointly with any other indemnifying party similarly notified shall be entitled to assume
the defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election so to assume the defense thereof and the assumption of such
defense, the Company shall not be liable to Indemnitee under this Agreement for any attorney fees or costs subsequently incurred by Indemnitee in connection with Indemnitee's defense except as
otherwise provided below. Indemnitee shall have the right to employ separate counsel in such Proceeding but the fees and expenses of such counsel incurred after notice from the Company of its
assumption of the defense thereof and the assumption of such defense shall be at the expense of Indemnitee unless (i) the employment of counsel by Indemnitee has been authorized by the Company,
(ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of the defense of such action or that the Company's
counsel may not be adequately representing Indemnitee or (iii) the Company shall not in fact have employed 

7

 

counsel
to assume the defense of such action, in each of which cases the fees and expenses of counsel shall be at the expense of the Company; and 

        (c)   The
Company will not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without its prior written
consent. The Company shall not settle any action or claim which would impose any Expense, Liability, limitation, obligation or penalty on Indemnitee without Indemnitee's prior written consent. Neither
the Company nor Indemnitee shall unreasonably withhold its or Indemnitee's respective consent to any proposed settlement. 

        11.2    Contribution.    To the extent the indemnification provided for under any provision of this Agreement is
determined (in the manner hereinabove provided) not to be permitted under applicable law, then in the event Indemnitee was, is, or becomes a party to or witness or other participant in, or is
threatened to be made a party to or witness or other participant in, a Proceeding by reason of (or arising in part out of) Indemnitee's status as an Agent of the Company, the Company, in lieu of
indemnifying
Indemnitee, and in the absence of personal enrichment, acts of intentional fraud or dishonesty or criminal conduct on the part of the Indemnitee, shall contribute to the amount of any and all
Expenses, judgments, fines, or penalties assessed against or incurred or paid by Indemnitee on account of such Proceeding and any and all amounts paid in settlement of that Proceeding (including all
interest, assessments, and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties, or amounts paid in settlement) for which such indemnification
is not permitted ("Contribution Amounts"), in such proportion as is appropriate to reflect the relative fault with respect to the subject matter of the
Proceeding giving rise to the Contribution Amounts of Indemnitee, on the one hand, and of the Company and any and all other parties (including officers and directors of the Company other than
Indemnitee) who may be at fault with respect to such matter (collectively, including the Company, the "Third Parties") on the other hand. The relative
fault of the Third Parties and Indemnitee shall be determined (i) by reference to the relative fault of Indemnitee as determined by the court or other governmental agency assessing the
Contribution Amounts or (ii) to the extent such court or other governmental agency does not apportion relative fault, by the Independent Counsel (or such other party which makes a determination
under Section 5) after giving effect to, among other things, the relative intent, knowledge, access to information, and opportunity to prevent or correct the subject matter of the Proceedings
and other relevant equitable considerations of each party. The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this paragraph 11.2 were
determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in this paragraph 11.2. 

        12.    Miscellaneous Provisions.    

        12.1    Severability; Partial Indemnity.    If any provision or provisions of this Agreement (or any portion thereof)
shall be held by a court of competent jurisdiction to be invalid, illegal or unenforceable for any reason whatsoever: (a) such provision shall be limited or modified in its application to the
minimum extent necessary to avoid the invalidity, illegality or unenforceability of such provision; (b) the validity, legality and enforceability of the remaining provisions of this Agreement
shall not in any way be affected or impaired thereby; and (c) to the fullest extent possible, the provisions of this Agreement shall be construed so as to give effect to the intent manifested
by the provision (or portion thereof) held invalid, illegal or unenforceable. If Indemnitee is not wholly successful in any Proceeding or in the defense of any claim, issue or matter therein, but is
successful on the merits or otherwise as to one or more but less than all claims, issues, or matters, the Company shall indemnify Indemnitee against all Expenses incurred by or on behalf of such
Indemnitee in connection with each successfully resolved claim, issue or matter. For purposes of this paragraph 12.1, the term "successful on the merits or otherwise" shall 

8

 

include,
but not be limited to, (i) any termination, withdrawal or dismissal (with or without prejudice) of any action against Indemnitee without any express finding of liability or guilt
against Indemnitee, or (ii) the settlement of any action, pursuant to which Indemnitee pays less than $10,000. 

        12.2    Identical Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall for
all purposes be deemed to be an original but all of which together shall constitute one and the
same Agreement. Only one such counterpart, signed by the party against whom enforceability is sought, needs to be produced to evidence the existence of this Agreement. 

        12.3    Interpretation of Agreement.    It is understood that the parties hereto intend this Agreement to be
interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent not now or hereafter prohibited by law. 

        12.4    Headings.    The headings of the Sections and paragraphs of this Agreement are inserted for convenience only
and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

        12.5    Modification and Waiver.    No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by both of the parties to this Agreement. No waiver of any provision of this Agreement shall be deemed to constitute a waiver of any other provisions hereof (whether or not
similar) nor shall such waiver constitute a continuing waiver. No waiver of any provision of this Agreement shall be effective unless executed in writing. 

        12.6    Notices.    All notices, requests, demands and other communications hereunder shall be in writing and shall be
deemed to have been duly given when (a) delivered in person (by express courier or otherwise) and receipted for by the party to whom said notice or other communication shall have been directed;
(b) received by telegraphic or other electronic means (including facsimile, telecopy, telex and e-mail) with confirmation of transmission by the transmitting equipment or
(c) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, as follows: 

				
	 	If to Indemnitee:	 	Jerry Box

4 Glenshire Court

Dallas, TX 75225
	
 	
 If to the Company:	
 	
Cimarex Energy Co.

1700 Lincoln Street, Suite 1800

Denver, CO 80203

Attn: General Counsel

or
to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

        12.7    Governing Law, Venue and Consent to Jurisdiction.    This Agreement and the legal relations among the parties
shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Subject to Indemnitee's rights under
paragraph 7.1 and the final two sentences of this paragraph 12.7, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising
out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the "Delaware Court"), and not in any
other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any
action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and
(iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been 

9

 

brought
in an improper or inconvenient forum. Notwithstanding the foregoing, Indemnitee may, in Indemnitee's sole discretion, elect to bring any action or proceeding arising out of or in connection
with this Agreement in any federal or state court located in the State of Colorado. If Indemnitee makes such election, the Company hereby irrevocably and unconditionally (i) consents to submit
to the exclusive jurisdiction of such state or federal court located in the State of Colorado (the "Colorado Court") for purposes of any action or
proceeding arising out of or in connection with this Agreement, (ii) waives any objection to the laying of venue of any such action or proceeding in such Colorado Court, and
(iii) waives, and agrees not to plead or to make, any claim that any such action or proceeding brought in such Colorado Court has been brought in an improper or inconvenient forum. 

        12.8    Entire Agreement.    This Agreement represents the entire agreement between the parties hereto, and there are
no other agreements, contracts or understanding between the parties hereto with respect to the subject matter of this Agreement, except as specifically referred to herein or as provided in
Sections 3 and 8 hereof. 

[The
remainder of this page has been left intentionally blank.] 

10

 
        IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. 

					
	 	 	COMPANY:
	

 	
 	
 CIMAREX ENERGY CO.
	

 	
 	
By:	
 	
/s/ F. H. Merelli

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

 	
 	
INDEMNITEE:
	

 	
 	
/s/ Jerry Box

 
	 	 	Name: Jerry Box

[Signature
Page to Indemnification Agreement] 

QuickLinks

EXHIBIT 10.21

RECITALS

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