SEC Contract Filing

Filing Date: 2015-03-31

Document Content:
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<TYPE>EX-10.54
<SEQUENCE>9
<FILENAME>d846671dex1054.htm
<DESCRIPTION>EX-10.54
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<TITLE>EX-10.54</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.54 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMSON RESOURCES CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2015 BONUS PLAN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
<U>Purpose</U>. This Samson Resources Corporation (the &#147;<U>Company</U>&#148;) 2015 Bonus Plan (the &#147;<U>Plan</U>&#148;) is designed to motivate eligible key employees of the Company and its subsidiaries to remain continuously employed by
the Company and its subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Adoption of the Plan</U>. The Company, intending to be legally bound, hereby adopts this Plan
effective as of January&nbsp;1, 2015 (the &#147;<U>Effective Date</U>&#148;). The Plan shall be in effect from the Effective Date and shall continue until the earlier of (i)&nbsp;December&nbsp;31, 2017 or (ii)&nbsp;the date the Company (or its
successor or affiliate) adopts an alternative long-term incentive plan (the &#147;<U>Term</U>&#148;)<B>. </B>The expiration of the Term shall not in any event reduce or adversely affect any amounts due to any Participant hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>General</U>. The compensation provided under the Plan is intended to be in addition to all other compensation payable to Participants
under any employment agreement or incentive plan or program in effect with the Company or its direct or indirect subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.
<U>Definitions</U>. For purposes of this Plan: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) &#147;<U>Board</U>&#148; means the Company&#146;s Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Cause</U>&#148; means the occurrence of any of the following events: (a)&nbsp;Participant&#146;s commission of any serious crime
involving fraud, dishonesty or a breach of trust as to the Company (including but not limited to, misrepresentation, embezzlement, or misappropriation); (b)&nbsp;Participant&#146;s material violation of either (i)&nbsp;any applicable confidential
and proprietary information policy of the Company or (ii)&nbsp;any applicable code of conduct policy of the Company, as then in effect; (c)&nbsp;Participant&#146;s conviction, guilty plea, deferred adjudication or other trial diversion regarding any
felony or any crime involving moral turpitude; or (d)&nbsp;Participant&#146;s failure to perform his/her duties in any material respect (other than any failure resulting from Participant&#146;s incapacity due to physical or mental illness or
disability) or Participant&#146;s gross negligence or intentional misconduct in the performance of his/her duties, including any act or acts which affect the image or reputation of the Company or which result in material financial loss to any part
of the Company. Notwithstanding the immediately preceding item (d), any of the circumstances described in said item (d)&nbsp;may not serve as the basis for Cause unless (x)&nbsp;the Company provides written notice to Participant within thirty
(30)&nbsp;days following the Company&#146;s initial knowledge of the existence and effect of the event(s) constituting Cause and (y)&nbsp;Participant fails to cure such event(s) within thirty (30)&nbsp;days after receipt of such notice. Furthermore,
no act or failure to act by Participant shall be considered &#147;intentional&#148; unless done or omitted to be done by Participant in bad faith and without reasonable belief that his/her action or omission was in the best interests of the Company.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Committee</U>&#148; means any committee authorized by the Board to administer the Plan. If no committee is duly authorized
by the Board to administer the Plan, the term &#147;Committee&#148; shall be deemed to refer to the Board for all purposes of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) &#147;<U>Company Group</U>&#148; means the Company and its direct and indirect subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) &#147;<U>Participant</U>&#148; shall have the meaning ascribed thereto in <U>Section&nbsp;5</U> hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) &#147;<U>Quarterly Bonus</U>&#148; shall mean the Quarterly Bonus Opportunity a Participant actually earns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) &#147;<U>Quarterly Bonus Opportunity</U>&#148; shall mean, in the case of any Participant, the maximum quarterly bonus opportunity a
Participant is eligible for, as set forth on <U>Schedule A</U>, as amended from time to time, which shall be maintained confidentially by Human Resources with access only granted with the approval of the General Manager&#151;Human Resources, the
Chief Financial Officer or the General Counsel. </P>

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