Exhibit
10.25


 


EMPIRE
PETROLEUM CORPORATION


 


RESTRICTED
STOCK UNITS AWARD AGREEMENT


 


_________
_______________ 20____


 


 


______________________________


______________________________


______________________________


______________________________


______________________________


 


Dear
__________________________:


 


1.       Restricted
Stock Units Award. Empire Petroleum Corporation, a Delaware corporation (the "Company"), hereby grants to
you an aggregate of _______________ restricted stock units (individually, an "RSU," and collectively, "RSUs"). The
date referenced above is the "Date of Grant" of these RSUs. Each RSU entitles you to receive one share of Common Stock, par
value $0.001 per share, of the Company (a "Share") at such time as described in Section 2. This award is subject to your acceptance
of and agreement to all of the applicable terms, conditions, and restrictions described in the Company's 2021 Stock and Incentive Compensation
Plan (the "Plan"), a copy of which, along with the Prospectus for the Plan, are delivered herewith, and to your acceptance
of and agreement to the further terms, conditions, and restrictions described in this Restricted Stock Units Award Agreement (this "Award
Agreement"). To the extent that any provision of this Award Agreement conflicts with the expressly applicable terms of the Plan,
it is hereby acknowledged and agreed that those terms of the Plan shall control and, if necessary, the applicable provisions of this
Award Agreement shall be hereby deemed amended so as to carry out the purpose and intent of the Plan.


 


2.       Delivery
of Shares. The Company shall register and issue a certificate(s) for the Shares you become entitled to receive hereunder
in your name or deliver evidence of book entry Shares either (a) as soon as practicable but in no event later than the sixtieth (60th)
day after the restrictions described in Section 4(b) lapse as described in Section 5 or (b) if applicable, at the time elected by you
to defer settlement. If you would like to defer settlement pursuant to clause (b) of the first sentence of this Section 2, then you must
complete, execute and return to Michael R. Morrisett, the Company's President, at Mike@EmpirePetroCorp.com
the Time of Settlement Election Form
attached as Exhibit A hereto (the "Election Form") within thirty (30) days from the Date of Grant or such election will
be deemed invalid and any settlement of RSUs will occur pursuant to clause (a) of the first sentence of this Section 2. Any certificates
for or book entry representing Shares delivered to you pursuant to this Award Agreement shall be subject to such stop transfer orders
and other restrictions as the Administrator may deem necessary or advisable under the Plan and the rules, regulations and other requirements
of the U.S. Securities and Exchange Commission, any stock exchange upon which such Shares are then listed, and any applicable foreign,
federal or state securities laws.


 


 


 


 




    	 



    	 



    




 


3.       Stockholder
Rights Prior to Issuance of Shares. Neither you nor any of your beneficiaries shall be deemed to have any voting rights,
rights to receive any dividends, dividend equivalents or other rights as a stockholder of the Company with respect to any Shares covered
by the RSUs until the date of issuance by the Company of a certificate to you for such Shares or the date of delivery of evidence of
book entry Shares.


 


4.       Restrictions.


 


(a)       Your
ownership of the RSUs shall be subject to (1) the restrictions set forth in subsection (b) of this Section until such restrictions
lapse pursuant to the terms of Section 5, and (2) the restrictions set forth in subsection (c) of this Section until such RSUs shall
be redeemed for the applicable Shares or otherwise forfeited to the Company.


 


(b)       At
the time of your termination of service as a member of the Board of Directors other than a termination of service that is described in
Section 5(b)(1), all of your RSUs shall be forfeited to the Company and all of your rights to receive any Shares in the future pursuant
to the RSUs shall automatically terminate without any payment of consideration by the Company.


 


(c)       You
may not sell, assign, transfer or otherwise dispose of any RSUs or any rights under the RSUs. No RSU and no rights under any such RSU
may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof
shall be void and unenforceable against the Company.


 


5.       Lapse
of Restrictions.


 


(a)       The
restrictions described in Section 4(b) shall lapse with respect to all of the RSUs on the one (1) year anniversary of the date that
is thirty-one (31) days following the Date of Grant.


 


(b)       Notwithstanding
the provisions of Section 5(a), the restrictions described in Section 4(b) shall lapse with respect to all the RSUs at the time
of the occurrence of any of the following events:


 


(1)       Your
death or "Disability" (for purposes of this Award Agreement, the term "Disability" shall mean your inability to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months);


 


(2)       A
"Change of Control" of the Company, but only if the Administrator reasonably determines in good faith before the occurrence
of a Change of Control that this Award Agreement shall not be honored or assumed and that an Alternative Award meeting the conditions
of clauses (i) through (iv) in Article 14(a) of the Plan (and that will not result in adverse tax consequences to you under Code Section
409A) shall not be provided by any successor.


 


 


 


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(c)
       Following the lapse of the restrictions described in Section 4(b) and, except as provided in
the following sentence, subject to any applicable Time of Settlement Election Form, the Company will issue you a certificate or provide
evidence of book entry Shares as provided in Section 2 for the Shares covered by such RSUs in redemption of such RSUs. Notwithstanding
any provision of any applicable Time of Settlement Election Form, if the restrictions described in Section 4(b) lapse due to an event
described in Section 5(b)(1) or 5(b)(2), settlement of the RSUs will occur as soon as practicable but in no event later than the sixtieth
(60th) day after such event.


 


6.       Agreement
With Respect to Taxes. You agree that you shall be responsible for the amount of any applicable foreign, federal, state
and local taxes of any kind associated with the RSUs awarded, the lapse of restrictions or the issuance of any Shares to you


 


7.       Adjustment
of Shares. The number of Shares subject to the RSUs awarded to you under this Award Agreement shall be adjusted as
provided in Section 4.2 of the Plan.


 


8.       Agreement
With Respect to Securities Matters. You agree that you will not sell or otherwise transfer any Shares received pursuant
to this Award Agreement except pursuant to an effective registration statement under the U.S. Securities Act of 1933, as amended,
or pursuant to an applicable exemption from such registration. Unless a registration statement relating to the Shares issuable upon the
lapse of the restrictions on the RSUs or the time of settlement set forth in the Election Form pursuant to this Award Agreement is in
effect at the time of issuance of such Shares, any certificate(s) or book entry representing the Shares shall contain the following legend:


 


These
securities have not been registered under the U.S. Securities Act of 1933 or any other securities laws. These securities have been acquired
for investment and may not be sold or transferred for value in the absence of an effective registration of them under the U.S. Securities
Act of 1933 and any other applicable securities laws, or receipt by the Company of an opinion of counsel or other evidence acceptable
to the Company that such sale or transfer is exempt from registration under such acts and laws.


 


9.       Transfer
Taxes. The Company shall pay all original issue and transfer taxes with respect to the issue and transfer of the Shares
to you pursuant to this Award Agreement and all other fees and expenses necessarily incurred by it in connection therewith.


 


 


 


 


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10.   
 Code Section 409A.


 


(a)           In
the event the Company does not receive an executed Election Form from you, (1) the parties intend that this Award Agreement and each
payment upon the lapse of restrictions on any RSUs will meet all requirements of the short-term deferral exception to Code Section 409A
and (2) the short-term deferral exception shall be applied separately to each such payment. In such event, to the fullest extent possible,
the Plan and this Award Agreement shall be construed, interpreted and administered so that each such payment is made in a time, form
and manner that results in the payment being excepted from Code Section 409A. 


 


(b)          
In the event that this Award Agreement and any payment hereunder constitute deferred compensation that is subject to Code Section 409A,
the parties intend that this Award Agreement and each payment hereunder will comply with Code Section 409A. In such event, to the fullest
extent possible, the Plan and this Award Agreement shall be construed, interpreted and administered so that each such payment is made
in a time, form and manner that complies with the requirements of Code Section 409A. 


 


(c)           
Notwithstanding any other provision of the Plan or this Award Agreement to the contrary, the Company makes no representations that the
payments and benefits provided under this Award Agreement comply with or are excepted from Code Section 409A and in no event shall the
Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of
non-compliance with Code Section 409A.


 


(d)          
A termination of service as a member of the Board of Directors (or any similar term) shall not be deemed to have occurred for purposes
of any provision of the Plan or this Award Agreement providing for the payment of any amounts or benefits that are considered nonqualified
deferred compensation under Code Section 409A upon or following a termination of such service unless such termination is also a "separation
from service" within the meaning of Code Section 409A and the payment thereof prior to a "separation from service" would
violate Code Section 409A. 


 


11.     Designation
of Beneficiary. Your beneficiary for receipt of any payment made under this Award Agreement in the event of your death
shall be the person(s) designated as your beneficiary(ies) on a form prescribed by the Company. If no beneficiary is designated, upon
your death, payment shall be made to your estate.


 


12.     Consent
to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format, you agree, to the fullest extent
permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited
to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports
and all other forms of communications) in connection with this and any other Award made or offered by the Company. Electronic delivery
may be via a Company electronic mail system, by reference to a location on a Company intranet to which you have access or through the
services of a third party engaged by the Company. You hereby consent to any and all procedures the Company has established or may establish
for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver and
agree that your electronic signature is the same as, and shall have the same force and effect as, your manual signature.


 


 


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13.       Binding
Agreement. This Award Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, legal representatives, beneficiaries, successors or assigns.


 


Capitalized
terms used in this Award Agreement and not otherwise defined herein shall have the respective meanings provided in the Plan.


 


If
you accept this Award and agree to the foregoing terms and conditions, please so confirm by signing and returning this Award Agreement.


 


 





	 	 	 
	 	EMPIRE PETROLEUM CORPORATION	 
	 	 	 
	 	 	 
	 	By:___________________________________	 
	 	        Name:
  _____________________________	 
	 	        Title:
  ______________________________	 
	 	 	 
	 	 	 


 


 


The
foregoing Award is accepted by me as of the Date of Grant, and I hereby agree to the terms, conditions, and restrictions set forth above
and in the Plan.


 


	 	        _________________________________	 
	 	        _________________________________	 
	 	 	 
	 	 	 





 


 


 


 


 


 


 


 


 


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EXHIBIT
A


 


 


TIME
OF SETTLEMENT ELECTION FORM


 


Please
complete this Time of Settlement Election Form (the "Election Form") and return a signed copy to the Company's
President (in the manner described in Section 2 of the Award Agreement) no later than thirty (30) days following the Date of Grant (as
defined in the Award Agreement) if you would like to defer settlement of the RSUs to a later date.


 


Participant:_______________________________


 


NOTE:
This Election Form relates to the RSUs. If you do not wish to make a deferral election, you do not have to take any action and payment
of the RSUs will be made to you at the time specified in the Award Agreement. If you do wish to make a deferral election, this Election
Form must be completed. 


 


1.       Settlement
of the RSUs


 


In
making this election, these rules apply:


 


		•	Unless
                                            otherwise specified, capitalized terms used but not defined in this Election Form will have
                                            the meaning attributed to them in the Award Agreement or the Plan, as applicable. 



 


		•	You
                                            must select a settlement date below for the RSUs, which will be the date on which you will
                                            receive payment of the RSUs if the restrictions on the RSUs lapse, provided, however,
                                            that the provisions of the Award Agreement regarding settlement upon your death, your Disability
                                            or a Change of Control will supersede your election below. This means that, if the restrictions
                                            on the RSUs lapse due to your death, your Disability or a Change in Control (subject to the
                                            conditions described in Section 5(b)(2) of the Award Agreement), settlement of the RSUs will
                                            occur as soon as practicable but in no event later than the sixtieth (60th) day
                                            after such event.



 


Election
of Settlement Date for the RSUs


 


I
hereby elect to receive payment of the RSUs (if the restrictions on the RSUs lapse) on the following date (please select one): 


 


		☐	The
                                            date of termination of service as a member of the Board of Directors*; 



 


		☐	A
                                            specific date: _________________ ___, 20___ (This date must be no earlier than the date that
                                            restrictions lapse under Section 5(a) of the Award Agreement.); or



 


		☐	The
                                            earliest to occur of: 



 


 


 


Exhibit A-1




    	 



    	 



    

		•	the
                                            date of termination of service as a member of the Board of Directors*; or 



 


		•	a
                                            specific date: _________________ ___, 20___ (This date must be no earlier than the date that
                                            restrictions lapse under Section 5(a) of the Award Agreement.).



 


*Notwithstanding
the foregoing, if the settlement date is as a result of termination of service as a member of the Board of Directors, other than due
to my death, and to the extent that I am considered to be a "specified employee" within the meaning of Code Section 409A at
the time of termination of my service, then my RSUs (if the restrictions on the RSUs lapse) will settle on the earlier of (i) the date
of my death, or (ii) the date that is six (6) months and one (1) day following the date of termination of my service as a member of the
Board of Directors.


 


2.       Signature


 


I
understand that this Election Form will become effective and irrevocable on the thirtieth (30th) day following the Date of
Grant. Once I have elected the settlement date for the RSUs by filing this Election Form, I understand that (a) the settlement election
will control over any contrary settlement date specified in Section 2 of the Award Agreement with respect to the RSUs (except as otherwise
provided in the Award Agreement and this Election Form with respect to settlement following death, Disability and certain Changes of
Control), and (b) the settlement election may not be changed at any time. 


 


By
signing this Election Form, I acknowledge my understanding of, and agreement with, the terms in this Election Form, the Award Agreement,
and the Plan.


 





	 	 	 
	 	EMPIRE PETROLEUM CORPORATION	 
	 	 	 
	 	 	 
	 	By:___________________________________	 
	 	        Name:
  _____________________________	 
	 	        Title:
  ______________________________	 
	 	 	 
	 	 	 
	 	PARTICIPANT	 
	 	 	 
	 	_____________________________________	 
	 	Name: ________________________________	 
	 	 	 
	 	 	 


 


 


 


 


 


 


 


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