Document:

Exhibit
10.2

 

Certain
information in this document has been excluded from this exhibit because it is both (i) not material and (ii) is the type that the registrant
treats as private or confidential. Information that has been omitted has been identified in this document with a placeholder identified
by the mark “[***].”

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”), is entered into as of May 1, 2022 (the “Effective Date”),
by and between Creek Road Miners, Inc., a Delaware corporation (the “Company”), and John D. Maatta (“Executive”)
(collectively, the “Parties,” and each a “Party”). Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in Appendix A of this Agreement.

 

Section
1. Terms of Employment.

 

(a)
Position; Duties. During the Term of Employment, Executive shall be employed by the Company as Co-Chief Executive Officer of the
Company. As Co-Chief Executive Officer, Executive shall have such duties, responsibilities and authority as are commensurate and consistent
with his position and as are assigned to him by the Board. Such duties shall include, without limitation, responsibility for all ongoing
operations of the Company and responsibility for insuring that the Company meets all stated financial goals and objectives. Specific
duties may include preparing materials for and participating in review meetings with the Board (the “Review Meetings”). The
Board shall determine from time to time and advise Executive regarding the agenda for the Review Meetings and the required supporting
documents and analyses, which are generally expected to include budgets, growth prospects, projections and targets, as well as comparisons
with respect to prior periods. The Board shall also determine from time to time the frequency and timing of the Review Meetings. Executive
shall devote his full business time and efforts to the performance of his duties hereunder, unless otherwise explicitly authorized by
the Board .In such position, during the Term of Employment, Executive shall provide such services to the Company and its Subsidiaries
and Affiliates as the Board may request and have such duties and responsibilities as may be assigned from time to time by the Board.
Executive shall report to the Board and shall carry out and perform the lawful orders, directions, and policies given to Executive by
the Board. Executive agrees to perform faithfully, industriously, and to the best of Executive’s ability, experience and talents,
all of the duties and responsibilities, and to exercise the authority, customarily performed, undertaken, and exercised by an employee
situated in a similar position and to the satisfaction of the Board. In addition, Executive agrees to serve as an officer and/or director/manager
of the Company and/or one or more of the Company’s Subsidiaries and/or Affiliates if elected or appointed, in each case, without
additional compensation.

 

(b)
Exclusivity. The Executive agrees to devote such time as is reasonably and customarily necessary to perform completely his duties
to the Company; provided that the Executive shall spend no less than Fifty percent (50%) of his business time and attention on
the affairs of the Company and its Subsidiaries and Affiliates. Executive shall use best efforts to promote the success of the Company’s
and its Subsidiaries’ and Affiliates’ business(es), and agrees to comply with all terms and conditions set forth in the Company’s
policy documents and procedures applicable to Executive. Notwithstanding the foregoing, the Company acknowledges and agrees that Executive
may (i) manage Executive’s personal investments and affairs, and (ii)
participate in non-profit, educational, community or philanthropic activities, in each case, to the extent that such activities, individually
or in the aggregate, do not interfere or conflict with the performance of Executive’s duties and responsibilities under this Agreement,
are not in conflict with and do not interfere with the business interests of the Company or any of its Subsidiaries or Affiliates, do
not result in a violation of any covenants by which Executive may be bound, including, without limitation, those provided for in Section
6 below, and do not otherwise compete with the Company or any of its Subsidiaries or Affiliates.

 

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(c)
Term of Employment. Executive’s term of employment under this Agreement shall commence on the Effective Date and shall continue
through the second (2nd) anniversary of the Effective Date (the “Initial Term”), and shall renew for an additional
twelve (12) months (the “Renewal Term”) on the second (2nd) anniversary of the Effective Date and on each subsequent
one-year anniversary thereafter, unless terminated by the Company or Executive at least thirty (30) calendar days in advance prior to
the end of the Initial Term or Renewal Term (as the case pay be) (a “Non-Renewal”) and subject to earlier termination
as provided in Section 4 hereof. The “Term of Employment” shall mean the period commencing on the Effective Date and
continuing until terminated in accordance with Section 4 hereof.

 

(d)
Location. Unless otherwise agreed in writing by the Company and Executive, Executive shall be based in Park City, Utah, although
Executive understands and agrees that Executive may be required to travel from time to time to perform Executive’s duties.

 

Section
2. Compensation.

 

(a)
Base Salary. During the Term of Employment, Executive’s annual base salary shall be $200,000 (pro-rated for partial years
during the Term of Employment), less applicable taxes and deductions, which amount shall be subject to annual review by the Board (and/or
committee thereof), and may be increased but not decreased, from time to time by the Board in its sole discretion (such annual base salary
as in effect from time to time, “Base Salary”). From the Effective Date and continuing until the uplisting of the
common shares of Company onto a national stock exchange or a Qualified Financing Event (as defined below) (either one a, “Change
Event”), the Base Salary shall be paid in in the form of the Company’s Series A Cumulative Convertible Preferred Stock
(“Preferred Stock”). Following the Change Event and for the each of the next six months, Executive may elect to receive
his base salary in the form of Preferred Stock. Cash compensation shall be payable in accordance with the Company’s normal payroll
practices, as in effect from time to time. For purposes of this paragraph, a “Qualified Financing Event,” means the
occurrence of a sale of equity securities or securities convertible into equity securities of the Company where the Company receives
gross proceeds of at least twelve million dollars ($12,000,000).

 

(b)
Annual Bonus. During the Term of Employment and commencing with the fiscal year beginning January 1, 2022, Executive shall be
eligible to receive a discretionary annual cash bonus (the “Annual Bonus”) with a target bonus opportunity of 150%
of Base Salary (“Target Bonus Opportunity”) and maximum bonus opportunity of 300% of Base Salary, based upon the Executive’s
and Company’s performance as determined by the Board (or a committee thereof) in its sole discretion. The payment of the Annual
Bonus, if any, will be paid by March 31 in the calendar year following the calendar year to which the Annual Bonus relates at the same
time annual bonuses are paid to other senior executives of the Company, and, except as provided in Section 5(a), (d), and (e) hereof,
shall be subject to Executive’s continuing employment in good standing (and not having resigned or given notice of Executive’s
resignation or been terminated or received notice of Executive’s termination) with the Company through the payment date of the
Annual Bonus.

 

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(c)
Uplisting Bonus. In addition to the other compensation due to Executive, the Company shall issue to Executive, shares of common
stock equal to three and one third percent (3.33%) of the fully diluted shares of common stock of the Company (the “Stock”),
calculated with the inclusion of Executive’s equity stock holdings and shares issuable upon conversion of convertible instruments,
preferred stock, options, and warrants, in association with the uplisting of the Company’s common stock to a national exchange
(the “Uplisting”). Such Stock shall be delivered to Executive within ten (10) days following the Uplisting. The entitlement
under this paragraph shall survive any termination of this Agreement due to a Change of Control of the Company.

 

Section
3. Employee Benefits.

 

(a)
General. During the Term of Employment, Executive shall be eligible to participate in the Company’s employee benefit plans
(other than any annual bonus plan not otherwise contemplated herein or any severance plan) generally applicable to other senior executives
of the Company, in each case, as may be in effect from time to time, in accordance with their terms, and subject to the eligibility requirements
of such plans. Nothing contained herein or otherwise shall be construed to limit the Company’s or any of its Subsidiaries’
or Affiliates’ ability to amend, suspend or terminate any employee benefit plan or policy, at any time, without providing Executive
notice, and the right to do so is expressly reserved.

 

(b)
Vacation. During the Term of Employment, Executive shall be entitled to vacation in accordance with the Company’s vacation
policy. The terms and conditions of such vacation and all other forms of leave shall be as set forth in the Company’s vacation
and leave policies, as they may exist and be amended from time to time. The Company shall have the absolute right and sole discretion
to change its vacation and leave policies to the extent permitted by law. Executive shall also be entitled to all paid holidays given
by the Company in accordance with the Company’s regular paid holiday policy, as it may exist and be amended from time to time.

 

(c)
Reimbursement of Expenses. During the Term of Employment, Executive is authorized to incur business expenses in carrying out Executive’s
duties and responsibilities under this Agreement and the Company agrees to promptly reimburse Executive for all such business expenses,
subject to necessary documentation and in accordance with the Company’s policies as in effect from time to time. Without limiting
the foregoing, during the Term of Employment the Company shall reimburse Executive for Executive’s reasonable business travel expenses
(including travel by private plane) expenses and lodging expenses, subject to reasonable substantiation. Executive may undertake business
travel to such locations as Executive determines in Executive’s reasonable discretion are necessary to carry out Executive’s
duties and responsibilities under this Agreement, including, without limitation, travel to the Company’s offices, site locations,
conferences, investment banking offices, and governmental meetings.

 

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(d)
Long-Term Incentives. During the Term of Employment, Executive shall be eligible to participate in the Long-Term Equity Bonus
Program (LTEBP), or similar program, of the Company.

 

(e)
Other Benefits. During the Term, (i) the Executive Chairman shall be entitled to participate in all fringe benefit and
perquisite practices, policies and programs of the Company generally made available to the Company CEO, including but not limited to
the Company’s executive car program, financial planning services, executive life insurance program, executive long-term disability
program and executive physical program, or any other programs or benefits in each case, to the extent permitted under applicable law,
the terms of the applicable plan, program or policy and Company policies; provided that (x) such participation shall
be on a basis no less favorable than that available to the Company CEO.

 

(f)
Legal Fees. The Company shall pay to the Executive or on behalf of the Co- Chief Executive upon demand or receipt all reasonable
legal fees and expenses incurred by him in the performance of the Executive Chairman’s services under this Agreement and or as
a result of a termination of employment including any and all such reasonable fees and expenses, if any, incurred in contesting or disputing
any such termination or in seeking to obtain or enforce any right or benefit provided in this Agreement.

 

Section
4. Termination of Employment. Executive’s employment and the Employment Term shall terminate on the first of the following
to occur:

 

 (a) Death. Automatically upon the date of death of Executive.

 

(b)
Disability. Upon thirty (30) days prior written notice by the Company to Executive of a termination due to Disability.

 

(c)
Termination for Cause. Immediately upon written notice by the Company to Executive of a termination of employment for Cause.

 

(d)
Termination without Cause. Upon thirty (30) days’ prior written notice by the Company to Executive of a termination of employment
without Cause (other than due to death or Disability).

 

(e)
Termination for Good Reason. Executive may terminate Executive’s employment for Good Reason by providing the Company thirty
(30) days’ prior written notice (“Good Reason Notice”) setting forth in reasonable specificity the event that
allegedly constitutes Good Reason (a “Qualifying Event”). To be effective, the Good Reason Notice must be provided
to the Company within sixty (60) days of the initial occurrence of the Qualifying Event. The Company shall have a cure right during the
thirty (30) day Good Reason Notice period, and, if not cured within such period, Executive shall terminate employment within thirty (30)
days following the expiration of such cure period; provided, however, that if Executive does not terminate employment within thirty
(30) days following the expiration of such cure period, Executive shall not be permitted to terminate employment for Good Reason as a
result of such specific Qualifying Event.

 

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(f)
Termination without Good Reason. Upon thirty (30) day’s prior written notice by Executive to the Company of Executive’s
termination of employment without Good Reason; provided, however, the Company may, in its sole and absolute discretion, by written notice,
accelerate such Date of Termination without changing the characterization of such termination as a termination without Good Reason and
without payment of any salary, bonus, or other payments, rights or benefits in connection therewith.

 

(g)
Non-Renewal. In the event of a Non-Renewal by either Party, Executive’s employment will terminate on the applicable anniversary
of the Effective Date that immediately follows the date on which the written notice of Non-Renewal was given (or earlier, if Executive’s
employment terminates in accordance with this Section 4 prior to such anniversary or as mutually agreed by the Company and Executive).

 

(h)
Notice of Termination. Upon the termination of Executive’s employment by the Company for any reason, all positions Executive
holds with the Company or any of its Subsidiaries or Affiliates shall immediately terminate. Any termination of Executive’s employment
by the Company or by Executive (other than termination by reason of Executive’s death) shall be communicated by written Notice
of Termination to the other Party of this Agreement. The failure by Executive or the Company to set forth in the Notice of Termination
any fact or circumstance that contributes to a showing of Good Reason or Cause shall not waive any right of Executive or the Company
hereunder or preclude Executive or the Company from asserting such fact or circumstance in enforcing Executive’s or the Company’s
rights hereunder.

 

Section
5. Obligations of the Company upon Termination

 

(a)
Death or Disability, Termination due to Non-renewal by the Company. If during the Term of Employment Executive’s employment
is terminated (i) due to Executive’s death (ii) by the Company due to Executive’s Disability, or (iii) due to Non-Renewal
by the Company, in each case, Executive or Executive’s estate or Executive’s beneficiaries, as the case may be, shall be
entitled to receive: (1) within thirty (30) days following the Date of Termination (or such earlier time as may be required by applicable
law), (x) payment of Executive’s earned but unpaid Base Salary and (y) reimbursement for any unreimbursed but properly incurred
expenses in accordance with the terms and conditions of this Agreement, in each case of (x) and (y), earned or incurred, as applicable,
through the Date of Termination, and (2) all other vested and non-forfeitable amounts or accrued benefits due to Executive in accordance
with and subject to the terms and conditions of the applicable employee benefit plans, programs or policies of the Company or its Subsidiaries
or Affiliates, as applicable (collectively, the “Accrued Amounts”). In addition to the Accrued Amounts, subject to
Section 5(f) and (g) below and Executive’s continued compliance with the covenants by which Executive may be bound, including,
without limitation, those set forth in Section 6 hereof, Executive shall be entitled to receive the Annual Bonus earned but unpaid with
respect to the year prior to the year in which the Date of Termination occurs (the “Unpaid Prior Year Bonus”), if
any, which shall be payable in full in a lump sum cash payment to be made to Executive on the later of the first regularly scheduled
payroll date following the sixtieth (60th) day following the Date of Termination and the date such bonus would be paid if Executive had
remained an employee of the Company, if later. Following such termination of Executive’s employment by reason of death or Disability,
or due to Non-Renewal by the Company, in each case, except as set forth in this Section 5(a), Executive shall have no further rights
to any compensation or any other benefits under this Agreement.

 

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(b)
Termination for Cause. If during the Term of Employment Executive’s employment is terminated by the Company for Cause, Executive
shall be entitled only to receive the Accrued Amounts. Following such termination of Executive’s employment by the Company for
Cause, except as set forth in this Section 5(b), Executive shall have no further rights to any compensation or any benefits under this
Agreement.

 

(c)
Termination by Executive without Good Reason or due to Non-Renewal by Executive. If during the Term of Employment Executive’s
employment is terminated (i) by Executive without Good Reason or (ii) due to a Non-Renewal by Executive, in each case, in addition to
the Accrued Amounts, subject to Section 5(f) and (g) below and Executive’s continued compliance with the covenants by which Executive
may be bound, including, without limitation, those set forth in Section 6 hereof, Executive shall be entitled to receive the Unpaid Prior
Year Bonus, if any, which shall be payable in full in a lump sum cash payment to be made to Executive on the later of the first regularly
scheduled payroll date following the sixtieth (60th) day following the Date of Termination and the date such bonus would be paid if Executive
had remained an employee of the Company. Following such termination of Executive’s employment without Good Reason or due to a Non-Renewal
by Executive, in each case, except as set forth in this Section 5(c), Executive shall have no further rights to any compensation or any
benefits under this Agreement.

 

(d)
Termination without Cause or by Executive for Good Reason not During the Change of Control Protection Period. If during the Term
of Employment Executive’s employment is terminated (i) by the Company without Cause (excluding due to death or Disability) or (ii)
by Executive for Good Reason, and in each case such Date of Termination occurs before or after the Change of Control Protection Period,
in addition to the Accrued Amounts, subject to Section 5(f) and (g) below and Executive’s continued compliance with the covenants
by which Executive may be bound, including, without limitation, those set forth in Section 6 hereof, Executive shall be entitled to receive:

 

(i)
the Unpaid Prior Year Bonus, if any, which Unpaid Prior Year Bonus shall be payable in full in a lump sum cash payment to be made to
Executive on the later of the first regularly scheduled payroll date following the sixtieth (60th) day following the Date of Termination
and the date such bonus would be paid if Executive had remained an employee of the Company;

 

(ii)
subject to the satisfaction of the applicable performance goals for the applicable calendar year in which the Date of Termination occurs,
the Annual Bonus, if any, in respect of such calendar year had the Executive remained employed in good standing with the Company through
the payment date, which Annual Bonus, if any, shall be pro-rated (determined by multiplying the amount of such Annual Bonus which would
be due in respect of the full calendar year by a fraction, the numerator of which is the number of days during the calendar year of termination
that Executive was employed by the Company and the denominator of which is the number of days in such calendar year) (the “Pro-Rata
Bonus”), which Pro-Rata Bonus, if any, shall be payable in full in a lump sum cash payment to be made to Executive on the later
of the first regularly scheduled payroll date following the sixtieth (60th) day following the Date of Termination and the date such bonus
would be paid if Executive had remained an employee of the Company; and

 

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(iii)
an amount of cash equal to two (2) times the sum of Executive’s Base Salary and Target Bonus Opportunity (such resulting amount,
the “Severance Payments”), which Severance Payments, if any, the Company shall pay in substantially equal installments
over the twelve (12) month period following the Date of Termination in accordance with the Company’s regular payroll practices;
provided, however, that the first payment shall be made on the first regularly scheduled payroll date following the sixtieth (60th)
day following the Date of Termination and shall include payments of any amounts that would otherwise be due prior thereto.

 

Following
such termination of Executive’s employment before or after the Change of Control Protection Period by the Company without Cause
(excluding due to death or Disability) or by Executive for Good Reason, in each case, except as set forth in this Section 5(d), Executive
shall have no further rights to any compensation or any benefits under this Agreement.

 

(e)
Termination without Cause or by Executive for Good Reason During Change of Control Protection Period. If during the Term of Employment
Executive’s employment is terminated (i) by the Company without Cause (excluding due to death or Disability) or (ii) by Executive
for Good Reason, and in each case such Date of Termination occurs during the Change of Control Protection Period, in addition to the
Accrued Amounts, subject to Section 5(f) and (g) below and Executive’s
continued compliance with the covenants by which Executive may be bound, including, without limitation, those set forth in Section 6
hereof, Executive shall be entitled to receive:

 

 (i) the Unpaid Prior Year Bonus, if any, payable in accordance with Section 5(d)(i);

 

 (ii) the Pro-Rata Bonus, if any, payable in accordance with Section 5(d)(ii); and

 

(iii)
an amount of cash equal to three (3) times the sum of Executive’s Base Salary and Target Bonus Opportunity (such resulting amount,
the “Enhanced Severance Payments”), which Enhanced Severance Payments, if any, the Company shall pay on the sixtieth
(60th) day following the Date of Termination.

 

Following
such termination of Executive’s employment during the Change of Control Protection Period by the Company without Cause (excluding
due to death or Disability) or by Executive for Good Reason, in each case, except as set forth in this Section 5(e), Executive shall
have no further rights to any compensation or any benefits under this Agreement.

 

(f)
Waiver and Release. Notwithstanding any provision herein to the contrary, and as a condition precedent to payment of any Unpaid
Prior Year Bonus, Pro-Rata Bonus, Severance Payments, or Enhanced Severance Payments (collectively, the “Severance Benefits”)
Executive shall execute, deliver and shall not revoke, a release of claims in favor of the Company and its Subsidiaries and its and their
respective Affiliates in substantially the form attached hereto as Appendix B (the “Release”), and any revocation
period applicable to such Release must have expired no later than the sixtieth (60th) day following the Date of Termination. If Executive
fails to execute and deliver the Release in such a timely manner so as to permit any revocation period to expire prior to the end of
such sixty (60) day period, or timely revokes Executive’s acceptance of such Release following its execution, Executive shall not
be entitled to any Severance Benefits.

 

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(g)
Severance Benefits. In addition to the rights and remedies available to the Company under this Agreement, and not in any way in
limitation of any right or remedy otherwise available to the Company, if Executive violates any material term of this Agreement, including,
for the avoidance of doubt, the covenants set forth in Section 6, or any other agreement between the Company or its Subsidiaries or Affiliates
and Executive, then the Company’s obligation to pay the Severance Benefits or to cause the Severance Benefits to be paid and Executive’s
right to receive such Severance Benefits shall terminate and be of no further force or effect.

 

(h)
Treatment of Equity. Upon termination of Executive’s employment hereunder Executive’s equity and equity-based awards
with respect to the Company shall be treated in accordance with the applicable plans and agreements governing such equity and equity-
based awards. In the event the co-chief executive’s employment is terminated by the Company other than for Cause, all the outstanding
equity and or equity-based awards or stock options will be converted into common stock of the company or if stock options converted into
common stock of the company on a cashless basis on the date of such termination.

 

Section
6. Restrictive Covenants.

 

		(a)	Confidential
                                            Information.

 

i.
Executive acknowledges that Executive’s employment with the Company will result in Executive’s exposure, access, and contribution
to Confidential Information. Except as within the lawful and authorized performance of Executive’s duties and obligations, or as
provided in Section 6(a)(ii) below, Executive shall not, at any time during Executive’s employment with the Company or thereafter,
directly or indirectly, use, disclose, exploit, or make available to any other person or entity any Confidential Information, including
for Executive’s own personal use or advantage or for the use or advantage of any person or entity other than the Company Entities.

 

ii.
In accordance with the employee immunity provisions under the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), notwithstanding anything
herein to the contrary, nothing in this Agreement shall prohibit Executive from, or expose Executive to criminal or civil liability under
federal or state trade secret law for: (A) filing a charge or complaint with, communicating with, participating in any investigation
or proceeding that may be conducted by, or otherwise directly or indirectly sharing any Company Entity’s trade secrets or other
Confidential Information (except information protected by any Company Entity’s attorney-client or work product privilege) with
law enforcement, an attorney, or any federal, state, or local government agencies, regulators, or officials (including the Equal Employment
Opportunity Commission, the Securities and Exchange Commission, and equivalent state and local agencies), without notice to the Company
Entities, or (B) disclosing trade secrets in a complaint or other document filed in connection with a legal claim, provided that the
filing is made under seal.

 

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		(b)	Legal
                                            Process; Cooperation.

 

i.
Except as provided in Section 6(a)(ii), above, Executive agrees that in the event Executive is served with a subpoena or any other legal
or regulatory process that may require Executive to disclose any Confidential Information, whether during Executive’s employment
or thereafter, Executive will immediately notify the Board and provide a copy of such subpoena or other legal or regulatory process,
unless such subpoena or other legal process or regulatory process (A) is from a court or governmental agency, and (B) explicitly prohibits
Executive from doing so.

 

ii.
Executive agrees that during Executive’s employment with the Company and thereafter, Executive shall provide reasonable and timely
cooperation, without additional compensation, in connection with (A) any actual or threatened litigation, investigation, or other matter,
or proceeding (whether conducted by or before any court, regulatory, self- regulatory or governmental entity, or by or on behalf of any
Company Party), that relates to events occurring during Executive’s employment at the Company or about which the Company otherwise
believes Executive may have relevant information; (B) the transitioning of Executive’s role and responsibilities to other personnel;
and (C) the provision of information in response to the Company’s requests and inquiries in connection with Executive’s separation.
Executive’s cooperation shall include being available to (1) meet with and provide information to the Company Parties and their
counsel or other agents in connection with fact-finding, investigatory, discovery, and/or pre-litigation or other proceeding issues,
and (2) provide truthful testimony (including via affidavit, deposition, at trial, or otherwise) in connection with any such matter,
all without the requirement of being subpoenaed. The Company shall try to schedule Executive’s cooperation pursuant to this Section
so as not to unduly interfere with Executive’s other personal or professional pursuits.

 

(c)
Protected Property. Executive acknowledges and agrees that all the Company’s Protected Property coming into Executive’s
possession, custody, or control during the course of Executive’s employment with the Company is the sole property of the Company
Parties. Upon the termination of Executive’s employment with the Company, or upon the request of the Company at any time, Executive
agrees to promptly deliver all Protected Property to the Company, without retaining a copy of any such property. At no time will Executive
remove or copy or cause to be removed from the premises of the Company any original or copy of any Protected Property except in furtherance
of Executive’s proper duties to the Company and in accordance with the terms of this Agreement and all applicable Company policies
and procedures.

 

(d)
Work Product. Executive agrees all Work Product shall be and remain the sole and exclusive property of the Company. To the maximum
extent allowable by law, any Work Product subject to copyright protection shall be considered “works made for hire” for the
Company under U.S. copyright law. To the extent that any Work Product that is subject to copyright protection is not considered a work
made for hire, or to the extent that Executive otherwise has or retains any ownership or other rights in any Work Product (or any intellectual
property rights therein) anywhere in the world, Executive hereby assigns and transfers to the Company all such rights, including the
intellectual property rights therein, effective automatically as and when such Work Product is conceived, made, authored, created, invented,
developed, or reduced to practice. The Company shall have the full worldwide right to use, assign, license, and/or transfer all rights
in, with, to, or relating to Work Product (and all intellectual property rights therein). Executive shall, whenever requested to do so
by the Company (whether during Executive’s employment or thereafter), execute any and all applications, assignments, and/or other
instruments, and do all other things (including cooperating in any matter or giving testimony in any legal proceeding) which the Company
may deem necessary or appropriate in order to (i) apply for, obtain, maintain, enforce, or defend patent, trademark, copyright, or similar
registrations of the United States or any other country for any Work Product; (ii) assign, transfer, convey, or otherwise make available
to the Company any right, title, or interest which Executive might otherwise have in any Work Product; and/or (iii) confirm the Company’s
right, title, and interest in any Work Product. Executive shall promptly communicate and disclose all Work Product to the Company and,
upon request, report upon and deliver all such Work Product to the Company. Executive shall not use or permit any Work Product to be
used for any purpose other than on behalf of the Company Entities, whether during Executive’s employment or thereafter.

 

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(e)
Non-Solicitation. Executive agrees that during Executive’s employment with the Company and the Non-Solicit Restricted Period,
Executive shall not, without the express written consent of the Board (which consent may be granted or withheld in the Board’s
sole and absolute discretion), whether on behalf of or for the benefit of Executive or any other person or entity, whether as an employee,
principal, partner, owner, officer, director, individual, member, consultant, contractor, volunteer, representative, agent, or in any
other capacity whatsoever, and whether or not for compensation, directly or indirectly: (A) solicit, induce, or encourage the resignation
or termination of, or attempt to solicit, induce, or encourage the resignation or termination of, any member, partner, principal, owner,
officer, director, employee, contractor, consultant, or other business relation of any of the Company Parties; (B) interfere, or attempt
to interfere, in any way with the relationship between any of the Company Parties, on the one hand, and any of their respective members,
partners, principals, owners, officers, directors, employees, contractors, consultants, or other business relations on the other hand;
or (C) solicit, hire, recruit, employ, engage, or retain; or allow Executive’s name to be used in connection with the solicitation,
hiring, recruiting, employing, engaging, or retention of, any person or entity who as of such date, or at some time during the twelve
(12) months preceding such date, is or was a member, partner, principal, owner, officer, director, employee, contractor, consultant,
or other business relation of any of the Company Parties.

 

(f)
Non-Competition. Executive acknowledges that during the course of Executive’s employment with the Company, its Subsidiaries,
and Affiliates, Executive will become familiar with the Company’s trade secrets and Confidential Information, that Executive will
represent and embody the goodwill of the Company in Executive’s dealings with others, and that Executive’s services will
be of special, unique, and extraordinary value to the Company, and, therefore, and as a further material inducement for the Company to
employ Executive under this Agreement, Executive agrees that during Executive’s employment with the Company and for Non- Competition
Restricted Period, Executive shall not, without the express written consent of the Board (which consent may be granted or withheld in
the Board’s sole and absolute discretion), directly or indirectly: (i) advise or participate in the formation or management of
any Competing Business; (ii) render any services to a Competing Business (whether as a partner, member, principal, employee, consultant,
volunteer, or otherwise); or (iii) own any portion of, or be associated in any way with, any Competing Business; provided, however, that
nothing in this Agreement shall preclude Executive from investing Executive’s personal assets in the securities of any Competing
Business if such securities are traded on a national stock exchange or in the over-the-counter market and if such investment does not
result in Executive beneficially owning, at any time, more than two percent (2%) of such Competing Business.

 

    	10

     

    

 

 (g) Non-Disparagement; Non-Publicity.

 

i.
Except as provided in Section 6(a)(ii), above, as otherwise approved in writing by the Board, or within the lawful and authorized scope
of Executive’s employment, Executive agrees that, both during and after Executive’s employment with the Company, Executive
will not, whether in private or in public, whether orally, in writing, or otherwise, whether directly or indirectly, (i) make, publish,
encourage, ratify, or authorize; or aid, assist, or direct any other person or entity in making or publishing, any statements that in
any way defame, criticize, malign, impugn, denigrate, reflect negatively on, or disparage any of the Company Parties, or place any of
the Company Parties in a negative light, in any manner whatsoever; (ii) comment upon or discuss any of the Company Parties (whether disparagingly
or otherwise) in, on, to, or through any Media; (iii) make any statement, posting, or other communication (including on or through any
Media) that purports to be on behalf of any Company Party, or which a third party may perceive (A) has been authorized, approved, or
endorsed by a Company Party, or (B) reflects the views of any Company Party; (iv) share, post, transmit, or upload any material related
to any of the Company Parties with, to, through, or on any Media; (v) utilize any Company Party’s logos, graphics, trade names,
or trademarks on any Media or for any other purpose; or (vi) aid, assist, or direct any other person or entity to do any of the foregoing.

 

ii.
The Company agrees that it will instruct its senior officers not to make any untruthful and disparaging statements regarding Executive,
nor publicly, in writing or otherwise, directly or indirectly, make, publish or direct any other person or entity in making or publishing,
any statements that in any way are untruthful and disparaging regarding Executive, provided, however, that this non-disparagement covenant
shall not limit the Company’s ability to exercise any and all rights hereunder, comply with any disclosure or reporting obligations,
assess the Executive’s employment and performance, or otherwise provide truthful information about Executive, Executive’s
employment, and this Agreement, or the termination of any of the foregoing, and provided, further, that nothing herein shall prevent
any Company employee from exercising any legally protected right.

 

(h)
Reasonableness/Tolling. Executive hereby acknowledges that the limitations set forth in Sections 6(a) through 6(g) of this Agreement
are fair and reasonable, and will not prevent Executive from earning a livelihood after the termination of Executive’s employment
with the Company. Executive recognize that these restrictions are appropriate based on the special and unique nature of the services
Executive will render, the access to the Company’s Confidential Information that Executive will enjoy as a result of Executive’s
employment and position with the Company, and the risks that the Company will face absent such restrictions. Executive agrees that should
Executive breach any of the provisions of Sections 6(a), 6(e), or 6(f), above, the running of the Non-Solicit Restricted Period and/or
the Non-Competition Restricted Period shall be tolled during the period of such breach.

 

(i)
Remedy for Breach. Executive agrees that Executive’s breach or threatened breach of any of the restrictions set forth in
Section 6 of this Agreement will result in irreparable and continuing damage to the Company Parties for which there is no adequate remedy
at law. Thus, the Company Parties shall be entitled to obtain emergency equitable relief, including a temporary restraining order and/or
preliminary injunction, from any state or federal court of competent jurisdiction, without first posting a bond, to restrain any such
breach or threatened breach.

 

    	11

     

    

 

Section
7. Executive’s Representations. Executive hereby represents and warrants to the Company that (a) the execution, delivery
and performance of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any contract,
agreement, instrument order, judgment or decree to which Executive is a party or by which Executive is bound, (b) Executive is not a
party to or bound by any employment agreement, non- compete agreement, confidentiality agreement or other restriction with any other
person or entity, which would be breached by entering into this Agreement, (c) Executive has not engaged in any conduct (or aided or
assisted any other person or entity to engage in any conduct or cover-up of such conduct), whether within the scope of Executive’s
employment at a previous employer or otherwise, that could cause any damage to the Company’s or any of its Subsidiaries’
or Affiliates’ reputation or business or the Company’s or any of its Subsidiaries’ or Affiliates’ employees,
including, but not limited to, any conduct constituting sexual misconduct, sexual harassment, harassment or discrimination and (d) upon
the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Parties,
enforceable in accordance with its terms. Executive agrees to immediately notify the Company, in writing, if any representation in this
Section 7 is or becomes untrue or inaccurate at any time. In addition, should Executive become aware of any reason that Executive cannot
remain employed by the Company or fully execute Executive’s responsibilities for the Company, or should a former employer or any
other person or entity allege that Executive is in violation of any obligation to such person or entity or if Executive believes any
violation of law exists relating to the Company, Executive promises to immediately so notify the Board in writing.

 

Section
8. Waiver and Amendments. Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid
only if made in writing and signed by each of the Parties. No waiver by either of the Parties of their rights hereunder shall be deemed
to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that
it is to be construed as a continuing waiver.

 

Section
9. Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted
via electronic mail, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier
service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other
person as the recipient party has specified by prior written notice to the sending party.Notices will be deemed to have been given hereunder
and received when delivered personally, when received if transmitted via electronic mail, five (5) days after deposit in the U.S. mail
and one (1) day after deposit for overnight delivery with a reputable overnight courier service.

 

If
to the Company, to:

 

Creek
Road Miners, Inc.

2700
Homestead Road, Suite 50 Park City, UT 84098

Attention:
Scott A. Sheikh, General Counsel

Email:
SSheikh@CreekRoadMiners.com

 

If
to Executive, to Executive’s physical and/or email address most recently on file with the Company with a copy (which shall not
constitute notice) to such other persons as may be designated by Executive in writing.

 

    	12

     

    

 

Section
10. Section Headings; Mutual Drafting. The headings of the sections and subsections of this Agreement are inserted for convenience
only and shall not be deemed to constitute a part thereof or affect the meaning or interpretation of this Agreement or of any term or
provision hereof. As a consequence, the Parties do not intend that the presumptions of laws or rules relating to the interpretation of
contracts against the drafter of any particular clause should be applied to this Agreement or any document or instrument executed in
connection herewith, and therefore waive their effects.

 

Section
11. Entire Agreement. This Agreement, including Appendix A and B attached hereto and incorporated herein by reference,
and the Indemnification Agreement constitute the entire understanding and agreement of the Parties with respect to the subject matter
hereof. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements
between the Parties and any other person or entity relating to the employment of Executive.

 

Section
12. Survival of Operative Sections. Upon any termination of Executive’s employment, the provisions of this Agreement (together
with any related definitions set forth in herein) shall survive to the extent necessary to give effect to the provisions thereof.

 

Section
13. Binding Effect; Counterparts. This Agreement shall be binding and inure to the benefit of the Parties and their respective
successors, permitted assigns, heirs, executors and legal representatives. This Agreement may be executed in several counterparts, each
of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. The execution of
this Agreement may be by actual or facsimile signature. Electronic copies of this Agreement shall have the same force and effect as the
original.

 

Section
14. Governing Law 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 Delware , without regard to its conflict of laws rules. The
parties hereto hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this
Agreement shall be brought in any 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 (v) waive, and agree not to plead
or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum. Each party hereto waives any right to trial by jury.

 

Section
15. Miscellaneous. This Agreement shall be interpreted strictly in accordance with its terms, to the maximum extent permissible
under governing law, and shall not be construed against or in favor of any Party, regardless of which Party drafted this Agreement or
any provision hereof. For purposes of this Agreement, the connectives “and,” “or” and “and/or” shall
be construed either disjunctively or conjunctively as necessary to bring within the scope of a sentence or clause all subject matter
that might otherwise be construed to be outside of its scope and “including” shall be construed as “including without
limitation.” The definitions for all defined terms in this Agreement shall apply equally to both the singular and plural forms
of such terms.

 

    	13

     

    

 

Section
16. Set Off. The Company’s obligation to pay or cause to be paid Executive the amounts provided and to make the arrangements
provided hereunder shall be subject to set- off, counterclaim or recoupment of amounts owed by Executive to the Company or any of its
Subsidiaries and/or Affiliates to the extent permitted by Section 409A.

 

Section
17. Assignment. This Agreement may be assigned by the Company to an affiliated entity or to any successor assignee of the Company
with or without Executive’s consent. Upon such assignment, the rights and obligations of the Company hereunder shall become the
rights and obligations of such assigned party. Executive may not assign or delegate Executive’s rights and/or obligations under
this Agreement. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio
and of no force or effect.

 

Section
18. Taxes. The Company or any of its Affiliates may withhold from any payments made under this Agreement all applicable taxes,
including, but not limited to, income, employment and social insurance taxes as shall be required by law.

 

Section
19. Indemnification. It shall be a condition to Executive’s commencement of services under this Agreement that the Company
and Executive shall have entered into an Indemnification Agreement in the form of Exhibit A hereto (“Indemnification
Agreement”).

 

Section
20. Section 280G. Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary,
if any of the payments or benefits provided or to be provided by the Company or any of its Affiliates to Executive or for Executive’s
benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute “excess parachute
payments” within the meaning of Section 280G of the Code and would, but for this Section 20, be (x) nondeductible under Section
280G of the Code and/or (y) subject to the excise tax imposed under Section 4999 of the Code (or any successor provisions applicable
to such Sections) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively,
the “Excise Tax”), then the Covered Payments will be reduced to the minimum extent necessary (but in no event to less
than zero) so that no portion of any such payment or benefit, as so reduced, is subject to the Excise Tax; provided, however,
that the foregoing reduction will be made only if and to the extent that such reduction would result in an increase in the aggregate
payment and benefits to be provided, determined on an after-tax basis after taking into account the applicable federal, state, local
and foreign income, employment and excise taxes (including the Excise Tax). Any reductions hereunder shall be made in accordance with
Section 409A and the following: (A) the payments and benefits that do not constitute nonqualified deferred compensation subject to Section
409A shall be reduced first; and (B) all other payments and benefits shall then be reduced as follows: (I) cash payments shall be reduced
before non-cash payments; and (II) payments to be made on a later payment date shall be reduced before payments to be made on an earlier
payment date. Any determination required under this Section 20, including, but not limited to, whether any payments or benefits are or
could be “parachute payments” within the meaning of Section 280G of the Code, shall be determined by the Board (or its designee).

 

    	14

     

    

 

Section
21. Section 409A. Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so
that the payments and benefits set forth herein shall either be exempt from the requirements of Section 409A, or shall comply with the
requirements of such provision and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be exempt from
or in compliance with Section 409A. To the extent the Company determines that any provision of this Agreement would cause Executive to
incur any additional tax or interest under Section 409A, the Company shall be entitled to reform such provision to attempt to comply
with or be exempt from Section 409A through good faith modifications. To the extent that any provision hereof is modified in order to
comply with Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain
the original intent and economic benefit to Executive and the Company without violating the provisions of Section 409A.

 

Notwithstanding
anything in this Agreement or elsewhere to the contrary, a termination of employment shall not be deemed to have occurred for purposes
of any provision of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified deferred
compensation” within the meaning of Section 409A upon or following a termination of Executive’s employment unless such termination
is also a “separation from service” within the meaning of Section 409A. For purposes of any such provision of this Agreement,
references to a “termination,” “termination of employment” or like terms shall mean a “separation from
service” and the date of such separation from service shall be the date of termination for purposes of any such payment or benefits.
Each payment under this Agreement or otherwise in a series of payments shall be treated as a separate payment for purposes of Section
409A. In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement or
otherwise which constitutes a “deferral of compensation” within the meaning of Section 409A. Notwithstanding any other provision
of this Agreement to the contrary, in no event shall any payment or benefit under this Agreement that constitutes “nonqualified
deferred compensation” for purposes of Section 409A be subject to offset by any other amount unless otherwise permitted by Section
409A.

 

All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section
409A. To the extent that any reimbursements pursuant to this Agreement or otherwise are taxable to Executive, any reimbursement payment
due to Executive shall be paid to Executive on or before the last day of Executive’s taxable year following the taxable year in
which the related expense was incurred; provided, that, Executive has provided the Company written documentation of such
expenses in a timely fashion and such expenses otherwise satisfy the Company’s expense reimbursement policies. Reimbursements pursuant
to this Agreement or otherwise are not subject to liquidation or exchange for another benefit and the amount of such reimbursements that
Executive receives in one taxable year shall not affect the amount of such reimbursements that Executive receives in any other taxable
year.

 

Notwithstanding
any provision in this Agreement to the contrary, if on the date of Executive’s termination from employment with the Company Executive
is deemed to be a “specified employee” within the meaning of Section 409A using the identification methodology selected by
the Company from time to time, or if none, the default methodology under Section 409A, any payments or benefits due upon a termination
of Executive’s employment under any arrangement that constitutes a “deferral of compensation” within the meaning of
Section 409A that would otherwise be paid or provided during the first six months following such Date of Termination shall be paid in
a lump sum or provided (in each case, without interest) on the first payroll date on or following the earlier of (i) the date which is
six (6) months and one (1) day after Executive’s termination of employment for any reason other than death, and (ii) the date of
Executive’s death, and any remaining payments and benefits shall be paid or provided in accordance with the normal payment dates
specified for such payment or benefit.

 

Notwithstanding
any of the foregoing to the contrary, the Company and its Affiliates and its and their respective officers, managers, directors, employees
or agents make no guarantee that the terms of this Agreement as written comply with, or are exempt from, the provisions of Section 409A,
and none of the foregoing shall have any liability, including, without limitation, for any tax, interest, penalty or damage, for the
failure of the terms of this Agreement to comply with, or be exempt from, the provisions of Section 409A.

 

[Signature
Page Follows]

 

    	15

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the Effective Date.

 

	COMPANY	 
	 	 	 
	By:	/s/
    Paul Kessler	 
	 	Paul
    L. Kessler, Executive Chairman	 
	 	 	 
	EXECUTIVE	 
	 	 	 
	By:
    	/s/
    John D. Maatta	 
	 	John
    D. Maatta	 

 

July
8, 2022

 

Signature
Page to co-chief executive 

Employment
Agreement

 

    	16

     

    

 

Exhibit
A

INDEMNIFICATION
AGREEMENT

 

[***]

 

    	17

     

    

 

Appendix
A 

 

DEFINITIONS

 

As
used in the Agreement, the following words and phrases shall have the following meanings:

 

	(a)	“Affiliate”
                                            shall mean any person or entity that directly or indirectly controls, is controlled by or
                                            is under common control with the Company. The term “control” (including, with
                                            correlative meaning, the terms “controlled by” and “under common control
                                            with”), as applied to any person or entity, means the possession, directly or indirectly,
                                            of the power to direct or cause the direction of the management and policies of such person
                                            or entity, whether through the ownership of voting or other securities, by contract or otherwise.
	 	 
	(b)	“Board”
                                            shall mean the Board of Directors of the Company.
	 	 
	(c)	“Company
                                            Entities” shall mean the Company and each and all of the Company’s respective
                                            Subsidiaries and Affiliates, including each and all of their respective advisory, management,
                                            and/or partner entities, and any successor or any permitted transferee thereof.
	 	 
	(d)	“Company
                                            Parties” shall mean, collectively, each and all of the Company Entities and each
                                            and all of their respective shareholders, interest holders, unit holders, advisors, managers,
                                            officers, directors, partners, principals, members, employees, fiduciaries, representatives,
                                            and agents.
	 	 
	(e)	“Confidential
                                            Information” shall mean any and all nonpublic information, confidential information,
                                            proprietary information, trade secrets, or other sensitive information (whether in oral,
                                            written, electronic, or any other form) concerning, created by, or relating to any of the
                                            Company Parties, including any and all information relating to the business, assets, operations,
                                            budgets, strategies, studies, compilations, policies, procedures, organization, processes,
                                            personal information (including personal information about any current or former employees,
                                            members, partners, principals, owners, equityholders, officers, agents, business associates,
                                            or representatives of any of the Company Parties, or the family members of any of the foregoing),
                                            business developments, investment or business arrangements, negotiations, prospective or
                                            existing commercial agreements, costs, revenues, performances, research, profiles, valuations,
                                            valuation models or analyses, profits, tax or financial structure, positions or products,
                                            financial models, financial results or analyses, other financial affairs, actual or proposed
                                            opportunities, acquisitions, transactions or investments, results, assets, current or prospective
                                            suppliers, customers, clients, investors, marketers, advertisers, vendors, current or prospective
                                            supplier, customer, or client lists (including their identity, addresses, contact persons,
                                            and/or status, preferences, strategies, or needs), internal controls, diligence or vetting
                                            process, security procedures, contingencies, marketing plans, databases, pricing, risk management,
                                            credit files, strategies, techniques, methods of operation, market consultants, computer
                                            programs, passwords, patent applications, information technology infrastructure, products,
                                            services, systems, designs, inventions, existing and contemplated properties, technical analyses,
                                            geologic surveys, or any other information, documents, or materials that (A) may be identified
                                            as confidential or proprietary, (B) is required to be maintained as confidential under governing
                                            law or regulation or under an agreement with any third parties, and/or (C) would otherwise
                                            appear to a reasonable person to be confidential or proprietary. Confidential Information
                                            shall not include any information that is generally known to the public or is publicly available
                                            other than as a result of Executive’s breach of this Agreement. For purposes of this
                                            Agreement,

 

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	(f)	“Cause”
                                            shall mean: (i) Executive’s indictment for, conviction of, or pleading of guilty or
                                            nolo contendere to, any felony or any crime involving fraud, dishonesty or moral turpitude;
                                            (ii) Executive’s gross negligence with regard to the Company or any Affiliate in respect
                                            of Executive’s duties for the Company or any Affiliate; (iii) Executive’s willful
                                            misconduct having or, which in the good faith discretion of the Board could have, an adverse
                                            impact on the Company or any Affiliate economically or reputation-wise; (iv) Executive’s
                                            material breach of this Agreement, any other material agreement between Executive and Company,
                                            including, but not limited to, any incentive or equity or equity-based award or agreement,
                                            or any code of conduct or ethics or any other policy of the Company, which breach (if curable
                                            in the good faith discretion of the Board) has remained uncured for a period of ten (10)
                                            days following the Company’s delivery of written notice to Executive specifying the
                                            manner in which the agreement or policy has been materially breached; or (v) Executive’s
                                            continued or repeated failure to perform Executive’s duties or responsibilities to
                                            the Company or any Affiliate at a level and in a manner satisfactory to the Board in its
                                            sole discretion, which failure has not been cured to the satisfaction of the Board following
                                            notice to Executive. To the extent Executive is terminated as a member of the Board or the
                                            board of directors of any Subsidiary of the Company, “Cause” shall include a
                                            termination of such directorship for “cause” as determined in accordance with
                                            the provisions of Section 141(k) of the Delaware General Corporation Law. Any voluntary termination
                                            of Executive’s employment in anticipation of a termination of Executive’s employment
                                            by the Company for Cause shall be deemed to be a termination by the Company for Cause.
	 	 
	(g)	“Change
                                            of Control” shall mean the occurrence, after the Effective Date, of any of the
                                            following events; provided, however, that for purposes of this Agreement an event shall not
                                            qualify as a “Change of Control” unless such event also constitutes a “change
                                            in control event,” as defined in Treasury Regulations Section 1.409A-3(i)(5):

 

		i.	any
                                            individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
                                            Act) (a “Person”) acquires beneficial ownership (within the meaning of
                                            Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (A) the then outstanding
                                            shares of Common Stock of the Company (the “Outstanding Company Common Stock”)
                                            or (B) 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 of Control: (1) any acquisition
                                            directly from the Company or any Subsidiary or Affiliate, (2) any acquisition by the Company
                                            or any Subsidiary or Affiliate, (3) any acquisition by any employee benefit plan (or related
                                            trust) sponsored or maintained by the Company or any entity controlled by the Company, (4)
                                            any acquisition pursuant to a transaction which complies with clauses (A) or (B) of Section
                                            (g)(iii) of this Glossary, below, or (5) any acquisition of additional securities by any
                                            Person who, as of the Effective Date, held 15% or more of either (x) the Outstanding Company
                                            Common Stock or (y) the Outstanding Company Voting Securities;

 

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		ii.	a
                                            majority of the individuals who, as of the Effective Date, constitute the Board (the “Incumbent
                                            Board”) cease for any reason during any twelve (12)-month period to constitute
                                            at least a majority of the Board; provided, however, that any individual becoming a director
                                            subsequent to the Effective Date whose election, 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.	consummation
                                            by the Company of a reorganization, merger, or consolidation, or sale or other disposition
                                            of all or substantially all of the assets of the Company, or the acquisition of assets of
                                            another entity (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 Company Voting Securities immediately prior to such Business Combination
                                            beneficially own, directly or indirectly, more than 50% of 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 entity resulting
                                            from such Business Combination (including, without limitation, an entity which as a result
                                            of such transaction owns the Company or all or substantially all of the Company’s assets
                                            either directly or 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 (or equivalent governing authority) of
                                            the entity 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
	 	 	 
		iv.	approval
                                            by the stockholders of the Company of a complete liquidation or dissolution of the Company.

 

	(h)	“Change
                                            of Control Protection Period” means the period beginning on the occurrence of a
                                            Change of Control and ending twelve (12) months thereafter.
	 	 
	(i)	“Code”
                                            shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time, and any
                                            successor thereto, the Treasury Regulations thereunder and other relevant interpretive guidance
                                            issued by the Internal Revenue Service or the Treasury Department. Reference to any specific
                                            section of the Code shall be deemed to include such regulations and guidance, as well as
                                            any successor provision of the Code.

 

    	20

     

    

 

	(j)	“Common
                                            Stock” shall mean the Common Stock of the Company, $0.01 par value per share.
	 	 
	(k)	“Competing
                                            Business” shall mean (i) the selling, distributing, transporting, trading, or marketing
                                            of liquefied natural gas inside or outside of the United States; (ii) the designing, permitting,
                                            constructing, developing or operating of liquefied natural gas facilities inside or outside
                                            of the United States; or (iii) the financing of liquefied natural gas facilities inside or
                                            outside of the United States.
	 	 
	(l)	“Date
                                            of Termination” shall mean (i) if Executive’s employment is terminated by
                                            his death, the date of his death, (ii) if the Executive’s employment is terminated
                                            due to Non-Renewal by either the Company or Executive, the last day of the Initial Term or
                                            then current Renewal Term, as applicable, and (iii) if the Executive’s employment is
                                            terminated for any other reason, the date specified in the Notice of Termination; provided,
                                            however, that the date specified in the Notice of Termination shall not be a date prior to
                                            the date such Notice of Termination is given or the expiration of any required notice or
                                            cure period; and provided further that in the case of termination of employment by
                                            Executive, Executive may not elect to use accrued vacation (if any) or other paid leave to
                                            avoid working during the notice period, nor may Executive otherwise cease reporting to work
                                            during the notice period, in either case, unless agreed to by the Company in writing.
	 	 
	(m)	“Disability”
                                            shall mean that Executive has experienced a “permanent and total disability”
                                            within the meaning of Section 22(e)(3) of the Code. The determination of whether Executive
                                            has experienced a Disability shall be determined under procedures established by the Compensation
                                            Committee of the Board.
	 	 
	(n)	“Exchange
                                            Act” shall mean U.S. Securities Exchange Act of 1934, as amended, and the rules
                                            and regulations promulgated thereunder.
	 	 
	(o)	“Good
                                            Reason” shall mean the occurrence of any of the following events without Executive’s
                                            written consent (i) a material diminution in Executive’s Base Salary; (ii) Executive
                                            ceases to be the senior most executive of the Company; (iii) any requirement that Executive
                                            relocate his primary residence more than fifty (50) miles from its then-current location;
                                            or (iv) a material breach by the Company of the Agreement.
	 	 
	(p)	“Media”
                                            shall mean any media (whether print, television, radio, the internet, social media, or with
                                            or through any reporter, blogger, “app” (such as Instagram, Snapchat, or the
                                            like), or otherwise.
	 	 
	(q)	“Non-Competition
                                            Restricted Period” shall mean the twelve (12) month period following the Date of
                                            Termination (regardless of whether Executive resigns or is terminated, or the reason for
                                            any such resignation or termination).

 

    	21

     

    

 

	(r)	“Non-Solicit
                                            Restricted Period” shall mean the twelve (12) month period following the Date of
                                            Termination (regardless of whether Executive resigns or is terminated, or the reason for
                                            any such resignation or termination).
	 	 
	(s)	“Notice
                                            of Termination” shall mean a written notice which shall (i) indicate the specific
                                            termination provision in this Agreement relied upon, (ii) to the extent applicable, set forth
                                            in reasonable detail the circumstances claimed to provide a basis for termination of Executive’s
                                            employment under the provision so indicated, and (iii) if the “Date of Termination”
                                            is other than the date of receipt of such notice, specifies the termination date.
	 	 
	(t)	“Protected
                                            Property” shall mean all property, proprietary materials, Confidential Information,
                                            documents, records, files, memoranda, emails, computer media, software, equipment (including
                                            laptops, smartphones, and other devices), system and software login information, passwords,
                                            access codes, authorization codes (to the extent such codes relate in whole or in part to
                                            the Company Parties’ respective businesses, data rooms, systems, sites, or information),
                                            telephone numbers, email addresses, messaging contact information, identification cards,
                                            keys, and any other materials in any form (whether paper, electronic, or otherwise, and all
                                            copies thereof) relating or belonging to any of the Company Parties.
	 	 
	(u)	“Section
                                            409A” shall mean Section 409A of the Code.
	 	 
	(v)	“Subsidiary”
                                            shall mean a corporation, partnership, joint venture, limited liability company, limited
                                            liability partnership, or other entity in which the Company owns directly or indirectly,
                                            fifty percent (50%) or more of the voting power or profit interests, or as to which the Company
                                            or one of its Affiliates serves as general or managing partner or in a similar capacity.
	 	 
	(w)	“Treasury
                                            Regulations” shall mean the regulations promulgated under the Code by the United
                                            States Treasury Department, as amended.
	 	 
	(x)	“Work
                                            Product” shall mean, individually and collectively, any and all developments, improvements,
                                            inventions, discoveries, creations, formulae, algorithms, processes, systems, interfaces,
                                            protocols, concepts, programs, products, risk management tools, methods, designs, and works
                                            of authorship, and any and all documents, information (including Confidential Information),
                                            or things relating thereto, whether patentable or not, within the scope of or pertinent to
                                            any business, research, or development in which the Company or any other Company Entity is
                                            engaged or (if such is known to or ascertainable by Executive) considering engaging, which
                                            Executive may conceive, make, author, create, invent, develop, or reduce to practice, in
                                            whole or in part, during Executive’s employment with the Company or affiliation with
                                            any of the Company Parties, whether alone or working with others, whether during or outside
                                            of normal working hours, whether inside or outside of the Company’s offices, and whether
                                            with or without the use of the Company’s computers, systems, materials, equipment,
                                            or other property.

 

    	22Exhibit
10.3

AMENDMENT
TO EMPLOYMENT AGREEMENT

 

THIS
AMENDMENT (“Amendment”) is made and effective on the date hereof to that Employment Agreement dated as of May
1, 2022 , (the “Employment Agreement”), between Creek Road Miners, Inc., a Delaware corporation (the “Company”),
and John D. Maatta (the “Executive”).

 

WHEREAS,
Executive has been employed by the Company pursuant to the terms of the Employment Agreement; and,

 

WHEREAS
the parties desire to now amend the Employment Agreement,

 

NOW,
THEREFORE, in consideration of the foregoing, the mutual promises contained herein and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to further amend the Employment Agreement
and to supersede the provisions of the Employment Agreement as follows:

 

1.
Section 2(a) is hereby amended to provide that as of May 1, 2022, the compensation payable in Series “A” preferred
shares shall be calculated at the rate of $200,000.00 per year rather than at the rate of $250,000.00 per year.

 

2.
Section 2(c) is hereby amended to provide that the percentage of shares payable as an up-listing bonus shall be reduced from five
percent (5%) to three and one third percent (3.33%).

 

3.
Section 4 of the Employment Agreement is hereby amended as follows: (i) a new Paragraph (a) is inserted, (with the other currently
existing paragraphs now becoming sequentially numbered paragraphs (b), ( c), (d), etc. The new Paragraph (a) shall read as
follows:

 

Upon
an event of Change of Control this agreement shall immediately terminate as of the date of the event of Change of Control and this agreement
shall be of no further force or effect. However, immediately prior to any event of Change of Control the provisions of Paragraph 2(c)
shall become effective and the Stock to which Employee shall be entitled to receive will be calculated as of the date of the Change of
Control. Aside from calculation of shares under such Paragraph 2(c), and the payment to Executive of any accrued vacation time, which
shall be payable in Preferred Class A Stock issued by the Company, there shall be no further obligations including but not limited to
any further financial obligations of any nature owed or payable to Executive. Executive hereby acknowledges that except as stated herein,
the Company owes no obligations of any nature to him and hereby waives and relinquishes any and all rights or entitlements of any nature
whatsoever that may be owed to him by the Company except as expressly stated in this Amendment.

 

“Change
of Control” shall have the same meaning as defined in the Employment Agreement

 

Except
as expressly provided herein, all other terms and conditions of the Employment Agreement shall remain in full force and effect.

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties agree as follows:

 

	 	 	EXECUTIVE
	 	 	 
	July
    6, 2022	 	/s/
    John D. Maatta
	 	 	John
    D. Maatta
	 	 	 
	 	 	Creek
    Road Miners, Inc.
	 	 	 
	July
    7, 2022	By:	/s/
    Paul Kessler
	 	Name:	 Paul Kessler, Chairman

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