Document:

Exhibit 10.8

  

  

  

  
    AMENDMENT NO. 1 TO

    EMPLOYMENT AGREEMENT

    

    

    THIS AMENDMENT NO. 1 (this “Amendment”) to that certain employment agreement dated April 1, 2019 by and between the Riley Exploration –
      Permian, LLC (“REP”) and Kevin Riley (“Employee”) and assigned by REP to Riley Permian Operating Company, LLC (the “Company”) on June 8, 2019 (the “Employment Agreement”) is effective as of
      March 15, 2021 (the “Effective Date”).

     

    W I T N E S S E T H :

     

    WHEREAS, the parties hereto desire to amend the Employment Agreement as set forth herein.

    

    

    NOW, THEREFORE, in consideration of the premises, the mutual covenants and agreements contained herein and in the Employment Agreement and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto hereby amend the Employment Agreement as follows:

    

    

    	1.	
            Definitions.

          

     

    	

          	1.1.	
            The definition of “Affiliate” is hereby deleted from Section 2(a).

          

     

    	

          	1.2.	
            “LTIP” shall mean the Riley Exploration Permian, Inc. 2021 Long Term Incentive Plan, as it may be amended from time to time.

          

     

    	

          	1.3.	
            “Board” shall mean the board of directors of Riley Exploration Permian, Inc.

          

     

    	2.	
            Payment of Bonuses.  Section 5(b)(iv) is hereby deleted in its entirety and replaced with the following:

          

     

    (iv) Payment. All Annual Bonuses earned and payable to Employee by the Company shall be paid to Employee in a lump sum as soon as practicable following the end of the
      Company’s fiscal year but in no event later than 21⁄2 months following the end of the taxable year during which the applicable Annual Bonus was earned.  All Annual Equity Awards earned by Employee shall be granted to Employee as soon as practicable
      following the end of the Company’s fiscal year but in no event later than 21⁄2 months following the end of the taxable year during which the applicable Annual Equity Award was earned.  Notwithstanding any other provision of this Agreement, and for the
      avoidance of doubt, Employee shall be eligible to receive the Annual Bonus for any completed fiscal year and for the fiscal year in which such Employee’s employment is terminated if such termination is: (i) by the Company without Cause, or (ii) by
      Employee for Good Reason; provided, however, that such Annual Bonus shall be paid on the date that Annual Bonuses are paid to other senior executive officers of the Company but in no event later than
      21⁄2 months after the end of the taxable year in which any substantial risk of forfeiture with respect to such Annual Bonuses lapses and the Annual Bonus amount shall be determined by the Board in its sole discretion based on its assessment of the
      Annual Bonus amount that Employee would have received based on achievement of performance goals for the applicable fiscal year.

     

    	3.	
            Vacation.  The last sentence of Section 5(h) is hereby deleted in its entirety and replaced with the following:

          

     

    (h)  Unless required by such vacation policy or applicable law, any amounts accrued and owing for the applicable year shall not be paid to Employee upon the
      termination of his employment with the Company, regardless of the reason for such termination.

    

    

    
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    	4.	
            Payments and Benefits Due Upon Certain Change of Control Events.  Section 8 hereby deleted in its entirety and replaced with the following:

          

     

    8.          Payments and Benefits Due Upon Certain Change-in-Control Events.  The parties acknowledge that Employee has entered into this Agreement based on his confidence
      in the current stockholders of the Company and the support of the Board.  Accordingly, if the Company should undergo a Change in Control the parties agree as follows:

     

    (a)          Definitions.  For purposes of this Agreement, the following terms shall have the following definitions:

     

    (i)         Affiliate:  except as otherwise provided in this Agreement, for purposes of this Agreement, Affiliate means, with respect to the Company, any person that
      directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Company; provided, however, that a natural person shall not be considered an
      Affiliate.

     

    (ii)         Change in Control:  a Change in Control has the same meaning as assigned by the LTIP.   Notwithstanding the foregoing, a Change of Control
      shall not include the IPO or a public offering of the Company’s common stock or a transaction with its sole purpose to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same
      proportions by the persons who held the Company’s securities immediately before such transaction.

     

    (iii)        CIC Effective Date:  means the date upon which a Change in Control occurs.

     

    (iv)        Code:  means Internal Revenue Code of 1986, as amended from time to time.

     

    
      (b)        Change-in-Control Benefits.  If Employee is employed by the Company on the CIC Effective Date and this Agreement is terminated on or before the six-month
        anniversary of the CIC Effective Date by the Company without Cause in accordance with Section 6(c) or by Employee for Good Reason in accordance with Section 6(d), then the Company shall have no further obligation to Employee under this Agreement or
        otherwise, except the Company shall provide Employee with the Accrued Obligations in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Change-in-Control Benefits”) in lieu of any Separation Benefits
        that may otherwise be due under Section 7(b): (i) an amount equal to 200% of the Base Salary in effect immediately before the Termination Date plus 200% of the Annual Bonus received by Employee for the fiscal year preceding the Termination Date
        (until the Annual Bonus for fiscal year 2021 is determined, the Annual Bonus for purposes of this Section 8 shall be the target Annual Bonus for fiscal 2021 as provided above, and thereafter shall be the Annual Bonus determined for fiscal year 2021
        or the Annual Bonus received by Employee for any future fiscal year) (together, the “CIC Pay”); and (ii) during the 6-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for
        himself and his eligible dependents under the Company’s group health insurance plan pursuant to COBRA or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and
        continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however,  that Employee shall notify the
        Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement after the Employee
        becomes eligible for group health insurance coverage due to subsequent employment or otherwise.  The CIC Pay shall be paid to the Employee in a lump sum within 60 days of the Termination Date; provided, however,
        that no CIC Pay shall be paid to the Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below).  Any reimbursements due under this Section shall be
        made by the last day of the month following the month in which the applicable premiums were paid by the Employee.

    

    

    

    
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    For the avoidance of doubt, Employee shall not be entitled to the Change-in-Control Benefits if this Agreement is terminated (i) due to Employee’s death; (ii)
      by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

     

    	5.	
            Parachute Payment Limitation.  Section 9 hereby deleted in its entirety and replaced with the following:

          

     

    9.         Parachute Payment Limitation.  Notwithstanding any contrary provision in this Agreement, if Employee is a “disqualified individual” (as defined in Section 280G
      of the Code), and any of the payments and benefits described herein, together with any other payments which Employee has the right to receive from the Company, would, in the aggregate, constitute a “parachute payment” (as defined in Section
      280G of the Code), then such payments and benefits shall be either (a) reduced (but not below zero) so that the aggregate present value of such payments and benefits received by Employee from the Company shall be $1.00 less than three times
      Employee’s “base amount” (as defined in Section 280G of the Code) and so that no portion of such payments received by Employee shall be subject to the excise tax imposed by Section 4999 of the Code, or (b) paid in full, whichever produces the
      better net after-tax result for Employee (taking into account any applicable excise tax under Section 4999 of the Code and any applicable income tax).  The determination as to whether any such reduction in the amount of the payments and benefits is
      necessary shall be made by the Board in its sole discretion and such determination shall be conclusive and binding on Employee; provided, however, that any such reduction shall be made in the manner that is most beneficial to Employee.  If a reduced
      payment is made to Employee pursuant to clause (a) above and through error or otherwise that payment, when aggregated with other payments from the Company (or its affiliates) used in determining if a parachute payment exists, exceeds $1.00 less than
      three times Employee’s base amount, Employee shall immediately repay such excess to the Company upon notification that an overpayment has been made.

     

    	6.	
            Conditions on Receipt of Separation Benefits and Change-of-Control Benefits.  The Release required pursuant to the Section 10(a) shall be in the form attached hereto as Exhibit A.

          

     

    	7.	
            Covenant not to Compete.  Section 12(c) is hereby deleted in its entirety and replaced with the following:

          

     

    (c)        Covenant not to Compete.  Beginning on the Effective Date and continuing for 12 months after the termination of Employee’s employment with the Company,
      regardless of the reason for such termination (the “Restricted Period”), Employee shall not directly or indirectly (including without limitation through any family member or Affiliate) (i) have any ownership interest in, serve as an officer,
      director, consultant, independent contractor, subcontractor, employee, or in any other capacity similar to the capacity in which Employee served the Company or the Company Group, in any business or activity that is in engaged in leasing, acquiring,
      exploring, developing, or producing hydrocarbons and related products within the boundaries of, or within a five-mile radius of the boundaries of, (A) any mineral property interest of the Company, the Company Group, or their Affiliates (including,
      without limitation, a mineral lease, overriding royalty interest, production payment, net profits interest, mineral fee interest, or option or right to acquire any of the foregoing, or an area of mutual interest as designated pursuant to contractual
      agreements between the Company, the Company Group, or their Affiliates and any third party), (B) any other property on which the Company, the Company Group, or their Affiliates have an option, right, license, or authority to conduct or direct
      exploratory activities, such as three dimensional seismic acquisition or other seismic, geophysical and geochemical activities, or (C) any producing well or any well-in-progress being drilled and/or completed by the Company, the Company Group, or
      their Affiliates, in each case in (A), (B), and (C) during the Term or as identified by the Company in writing as of or following the Termination Date, as applicable, in the Permian Basin (the “Restricted Area”); or (ii) solicit, canvass, or
      accept business for any person or entity that provides products or services that directly or indirectly compete with the products or services of the Company or the Company Group in the Business in the Restricted Area.

    

    

    
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    	8.	
            Covenant not to Solicit.  Section 12(d) is hereby deleted in its entirety and replaced with the following:

          

     

    (d)         Covenant not to Solicit.  During the Restricted Period, Employee shall not directly or indirectly, on behalf of himself or any third party (including without
      limitation through any family member or Affiliate), (i) solicit the sale of goods, services, or a combination of goods and services from the established customers of the Company Group on behalf of himself or any other entity that competes against the
      Company Group in the Business in the United States or (ii) solicit, hire, or otherwise engage as an employee, independent contractor, or otherwise, any person who is an employee or non-employee service provider of the Company or the Company Group or
      was an employee or non-employee service provider of the Company or the Company Group at any time in the one-year period preceding the proposed solicitation.  For avoidance of doubt, it shall not be a breach of this section for Employee to post
      general job listings or similar broad-based advertisement for employment or other services as long as such listings or advertisements are not directly or indirectly targeted at the Company’s employees or service providers.

     

    	9.	
            Successors and Assigns.  Section 16 is hereby deleted in its entirety and replaced with the following:

          

     

    16.        Successors and Assigns.  Employee’s duties, responsibilities, and authorities under this Agreement are personal to him and shall not be assigned to any person
      or entity without written consent from the Board.  The Company may assign this Agreement without Employee’s further consent to any Affiliate (including without limitation to Riley Permian Operating Company, LLC), any successor of the Business of the
      Company or the Company Group (whether by merger, consolidation, reorganization, reincorporation, or sale of stock or equity interests), or any purchaser of the majority of the assets of the Company or the Company Group; provided, however, that in the event of a Change in Control, the Company shall cause the surviving entity in any such Change in Control to assume the Company’s
      obligations under Sections 7 and 8 to the extent such obligations have not yet been fully performed.  The Company may not transfer Employee’s employment to any Affiliate (including without limitation to Riley Permian Operating Company, LLC) unless
      the Company also assigns this Agreement to the Affiliate and the Affiliate expressly agrees to honor this Agreement in all respects. In the event of Employee’s death, this Agreement shall be enforceable by his estate, executors, or legal
      representatives and any payment owed to Employee hereunder after the date of Employee’s death shall be paid to Employee’s estate.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, legal
      representatives, successors, and permitted assigns.

    

    

    
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    	10.	
            Amendment.  The following language is hereby added to the end of Section 21:

          

     

    ...provided, however, that (i) any such amendment shall preserve the rights and benefits of Employee hereunder as reasonably possible, and (ii) the Company shall use reasonable
      efforts to consult with Employee prior to and regarding any such proposed amendment.

     

    	11.	
            Code Section 409A.  Section 27(a) is hereby deleted in its entirety and replaced with the following:

          

     

    (a) Code Section 409A.  The parties intend for all payments provided to Employee under this Agreement to be exempt from or comply with the provisions of Code Section 409A
      and not be subject to the tax imposed by Code Section 409A.  In addition, and without limiting the generality of the foregoing, it is the intent of the parties that the Severance Pay, CIC Pay, and COBRA benefits set forth in Sections 7 and 8 of this
      Agreement be exempt from Code Section 409A as “short-term deferrals,” as “involuntary separation pay,” or under any other 409A exemption that may be applicable. The provisions of this Agreement shall be interpreted in a manner consistent with the
      foregoing intents.  For purposes of Section 409A, each payment amount or benefit due under this Agreement shall be considered a separate payment and Employee’s entitlement to a series of payments or benefits under this Agreement is to be treated as
      an entitlement to a series of separate payments.

     

    	12.	
            Governing Law and Venue.  This Amendment and the Employment Agreement shall be governed by the laws of the State of Delaware, without regard to its conflict-of-laws principles. The parties
              hereby irrevocably consent to the binding and exclusive venue for any dispute, controversy, claim, or cause of action between them arising out of or related to this Amendment and the Employment Agreement being in the state or federal court of
              competent jurisdiction that regularly conducts proceedings or has jurisdiction in the State of Delaware.

          

     

    	13.	
            Conflicts; Ratification.  In the event that there is a conflict between the provisions of this Amendment and the Employment Agreement as to the matters
              addressed herein, the terms stated in this Amendment shall prevail.  Any terms and conditions stated in the Employment Agreement that are not expressly modified by this Amendment remain unchanged and shall remain in full force and effect. 
              All references to the “this Agreement” in the Employment Agreement shall mean the Employment Agreement, as amended hereby.

          

     

    	14.	
            Counterparts.  This Amendment may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. A facsimile or PDF
              of an executed counterpart of this Amendment shall be sufficient to evidence the binding agreement of a party to the terms hereof.

          

     

    [Signature Pages Follow]

     

    

    
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    IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 1 to Employment Agreement to be effective as of the Effective Date.

    

    

    	 	
            RILEY PERMIAN OPERATING COMPANY, LLC

          
	 	 
	 	
            By:

            

          	/s/ Bobby D. Riley	 
	 	
            Bobby D. Riley, Chief Executive Officer

          

    

    

    	 	
            EMPLOYEE:

          
	 	 
	 	
            /s/ Kevin Riley

            

          	 
	 	
            Kevin Riley

          

    

    

    
      
        

    

    EXHIBIT A

    GENERAL RELEASE AGREEMENT

    [To be completed when employment terminates]

    

    

    This General Release Agreement (this “Agreement”) constitutes the Release
        referred to in that certain Employment Agreement (the “Employment Agreement”) executed and agreed to as of [•], by and among Riley Exploration Permian, Inc. (the “Company”) and [•] (“Employee”).

     

    (a)        Capitalized words used but not defined in this
        Agreement shall have the same meaning as such terms are assigned by the Employment Agreement.  In exchange for the Separation Benefits or Change-in-Control Benefits, as applicable, to be provided to Employee by the Company in accordance with the
        Employment Agreement, the Employee releases, waives, acquits, and forever discharges to the maximum extent permitted by law any and all rights, claims, and demands of whatever kind or character, whether presently known to me or unknown, and whether
        vicarious, derivative, or direct or indirect, that he may have or assert against (i) the Company; (ii) any parent, subsidiary, or affiliate of the Company, including without limitation Riley Exploration – Permian, LLC; (iii) any past or present
        officer, director, or employee of the entities just referred to in (i)-(ii), in their individual and official capacities; and (iv) any past or present predecessors, parents, subsidiaries, affiliates, owners, shareholders, members, managers, benefit
        plans, operating units, divisions, agents, representatives, officers, directors, partners, employees, fiduciaries, insurers, attorneys, successors, and assigns of the entities just named in (i)-(iii) (the “Released Parties”).  This release
        includes without limitation any claims arising under federal, state, or local laws prohibiting employment discrimination, [including without limitation the Age Discrimination in Employment Act (“ADEA”)]; any claims growing out of any legal restrictions, contractual or otherwise, on the Company’s right to terminate the employment of its employees; any claims
        arising out of Employee’s employment with the Company or the termination of that employment; any claims relating to or arising out of any agreement or contract between Employee and any of the Released Parties; and any claims arising out of or based
        on any other act, conduct, or omission of any of the Released Parties (collectively, the rights, claims, and demands referenced above are referred to as the “Released Claims”).  This release does not prevent Employee from filing any
        administrative claims for unemployment compensation or workers’ compensation benefits.  This Agreement is not intended to indicate that any Released Claims exist or that, if they do exist, they are meritorious.  Rather, Employee is simply agreeing
        that, in exchange for the Separation Payments, any and all potential claims of this nature that Employee may have against the Released Parties, regardless of whether they actually exist, are expressly settled, compromised, and waived.

     

    In no event shall the Released Claims include [(a) any claim under the ADEA which arises after the date this Agreement is
        signed by Employee], (b) any claim to vested benefits under an employee benefit plan, (c) any claims for [describe any indemnification rights that survive termination under any applicable agreements or at
        law], or (d) any claim relating to Employee’s status as [a director (other than claims for unpaid director compensation, claims for indemnification, and claims for coverage under D&O insurance) if
        Employee remains a director following the termination of his employment or] a stockholder of the Company or any other Released Party.  Further, the parties expressly acknowledge that Employee retains the following equity interests, which are
      not waived by this Agreement, and which continue to be governed by the agreement and/or plan through which they were awarded: [summary of equity ownership and agreement(s)/plan(s) that is/are source(s) of entitlement
        (including any applicable restricted unit agreements and the rights therein that survive such termination)].

     

    By signing this Agreement, Employee is bound by it.  Anyone who succeeds to Employee’s rights and responsibilities, such as heirs or the executor of Employee’s
      estate, is also bound by this Agreement.  The release set forth in this Agreement also applies to any claims brought by any person or agency or class action under which Employee may have a right or benefit.

    

    

    
      
        

    

    Notwithstanding the release in this Agreement, nothing in this Agreement prevents Employee from (i) contacting, filing a charge or complaint with, providing information to, or
      cooperating with an investigation conducted by, any governmental agency, (ii) making disclosures or giving truthful testimony as required by law or valid legal process (such as by a subpoena), or (iii) engaging in other legally-protected activities. 
      Employee acknowledges and agrees, however, that he forever waives any right to recover, and he will not request or accept, anything of monetary value from any of the Released Parties arising out of or connected in any way with his employment or the
      ending of his employment with the Company, the employment practices of the Company, or with any other act, conduct, or omission of any of the Released Parties, other than the Separation Payments, whether sought directly by him or by any governmental
      agency, individuals, or group of individuals on his behalf.

     

    THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING
          STRICT LIABILITY, OF ANY OF THE RELEASED PARTIES.

     

    (b)         Employee agrees not to bring or join any lawsuit, arbitration, or other
        proceeding against any of the Released Parties in any court relating to any of the Released Claims. Employee represents that Employee has not brought or joined any lawsuit or filed any charge or claim against any of the Released Parties in any
        court or before any government agency and has made no assignment of any rights Employee has asserted or may have against any of the Released Parties to any person (including any entity), in each case, with respect to any Released Claims.

     

    (c)        Employee further agrees to (i) keep confidential and not to disclose to anyone the terms of this
        Agreement, except as permitted below or by law and except that he may disclose the terms to his family, attorney, or tax or financial advisor, if any, provided such persons have agreed to keep such information confidential, (ii) not make any
        disparaging remarks to any third party about the Released Parties or their operations, practices, officers, directors, members, managers, employees, or contractors, (iii) not use or disclose any Confidential Information of the Released Parties he
        received during his employment and to comply with his continuing post-termination obligations owed to the Company under the Employment Agreement and otherwise, and (iv) promptly return to the Company all property of any Released Party in his
        possession or under his control.  [With respect to (iii), the Restricted Area is as follows: _______________________.]

     

    (d)       Employee’s covenants in Sections 11-13 of the Employment Agreement (and those provisions necessary to enforce
      and interpret them) remain in full force and effect, and Employee promises to abide by such covenants.  Notwithstanding the foregoing, nothing in this Agreement or the Employment Agreement shall prohibit or restrict
      Employee from lawfully (a) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental agency regarding a possible
      violation of any law; (b) responding to any inquiry or legal process directed to the Employee from any governmental agency; (c) testifying, participating or otherwise assisting in an action or proceeding by any governmental agency relating to a
      possible violation of law or (d) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Further, nothing herein or in the Employment Agreement shall prevent Employee from, nor shall Employee be
      criminally or civilly liable under any federal or state trade secret law for, making a disclosure of trade secrets or other confidential information that is: (a) made (i) in confidence to a federal, state or local government official, either directly
      or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of applicable law; (b) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under
      seal; or (c) protected under the whistleblower provisions of applicable law.

     

    
      
        

    

    (e)         By executing and delivering this Agreement, Employee acknowledges that: (i) Employee has carefully read this Agreement; (ii) Employee has had at least 55 days to consider this Agreement before the execution and delivery hereof to the Company; (iii)
        Employee has been and hereby is advised in writing that Employee may, at Employee’s option, discuss this Agreement with an attorney of Employee’s choice and that Employee has had adequate opportunity
        to do so; (iv) Employee fully understands the final and binding effect of this Agreement and agrees that the only promises made to Employee to sign this Agreement are those stated in the Employment
        Agreement and herein; (v) Employee is signing this Agreement voluntarily and of Employee’s own free will and Employee understands and agrees to each of the terms of this Agreement; and (vi) Employee has been paid all wages and other compensation to
        which Employee is entitled pursuant to his employment with the Company and received all leaves (paid and unpaid) to which Employee was entitled during such employment.

     

    Employee further acknowledges and agrees that (1) he has been given a reasonable period to read and consider this Agreement before signing it; (2) this
      Agreement and the Employment Agreement contain the entire understandings and agreements between the Company and him regarding their subject matters and supersede all prior agreements and understandings between them; (3) he has read this Agreement and
      fully understands the effect of his signing this Agreement; (4) in signing this Agreement, he is not relying on any written or oral statement or promise from the Company other than in this Agreement and the Employment Agreement; (5) this Agreement
      shall be governed by Delaware law and exclusive venue for any claim between the parties or their affiliates arising out of or related this Agreement is in any state or federal court of competent jurisdiction in the State of Delaware; and (6) nothing
      in this Agreement constitutes any sort of admission of liability.

     

    [Notwithstanding the initial effectiveness of this Agreement, Employee may revoke the delivery (and therefore the
        effectiveness) of this Agreement within the seven-day period beginning on the date Employee delivers this Agreement to the Company (such seven day period being referred to herein as the “Release Revocation Period”).   To be effective, such revocation must be in writing signed by Employee and must be
        delivered to the Company on or before 11:59 p.m., E.S.T., on the last day of the Release Revocation Period.  If an effective revocation is delivered in the foregoing manner and timeframe, this Agreement shall be of no force or effect and shall be
        null and void ab initio.  No Separation Benefits or Change-in-Control Benefits, as applicable, shall be paid if this Agreement is revoked by Employee in the
        foregoing manner.]

     

    Executed on this ___________ day of _____________, _______.

  

  
    

    

    
      	 	 	 
	
               

            	
              [Employee]Exhibit 10.10

    

     

      

    
      RILEY EXPLORATION PERMIAN, INC.

      2021 LONG TERM INCENTIVE PLAN

      

      

      FORM OF COMMON STOCK AWARD AGREEMENT

      

      

      	
              Grant Date:

            	
              ___________________(the “Grant Date”)

            
	
              Name of Grantee:

            	
              _________________(the “Grantee” or “you”)

            
	
              Number of shares of Common Stock, par value $0.001 per share, subject to Award:

            	
              ________________(the “Common Stock”)

            

       

      This Stock Award Agreement (“Agreement”) is made and entered into as of the Grant Date by and between Riley Exploration Permian, Inc., a
        Delaware corporation (the “Company”), and you.

       

      WHEREAS, the Company adopted the Riley Exploration Permian, Inc., 2021 Long Term Incentive Plan (as amended from time to time, the “Plan”), under which the Company is authorized to grant equity-based awards to certain employees and service providers of the Company;

       

      WHEREAS, the Company, in order to induce you to enter into and to continue and dedicate service to the Company and to materially contribute to the success of
        the Company, agrees to grant you this award of Common Stock;

       

      WHEREAS, you acknowledge that a copy of the Plan has been furnished to you and shall be deemed a part of this Agreement as if fully set forth herein and the
        terms capitalized but not defined herein shall have the meanings set forth in the Plan; and

       

      WHEREAS, you desire to accept the award of Common Stock granted pursuant to this Agreement.

       

      NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other valuable consideration hereinafter set forth, the parties agree as
        follows:

       

      1.          The Grant.  Subject to the conditions set forth below, the Company hereby grants you, effective as of the Grant Date, as a matter of separate inducement and not in lieu of any
        salary or other compensation for your services to the Company, an award of Common Stock (the “Award”) consisting of the number of shares set forth above in accordance with the terms and
        conditions set forth herein and in the Plan.

       

      2.          Ownership of Common Stock.  From and after the time the shares of Common Stock are issued in your name, you will be entitled to all the rights of absolute ownership of the Common
        Stock, including the right to vote such shares and to receive dividends thereon if, as, and when declared by the Board, subject, however, to the terms, conditions and restrictions set forth in this Agreement.

       

      3.           Vesting and Risk of Forfeiture.  The Common Stock granted hereunder shall be fully vested and not subject to a risk of forfeiture.

       

      
        
          

      

      
      4.          Delivery of Common Stock.  Promptly following the Grant Date, the Company shall cause to be issued and delivered to you or your designee a certificate or other evidence of the
        number of shares of Common Stock granted to you hereunder, upon receipt by the Company of any tax withholding as may be due pursuant to Section 5.  Notwithstanding the foregoing, at the Company’s option, any shares of Common Stock issuable
        in the form of a certificate hereunder may instead be issued in book-entry form.

       

      5.           Payment of Taxes.

       

      (a)          The Company may require you to pay to the Company (or the Company’s Affiliate if you are an employee of an Affiliate of the Company), an amount the Company deems necessary to satisfy
        its (or its Affiliate’s) current or future obligation to withhold federal, state or local income or other taxes that you incur as a result of the Award.  With respect to any required tax withholding, you may (a) direct the Company to withhold from
        the shares of Common Stock to be issued to you under this Agreement the number of shares necessary to satisfy the Company’s obligation to withhold taxes, which determination will be based on the shares’ Fair Market Value at the time such
        determination is made; (b) deliver to the Company shares of Common Stock sufficient to satisfy the Company’s tax withholding obligations, based on the shares’ Fair Market Value at the time such determination is made; (c) deliver cash to the Company
        sufficient to satisfy its tax withholding obligations; or (d) satisfy such tax withholding through any combination of (a), (b) and (c).  If you desire to elect to use the stock withholding option described in subparagraph (a), you must make the
        election at the time and in the manner the Company prescribes.  If such tax obligations are satisfied under subparagraph (a) or (b), the maximum number of shares of Common Stock that may be so withheld or surrendered shall be the number of shares
        of Common Stock that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax
        purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment with respect to such Award.  The Company, in its discretion, may deny your request to satisfy its tax withholding obligations using a method
        described under subparagraph (a), (b), or (d).  In the event the Company determines that the aggregate Fair Market Value of the shares of Common Stock withheld or surrendered as payment of any tax withholding obligation is insufficient to discharge
        that tax withholding obligation, then you must pay to the Company, in cash, the amount of that deficiency immediately upon the Company’s request.

       

      (b)          None of the Company, the Board or the Committee has made any warranty or representation to you with respect to the income tax consequences of the grant of the Award or the transactions
        contemplated by this Agreement, and you represent that you are in no manner relying on such entities or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants,
        bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences.  You represent that you have consulted with, or have had the opportunity to consult with, any tax consultants that you
        deem advisable in connection with the grant of the Award.  You further agree to indemnify and hold the Company harmless for any damages, costs, expenses, taxes, judgments or other actions or amounts resulting from any of your actions or inactions
        with respect to the tax consequences of this Award.

       

      
        2

        
          

      

      6.           Compliance with Securities Law.  Notwithstanding any provision of this Agreement to the contrary, the issuance of shares of Common Stock will be
        subject to compliance with all applicable requirements of U.S. federal, state, or foreign law with respect to such securities and with the requirements of any stock exchange or market system upon which the Common Stock may then be listed. No shares
        of Common Stock will be issued hereunder if such issuance would constitute a violation of any applicable U.S. federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon
        which the Common Stock may then be listed. In addition, shares of Common Stock will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as amended (the “Act”),

        is at the time of issuance in effect with respect to the shares issued or (b) in the opinion of legal counsel to the Company, the shares issued may be issued in accordance with the terms of an applicable exemption from the registration requirements
        of the Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares subject to the Award will
        relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority has not been obtained. As a condition to any issuance hereunder, the Company may require you to satisfy any qualifications that
        may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the Company. From time to time, the Board and appropriate
        officers of the Company are authorized to take the actions necessary and appropriate to file required documents with governmental authorities, stock exchanges, and other appropriate persons to make shares of Common Stock available for issuance.

       

      7.           Legends. The Company may at any time place legends referencing any restrictions imposed on the shares pursuant to Section 6 of this Agreement on all certificates or book entry
        accounts representing shares issued with respect to this Award.

       

      8.           Right of the Company and Affiliates to Terminate Employment or Services.  Nothing in this Agreement confers upon you the right to continue in the employ of or performing
        services for the Company or any of its Affiliates, or interfere in any way with the rights of the Company or any of its Affiliates to terminate your employment or service relationship at any time.

       

      9.           Furnish Information. You agree to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirements imposed upon
        the Company by or under any applicable statute or regulation.

       

      10.         Remedies.  The parties to this Agreement shall be entitled to recover from each other reasonable attorneys’ fees incurred in connection with the successful enforcement of the
        terms and provisions of this Agreement whether by an action to enforce specific performance or for damages for its breach or otherwise.

       

      11.         No Liability for Good Faith Determinations.  Neither the Company nor any members of the Board shall be liable for any act, omission or determination taken or made in good faith
        with respect to this Agreement or the Common Stock granted hereunder.

       

      12.         Execution of Receipts and Releases.  Any payment of cash or any issuance or transfer of shares of Common Stock or other property to you, or to your legal representative, heir,
        legatee or distributee, in accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims of such persons hereunder. The Company may require you or your legal representative, heir, legatee or distributee,
        as a condition precedent to such payment or issuance, to execute a release and receipt therefor in such form as it shall determine.

       

      
        3

        
          

      

      13.         No Guarantee of Interests.  The Board and the Company do not guarantee the Common Stock from loss or depreciation.

       

      14.         Notice.  Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a) when delivered in person, (b) when sent by facsimile
        transmission (with confirmation of transmission) on a business day to the number set forth below, if applicable; provided, however, that if a notice is sent by facsimile transmission after normal
        business hours of the recipient or on a non- business day, then it shall be deemed to have been received on the next business day after it is sent, (c) on the first business day after such notice is sent by air express overnight courier service, or
        (d) on the second business day following deposit with an internationally-recognized overnight or second-day courier service with proof of receipt maintained, in each case, to the following address, as applicable:

       

      If to the Company, addressed to:

       

      	 	
              Riley Exploration Permian, Inc.

            
	 	
              c/o Bobby D. Riley

            
	 	
              29 E. Reno Avenue, Suite 500

            
	 	
              Oklahoma City, Oklahoma 73104

            
	 	
              Email: bobby@rileypermian.com

            

       

      

      If to Grantee, addressed to the following until an updated address is provided to the Company by Grantee:

       

      	 	
              

              

            	 
	 	
              

              

            	 
	 	
              

              

            	 

       

      

      15.         Waiver of Notice.  Any person entitled to notice hereunder may waive such notice in writing.

       

      16.         Information Confidential.  As partial consideration for the granting of the Award hereunder, you hereby agree to keep confidential all information and knowledge, except that
        which has been disclosed in any public filings required by law, that you have relating to the terms and conditions of this Agreement; provided, however, that such information may be disclosed as required by law and may be given in
        confidence to your spouse and tax and financial advisors. In the event any breach of this promise comes to the attention of the Company, it shall take into consideration that breach in determining whether to recommend the grant of any future
        similar award to you, as a factor weighing against the advisability of granting any such future award to you.

       

      17.         Successors.  This Agreement shall be binding upon you, your legal representatives, heirs, legatees and distributees, and upon the Company, its successors and assigns.

       

      18.         Severability.  If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof,
        but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein.

       

      
        4

        
          

      

      19.         Company Action. Any action required of the Company shall be by resolution of the Board or by a person or entity authorized to act by resolution of the Board.

       

      20.        Title and Headings; Construction.  Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or
        otherwise affect the provisions hereof.  Any and all appendices referred to in this Agreement are, by such reference, incorporated herein and made a part hereof for all purposes.  Unless the context requires otherwise,
        all references herein to an agreement, instrument or other document shall be deemed to refer to such agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent permitted by the provisions
        thereof.  All references to “dollars” or “$” in this Agreement refer to United States dollars.  The word “or” is not exclusive. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement,
        including all appendices attached hereto, and not to any particular provision hereof.  Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely.  The use
        herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters,
        whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall
        within the broadest possible scope of such general statement, term or matter.  Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or
        otherwise.  On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the
        parties hereto.

       

      21.         Governing Law.  All questions arising with respect to the provisions of this Agreement shall be determined by application of the laws of Delaware without giving any effect to
        any conflict of law provisions thereof, except to the extent Delaware state law is preempted by U.S. federal law. The obligation of the Company to sell and deliver the Common Stock hereunder is subject to applicable laws and to the approval of any
        governmental authority required in connection with the authorization, issuance, sale, or delivery of such shares of Common Stock.

       

      22.         Clawback.  To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise determined by the Board (or a committee thereof),
        all shares of Common Stock granted under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Company, which clawback policies or procedures may provide for forfeiture and/or recoupment
        of such shares of Common Stock. Notwithstanding any provision of this Agreement to the contrary, the Company reserves the right, without your consent, to adopt any such clawback policies and procedures, including such policies and procedures
        applicable to this Agreement with retroactive effect.

       

      23.         The Plan.  This Agreement is subject to all the terms, conditions, limitations and restrictions contained in the Plan.

       

      24.        Counterparts. This Agreement may be executed in any number of counterparts, including by electronic mail or facsimile, each of which when so executed and delivered shall be an
        original, but all such counterparts shall together constitute one and the same instrument.  Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together signed by both parties hereto.

       

      
        5

        
          

      

      25.         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 or by reference to a location on a Company intranet to which you have access. 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 agrees that his or her
        electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.

       

      26.         Amendment. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however,
        that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces your rights shall be effective only if it is in writing and signed by both you and an authorized officer of the Company.

       

      27.         Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises,
        representations, warranties and agreements between the parties with respect to the Award granted hereby; provided ̧ however, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any
        employment, consulting and/or severance agreement between the Company (or an Affiliate or other entity) and you in effect as of the date a determination is to be made under this Agreement. Without limiting the scope of the preceding sentence,
        except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect.

       

      [Signature Page Follows]

       

      
        6

        
          

      

      IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its officer thereunto duly authorized, and the Grantee has set his hand as to the
        date and year first above written.

      

      

      	 	
              RILEY EXPLORATION PERMIAN, INC.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              GRANTEE

            	 
	 	 	 	

            
	 	
              Name:

            	 

      

      

      Common Stock Award Agreement

      Signature Page

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