Document:

Exhibit 10.12

  

  

  

  

  September 18, 2013

  

  

  Mr. Michael J. Rugen

  11121 Kingston Pike, Suite E

  Knoxville TN

  

  

  VIA EMAIL to mrugen@tengasco.com

  

  

  This letter is to extend an offer of compensation to Michael J. Rugen (“you” or “your”) as Chief Financial Officer and interim Chief Executive Officer of Tengasco, Inc.
    (the “Company”).  You are currently performing both your duties as Chief Financial Officer and the duties of interim Chief Executive Officer. Upon the hiring by the Company of a new Chief Executive Officer, you will serve as the Chief Financial Officer
    only. You have agreed to continue to serve in both capacities until a Chief Executive Officer is hired, thereby ensuring smooth and uninterrupted operations by the Company during the search process.

  

  

  This letter is a compensation offer and is not an employment contract, and your employment as Chief Financial Officer and interim CEO continues as “at will” employment
    meaning either you or the Company may terminate your employment at any time for any lawful reason.   If you accept this compensation offer, it will become effective as of September 9, 2013. You and the Company agree that your compensation will be as
    follows:

  

  

  
    		1.	Your salary as Chief Financial Officer is set at $170,000 per year, said salary to be paid in equal payments consistent with the
            Company’s existing payroll procedures.

  

   

  
    		2.	You will receive six months’ salary (at the rate in effect at the time) as severance if you are terminated without Cause. “Cause”
            shall have the same meaning as defined in Amended Stock Option Agreement between you and the Company dated and effective on or about August 30, 2010 and included by this express reference as if set out herein.

  

   

  
    		3.	In recognition of your performance of expanded duties as the Company’s interim Chief Executive Officer, you will receive a bonus of
            $7,500 for each quarter (including any part thereof) of each year that you serve as the interim Chief Executive Officer. Each bonus earned shall be paid in the third month of every quarter.

  

  
    
 

  
    		4.	You will receive a cost of living adjustment (COLA) to your salary upon relocation of the Company’s primary office from Knoxville,
            Tennessee. COLA determinations shall be made using the calculator found at www.bankrate.com.

  

   

  
    		5.	Except as specifically noted herein, all standard Company benefits you currently receive shall remain unchanged.

  

   

  If you are in agreement with all of the above, please indicate your acceptance of this offer of compensation by signing in the space provided below and returning your signed agreement via email
    attachment.  This agreement will become effective the date of your signature below, but will apply from and during all periods following September 9, 2013.

  

  

  TENGASCO, INC.

  

  

  
    	
            By the Board of Directors

          	
	
             

          	
             

          	
	
            BY: 

          	
            /s/ Hughree F. Brooks

          	
	
             

          	
            Hughree F. Brooks,

          	
	
            Chairman of the Compensation Committee

          	

  

  

  

  

  

  
    	
            AGREED AND ACCEPTED:

          	
	
             

          	
	
            /s/ Michael J. Rugen

          	
	
            MICHAEL J. RUGEN

          	

  

   

  
    	DATE:	
            September 18, 2018Exhibit 10.13

    

    

    INDEPENDENT DIRECTOR AGREEMENT

    

    

    THIS INDEPENDENT DIRECTOR AGREEMENT (this “Agreement”) dated as of [•], 2021 (the “Effective Date”) is by and between Riley Exploration Permian, Inc., a Delaware corporation (the “Company”), and ___________, an individual resident of the State of ___________ (the “Director”).

    

    

    WHEREAS, the Company appointed the Director effective as of the Effective Date and desires to enter into an agreement with the Director with respect to
      such appointment; and

    

    

    WHEREAS, the Director is willing to accept such appointment and to serve the Company on the terms set forth herein and in accordance with the provisions
      of this Agreement.

    

    

    NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth herein and for other good and valuable consideration, the
      receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows.

    

    

    1.          Position.  Subject to the terms and provisions of
        this Agreement, the Company shall cause the Director to be appointed as a member of the Board of Directors of the Company (the “Board”), and the Director hereby agrees to serve the Company in such position
        upon the terms and conditions hereinafter set forth, provided, however, that the Director’s continued service
        on the Board after the initial term shall be subject to any necessary approval by the Company’s stockholders.

    

    

    2.          Duties.

    

    

    (a)          During the Directorship Term (as defined
        herein), the Director shall make reasonable business efforts to (i) attend all Board meetings and quarterly pre-scheduled Board and Management conference calls, (ii) serve on appropriate subcommittees as reasonably requested and agreed upon by the
        Board, (iii) make himself available to the Company at mutually convenient times and places, (iv) attend external meetings and presentations when agreed in advance, as appropriate, and convenient, and (v) perform such duties, services, and
        responsibilities, and shall have the authority commensurate to such position.

    

    

    (b)          The Director will use his best efforts
        to promote the interests of the Company. The Company recognizes that the Director (i) is or may become a full-time executive employee of another entity and that his responsibilities to such entity must have priority and (ii) sits or may sit on the
        board of directors of other entities, subject to any limitations set forth by the Sarbanes-Oxley Act of 2002 and limitations provided by any exchange or quotation service on which the Company’s common stock is listed or traded.  Notwithstanding the
        same, the Director will provide the Company with prior written notice of any future commitments to such entities and use reasonable business efforts to coordinate his respective commitments so as to fulfill his obligations to the Company and, in
        any event, will fulfill his legal obligations as a Director. Except as otherwise allowed by the Company’s Certificate of Incorporation and other than as set forth above, the Director will not, without the prior notification to the Board, engage in
        any other business activity which could materially interfere with the performance of his duties, services and responsibilities hereunder or which is in violation of the reasonable policies established from time to time by the Company, provided that the foregoing shall in no way limit his activities on behalf of (i) any current employer and its
        affiliates or (ii) the board of directors of any entities on which he currently sits.  At such time as the Board receives such notification, the Board may require the resignation of the Director if it determines that such business activity does in
        fact materially interfere with the performance of the Director’s duties, services and responsibilities hereunder.

    

    

    
      

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    3.          Compensation. The cash compensation and stock awards
        described below shall be paid or be made, as applicable, automatically and without further action of the Board, to Director unless Director declines the receipt of such cash compensation or stock awards by written notice to the Company.

    

    

    	

          	(a)	
            Annual Cash Compensation.  Director shall be eligible to receive an annual cash retainer of $65,000 for service on the Board, prorated as of the Effective Date. The annual
              retainers shall be paid by the Company in quarterly installments or more frequently as deemed advisable by the officers of the Company for administrative or other reasons.

          

    

    

    	

          	(b)	
            Committee Chairperson.  As compensation for Director’s service as chairperson of the ___________ Committee, Director shall be eligible to receive an additional annual cash
              retainer of $15,000, prorated as of the Effective Date. Such payment shall be paid by the Company in quarterly installments or more frequently as deemed advisable by the officers of the Company for administrative or other reasons.

          

    

    

    	

          	(c)	
            Meeting Attendance.  In addition to the annual retainers described in Section 3(a) and Section (b) above, Director shall be eligible to receive a cash payment of (i) $1,500 for
              each Board meeting attended and (ii) $10,000 for each committee meeting of which Director is a member attended. Meeting attendance payments shall be payable with the subsequent installment of the annual cash retainer following the relevant
              meeting.

          

    

    

    	

          	(d)	
            Equity Compensation. As soon as practicable following the Effective Date, and on each anniversary thereafter during the Directorship Term (as defined below), as applicable,
              Director shall be eligible to receive an annual restricted stock award in an amount with a value equal to $50,000 based on the closing price of the Company’s Common Stock on the Effective Date or anniversary, as applicable.  Any and all
              equity awards shall be granted under and shall be subject to the terms and provisions of a long term incentive plan (an “LTIP”) duly approved and adopted by the Board and shall be
              granted subject to the execution and delivery of stock award agreements in substantially the same form as may, from time to time, be approved by the Board, setting forth such terms and conditions as may be required by the Board or by the
              applicable LTIP.

          

    

    

    	

          	i.	
            Vesting. Equity awards granted to Director shall vest on the one (1) year anniversary of the grant date.  In the event Director’s membership on the Board is terminated for any
              reason (including without limitation, resignation, withdrawal, death, or disability), any unvested stock awards shall be automatically forfeited.

          

    

    

    	

          	ii.	
            Lock Up Agreements. Any and all shares granted to Director pursuant to this policy shall be subject to any “lock up” agreement required to be signed by the Company’s officers in
              connection with any financing or other transaction

          

    

    

    (e)          Independent Contractor.  The
        Director’s status during the Directorship Term shall be that of an independent contractor and not, for any purpose, that of an employee or agent with authority to bind the Company in any respect. All payments and other consideration made or
        provided to the Director under this Section 3 shall be made or provided without withholding or deduction of any kind, and the Director shall assume sole responsibility for discharging all tax or other obligations associated therewith.

    

    

    
      

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    (f)          Expense Reimbursements.  During
        the Directorship Term, the Company shall reimburse the Director for all reasonable out-of-pocket expenses incurred by the Director in attending any in-person meetings, provided that the Director complies with the generally applicable policies, practices, and procedures of the Company for submission of expense reports, receipts, or
        similar documentation of such expenses. Any reimbursements for expenses in excess of $500.00 must be approved writing in advance by the Company.

    

    

    4.          Directorship Term.  The “Directorship Term,” as used in this Agreement, shall mean the period commencing on the Effective Date and terminating on the earlier of the date of (a) the expiration of Director’s term of office as indicated in the Company’s
        Certificate of Incorporation; (b) the death of the Director; (c) the termination of the Director from his membership on the Board by the mutual agreement of the Company and the Director; or (d) the removal or resignation of the Director from the
        Board in accordance with the Company’s Certificate of Incorporation.

    

    

    5.          Director’s Representation and Acknowledgment.  The
        Director represents to the Company that his execution and performance of this Agreement shall not be in violation of any agreement or obligation (whether or not written) that he may have with or to any person or entity, including without
        limitation, any prior or current employer. The Director hereby acknowledges and agrees that this Agreement (and any other agreement or obligation referred to herein) shall be an obligation solely of the Company, and the Director shall have no
        recourse whatsoever directly against any officer, director, or stockholder of the Company or any of their respective affiliates with regard to this Agreement.

    

    

    6.          Director Covenants.

    

    

    (a)          Unauthorized Disclosure.  The
        Director agrees and understands that in the Director’s position with the Company, the Director has been and will be exposed to and receive information relating to the confidential affairs of the Company, including, but not limited to, technical
        information, business and marketing plans, strategies, customer information, other information concerning the Company’s products, promotions, development, financing, expansion plans, business policies and practices, and other forms of information
        considered by the Company to be confidential and in the nature of trade secrets. The Director agrees that during the Directorship Term and for a period of two (2) years thereafter, the Director will keep such information confidential and will not
        disclose such information, either directly or indirectly, to any third person or entity without the prior written consent of the Company; provided, however, that (i) the Director shall have no such obligation to the extent such information is or becomes publicly known or generally known in the Company’s industry other than as a result of the
        Director’s breach of his obligations hereunder and (ii) the Director may, disclose the Company’s confidential information as required by applicable law, subpoena, court order or other legal or arbitral process, provided that, (1) the Director shall, to the extent permitted, first notify the Company of such compulsion so that the Company, if it desires and at its own expense, may
        seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Agreement and (2) if such a protective order or other remedy is not obtained or if the Company waives compliance with the terms of this Agreement,
        the Director shall disclose only that portion of confidential information as advised by counsel as legally required, and, at the Company’s expense, shall reasonably cooperate with the Company in its efforts to obtain a protective order or other
        assurance that confidential treatment will be accorded such confidential information. This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Directorship Term, the Director will promptly
        return to the Company and/or, at the Company’s direction, destroy all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data, other
        product or document, and any summary or compilation of the foregoing, in whatever form, including, without limitation, in electronic form, which has been produced by, received by or otherwise submitted to the Director in the course or otherwise as
        a result of the Director’s position with the Company during or prior to the Directorship Term, provided that
        the Company shall retain such materials and make them available to the Director if requested by him in connection with any litigation against the Director under circumstances in which (i) the Director demonstrates to the reasonable satisfaction of
        the Company that the materials are necessary to his defense in the litigation and (ii) the confidentiality of the materials is preserved to the reasonable satisfaction of the Company.

    

    

    
      

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    (b)          Non-Solicitation.  During the
        Directorship Term and for a period of one (1) year thereafter, the Director shall not interfere with the Company’s relationship with, or endeavor to entice away from the Company, any person who, on the date of the termination of the Directorship
        Term and/or at any time during the one year period prior to the termination of the Directorship Term, was an employee or customer of the Company or otherwise had a material business relationship with the Company.

    

    

    (c)          Remedies.  The Director agrees
        that any breach of the terms of this Section 6 would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law; the Director therefore also agrees that in the event of said breach or any
        threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Director and/or any and all entities acting for and/or with the
        Director, without having to prove damages or paying a bond, in addition to any other remedies to which the Company may be entitled at law or in equity. The terms of this paragraph shall not prevent the Company from pursuing any other available
        remedies for any breach or threatened breach hereof, including, but not limited to, the recovery of damages from the Director. The Director acknowledges that the Company would not have entered into this Agreement had the Director not agreed to the
        provisions of this Section 6.

    

    

    (d)          The provisions of this Section 6 shall
        survive any termination of the Directorship Term, and the existence of any claim or cause of action by the Director against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the
        Company of the covenants and agreements of this Section 6.

    

    

    7.          Indemnification.  The Company and the Director will
        enter into an indemnification agreement in a form substantially similar to the Form of Indemnification Agreement attached hereto as Exhibit A  and shall maintain Directors and Officers Insurance benefitting the Board.

    

    

    8.          Non-Waiver of Rights.  The failure to enforce at any
        time the provisions of this Agreement or to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement
        or any part hereof, or the right of either party hereto to enforce each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision of this Agreement to be performed by
        such other party shall be deemed a waiver of similar or dissimilar provisions at that time or at any prior or subsequent time.

    

    

    
      

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    9.          Notices.  Every notice relating to this Agreement
        shall be in writing and shall be given by personal delivery, by registered or certified mail, postage prepaid, return receipt requested, via a reputable overnight courier service; to:

    

    

    If to the Company:

    

    

    Riley Exploration Permian, Inc.

    29 East Reno, Suite 500

    Oklahoma City, OK 73104

    

    

    Attn:  Bobby D. Riley, Chief Executive Officer

    

    

    If to the Director:

    

    

    ______________________

    ______________________

    ______________________

    

    

    Either of the parties hereto may change their address for purposes of notice hereunder by giving notice in writing to such other party pursuant to this Section 9.

    

    

    10.          Binding Effect/Assignment.  This Agreement shall
        inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, estates, successors (including, without limitation, by way of merger) and assigns. Notwithstanding the provisions of the
        immediately preceding sentence, neither the Director nor the Company shall assign all or any portion of this Agreement without the prior written consent of the other party.

    

    

    11.          Entire Agreement.  This Agreement (together with the
        exhibits and other agreements referred to herein) sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, between them as to such subject matter.

    

    

    12.          Severability.  If any provision of this Agreement,
        or any application thereof to any circumstances, is invalid, in whole or in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications of this Agreement.

    

    

    13.          Governing Law.  This Agreement and the legal
        relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and the Director hereby irrevocably and unconditionally
        (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other
        state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this
        Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has
        been brought in an improper or inconvenient forum; provided, however, that neither party shall commence any
        such action or proceeding unless prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action which is the subject of such action or proceeding through mediation by an independent third party.

    

    

    14.          Legal Fees.  The parties hereto agree that the
        non-prevailing party in any dispute, claim, action or proceeding between the parties hereto arising out of or relating to the terms and conditions of this Agreement or any provision thereof (a “Dispute”),
        shall reimburse the prevailing party for reasonable attorney’s fees and expenses incurred by the prevailing party in connection with such Dispute; provided, however, that the Director shall only be required to reimburse the Company for its fees and expenses incurred in connection with a Dispute if the Director’s position in such Dispute was found by the
        court, arbitrator or other person or entity presiding over such Dispute to be frivolous or advanced not in good faith.

    

    

    
      

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    15.          Modifications.  Neither this Agreement nor any
        provision hereof may be modified, altered, amended or waived except by an instrument in writing duly signed by the both parties.

    

    

    16.          Construction.  Whenever any words used herein are in
        the singular form, they shall be construed as though they were also used in the plural form in all cases where they would so apply. The headings contained herein are solely for the purposes of reference, are not part of this Agreement and shall not
        in any way affect the meaning or interpretation of this Agreement.

    

    

    17.          Counterparts.  This Agreement may be executed in two
        or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

    

    

    [Signature Pages Follows]

    

    

    

    

    

    

    
      

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    IN WITNESS WHEREOF, the Company has caused this Independent Director Agreement to be executed by authority of its Board of Directors, and the Director
      has hereunto set his hand, on the date set forth above.

    

    

    	 	
            Riley Exploration Permian, Inc.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	 	 
	 	
            DIRECTOR

          
	 	 
	 	 	 
	 	
            

            

          	 

    

    

    
      

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    Exhibit A

    

    

    Form of Indemnification Agreement

    

    

    [see attached]

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