Document:

Exhibit
4.1

 

 

DESCRIPTION
OF THE COMMON STOCK OF EMPIRE PETROLEUM CORPORATION

 

Description
of the Common Stock of Empire Petroleum Corporation Registered

Under
Section 12 of the Securities Exchange Act of 1934

 

The
following summary of the common stock, par value $0.001 per share (the “common stock”) of Empire Petroleum Corporation, a
Delaware corporation (the “Registrant,” “we,” “our” or “us”). The following summarizes
the terms and provisions of the common stock. The following summary does not purport to be complete and is qualified in its entirety
by reference to our Amended and Restated Certificate of Incorporation (the “certificate of incorporation”) and our Amended
and Restated Bylaws (the “bylaws”).

 

General

 

The
total number of shares of all classes of stock that we have authority to issue is 200,000,000, consisting of (a) 190,000,000 shares of
common stock and (b) 10,000,000 shares of preferred stock, par value $0.001 per share (“preferred stock”).

 

Common
Stock

 

Our
outstanding shares of common stock are fully paid and nonassessable.

 

Voting
Rights

 

The
holders of shares of common stock are entitled to one vote per share on all matters to be voted on by the holders of our common stock,
including the election of directors. Holders of common stock do not have cumulative voting rights with respect to the election of directors
or as to any other matter to be voted upon by the holders of common stock. Our bylaws may be amended by:

 

		•	our
                                            board of directors without the vote or consent of the holders of our common stock; or 

 

		•	by
                                            vote or consent of the holders of at least 65 percent of our issued and outstanding common
                                            stock and any voting preferred stock (other than our Series A Voting Preferred Stock), voting
                                            as a single class.

 

 

     

     

    

 

 

Dividend
and Liquidation Rights

 

Subject
to the rights of any then-outstanding shares of our preferred stock, holders of common stock are entitled to receive ratably such dividends
as may be declared by our board of directors in its discretion from funds legally available. In the event of our liquidation, dissolution,
or winding up, holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to
any preferential liquidation rights of any preferred stock that at the time may be outstanding. Our credit agreement limits the amount
of cash dividends that we can pay on our common stock.

 

No
Preemptive, Conversion or Redemption Rights

 

The
holders of our common stock have no preemptive, subscription, conversion or redemption rights, and are not subject to further calls or
assessments by us.  There are no sinking fund provisions applicable to our common stock.

 

Anti-Takeover
Effects of Delaware Law and Provisions of our Certificate of Incorporation and Bylaws

 

Delaware
law and our certificate of incorporation and bylaws contain provisions that may deter or render more difficult proposals to acquire control
of our company, including proposals a stockholder might consider to be in his, her or its best interest, impede or lengthen a change
in membership of the board of directors and make removal of our management more difficult.

 

Delaware
Business Combination Statute

 

The
General Corporation Law of the State of Delaware (the “DGCL”) provides certain restrictions on business combinations involving
interested parties. Under the DGCL, a corporation may not engage in a business combination with any holder of 15 percent or more of its
capital stock unless the holder has held the stock for three years or, among other things, the board of directors has approved the transaction.
Our board of directors could rely on this provision of the DGCL to prevent or delay an acquisition of us. 

 

Advance
Notice Provisions

 

Our
bylaws contain advance notice requirements that our stockholders must meet before submitting proposals or director nominations to be
considered at stockholder meetings. As more fully described in the bylaws, only such business may be conducted at a stockholder
meeting as has been brought before the meeting by, or at the direction of, our board of directors or any committee thereof or by a
stockholder who has given our Secretary timely written notice, in proper form, of the stockholder’s intention to bring that
business before the meeting. In addition, only persons who are nominated by, or at the direction of, our board of directors or any committee
thereof or who are nominated by a stockholder who has given timely written notice, in proper form, to our Secretary prior to a
meeting at which directors are to be elected will be eligible for election to the board of directors.

 

     

     

    

 

 

To
be timely, a stockholder’s notice regarding a proposal or director nomination to be brought before an annual meeting must be delivered
to our Secretary:

 

		•	not
                                            later than the close of business on the 90th day and not earlier than the close of business
                                            on the 120th day prior to the anniversary of the previous year’s annual meeting if
                                            such meeting is to be held on a day which is no more than 30 days in advance of the previous
                                            year’s annual meeting or not later than 60 days after the anniversary of the previous
                                            year’s annual meeting; and

 

		•	with
                                            respect to any other annual meeting, including in the event no annual meeting was held in
                                            the previous year, not later than the close of business on the later of the 90th day prior
                                            to the annual meeting and the 10th day following the day on which public disclosure is first
                                            given of the date of the annual meeting, and not earlier than the 120th day prior to the
                                            annual meeting.

 

If
we call a special meeting of stockholders for the purpose of director elections, a stockholder’s notice of director nominations
will be considered timely if the stockholder delivers the notice to our Secretary not later than the close of business on the later of
the 90th day prior to the special meeting and the 10th day following the day on which public disclosure is first given of the date of
the special meeting and of the nominees proposed by the board of directors, and not earlier than the close of business on the 120th day
prior to the special meeting.

 

The
bylaws also specify requirements as to the content of a stockholder’s notice.

 

In
some instances, these provisions may preclude our stockholders from bringing proposals or making nominations for directors at stockholder
meetings.

 

Removal
of Directors

 

Our
certificate of incorporation provides that any director may be removed with or without cause but only by the affirmative vote of the
holders of the shares of the class or series of stock entitled to elect such director or directors voting separately and as a single
class.

 

Action
by Stockholders Without a Meeting

 

Our
certificate of incorporation provides that, except as otherwise provided in the terms of any outstanding shares of our preferred stock,
stockholders may only take action by written consent without a meeting of stockholders two times in any calendar year.

 

 

 

 

     

     

    

 

Special
Meetings of Stockholders

 

Our
bylaws provide that special meetings of stockholders may be called at any time only by our board of directors, either Co-Chairman of
the board of directors or the President or by our Secretary upon the request from stockholders of record who own, in the aggregate, at
least 20 percent of the voting power of our outstanding shares entitled to vote on the matter or matters to be brought before the special
meeting. The only business that may be conducted at a special meeting of stockholders is that business specified in the notice of meeting.

 

Issuance
of Preferred Stock

 

Our
certificate of incorporation authorizes a class of undesignated preferred stock consisting of 10,000,000 shares. Preferred stock may
be issued from time to time in one or more series, and our board of directors, without further approval of the stockholders, is authorized
to fix the rights, preferences, privileges and restrictions applicable to each series of preferred stock, subject to certain limitations
as set forth in the certificate of incorporation. The purpose of authorizing the board of directors to determine these rights, preferences,
privileges and restrictions is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred
stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things,
adversely affect the voting power and the dividend and liquidation rights of the holders of our common stock and, under certain circumstances,
make it more difficult for a third party to gain control of us.

 

Series
A Voting Preferred Stock

 

As
of March 8, 2022, we have six shares of Series A Voting Preferred Stock issued and outstanding.  The Series A Voting Preferred
Stock was issued in connection with the strategic investment in us by Energy Evolution (Master Fund), Ltd. (the “Fund”). 
For so long as the Series A Voting Preferred Stock is outstanding, our board of directors will consist of six directors.  Three
of the directors are designated as the Series A Directors and the three other directors (each, a “common director”) are elected
by the holders of common stock and/or any preferred stock (other than the Series A Voting Preferred Stock) granted the right to vote
on the common directors.  Any Series A Director may be removed with or without cause but only by the affirmative vote of the holders
of a majority of the Series A Voting Preferred Stock voting separately and as a single class.  The holders of the Series A Voting
Preferred Stock have the exclusive right, voting separately and as a single class, to vote on the election, removal and/or replacement
of the Series A Directors.  Holders of common stock or other preferred stock have no right to vote on the Series A Directors. 
The approval of the holders of the Series A Voting Preferred Stock, voting separately and as a single class, is required to authorize
any resolution or other action to issue or modify the number, voting rights or any other rights, privileges, benefits or characteristics
of the Series A Voting Preferred Stock, including without limitation, any action to modify the number, structure and/or composition of
our current board of directors.

 

 

 

 

 

     

     

    

 

Our
board of directors annually elects two of its members to serve as co-chairs of the board (each, a “Co-Chairman”).  One
Co-Chairman of the board is elected by and from the common directors and the other Co-Chairman is elected by and from the Series A Directors
(the “Series A Co-Chairman”).  In the case of any tie vote or deadlock of the board of directors, the Series A Co-Chairman
has the deciding, tiebreaking vote.

 

The
Series A Voting Preferred Stock is held by Phil Mulacek, one of the principals of the Fund, as the Fund’s designee (the “Initial
Holder”). Mr. Mulacek is also the Series A Co-Chairman.  The Series A Voting Preferred Stock may be transferred only to certain
controlled affiliates of the Initial Holder (“Permitted Transferees”), and the voting rights of the Series A Voting Preferred
Stock are contingent upon the Initial Holder and Permitted Transferees (collectively, the “Series A Holders”) holding together
at least 3,000,000 shares of our outstanding common stock.

 

The
Series A Holders have effective control of our board of directors for so long as the voting rights of the Series A Voting Preferred Stock
remain in effect.

 

Supermajority
Vote for Amendments to Our Certificate of Incorporation

 

Our
certificate of incorporation provides that further amendments to the certificate of incorporation (other than to change our name or registered
agent and office and except as otherwise expressly provided for in our certificate of incorporation) require majority approval of our
entire board of directors and approval by the stockholders holding 80 percent of the common stock and preferred stock with applicable
voting rights voting together as a single class. The holders of our common stock, however, are not entitled to vote on any modification
or amendment of any certificate of designation if such certificate of designation grants or reserves that right to the holders of the
preferred stock.

 

Certain
Fundamental Transactions Require a Supermajority Stockholder Vote

 

Our
bylaws provide that the following actions must be approved by the stockholders holding 80 percent of our outstanding common stock and
preferred stock with applicable voting rights voting together as a single class:

 

		•	a
                                            transaction in which any person becomes the beneficial owner of our securities representing
                                            50 percent or more of the total voting power represented by our then outstanding voting securities;

 

		•	a
                                            merger or consolidation in which we are a party and in which our equity holders before such
                                            merger or consolidation do not retain at least a majority of the beneficial interest in the
                                            voting equity interests of the entity that survives or results from such merger or consolidation;

 

 

 

 

     

     

    

 

 

		•	a
                                            sale or disposition by us of all or substantially all of our assets, other than in the ordinary
                                            course of business; or

 

		•	subject
                                            to certain exceptions as described in the bylaws, any transaction to sell, transfer, assign,
                                            pledge, collateralize, encumber and/or otherwise leverage the assets of or any portion of
                                            our equity ownership of Empire New Mexico LLC, d/b/a Green Tree New Mexico, LLC and Green
                                            Tree New Mexico.

 

Exclusive
Forum

 

Our
bylaws provide that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware
(or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware) shall be the sole
and exclusive forum for:

 

		•	any
                                            derivative action or proceeding brought on our behalf; 

 

		•	any
                                            action asserting a claim of breach of a fiduciary duty owed by any director, officer, stockholder,
                                            employee or agent to us or our stockholders; 

 

		•	any
                                            action asserting a claim arising pursuant to any provision of the DGCL, our certificate of
                                            incorporation or our bylaws; or 

 

		•	any
                                            action asserting a claim governed by the internal affairs doctrine; 

 

in
each case, subject to the court having personal jurisdiction over the defendants.  If any action the subject matter of which is
within the scope of this exclusive forum provision is filed in a court other than a court located with the State of Delaware (a “foreign
action”) in the name of any stockholder, such stockholder shall be deemed to have consented to:

 

		•	the
                                            jurisdiction of the state and federal courts located within the State of Delaware in connection
                                            with any action brought in such court to enforce this exclusive forum provision; and

 

		•	having
                                            service of process made upon such stockholder in any such enforcement action by service upon
                                            such stockholder’s counsel in the foreign action as agent for such stockholder. 

 

In
addition, our bylaws provide that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock
is deemed to have notice of and consented to this exclusive forum provision. This exclusive forum provision is intended to apply to claims
arising under Delaware
state law and is not intended to apply to claims arising under the Securities Act of 1933, as amended, or the Exchange Act.

 

     

     

    

 

 

Listing

 

Our
common stock is listed on the NYSE American stock exchange under the symbol “EP.”

 

Transfer
Agent and Registrar

 

Securities
Transfer Corporation is transfer agent and registrar for our common stock.Exhibit
10.24

 

EMPIRE
PETROLEUM CORPORATION

 

NON-QUALIFIED
STOCK OPTION AGREEMENT

 

THIS
NON-QUALIFIED STOCK OPTION AGREEMENT (this “Award Agreement”) is made and entered into effective as of ___________ (the “Effective
Date”), by and between Empire Petroleum Corporation, a Delaware corporation (the “Company”), and ____________, an individual
(“Employee”).

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has adopted the Empire Petroleum Corporation 2021 Stock and Incentive
Compensation Plan (the “Plan”) for the purpose of promoting the success and enhancing the value of the Company by linking
the personal interests of the Participants (as defined in the Plan) to those of the Company’s stockholders, and by providing Participants
with an incentive for outstanding performance; and

 

WHEREAS,
Employee is a key employee of the Company or an Affiliate, and the Committee (as defined in the Plan) desires to grant to Employee a
non-qualified stock option under the Plan;

 

NOW,
THEREFORE, in consideration of the premises and the covenants and agreements herein contained, the parties hereto hereby agree as follows:

 

1.       Grant
of Option. The Company hereby grants to Employee the right and option to purchase from the Company, during the periods and
on the terms and conditions set forth herein, an aggregate of __________ shares of its common stock, par value $0.001 per share (each,
a “Share” and, collectively, the “Shares”), at a purchase price of $_____ per Share, being the Fair Market Value
(as defined in the Plan) of a Share on the Effective Date (the “Option”).

 

2.       Exercise
Periods. Subject to the terms of this Award Agreement, the Option shall become exercisable, in whole or in part, only at the
times and during the periods and for the number of Shares set forth below:

 

(a)    
 On or after ___________, but no later than ______________, _____ Shares;

 

(b)      On
or after____________, but no later than ____________, _____ Shares; and

 

(c)      On
or after____________, but no later than ____________, _____ Shares.

 

Each
time period during which the Option is exercisable as set forth above is individually referred to herein as an “Exercise
Period” and collectively as the “Exercise Periods”. To the extent not exercised during an Exercise Period, the
Option shall expire, and Employee shall have no further rights, and the
Company shall have no further obligations, under this Award Agreement with respect to such unexercised portion of the
Option.

 

    	1

    	 

    

 

 

3.       Exercise
of Option. That portion of the Option that is exercisable may be exercised, in whole or in part, by Employee only so long
as Employee remains, on or after the Effective Date, continuously in the employ of the Company or any of its Affiliates, except as otherwise
specifically provided by this Award Agreement. At the time of exercise, Employee shall deliver to the Company a written notice duly signed
by Employee stating the number of Shares as to which the Option is being exercised at such time, together with payment for the full exercise
price of the Option with respect to said Shares: (a) in cash (or certified or bank cashier’s check payable to the order of the
Company); (b) by delivery of Shares then owned by Employee (such Shares being valued at their Fair Market Value at the time of such exercise);
(c) by withholding by the Company of Shares from the Shares issuable upon such exercise (such withheld Shares being valued at their Fair
Market Value at the time of such exercise); (d) in the discretion of the Committee, by delivery of properly executed irrevocable instructions
to a securities broker (or, in the case of pledges, lender) to (i) sell Shares subject to the Option and to deliver promptly to the Company
a sufficient portion of the proceeds of such sale transaction on behalf of Employee to pay the exercise price of said Shares or (ii)
pledge Shares subject to the Option to a margin account maintained with such broker or lender, as security for a loan, and such broker
or lender, pursuant to irrevocable instructions, delivers to the Company a sufficient portion of the loan proceeds to pay the exercise
price of said Shares; (e) by a combination of such methods; or (f) by other means that the Committee deems appropriate; plus, in each
case, any applicable withholding tax thereon, whereupon certificates therefor or evidence of book entry Shares will be issued to Employee.
The minimum number of Shares which may be purchased at any time by exercise of the Option is 100 Shares unless the number purchased is
the total number purchasable under the Option at that time. The Option shall not be exercisable with respect to fractions of a Share.
No exercise or failure to exercise as to a portion of the Shares shall preclude a later exercise or exercises as to additional portions
during the applicable Exercise Period.

 

4.       Employment.
Nothing contained in this Award Agreement shall confer upon Employee any right to continue in the employ of the Company or any of its
Affiliates or interfere in any way with the right of the Company or any Affiliate to terminate Employee’s employment at any time
with or without cause. A leave of absence approved by the Company or any Affiliate shall not be deemed an interruption of continuous
employment under the Plan or this Award Agreement.

 

5.       The
Plan and Amendments. This Award Agreement shall be subject to the terms and conditions of the Plan as presently
constituted and as may be amended hereafter from time to time, including the discretion therein provided to the Committee. Except as
may be otherwise provided by the Plan, amendments to the Plan shall constitute amendments to this Award Agreement and shall be
incorporated herein without the execution of any amendment or supplement hereto by the parties. The parties further agree to any
amendment of this Award Agreement, without the execution of any amendment or supplement, upon notice from the Company to Employee
that the terms and conditions of this Award Agreement shall be amended to
conform to any formal guidelines published by the Secretary of the Treasury of the United States or his or her delegate prescribing
the requirements for non-qualified stock options.

 

 

 

    	2 

    	 

    

 

6.       Stockholder
Rights Prior to Exercise of Options. Neither Employee nor any of Employee’s heirs, legal representatives, or beneficiaries
shall be deemed to have any rights as a stockholder of the Company with respect to any Shares covered by the Option until the date of
the issuance by the Company of a certificate to Employee or evidence of book entry registration for such Shares.

 

7.       Rights
in Event of Termination of Employment.

 

(a)
     In the event of the death of Employee while in the employ of the Company or any of its Affiliates,
Employee’s estate or beneficiaries shall have a period up to the later of one year after Employee’s death or the end of
the applicable Exercise Periods within which to exercise the Option, to the extent Employee could have exercised the Option at the
date of Employee’s death, unless the Committee, in its sole discretion, extends such period. The Option, to the extent not
exercised during such period, shall terminate upon the expiration of such period.

 

(b)     In
the event of Employee’s termination of employment with the Company and its Affiliates by reason of Employee’s Disability
(as hereinafter defined), Employee, or Employee’s guardian or legal representative, shall have a period up to the later of one
year after commencement of Employee’s Disability or the end of the applicable Exercise Periods within which to exercise the Option,
to the extent Employee could have exercised the Option at the date of commencement of Employee’s Disability, unless the Committee,
in its sole discretion, extends such period. The Option, to the extent not exercised during such period, shall terminate upon the expiration
of such period. The term “Disability” shall mean Employee’s inability to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death, or which has lasted or
can be expected to last for a continuous period of not less than 12 months.

 

(c)   
  In the event of termination of Employee’s employment with the Company and its Affiliates for any reason other than
death or Disability, as described in paragraphs (a) or (b) of this Section 7, Employee shall have a period of up to three months
from the date of termination of employment (but not beyond the end of the applicable Exercise Periods) within which to exercise the
Option, to the extent Employee could have exercised the Option at the date of Employee’s termination of employment. The
Option, to the extent not exercised during such period, shall terminate upon expiration of such period.

 

8.       Shares
Reserved; Taxes. The Company shall at all times during the term of the Option reserve and keep available such number of Shares
as will be sufficient to satisfy the requirements of this Award Agreement. The Company shall pay all original issue taxes with respect
to the issue of Shares pursuant hereto and all other fees and expenses necessarily incurred in connection therewith.

 

 

 

 

 

    	3 

    	 

    

 

 

9.       Investment
Representation. Employee represents to the Company and agrees that if Employee exercises the Option, in whole or in part,
at a time when there is not in effect under the U.S. Securities Act of 1933, as amended, a registration statement relating to the Shares
issuable upon exercise hereof and available for delivery a prospectus meeting the requirements of Section 10 of said Act, Employee will
acquire such Shares upon such exercise for the purpose of investment and not with a view to their resale or distribution and that, upon
each such exercise of the Option, Employee will furnish to the Company a written statement to such effect, satisfactory to the Company
in form and substance. Such written agreement shall also state that such Shares shall not be transferred except pursuant to an effective
registration statement under said Act or in accordance with an exemption from registration thereunder. If certificates are provided for
Shares issued hereunder, they shall bear the following legend if a registration statement relating to the Shares issuable upon exercise
hereof is not in effect at the time of exercise of the Option:

 

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

 

10.     Payment
of Withholding Tax. Upon exercise by Employee of the Option, the Company shall have the right to deduct from any cash amounts
otherwise payable to Employee any amounts required to satisfy all tax withholding requirements imposed upon such exercise under applicable
federal, state, local or other laws. Alternatively, to satisfy any such withholding requirements, the Company may, at the request of
Employee, but shall not be required to (a) withhold from the number of Shares to be issued that number of Shares (based on the Fair Market
Value of the Shares at the time of such exercise) necessary to satisfy such tax withholding requirements or (b) accept delivery from
Employee of shares of common stock of the Company then owned by Employee (such shares being valued at their Fair Market Value at the
time of such exercise) as is sufficient to satisfy such tax withholding requirements.

 

11.     No
Transferability. Neither this Award Agreement nor the Option shall be transferable. The transfer restrictions set forth in
this Section 11 shall not apply to: (a) transfers to the Company; (b) the designation of a beneficiary to receive benefits in the event
of Employee’s death or, if Employee has died, transfers to Employee’s beneficiary, or, in the absence of a validly designated
beneficiary, transfers by will or the laws of descent and distribution; (c) transfers pursuant to a domestic relations order; or (d)
if Employee has suffered a Disability, permitted transfers on behalf of Employee by Employee’s guardian or legal representative.

 

 

 

    	4 

    	 

    

 

 

12.    Forfeiture
and Clawback. 

 

(a)     Employee
agrees that in the event Employee violates the confidentiality, non-competition, non-solicitation or non-disparagement provisions of
any agreement between Employee and the Company or any Affiliate, or any plan of the Company or any Affiliate in which Employee participates,
including any severance plan, Employee will forfeit in its entirety any remaining portion of the Option that has not previously been
exercised under Section 3, and all of Employee’s rights thereto shall terminate without any payment of consideration by the Company.

 

(b)   
 Notwithstanding any other provision of the Plan or this Award Agreement to the contrary, Employee acknowledges that any
incentive-based compensation paid to Employee hereunder may be subject to recovery by the Company under any clawback policy which
the Company may adopt from time to time, including without limitation any policy which the Company may be required to adopt under
Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities
and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company’s Common Stock
may be listed. Employee agrees to promptly return any such incentive-based compensation which the Company determines it is required
to recover from Employee under any such clawback policy.

 

13. 
   Designation of Beneficiary. Employee’s beneficiary for
receipt of any payment made under this Award Agreement in the event of Employee’s death shall be the person(s) designated as
Employee’s beneficiary(ies) for life insurance benefits under the Company’s life insurance benefits plan, if any, unless
Employee designates a different beneficiary on a form prescribed by the Company. If no beneficiary is designated, upon
Employee’s death, payment shall be made to Employee’s estate.

 

14.     Notices.
All notices required or permitted to be given pursuant to this Award Agreement shall be in writing and delivered by hand, telegram or
mail, addressed as follows:

	 

If
to the Company:

	2200
  S. Utica Place, Suite 150	 
	 	Tulsa, Oklahoma 74114	 
	 	 	 
	If
  to Employee:	The address for Employee set forth on the	 
	 	records of the Company or an Affiliate	 

 

Each
notice shall be deemed to have been given on the date it is received. Such addresses may be changed by notice given by the party making
such change delivered to the other party hereto.

 

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

 

    	5 

    	 

    

 

 

16.     Governing
Law. This Award Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

IN
WITNESS WHEREOF, Employee has executed this Award Agreement, and the Company has caused this Award Agreement to be executed by its duly
authorized officer, effective as of the day and year first above written.

 

 

	 	“Company”	 
	 	 	 
	 	EMPIRE PETROLEUM CORPORATION	 
	 	 	 
	 	 	 
	 	By:___________________________________	 
	 	        Name:
  _____________________________	 
	 	        Title:
  ______________________________	 
	 	 	 
	 	 	 
	 	“Employee”	 
	 	 	 
	 	_____________________________________	 
	 	Name: ________________________________	 
	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

 

6

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