Document:

Exhibit 10.7

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement
(“Agreement”) is made as of [●], 2022 by and between Granite Ridge Resources, Inc., a Delaware corporation
(the “Company”), and _______________________ (“Indemnitee”).

 

RECITALS:

 

WHEREAS, directors, officers
and other persons in service to corporations or business enterprises are subjected to expensive and time-consuming litigation relating
to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself;

 

WHEREAS, highly competent
persons have become more reluctant to serve as directors, officers or in other capacities unless they are provided with adequate protection
through insurance and adequate indemnification against inordinate risks of claims and actions against them arising out of their service
to and activities on behalf of the corporation;

 

WHEREAS, the Board of Directors
of the Company (the “Board”) has determined that the increased difficulty in attracting and retaining such persons
is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there
will be increased certainty of such protection in the future;

 

WHEREAS, (i) the Amended
and Restated Bylaws of the Company (as may be amended from time to time, the “Bylaws”) require indemnification
of the officers and directors of the Company (ii) Indemnitee may also be entitled to indemnification pursuant to the General Corporation
Law of the State of Delaware (“DGCL”) and (iii) the Bylaws and the DGCL expressly provide that the indemnification
provisions set forth therein are not exclusive and thereby contemplate that contracts may be entered into between the Company and members
of the Board, officers and other persons with respect to indemnification;

 

WHEREAS, this Agreement is
a supplement to and in furtherance of the Bylaws and the Amended and Restated Certificate of Incorporation of the Company (as may be amended
from time to time, the “Certificate of Incorporation”) and any resolutions adopted pursuant thereto, and shall
not be deemed a substitute therefore, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, (i) Indemnitee
does not regard the protection available under the Bylaws and insurance as adequate in the present circumstances, (ii) Indemnitee
may not be willing to serve or continue to serve as a director or officer of the Company without adequate protection, (iii) the Company
desires Indemnitee to serve in such capacity, and (iv) Indemnitee is willing to serve, continue to serve and to take on additional
service for or on behalf of the Company on the condition that Indemnitee be so indemnified.

 

     

     

    

 

AGREEMENT:

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.             Definitions.
(a) As used in this Agreement:

 

“Corporate Status”
describes the status of a person who is or was a director, officer, employee or agent of (i) the Company or (ii) any other corporation,
limited liability company, partnership or joint venture, trust, employee benefit plan or other enterprise which such person is or was
serving at the request of the Company.

 

“Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

“Enterprise”
shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan
or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, trustee, agent
or fiduciary.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

“Expenses”
shall mean all reasonable costs, expenses, fees and charges, including, without limitation, attorneys’ fees, document and e-discovery
costs, litigation expenses, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness
in, or otherwise participating in, a Proceeding. Expenses also shall include, without limitation, (i) expenses incurred in connection
with any appeal resulting from, incurred by Indemnitee in connection with, arising out of, or in respect of or relating to, any Proceeding,
including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal
bond or its equivalent, (ii) for purposes of Section 12(d) hereof only, expenses incurred by Indemnitee in connection
with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise, (iii) any
federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
and (iv) any interest, assessments or other charges in respect of the foregoing. “Expenses” shall not include “Liabilities.”

 

“Indemnity Obligations”
shall mean all obligations of the Company to Indemnitee under this Agreement, including the Company’s obligations to provide indemnification
to Indemnitee and advance Expenses to Indemnitee under this Agreement.

 

“Independent
Counsel” shall mean a law firm of fifty (50) or more attorneys, or a member of a law firm of fifty (50) or more
attorneys, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been,
retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to
matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or
(ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder; provided, however, that the term
 “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement.

 

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“Liabilities”
shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties, assessments, and other amounts payable in connection
with, arising out of, or in respect of or relating to any Proceeding, including, without limitation, amounts paid in settlement in any
Proceeding and all costs and expenses in complying with any judgment, order or decree issued or entered in connection with any Proceeding
or any settlement agreement, stipulation or consent decree entered into or issued in settlement of any Proceeding.

 

“Person”
shall mean any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency or body
or any other legal entity.

 

“Proceeding”
shall mean any threatened, pending or completed action, demand, claim, suit, arbitration, alternate dispute resolution mechanism, formal
or informal hearing, inquiry or investigation, litigation, inquiry, administrative hearing or any other actual, threatened or completed
judicial, administrative or arbitration proceeding (including, without limitation, any such proceeding under the Securities Act of 1933,
as amended, or the Exchange Act or any other federal law, state law, statute or regulation), whether brought in the right of the Company
or otherwise, and whether of a civil, criminal, administrative or investigative nature, in each case, in which Indemnitee was, is or will
be, or is threatened to be, involved as a party, witness or otherwise, including any inquiries, hearings, or investigations that the Indemnitee
determines might lead to the institution of any proceeding, by reason of the fact that Indemnitee is or was a director or officer of the
Company, by reason of any actual or alleged action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or
inaction) on Indemnitee’s part while acting as director or officer of the Company, or by reason of the fact that Indemnitee is or
was serving at the request of the Company as a director, officer, trustee, employee or agent of another corporation, limited liability
company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity at the time any liability
or expense is incurred for which indemnification, reimbursement, or advancement can be provided under this Agreement.

 

(b)         For the purpose hereof, references to “fines” shall include any excise tax assessed with respect to any employee benefit
plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or
agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee
benefit plan, its participants or beneficiaries; and a Person who acted in good faith and in a manner such Person reasonably believed
to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
 “not opposed to the best interests of the Company” as referred to in this Agreement.

 

Section 2.            Indemnity
in Third-Party Proceedings. The Company shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable
law, from and against all Liabilities and Expenses suffered or reasonably incurred (and, in the case of retainers, reasonably expected
to be incurred) by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding (other than any Proceeding brought by
or in the right of the Company to procure a judgment in its favor, which is provided for in Section 3 below), or any claim,
issue or matter therein.

 

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Section 3.             Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify and hold harmless Indemnitee,
to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred (and, in the case
of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding brought
by or in the right of the Company to procure a judgment in its favor, or any claim, issue or matter therein. No indemnification for Liability
and Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have
been finally adjudged by a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any
court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of
all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

Section 4.             Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, and without
limiting the rights of Indemnitee under any other provision hereof, including any rights to indemnification pursuant to Sections 2
or 3 hereof, to the fullest extent permitted by applicable law, to the extent that Indemnitee is successful, on the merits
or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred (and, in the case of retainers, reasonably expected to be incurred)
by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved Proceeding, claim, issue or matter. For purposes
of this Section 4 and without limitation, the termination of any Proceeding or claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 5.            Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest
extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or
otherwise a participant, including by a request to respond to discovery requests, receipt of a subpoena or similar demand for documents
or testimony, in any Proceeding to which Indemnitee is not a party and is not threatened to be made a party, Indemnitee shall be indemnified
against all Expenses suffered or incurred (or, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s
behalf in connection therewith.

 

Section 6.           Additional
Indemnification. Notwithstanding any limitation in Sections 2, 3 or 4 hereof, the Company shall indemnify
Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding
(including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Liabilities and Expenses suffered
or reasonably incurred (and, in the case of retainers, reasonably expected to be incurred) by Indemnitee in connection with such Proceeding,
including but not limited to:

 

(a)          the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL; and

 

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(b)         the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

Section 7.            Exclusions.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to indemnify or hold harmless
Indemnitee, or, in the case of (a) and (d), to advance Expenses to Indemnitee:

 

(a)         for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy obtained by the Company except with respect
to any excess beyond the amount paid under such insurance policy;

 

(b)         for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;

 

(c)         for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any
profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including
any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of
2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale
by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant
to any settlement arrangements) or in respect of claw-back provisions promulgated under the rules and regulations of the Securities and
Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act;

 

(d)         except
as provided in Section 12(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee, against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to
its initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company
under applicable law or (iii) such Proceeding is being brought by Indemnitee to assert, interpret or enforce Indemnitee’s rights
under this Agreement (for the avoidance of doubt, Indemnitee shall not be deemed, for purposes of this subsection, to have initiated
or brought any claim by reason of (A) having asserted any affirmative defenses in connection with a claim not initiated by Indemnitee
or (B) having made any counterclaim (whether permissive or mandatory) in connection with any claim not initiated by Indemnitee);
or

 

(e)         if a final decision by a court having jurisdiction in the matter that is not subject to appeal shall determine that such indemnification
is not permitted by the DGCL or would otherwise not be lawful.

 

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Section 8.             Advancement.
In accordance with the pre-existing requirements of the Bylaws, and notwithstanding any provision of this Agreement to the contrary,
the Company shall advance, to the extent not prohibited by applicable law, the Expenses and Liabilities reasonably incurred by Indemnitee
in connection with any Proceeding, and such advancement shall be made within ten (10) days after the receipt by the Company of a statement
or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall
be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without
regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include
any and all Expenses reasonably incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing
and forwarding statements to the Company to support the advances claimed. Indemnitee shall qualify for advances upon the execution and
delivery to the Company of this Agreement, which shall constitute an undertaking providing that Indemnitee undertakes to repay the amounts
advanced to the extent that it is ultimately determined by final judicial decision from which there is no further right to appeal that
the Indemnitee is not entitled to be indemnified by the Company. Nothing in this Section 8 shall limit Indemnitee’s
right to advancement pursuant to Section 12(d) of this Agreement. This Section 8 shall not apply to any claim
made by Indemnitee for which indemnity is excluded pursuant to Sections 7(a) or (d) hereof.

 

Section 9.             Procedure for Notification and Defense of Claim.

 

(a)         Indemnitee shall promptly notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification
or advancement hereunder following the receipt by Indemnitee of written notice thereof (the date of such notification, the “Submission
Date”). The written notification to the Company shall include a description of the nature of the Proceeding and the facts
underlying the Proceeding. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding, including any
appeal therein. Any delay or failure by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which
it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay or failure in so notifying the Company shall
not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company shall, promptly upon receipt of
such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

(b)         In
the event Indemnitee is entitled to indemnification and/or advancement with respect to any Proceeding, the Company shall be entitled
to assume the defense of Indemnitee in such Proceeding, in which case the Company shall assume the defense of such Proceeding with counsel
selected by the Company and approved by Indemnitee (which approval shall not be unreasonably withheld, conditioned or delayed) within
ten (10) days of the Company’s receipt of written notice of Indemnitee’s election to cause the Company to do so. If the Company
assumes the defense of any such Proceeding, it shall engage legal counsel for such defense, and the Company shall be solely responsible
for all fees and expenses of such legal counsel and otherwise of such defense. Such legal counsel may represent both Indemnitee and the
Company (and any other party or parties entitled to be indemnified by the Company with respect to such matter) unless, in the reasonable
opinion of legal counsel to Indemnitee, there is a conflict of interest between Indemnitee and the Company (or any other such party or
parties) or there are legal defenses available to Indemnitee that are not available to the Company (or any such other party or parties).
If Indemnitee retains counsel because the Company fails to assume the defense of any such Proceeding, the fees and expenses of Indemnitee’s
counsel shall be subject to indemnification or advancement pursuant to the terms of this Agreement. Notwithstanding either party’s
assumption of responsibility for defense of a Proceeding, each party shall have the right to engage separate counsel at its own expense.
If the Company has responsibility for defense of a Proceeding, the Company shall provide the Indemnitee and its counsel with all copies
of pleadings and material correspondence relating to the Proceeding. Indemnitee and the Company shall reasonably cooperate in the defense
of any Proceeding with respect to which indemnification is sought hereunder, regardless of whether the Company or Indemnitee assumes
the defense thereof. Indemnitee may not settle or compromise any Proceeding without the prior written consent of the Company. The Company
may not settle or compromise any Proceeding in any manner that would impose any penalty or limitation on Indemnitee without the prior
written consent of Indemnitee. Neither the Company, nor Indemnitee may unreasonably withhold their consent to any proposed settlement.

 

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Section 10.           Procedure
Upon Application for Indemnification.

 

(a)         Upon
written request by Indemnitee for indemnification pursuant to Section 9(a) hereof, if any determination by the Company is
required by applicable law with respect to Indemnitee’s entitlement thereto, such determination shall be made (i) if Indemnitee
shall request such determination be made by Independent Counsel, by Independent Counsel, and (ii) in all other circumstances, (A) by
a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested
Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, or (C) if there
are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the
Board, a copy of which shall be delivered to Indemnitee; and, if it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons
or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person,
persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Expenses incurred by Indemnitee
in so cooperating with the person, persons or entity making such determination shall, to the fullest extent permitted by law, be borne
by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom. The Company will not deny any written request for indemnification hereunder made in
good faith by Indemnitee unless a determination as to Indemnitee’s entitlement to such indemnification described in this Section 10(a)
has been made. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully
indemnify such counsel against any and all Liabilities and Expenses arising out of or relating to this Agreement or its engagement pursuant
hereto.

 

(b)         In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a)
hereof, (i) the Independent Counsel shall be selected by the Company within ten (10) days of the Submission Date (the cost of
such Independent Counsel to be paid by the Company), (ii) the Company shall give written notice to Indemnitee advising it of the
identity of the Independent Counsel so selected and (iii) Indemnitee may, within ten (10) days after such written notice of selection
shall have been given, deliver to the Company Indemnitee’s written objection to such selection. Such objection by Indemnitee may
be asserted only on the ground that the Independent Counsel selected does not meet the requirements of “Independent Counsel”
as defined in this Agreement. If such written objection is made and substantiated, the Independent Counsel selected shall not serve as
Independent Counsel unless and until Indemnitee withdraws the objection or a court has determined that such objection is without merit.
Absent a timely objection, the person so selected shall act as Independent Counsel. If no Independent Counsel shall have been selected
and not objected to before the later of (A) thirty (30) days after the Submission Date and (B) ten (10) days after the final
disposition of the Proceeding, including any appeal therein, each of the Company and Indemnitee shall select a law firm or member of
a law firm meeting the qualifications to serve as Independent Counsel, and such law firms or members of law firms shall select the Independent
Counsel.

 

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Upon the due commencement of any judicial proceeding
or arbitration pursuant to Section 12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

Section 11.           Presumptions
and Effect of Certain Proceedings.

 

(a)         In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall, to the fullest extent not prohibited by applicable law, presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company
shall, to the fullest extent not prohibited by applicable law, have the burden of proof to overcome that presumption in connection with
the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including
by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement
that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination
by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall
be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b)         Subject
to Section 12(e) hereof, if the person, persons or entity empowered or selected under Section 10 of this
Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days
after receipt by the Company of the request therefore, the requisite determination of entitlement to indemnification shall, to the
fullest extent not prohibited by applicable law, be deemed to have been made and Indemnitee shall be entitled to such
indemnification, absent a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may
be extended for a reasonable time, not to exceed an additional thirty (30) days, if (i) the determination is to be made by
Independent Counsel and Indemnitee objects to the Company’s selection of Independent Counsel and (ii) the Independent
Counsel ultimately selected requires such additional time for the obtaining or evaluating of documentation or information relating
thereto; provided further, however, that such 60-day period may also be extended for a reasonable time, not to exceed an additional
sixty (60) days, if the determination of entitlement to indemnification is to be made by the stockholders of the Company.

 

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(c)         The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) adversely affect the
right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(d)         Reliance
as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information
or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected
with the reasonable care by the Enterprise. The provisions of this Section 11(d) shall not be deemed to be exclusive or to
limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in
this Agreement.

 

(e)          Actions
of Others. The knowledge or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not
be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

Section 12.           Remedies of Indemnitee.

 

(a)         Subject
to Section 12(e) hereof, in the event that (i) a determination is made pursuant to Section 10 of this Agreement
that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement is not timely made pursuant to Section 8
of this Agreement, (iii) no determination of entitlement to indemnification shall have been timely made pursuant to Section 10(a)
of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Sections 4 or 5 or the third to the last sentence of Section 10(a) of this Agreement within ten (10)
days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Sections 2,
3 or 6 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled
to indemnification, or (vi) in the event that the Company or any other Person takes or threatens to take any action to declare this
Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee
the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court
of Indemnitee’s entitlement to such indemnification or advancement. Alternatively, Indemnitee, at Indemnitee’s option, may
seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
Association. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

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(b)         In the event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee
is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be
conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that
adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 12 the Company shall
have the burden of proving Indemnitee is not entitled to indemnification or advancement, as the case may be.

 

(c)         If a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this
Section 12, absent a prohibition of such indemnification under applicable law.

 

(d)         The Company shall, to the fullest extent not prohibited by applicable law, be precluded from asserting in any judicial proceeding
or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid,
binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions
of this Agreement. It is the intent of the Company that Indemnitee not be required to incur Expenses associated with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof
would substantially detract from the benefits intended to be extended to Indemnitee hereunder. The Company shall indemnify Indemnitee
against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request
therefore) advance, to the extent not prohibited by applicable law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection
with any action brought by Indemnitee for indemnification or advancement from the Company under this Agreement or the Bylaws, or under
any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately
is determined to be entitled to such indemnification, advancement or insurance recovery, as the case may be.

 

(e)          Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein; provided that, in absence
of any such determination with respect to such Proceeding, the Company shall advance Expenses with respect to such Proceeding.

 

Section 13.           
Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)          The
rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a
vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. The Company shall not adopt any amendment or alteration
to, or repeal of, the Certificate of Incorporation or the Bylaws, the effect of which would be to deny, diminish or encumber the Indemnitee’s
rights to indemnification pursuant to this Agreement, the Certificate of Incorporation, the Bylaws or applicable law relative to such
rights prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision,
permits greater indemnification or advancement than would be afforded currently under the Bylaws or this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change retroactive to the
effective date of this Agreement, to the fullest extent permitted by applicable law. No right or remedy herein conferred is intended
to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

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(b)         The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement and insurance provided
by one or more Persons with whom or which Indemnitee may be associated. The Company hereby acknowledges and agrees that (i) the
Company shall be the indemnitor of first resort with respect to any Proceeding, Expense, Liability or matter that is the subject of the
Indemnity Obligations, (ii) the Company shall be primarily liable for all Indemnity Obligations and any indemnification afforded
to Indemnitee in respect of any Proceeding, Expense, Liability or matter that is the subject of Indemnity Obligations, whether created
by applicable law, organizational or constituent documents, contract (including this Agreement) or otherwise, (iii) any obligation
of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee or advance Expenses or Liabilities to Indemnitee
in respect of any Proceeding shall be secondary to the obligations of the Company hereunder, (iv) the Company shall be required to
indemnify Indemnitee and advance Expenses or Liabilities to Indemnitee hereunder to the fullest extent provided herein without regard
to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person
and (v) the Company irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be associated
from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by the Company hereunder.
In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability
or loss which is the subject of any Indemnity Obligation owed by the Company or payable under any Company insurance policy, the payor
shall have a right of subrogation against the Company or its insurer or insurers for all amounts so paid which would otherwise be payable
by the Company or its insurer or insurers under this Agreement. In no event will payment of an Indemnity Obligation by any other Person
with whom or which Indemnitee may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability
for any Indemnity Obligation to any other Person with whom or which Indemnitee may be associated. Any indemnification, insurance or advancement
provided by any other Person with whom or which Indemnitee may be associated with respect to any liability arising as a result of Indemnitee’s
Corporate Status or capacity as an officer or director of any Person is specifically in excess over any Indemnity Obligation of the Company
or valid and any collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance)
provided by the Company under this Agreement.

 

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(c)          The
Company shall maintain an insurance policy or policies providing liability insurance providing reasonable and customary coverage as compared
with similarly situated companies (as determined by the Board in its reasonable discretion) for directors, officers, employees, trustees,
or agents of any Enterprise, and Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for any such director, officer, employee, trustee or agent under such policy or policies and
such policies shall provide for and recognize that the insurance policies are primary to any rights to indemnification, advancement or
insurance proceeds to which Indemnitee may be entitled from one or more Persons with whom or which Indemnitee may be associated to the
same extent as the Company’s indemnification and advancement obligations set forth in this Agreement. If, at the time of the receipt
of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company
shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

(d)         In the event of any payment under this Agreement, the Company shall be subrogated to the rights of recovery of Indemnitee, including
rights of indemnification provided to Indemnitee from any other person or entity with whom Indemnitee may be associated; provided, however,
that the Company shall not be subrogated to the extent of any such payment of all rights of recovery of Indemnitee with respect to any
Person with whom or which Indemnitee may be associated.

 

(e)          The
indemnification and contribution provided for in this Agreement will remain in full force and effect regardless of any investigation
made by or on behalf of Indemnitee.

 

Section 14.           Duration
of Agreement; Not Employment Contract. This Agreement shall continue until and terminate upon the latest of: (i) ten (10)
years after the date that Indemnitee shall have ceased to serve as director, officer, employee or agent of the Company or any other Enterprise,
(ii) one (1) year after the date of final termination of any Proceeding, including any appeal, then pending in respect of which
Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding, including any appeal, commenced by Indemnitee
pursuant to Section 12 of this Agreement relating thereto or (iii) the expiration of all statutes of limitation applicable
to possible Proceedings to which Indemnitee may be subject arising out of Indemnitee’s Corporate Status. The indemnification provided
under this Agreement shall continue as to the Indemnitee even though he or she may have ceased to be a director or officer of the Company
or of any of the Company’s direct or indirect subsidiaries or to have Corporate Status. This Agreement shall be binding upon the
Company and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators.
The Company shall require and cause any successor, and any direct or indirect parent of any successor, whether direct or indirect by
purchase, merger, consolidation or otherwise, to all, substantially all or a substantial part, of the business and/or assets of the Company,
by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement
shall not be deemed an employment contract between the Company (or any of its subsidiaries or any other Enterprise) and Indemnitee. Indemnitee
specifically acknowledges that Indemnitee’s employment with the Company (or any of its subsidiaries or any other Enterprise), if
any, is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided
in any written employment contract between Indemnitee and the Company (or any of its subsidiaries or any other Enterprise), other applicable
formal severance policies duly adopted by the Board, or, with respect to service as a director of the Company, by the Certificate of
Incorporation, the Bylaws or the DGCL.

 

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Section 15.           Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any
Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by
applicable law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and
to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal
or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested
thereby.

 

Section 16.           Enforcement.

 

(a)         The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer, employee or agent of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director, officer, employee or agent of the Company.

 

(b)         This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law,
and shall not be deemed a substitute therefore, nor diminish or abrogate any rights of Indemnitee thereunder.

 

Section 17.           Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties
thereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provision
of this Agreement nor shall any waiver constitute a continuing waiver.

 

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Section 18.           Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly
given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
(b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed,
(c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been
directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:

 

(i)           If to Indemnitee,
at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to the Company.

 

(ii)         If to the Company to

 

Granite Ridge Resources, Inc.

5217 McKinney Avenue, Suite 400

Dallas, TX 75205

Attention: Board of Directors

 

or to any other address as may have been furnished
to Indemnitee by the Company.

 

Section 19.           Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether
for Liabilities or for Expenses, in connection with any Proceeding, in such proportion as is deemed fair and reasonable in light of all
of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Company and Indemnitee as
a result of the event(s) and transaction(s) giving cause to such Proceeding; and (b) the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in connection with such event(s) and transaction(s).

 

Section 20.           Applicable
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. Except with respect to any arbitration commenced
by Indemnitee pursuant to Section 12(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally
(a) 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, (b) 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, (c) consent to service of process at the
address set forth in Section 18 of this Agreement with the same legal force and validity as if served upon such party personally
within the State of Delaware; (d) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court,
and (e) 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.

 

Section 21.           Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

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Section 22.           Miscellaneous.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction
thereof.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties
have caused this Agreement to be signed as of the day and year first above written.

 

	
    GRANITE RIDGE RESOURCES, INC.

     
	 	INDEMNITEE
	By:	 	 	By:	 
	Name:	 	Name:
	Title:	 	Title:

 

Signature
Page to Indemnification AgreementExhibit 10.8

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is by and between Granite Ridge Resources, Inc., a Delaware corporation (the “Company”),
and Luke Brandenberg (“Employee”) and is effective as of the Effective Date defined below.

 

RECITALS

 

WHEREAS, the Company, Executive
Network Partnering Corporation, a Delaware corporation, ENPC Merger Sub, Inc., a Delaware corporation, GREP Merger Sub, LLC, a Delaware
limited liability company, and GREP Holdings, LLC, a Delaware limited liability company, have entered into that certain Business Combination
Agreement (as it may be amended, restated, or otherwise modified from time to time in accordance with its terms, the “Business
Combination Agreement”), pursuant to which the Company will acquire all of the non-operated working interests in upstream oil
and gas assets previously held by certain private funds managed by Grey Rock Energy Management, LLC (the “Grey Rock Assets”);

 

WHEREAS, subject to the consummation
of the transactions contemplated by the Business Combination Agreement, the Company has agreed to employ the Employee, and the Employee
has agreed to become employed by the Company, according to the terms and conditions of this Agreement;

 

WHEREAS, following the consummation
of the Business Combination Agreement, the Company and its current and future subsidiaries and Affiliates (as defined below) in which
the Company, directly or indirectly, has an interest (such subsidiaries and Affiliates, the “Company Group”) will continue
to be in the business of owning, managing, acquiring, attempting to acquire, soliciting the acquisition of, controlling, or developing
non-operated working interests and other upstream oil and gas assets in addition to the Grey Rock Assets (the “Business”);
and

 

WHEREAS, the Employee will
provide services to the Business in accordance with the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual promises and covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereby agree to the following terms:

 

TERMS

 

1.             Effective Date; Employment and Position.

 

(a)      Effectiveness of Agreement Conditioned on Closing of Purchase Agreement. The Closing Date (as defined in the Business Combination
Agreement) of the Business Combination Agreement shall be the “Effective Date” of this Agreement.

 

(b)       Employment
and Position. During the Term (as defined below), the Company shall employ Employee as its Chief Executive Officer and
President, and Employee shall serve in such capacity, subject to the terms and conditions of this Agreement. Employee shall during
the Term report directly to the Company’s Board of Directors (the “Board”).

 

    	Employment Agreement	Page 1

 

     

    

 

2.             Duties.

 

(a)       Duties
for the Company and the Company Group; Definition of Affiliate. During the Term (as defined below), Employee shall have such duties,
responsibilities, and authorities as may be lawfully assigned by the Board in its reasonable discretion, including without limitation,
duties, responsibilities, and authorities with respect to the Company Group and their Affiliates. For purpose of this Agreement, “Affiliate”
means, with respect to the entity or person at issue, any person or entity that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such entity or person. For purposes of the preceding sentence, “control”
(including, with correlative meanings, the terms “controlled by” and “under common control with”),
as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than
50% of the securities having ordinary voting power for the election of directors of the controlled entity or organization, or (ii) to
direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of
voting securities or by contract or otherwise.

 

(b)       Working
Time and Best-Effort Requirements and Permitted Outside Activities. During the Term (as defined below), Employee shall devote his
full working time as well as his best efforts, abilities, knowledge, and experience to the Business and affairs of the Company and the
Company Group as necessary to faithfully perform his duties, responsibilities, and authorities under this Agreement. As long as such service
and investments do not prevent Employee from fulfilling his duties, responsibilities, and authorities under this Agreement or directly
or indirectly compete with the Company or the Company Group, in each case as determined by the Company’s Board in its sole discretion,
Employee may, without violating this Agreement, (i) serve as an officer or director of any civic or charitable organization, (ii) passively
own securities in publicly traded companies if the aggregate amount owned by him and all family members and Affiliates does not exceed
2% of any such company’s outstanding securities, and (iii) passively invest his personal assets in such form or manner as will not
require any services by Employee in the operation of the entities in which such investments are made.

 

(c)      Compliance
with Company Policies. During the Term (as defined below), Employee shall comply with all applicable Company rules and policies as
a condition of employment.

 

(d)       Duty
of Loyalty. During the Term (as defined below), Employee shall owe a fiduciary duty of loyalty, fidelity, and allegiance to act in
the best interests of the Company and each member of the Company Group, and to not act in a manner that would materially injure their
business, interests, or reputations. In keeping with these duties, Employee shall make full disclosure to the Board of all material opportunities
pertaining to the Business of the Company and the Company Group that come to his attention during the Term and shall not appropriate for
his own benefit any such Business opportunities concerning the subject matter of the fiduciary relationship.

 

    	Employment Agreement	Page 2

 

     

    

 

3.           Primary Work Location. Although Employee shall be expected to travel from time to time as necessary to perform his duties,
responsibilities, and authorities under this Agreement, his primary work location during the Term (as defined below) shall be at the
Company’s headquarters in Dallas, Texas.

 

4.            Term of Agreement and Employment.

 

(a)       Initial
Term. This Agreement shall be in full force and effect for an “Initial Term” of three years commencing on the Effective
Date and expiring on the third anniversary of the Effective Date (the “Expiration Date”), unless terminated before
the Expiration Date in accordance with Section 6.

 

(b)       Renewal
Term. Notwithstanding Section 4(a), the effectiveness of this Agreement shall automatically be extended for an additional one-year
term on the Expiration Date (each, a “Renewal Term”) and on each successive anniversary of the Expiration Date (each,
a “Renewal Date”), unless and until (i) either party gives written notice of non-renewal at least 90 days before the
Expiration Date or any Renewal Date; or (ii) the Agreement is terminated earlier in accordance with Section 6.

 

(c)       Term.
For all purposes in this Agreement, the Initial Term and any Renewal Terms are referred to collectively as the “Term”
of this Agreement.

 

5.            Compensation and Employment Benefits. In consideration of the performance of Employee’s duties, responsibilities,
and authorities under this Agreement, the Company shall provide Employee with the following compensation and employment benefits during
the Term. The Board may delegate its authority under this Agreement to the Compensation Committee of the Company (the “Compensation
Committee”).

 

(a)       Base
Salary. The Company shall provide Employee with an annualized base salary of no less than $400,000 (the “Base Salary”),
prorated for any partial period of employment and payable in accordance with the Company’s ordinary payroll policies and procedures
for employee compensation. The Board may increase but may not decrease the Base Salary during the Term.

 

(b)       Discretionary
Bonuses and Other Discretionary Incentive Compensation.

 

(i)       Annual
Bonus. Beginning with fiscal year 2022, Employee shall be eligible to receive annual discretionary bonuses in cash (each, a
 “Annual Bonus”) during each fiscal year of his employment with the Company in accordance with this Section to the
same extent as similarly situated executives of the Company; provided, however, that, notwithstanding any other
provision of this Agreement, that the Annual Bonus for fiscal year 2022 shall be prorated based on the Effective Date. The amount of
any Annual Bonus shall be determined by the Board in its sole discretion based on its assessment of Employee’s performance
against applicable performance objectives as well as Company performance. Factors such as whether Annual Bonuses are paid,
eligibility for Annual Bonuses, when such Annual Bonuses are paid, and the amount of Annual Bonuses are at the sole discretion of
the Board. Although the amount of any Annual Bonuses is determined by the Board in its sole discretion, the annual target for Annual
Bonuses shall be 50% of Employee’s then-current Base Salary for full achievement of performance goals and objectives as
determined by the Board in its sole discretion. Except as provided below in this Agreement, Employee shall not be eligible to
receive an Annual Bonus unless he remains employed by the Company through the date on which such Annual Bonus is paid.

 

    	Employment Agreement	Page 3

 

     

    

 

(ii)      Annual
Equity Award. Employee shall be eligible to receive annual equity-based awards under the Company’s then existing incentive equity
plan, comprised of a time-based vesting award and/or a performance-based vesting award, as applicable (the “Annual Equity Award”).
Employee’s entitlement to the Annual Equity Award remains subject to approval by the Board and shall be granted pursuant to, and
subject to, the Company’s 2022 Omnibus Incentive Plan (as it may be amended from time to time, the “LTIP”) and
an individual award agreement reflecting individualized terms for the applicable award (each, an “Award Agreement”),
in the form established by the Board in its sole discretion.

 

(iii)     Other
Benefits. Employee shall also be eligible to participate in all of the Company’s discretionary short-term and long-term incentive
compensation plans, programs, and arrangements, if any, generally made available to other similarly situated senior executive officers
of the Company.

 

(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 settled in accordance with the terms of the
LTIP and the applicable Award Agreement governing that award.

 

(c)       Welfare,
Pension and Incentive Benefit. During the Term, Employee (and Employee’s spouse and/or eligible dependents to the extent provided
in the applicable plans and programs) shall be eligible to participate in and be covered under all the welfare benefit plans or programs
maintained by the Company or Grey Rock Administration, LLC (“Grey Rock”) for the benefit of the Company’s senior
executive officers, including, without limitation, all medical, life, hospitalization, dental, disability, accidental death and dismemberment,
and travel accident insurance plans and programs. In addition, during the Term, Employee will be eligible to participate in all 401(k),
retirement, savings and other employee benefit plans and programs maintained from time to time by the Company or Grey Rock for the benefit
of the Company’s senior executive officers. Such benefits shall be governed by the applicable plan documents, insurance policies,
or employment policies, and may be modified, suspended, or revoked in accordance with the terms of the applicable documents or policies
without violating this Agreement.

 

    	Employment Agreement	Page 4

 

     

    

 

(d)       Vacation. Employee shall be entitled to 4 weeks per year of paid vacation in
accordance with the Company’s vacation policy during the Term. Employee may use his vacation in a reasonable manner based upon
the business needs of the Company. Unless otherwise specifically permitted under the Company’s vacation policy applicable to
similarly situated employees, any accrued and unused vacation shall not be carried over from year to year. Unless required by such
vacation policy, 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.

 

(e)       Fringe
Benefits. During the Term, the Company will provide Employee with such other fringe benefits as commensurate with Employee’s
position as determined by the Board in its sole discretion.

 

(f)       Reimbursement
of Business Expenses. Employee shall be authorized to incur ordinary, necessary, and reasonable business and travel expenses while
performing his duties, responsibilities, and authorities under this Agreement and promoting the Company’s Business and activities
during the Term. The Company shall reimburse Employee for all such expenses incurred in accordance with the Company’s policies and
practices concerning reimbursement of business expenses that are submitted to the Company for reimbursement no later than 60 days after
the applicable expense was incurred. Any such reimbursement shall be made as soon as reasonably practicable but in no event later than
21⁄2 months following the end of the taxable year in which the applicable expense was incurred.

 

(g)       Payroll
Deductions. With respect to any compensation or benefits required to be paid under this Agreement, the Company shall withhold any
amounts authorized by Employee and all amounts required to be withheld by applicable federal, state, or local law.

 

6.           Termination
of Agreement. This Agreement may be terminated as follows and any termination of this Agreement shall also constitute a termination
of Employee’s employment with the Company:

 

(a)       Death;
Inability to Perform. This Agreement shall terminate immediately if the Employee dies and may be terminated upon notice to the Employee
by the Company of his Inability to Perform (as defined below). If Employee’s employment hereunder shall terminate on account of
his death or Inability to Perform, then all compensation and all benefits to Employee under this Agreement shall terminate contemporaneously
with such termination of employment, except that Employee (or Employee’s legal representative, estate, and/or beneficiaries, as
the case may be) shall be entitled to receive the Accrued Obligations (as defined below). “Inability to Perform” shall
be deemed to occur when: (i) Employee receives disability benefits under the Company’s applicable long-term-disability plan; or
(ii) the Board, upon the written report of a qualified physician designated by the Company or its insurer, has determined in its sole
discretion (after a complete physical examination of Employee at any time after he has been absent for a period of at least 120 calendar
days in any 12-month period) that Employee has become physically or mentally incapable of performing his essential job functions with
or without reasonable accommodation as required by law.

 

    	Employment Agreement	Page 5

 

     

    

 

(b)      By
the Company for Cause. The Company may terminate this Agreement for any Cause. For purposes of this Agreement,
 “Cause” shall mean any act or omission of Employee that constitutes any: (i) material breach of this Agreement,
(ii) Employee’s failure or refusal to perform Employee’s duties, responsibilities, and authorities under this Agreement,
including, but not limited to, the failure or refusal to follow any lawful directive of the Board, (iii) material violation of any
written employment policy or rule of the Company or the Company Group, which results, or is likely to result in, any material
reputational, financial, or other harm to the Company or the Company Group, (iv) misappropriation of any funds, property, or
business opportunity of the Company or the Company Group, (v) illegal use or distribution of drugs or any abuse of alcohol in any
manner that adversely affects Employee’s performance, (vi) fraud upon the Company or the Company Group or bad faith,
dishonest, or disloyal acts or omissions toward the Company or the Company Group, (vii) commission, indictment, or conviction of any
felony or any misdemeanor involving moral turpitude, or (viii) other acts or omissions contrary to the best interests of the Company
or the Company Group which has caused, or is likely to cause, material harm to them. If the Board determines in its sole discretion
that a cure is possible and appropriate, the Company shall give Employee written notice of the acts or omissions constituting Cause
and no termination of this Agreement shall be for Cause unless and until Employee fails to cure such acts or omissions within 30
days following receipt of such written notice. If the Board determines in its sole discretion that a cure is not possible and
appropriate, Employee shall have no notice or cure rights before this Agreement is terminated for Cause.

 

(c)      By
the Company Without Cause. The Company may terminate this Agreement for no reason or any reason other than death, Inability to Perform,
or for Cause by providing advance written notice to Employee that the Company is terminating the Agreement without Cause.

 

(d)       By
Employee with Good Reason. Employee shall be permitted to terminate this Agreement for any Good Reason. For purposes of this Agreement,
 “Good Reason” shall exist in the event any of the following actions are taken without Employee’s consent: (i)
a material diminution in Employee’s Base Salary, duties, responsibilities, or authorities; (ii) a requirement that Employee report
to an officer or employee other than the Board; (iii) a material relocation of Employee’s primary work location more than 50 miles
away from the Company’s corporate headquarters; or (iv) any other action or inaction by the Company that constitutes a material
breach of its obligations under this Agreement. To exercise his right to terminate for Good Reason, Employee must provide written notice
to the Company of his belief that Good Reason exists within 90 days of the initial existence of the condition(s) giving rise to Good Reason,
and that notice shall describe the condition(s) believed to constitute Good Reason. The Company shall have 30 days to remedy the Good
Reason condition(s). If not remedied within that 30-day period, Employee may terminate this Agreement; provided, however,
that such termination must occur no later than 180 days after the date of the initial existence of the condition(s) giving rise to the
Good Reason; otherwise, Employee shall be deemed to have accepted the condition(s), or the Company’s correction of
such condition(s), that may have given rise to the existence of Good Reason.

 

    	Employment Agreement	Page 6

 

     

    

 

(e)       By Employee
Without Good Reason. Employee may terminate this Agreement for no reason or any reason other than for Good Reason by providing at
least 90 days’ written notice to the Company that Employee is terminating the Agreement without Good Reason.

 

(f)       Expiration
of Term; Non-Renewal. Either party may terminate this Agreement by providing a proper notice of non-renewal to the other party in
accordance with Section 4(b).

 

(g)       Termination
Date. For purposes of this Agreement, the “Termination Date” shall mean (i) if this Agreement is terminated because
of Employee’s death, the date of death, (ii) if this Agreement is terminated because of Employee’s Inability to Perform, the
date the Company notifies Employee of the termination, (iii) if this Agreement is terminated by the Company for Cause, by the Company
without Cause, by Employee for Good Reason, or by Employee without Good Reason, the applicable effective date of such termination set
forth in the required notice of such termination, and (iv) if this Agreement is terminated by either party giving a proper notice of non-renewal
as permitted in Section 4(b) above, the last day of the Term.

 

7.            Payments
and Benefits Due Upon Termination of Agreement.

 

(a)       Accrued
Obligations. Upon any termination of this Agreement, the Company shall have no further obligation to Employee under this Agreement,
except for (i) payment to Employee of all earned but unpaid Base Salary through the Termination Date, prorated as provided above, (ii)
provision to Employee, in accordance with the terms of the applicable benefit plan of the Company or to the extent required by law, of
any benefits to which Employee has a vested entitlement as of the Termination Date, (iii) payment to Employee of any accrued unused vacation
owed to Employee as of the Termination Date if such payment is required under the Company’s vacation policy or applicable law, (iv)
payment to Employee of any approved but un-reimbursed business expenses incurred through the Termination Date in accordance with applicable
Company policy and this Agreement, and (v) if applicable, the Separation Benefits (as defined below). The payments and benefits just described
in (i)-(iv) shall constitute the “Accrued Obligations” and shall be paid when due under this Agreement, the Company’s
plans and policies, and/or applicable law.

 

    	Employment Agreement	Page 7

 

     

    

 

(b)       Separation
Benefits. If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) or by Employee
resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee
under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the
following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to two
(2) times the sum of (a) the Base Salary in effect immediately before the Termination Date plus (b) the Annual Bonus received by
Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to
the Termination Date, the Annual Bonus for purposes of this Section 7(b) shall be the Annual Bonus payable during the current fiscal
year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the 18-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 or Grey Rock’s group health insurance plan pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“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 or Grey Rock, as applicable, 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 obligation after Employee becomes eligible for group health
insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60
days of the Termination Date; provided, however, that no Separation Pay shall be paid to 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 COBRA 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 Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation
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); provided, however, that if this Agreement is terminated (i) due to
Employee’s death or (ii) by the Company due to Employee’s Inability to Perform, Employee shall be entitled to the
Prorated Bonus amount in Section 7(c).

 

(c)       Prorated
Bonus. If this Agreement is terminated in accordance with Section 6(a), the Company shall have no further obligation to Employee under
this Agreement except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus an amount equal
to the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than
one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7(c) shall be the Annual Bonus payable
during the current fiscal year at the target amount provided above) (the “Prorated Bonus”); provided,
however, that no Prorated Bonus shall be paid to 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).

 

(d)       Impact
of Termination of Employment on Annual Equity Awards. Excluding the treatment set forth in Section 8(b) below, the treatment of Employee’s
Annual Equity Awards, and any other awards received by Employee during the Term pursuant to the LTIP, shall be exclusively governed by
the terms and conditions of the LTIP and the applicable Award Agreement or Award Agreements as a result of and following the termination
of Employee’s employment with the Company, regardless of the reason for such termination.

 

    	Employment Agreement	Page 8

 

     

    

 

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 initial public offering 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 3 times the sum of (a) the Base Salary in effect immediately before
the Termination Date plus (b) the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if
Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this
Section 8 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the
 “CIC Pay”); (ii) notwithstanding anything to the contrary within the LTIP or an applicable Award Agreement,
Employee shall be entitled to accelerated vesting with respect to all time-based equity awards outstanding at the time of the
applicable termination of employment by the Company without Cause in accordance with Section 6(c) or by Employee for Good Reason in
accordance with Section 6(d); and (iii) during the 18-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
or Grey Rock’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 or Grey Rock, as applicable, 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 obligation 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 COBRA 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.
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).

 

    	Employment Agreement	Page 9

 

     

    

 

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). All
calculations and determinations under this Section 9 shall be made by the Board acting reasonably and in good faith after consulting a
reputable accounting firm or tax counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be
conclusive and binding on the Company and Employee for all purposes. For purposes of making the calculations and determinations required
by this Section 9, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section
280G and Section 4999 of the Code. The Company and Employee shall furnish the Tax Counsel with such information and documents as the Tax
Counsel may reasonably request in order to make its determinations under this Section 9. The Company shall bear all costs the Tax Counsel
may reasonably incur in connection with its services.

 

    	Employment Agreement	Page 10

 

     

    

 

10.          Conditions
on Receipt of Separation Benefits, Prorated Bonus, and Change-in-Control Benefits.

 

(a)       Execution
and Non-Revocation of General Release Agreement. Notwithstanding any other provision in this Agreement, the Company’s payment
to Employee of the Separation Benefits, the Prorated Bonus, or the Change-in-Control Benefits, as applicable, is subject to the conditions
that (i) the Employee fully complies with all applicable restrictive covenants under Sections 11-13 of this Agreement; and (ii) within
55 days after the Termination Date, the Employee executes, delivers to the Company, and does not revoke as permitted by applicable law
a General Release Agreement in a form reasonably acceptable to the Company (the “Release”) that, among other things,
fully and finally releases and waives any and all claims, demands, actions, and suits whatsoever which he has or may have against the
Company, the Company Group, and their Affiliates, whether under this Agreement or otherwise, that arose before the Release was executed.
For purposes of this Agreement, the Release shall not become fully enforceable and irrevocable until Employee has timely executed the
Release and not revoked his acceptance of the Release within seven days after its execution.

 

(b)       Separation
from Service Requirement. Notwithstanding any other provision of this Agreement, Employee shall be entitled to the Separation Benefits,
the Prorated Bonus, or the Change-in-Control Benefits, as applicable, only if the termination of this Agreement constitutes Employee’s
 “Separation from Service” within the meaning of Code Section 409A and Treasury Regulation Section 1.409A-1(h).

 

11.          Confidential
Information.

 

(a)       Scope
and Definition of Confidential Information. Employee acknowledges that the Company and the Company Group have developed
substantial goodwill with their employees and others with which they do business and competitively valuable information in
connection with the Business. Employee further acknowledges and agrees that the following items shall be entitled to trade secret
protection and constitute “Confidential Information” under this Agreement regardless of when such Confidential
Information was disclosed to Employee: any information used in the Business that gives the Company, the Company Group, or their
Affiliates an advantage over competitors and is not generally known by competitors or readily ascertainable by independent
investigation, and includes without limitation all trade secrets (as defined by applicable law); technical information, including
all ideas, prospects, proposals, and other opportunities pertaining to exploring, producing, gathering, transporting, marketing,
treating, or processing of hydrocarbons and related products and services, inventions, computer programs, computer processes,
computer codes, software, website structure and content, databases, formulae, designs, compilations of information, data,
proprietary processes, and know-how related to operations; financial information, including margins, earnings, accounts payable, and
accounts receivable; business information, including business plans, expansion plans, business proposals, pending projects, pending
proposals, sales data, and contracts; advertising information, including costs and strategies; customer information, including
customer contacts, customer lists, customer identities, customer preferences and needs, customer purchasing or service terms, and
specially negotiated terms with customers; supplier information, including supplier lists, supplier identities, contact information,
capabilities, services, prices, costs, and specially negotiated terms with suppliers; information about future plans, including
marketing strategies, target markets, promotions, sales plans, projects and proposals, research and development, and new materials
research; inventory information, including quality-control procedures, inventory ordering practices, inventory lists, and inventory
storage and shipping methods; information regarding personnel and employment policies and practices, including employee lists,
contact information, performance information, compensation data and incentive information (including any bonus or commission plan
terms), benefits, and training programs; and information regarding independent contractors and subcontractors, including independent
contractor and subcontractor lists, contact information, compensation, and agreements. Confidential Information shall also include
all information contained in any manual or electronic document or file created by the Company, the Company Group, or their
Affiliates and provided or made available to Employee. Confidential Information shall not include any information in the public
domain, through no disclosure or wrongful act of Employee, to such an extent as to be readily available to competitors.

 

    	Employment Agreement	Page 11

 

     

    

 

(b)       Agreement
to Provide Confidential Information to Employee. In exchange for Employee’s promises in this Agreement, the Company agrees during
the Term to provide Employee with access to previously undisclosed Confidential Information related to his duties, responsibilities, and
authorities under this Agreement.

 

(c)        Agreement
to Return Company Property and Confidential Information. At any time during the Term upon demand by the Company, and immediately upon
termination of this Agreement, regardless of the reason for such termination, Employee shall return to the Company all property of the
Company or the Company Group in his possession or under his control, including without limitation all Confidential Information.

 

(d)       Agreement
not to Use or Disclose Confidential Information in Unauthorized Manner. Employee acknowledges and agrees that (i) due to their Business,
the Company and the Company Group will continue to develop new and additional Confidential Information after the Effective Date that has
not been previously disclosed to him; (ii) all Confidential Information is considered confidential and proprietary to the Company and
the Company Group; and (iii) he has no right, other than under this Agreement, to receive any Confidential Information. Employee shall
at all times hold in strictest confidence, and shall not disclose or use, any Confidential Information (regardless of whether received
before or after the Effective Date) except for the exclusive benefit of the Company and the Company Group in the ordinary course of performing
his duties, responsibilities, and authorities under this Agreement, and otherwise only with the prior written consent of the Board. Employee
shall promptly advise the Board in writing of any unauthorized release or use of any Confidential Information, and shall take reasonable
measures to prevent unauthorized persons or entities from having access to, obtaining, being furnished with, disclosing, or using any
Confidential Information.

 

(e)       Protected
Activities. Nothing in this Agreement is intended to, or does, prohibit Employee from (i) filing a charge or complaint with,
providing truthful information to, or cooperating with an investigation being conducted by a governmental agency, including the
Securities Exchange Commission (the “SEC”); (ii) engaging in other legally-protected activities; (iii) giving
truthful testimony or making statements under oath in response to a subpoena or other valid legal process or in any legal
proceeding; (iv) otherwise making truthful statements as required by law or valid legal process; or (v) disclosing a trade secret in
confidence to a governmental official, directly or indirectly, or to an attorney, if the disclosure is made solely for the purpose
of reporting or investigating a suspected violation of law. Accordingly, Employee understands that he shall not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in
confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for
the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal. Employee likewise understands that, in the event he files a lawsuit
for retaliation by the Company for reporting a suspected violation of law, he may disclose the trade secret(s) of the Company or the
Company Group to his attorney and use the trade secret information in the court proceeding, if he (i) files any document containing
the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order. In accordance with
applicable law, and notwithstanding any other provision of this Agreement, nothing in this Agreement or any of any policies or
agreements of the Company or the Company Group applicable to Employee (i) impedes his right to communicate with the SEC or any other
governmental agency about possible violations of federal securities or other laws or regulations or (ii) requires him to provide any
prior notice to the Company or the Company Group or obtain their prior approval before engaging in any such communications.

 

    	Employment Agreement	Page 12

 

     

    

 

12.          Non-Competition,
Non-Solicitation, and Non-Disparagement Restrictive Covenants.

 

(a)       Acknowledgment
of Competitive Business. Employee acknowledges and agrees that (i) the Business of the Company and the Company Group is highly
competitive; (ii) he is entitled by virtue of his position of trust and confidence with the Company and the Company Group and his duties,
responsibilities, and authorities under this Agreement to access Confidential Information which could be used by competitors of the Company
and the Company Group in a manner that would irreparably harm their competitive position in the marketplace; (iii) he will be responsible
under this Agreement and as the trusted representative of the Company and the Company Group for developing and continuing valuable business
relationships and goodwill on behalf of them with their most important employees and others with which they do business; (iv) he could
call on such relationships, goodwill, and Confidential Information if he competed against the Company or the Company Group to gain an
unfair competitive advantage that would irreparably harm them; and (v) the goodwill and Confidential Information Employee will develop
and receive pursuant to this Agreement will enhance his reputation in the Business and increase his earning capacity.

 

(b)       Acknowledgment
of Need for Protection. Employee further acknowledges and agrees that it would be impossible for him to ignore all knowledge of
the Confidential Information and goodwill if he were to compete against the Company or the Company Group in the Business. It is,
therefore, reasonable and proper for the Company and the Company Group to protect against the intentional or inadvertent use of the
Confidential Information and goodwill in competition with them in the Business. Accordingly, Employee agrees that a prohibition
against his competing with the Company and the Company Group in the Business or soliciting employees or others which the Company or
the Company Group do business with during the Term and for a reasonable period of time thereafter within a reasonable geographic
area is appropriate and necessary for the protection of the Confidential Information, goodwill, and other legitimate business
interests of the Company and the Company Group.

 

    	Employment Agreement	Page 13

 

     

    

 

(c)       Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

(i)       “Company
Party Oil and Gas Interest” means any Oil and Gas Interest or Company Well in which the Company or any other Company Party has
(A) any ownership (including fee or leasehold) interest on the Termination Date; or (B) expended material financial or managerial resources
evaluating or executing oil and gas exploration or production projects or opportunities and is in the process of pursuing as of the Termination
Date.

 

(ii)      “Company
Well” means any well or well site in which the Company or any other Company Party directly or indirectly has an Oil and Gas
Interest.

 

(iii)     “Competing
Business” means any Person which competes against the Company or other Company Parties in the Business.

 

(iv)     “Customer”
means any Person (A) (1) to whom Employee personally rendered services or sold products or services to on behalf of the Company Parties
or was assigned by the Company Parties to render services to or sell products or services to on behalf of the Company Parties, (2) to
whom Employee personally provided customer-relationship services, customer-oversight, customer-management, or similar functions on behalf
of the Company Parties, or (3) with whom Employee otherwise interacted with, dealt with, or developed a relationship with, related to
the Business of the Company Parties during the Employment Term; (B) to whom an individual employed by the Company and supervised by Employee
rendered services or sold products or services to on behalf of the Company Parties during the Term; or (C) who received products or services
from the Company Parties during the Term and about which Employee has received Confidential Information.

 

(v)       The
phrase “material contact” means the contact between Employee and the Person at issue (A) with whom or which Employee
dealt with on behalf of the Company Parties; (B) whose dealings with the Company Parties were coordinated or supervised by Employee;
(C) about whom Employee had access to Confidential Information as a result of his employment by the Company; or (D) who receives products
or services authorized by the Company Parties, the sale or provision of which results or resulted in compensation being paid to Employee
during the Employment Term and within two years before the Termination Date, as applicable.

 

    	Employment Agreement	Page 14

 

     

    

 

(vi)       “Oil
and Gas Interest” means non-operated or non-working direct and indirect interests in and rights with respect to oil, gas, mineral,
and related properties (including revenues or net revenues therefrom) and assets of any kind and nature.

 

(vii)      “Person”
means any individual, business, firm, corporation, partnership, limited liability company, association, joint stock company, trust or
trustee thereof, estate or executor thereof, unincorporated organization or joint venture, or any other legally recognizable entity.

 

(viii)     The
phrase “products or services that are competitive with those provided by the Company Parties in their Business” include
the products and services provided by the Company or any other Company Party to their customers during the Term and within two years prior
to the Termination Date, as applicable.

 

(ix)      “Prospect”
means any prospective customer to whom Employee, or anyone supervised by Employee during the Employment Term, has pitched products or
services, or made a verbal or written proposal for products or services, on behalf of the Company Parties.

 

(x)        “Restricted
Area” means each oil and gas basin in which the Company or any Company Party owns Oil and Gas Interests as of the Termination
Date.

 

(xi)       “Restricted
Period” means the 12-month period following the date on which Employee’s employment with the Company terminates, regardless
of the reason for such termination.

 

(xii)       The
phrase “solicit, induce or encourage” includes, without limitation, first initiating communications with the Person
at issue.

 

    	Employment Agreement	Page 15

 

     

    

 

(d)       Covenant
not to Compete. During the Restricted Period, and except as permitted by Section 12(h) below, Employee shall not, and he shall
cause his controlled affiliates not to, in any manner, directly or indirectly, as an employee, officer, director, member, manager,
shareholder, consultant, contractor, partner, joint venturer, agent, equity owner, or in any other capacity similar to the capacity
in which he provided services to the Company Parties, (i) engage in, or carry on or assist, any Competing Business in the Restricted
Area; (ii) provide any services substantially similar to the services Employee provided to the Company Parties through any
Competitive Business in the Restricted Area; (iii) solicit, or attempt to solicit, directly or by assisting others, any business
from any of the Company’s customers with whom Employee had material contact during the Employment Term for purposes of
providing products or services on behalf of a Competitive Business or otherwise that are competitive with those provided by the
Company Parties in the Business; or (iv) solicit, encourage, facilitate, or induce any customer or Person which was a customer
within the one-year period preceding the solicitation, encouragement, facilitation, or inducement, to breach any agreement or
contract with, or discontinue or curtail his, her, or its business relationships with, the Company Parties. Notwithstanding the
foregoing, Employee shall be permitted to request, and with prior written permission from the Company which shall not be
unreasonably withheld, shall be permitted, following the termination of his employment with the Company and notwithstanding this
Section 12(d), to provide professional advice to, or become employed or otherwise engaged by, a diversified entity that engages in
competition with the Company so long as Employee’s duties for such entity do not directly or indirectly involve any aspect of
such entity’s business that competes with, or is anticipated to compete with, the Company’s business as conducted by the
Company at any time during the course of Employee’s employment with the Company; Employee fully complies with all otherwise
applicable covenants under this Agreement; and Employee does not undertake the performance of such employment or engagement with the
intent to circumvent, and does not otherwise permit the circumvention of, any otherwise applicable terms and conditions of the
Agreement.

 

(e)       Covenant
not to Solicit. During the Restricted Period, Employee shall not, and he shall cause his controlled affiliates not to, in any manner,
directly or indirectly, as an employee, officer, director, member, manager, shareholder, consultant, contractor, partner, member, joint
venturer, agent, equity owner or in any other capacity similar to the capacity in which he provided services to the Company Parties, (i)
solicit, induce, or encourage any supplier of the Company Parties or Person that was a supplier at any time in the two years preceding
the solicitation, inducement, or encouragement, or any vendors, manufacturers, advertisers, agents, sales representatives, contractors,
consultants, service-providers, or licensees of the Company Parties, to breach any agreement or contract with, or discontinue or curtail
his, her, or its business relationships with, the Company Parties; or (ii) hire, solicit, induce, or encourage, as an employee, independent
contractor, or otherwise, any Person who is an employee of the Company or Grey Rock, or was an employee of the Company or Grey Rock at
any time in the two years preceding the solicitation, hiring, or engagement, to terminate his or her employment relationship with the
Company or Grey Rock or to provide services to any Competitive Business or other Person. The post-termination restrictions described in
this subparagraph apply only to those Persons with whom Employee had material contact relating to the Business, or about whom Employee
had access to Confidential Information, within two years before the Termination Date.

 

    	Employment Agreement	Page 16

 

     

    

 

(f)       Non-Disparagement
Covenant. Except as permitted above or by applicable law that may supersede the terms of this Agreement or as compelled by valid
legal process or as otherwise necessary in the proper performance of his duties, responsibilities, and authorities under this
Agreement in good faith, Employee shall not during the Term or following the Termination Date make to any other Person any statement
(whether oral, written, electronic, anonymous, on the Internet, or otherwise) about the Company Parties or their respective
equityholders, officers, directors, employees, members, managers, consultants, agents or representatives that (i) are disparaging,
slanderous, libelous or defamatory; or (ii) place them in a negative light before the public. In executing this Agreement, Employee
acknowledges and agrees that he has knowingly, voluntarily, and intelligently waived any free speech, free association, free press,
or First Amendment to the United States Constitution (including, without limitation, any counterpart or similar provision or right
under the Constitution of any State) rights to disclose, communicate, or publish any statements prohibited by this subparagraph.

 

(g)       Requirement
to Notify New Employer. If Employee’s employment with the Company terminates, Employee shall notify any of his subsequent employers
during the first 12 months following the Termination Date of the existence of this Agreement and of Employee’s obligations and restrictions
under this Agreement.

 

(h)       Permitted
Exception. Employee shall be permitted without violating the above-referenced covenants under this Agreement to make passive personal
investments in securities that are registered on a national stock exchange if the aggregate amount owned by him and all family members
and Affiliates does not exceed 2% of such company’s outstanding securities as long as (i) these activities do not prevent Employee
from fulfilling his duties, responsibilities, and authorities under this Agreement, and (ii) Employee fully complies with his otherwise
applicable obligations under this Agreement.

 

13.          Inventions. Any and all Confidential Information and other discoveries, inventions, improvements, trade secrets (as defined
by applicable law), know-how, works of authorship, or other intellectual property conceived, created, written, developed, or first reduced
to practice by Employee before or after the Effective Date, alone or jointly, in the performance of his duties, responsibilities, or authorities
for the Company or the Company Group (the “Inventions”) shall be the sole and exclusive property of the Company and
the Company Group, as applicable. Employee acknowledges that all original works of authorship protectable by copyright that are produced
by Employee in the performance of his duties, responsibilities, or authorities for the Company and the Company Group are “works
made for hire” as defined in the United States Copyright Act (17 U.S.C. § 101). In addition, to the extent that any such
works are not works made for hire under the United States Copyright Act, Employee hereby assigns without further consideration all right,
title, and interest in such works to the Company and the Company Group. Employee shall promptly and fully disclose to the Company all
Inventions, shall treat all Inventions as Confidential Information, and hereby assigns to the Company and the Company Group without further
consideration all of his right, title, and interest in and to any and all Inventions, whether or not copyrightable or patentable. Employee
shall execute all papers, including applications, invention assignments, and copyright assignments, and shall otherwise assist the Company
and the Company Group as reasonably required to memorialize, confirm, and perfect in them the rights, title, and other interests granted
to the Company and the Company Group under this Agreement.

 

14.          Duties
of Confidentiality and Loyalty Under the Common Law. Employee’s obligations under this Agreement shall supplement, rather than
supplant, his common-law duties of confidentiality and loyalty owed to the Company and the Company Group.

 

15.           Survival and Enforcement of Covenants; Remedies.

 

(a)       Survival
of Covenants. Employee’s covenants in Sections 11-13 shall survive the termination of this Agreement according to their
terms, regardless of the reason for such termination, and shall be construed as agreements independent of any other provision of
this Agreement, and the existence of any claim or cause of action of Employee against the Company or the Company Group (whether
under this Agreement or otherwise), shall not constitute a defense to the enforcement by the Company or the Company Group of those
covenants.

 

    	Employment Agreement	Page 17

 

     

    

 

(b)       Enforcement
of Covenants. Employee acknowledges and agrees that his covenants in Sections 12 and 13 are ancillary to the otherwise enforceable
agreements by the Company under this Agreement to provide him with equity awards and access to previously undisclosed Confidential Information
and by him not to disclose such Confidential Information, and are supported by independent, valuable consideration. Employee further acknowledges
and agrees that the limitations as to time, geographical area, and scope of activity to be restrained by those covenants are reasonable
and acceptable to him and do not include any greater restraint than is reasonably necessary to protect the Confidential Information, goodwill,
and other legitimate business interests of the Company and the Company Group. Employee further agrees that, if at some later date, a court
of competent jurisdiction determines that any of the covenants in Sections 11-13 are unreasonable, any such covenants shall be reformed
by the court and enforced to the maximum extent permitted under applicable law.

 

(c)        Remedies.
In the event of breach or threatened breach by Employee of any of his covenants in Sections 11, 12, or 13, the Company and the Company
Group shall be irreparably damaged in amounts difficult to ascertain and therefore entitled to equitable relief (without the need to post
a bond or prove actual damages) by temporary restraining order, temporary injunction, or permanent injunction or otherwise, in addition
to all other legal and equitable relief to which they may be entitled, including any and all monetary damages, which it may incur as a
result of such breach, violation, or threatened breach or violation. The Company and the Company Group may pursue any remedy available
to them concurrently or consecutively in any order as to any breach, violation, or threatened breach or violation, and the pursuit of
one of such remedies at any time shall not be deemed an election of remedies or waiver of the right to pursue any other of such remedies
as to such breach, violation, or threatened breach or violation, or as to any other breach, violation, or threatened breach or violation.
If Employee breaches any of his covenants in Section 12, the time periods pertaining to such covenants shall also be suspended and shall
not run in favor of him from the time he first breached such covenants until the time when he ceases such breach. Notwithstanding anything
to the contrary in this Agreement, the Company may amend the provisions of Sections 11, 12, or 13 without the approval of Employee or
any other person to provide for less restrictive limitations as to time, geographical area, or scope of activity to be restrained. Any
such less restrictive limitations may, in the Company’s sole discretion, apply only with respect to the enforcement of this Agreement
in certain jurisdictions specified in any such amendment. At the request of the Company, Employee shall consent to any such amendment
and shall execute and deliver to the Company a counterpart signature page to such amendment.

 

(d)       After-Acquired
Evidence. Notwithstanding any provision of this Agreement to the contrary, if the Company determines that Employee is eligible
to receive the Separation Benefits, the Prorated Bonus, or the Change-in-Control Benefits, as applicable, but, after such
determination, the Company subsequently acquires evidence and determines that (i) Employee has materially breached the terms
Sections 2, 11, 12, or 13; or (ii) a Cause condition existed prior to the Termination Date that, if curable, was not cured prior to
the Termination Date, and that, had the Company been fully aware of such condition, would have given the Company the right to
terminate Employee’s employment for Cause pursuant to Section 6(b), then the Company shall have the right to cease the payment
of any future installments of any such payments, as applicable, and Employee shall promptly return to the Company all installments
of such payments, as applicable, received by Employee prior to the date that the Company determines that the conditions of this
Section have been satisfied.

 

    	Employment Agreement	Page 18

 

     

    

 

(e)       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), amounts paid or payable 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 amounts paid
or payable under this Agreement.  Notwithstanding any provision of this Agreement to the contrary, the Company reserves the right,
without the consent of Employee, to adopt any such clawback policies and procedures to the extent required by applicable law or any applicable
securities exchange listing standards, including such policies and procedures applicable to this Agreement with retroactive effect.

 

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, 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. 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.

 

17.          Waiver
of Right to Jury Trial. NOTWITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT, EACH PARTY SHALL, AND HEREBY DOES, IRREVOCABLY WAIVE
THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY DISPUTE, CONTROVERSY, CLAIM, OR CAUSE OF ACTION AGAINST THE OTHER PARTY OR ITS AFFILIATES,
INCLUDING ANY ARISING OUT OF OR RELATING TO EMPLOYEE’S EMPLOYMENT WITH THE COMPANY, THE TERMINATION OF THAT EMPLOYMENT, OR THIS
AGREEMENT (EITHER ALLEGED BREACH OR ENFORCEMENT).

 

18.          Entire
Agreement. This Agreement constitutes the entire agreement and understanding between the parties concerning its subject matters
and supersedes all prior and contemporaneous agreements and understandings, both written and oral, between the parties with respect
to such subject matters. Employee acknowledges and agrees that the Company has not made any promise or representation to him
concerning this Agreement not expressed in this Agreement, and that, in signing this Agreement, he is not relying on any prior oral
or written statement or representation by the Company or its representatives outside of this Agreement but is instead relying solely
on his own judgment and his legal and tax advisors, if any.

 

    	Employment Agreement	Page 19

 

     

    

 

19.          Inconsistencies.
Notwithstanding anything to the contrary, if any provision of this Agreement is inconsistent with any provision of the Company’s
applicable benefit plan documents, insurance policies, or employment policies, the applicable provision of this Agreement shall govern.

 

20.           Amendment.
Any modification to or waiver of this Agreement shall be effective only if it is in writing and signed by the parties to this Agreement.
Notwithstanding the previous sentence, the Company may modify or amend this Agreement in its sole discretion at any time without the
further consent of the Employee in any manner necessary to comply with applicable law and regulations or the listing or other requirements
of any stock exchange upon which the Company or its Affiliate is listed.

 

21.          Waiver.
The waiver by either party of a breach of any term of this Agreement shall not operate or be construed as a waiver of a subsequent breach
of the same provision by either party or of the breach of any other term or provision of this Agreement.

 

22.          Severability.
If any provision of this Agreement is held to be illegal, invalid, or unenforceable by a court of competent jurisdiction, (a) this
Agreement shall be considered divisible, (b) such provision shall be deemed inoperative to the extent it is deemed illegal, invalid,
or unenforceable, and (c) in all other respects this Agreement shall remain in full force and effect; provided,
however, that, if any such provision may be made enforceable by such court by limitation, then such provision shall be so
limited by such court and shall be enforceable to the maximum extent permitted by applicable law.

 

23.        Governing Law; Venue. This Agreement shall be governed by the laws of the State of Texas, 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 Agreement being in the state or federal court of competent jurisdiction that regularly
conducts proceedings or has jurisdiction Dallas County, Texas. Nothing in this Agreement, however, precludes either party from seeking
to remove a civil action from any state court to federal court.

 

24.          Third-Party
Beneficiaries. The Company Group and the Company’s other Affiliates shall be included within the definition of “Company”
for purposes of this Agreement, are intended to be third-party beneficiaries of this Agreement, and therefore may enforce this Agreement.
In addition, for purposes of Sections 11-13 of this Agreement, Grey Rock shall be included within the definition of “Company,”
is intended to be a third-party beneficiary of this Agreement, and therefore may enforce Sections 11-13 of this Agreement.

 

25.           Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together
shall be considered one and the same agreement. The delivery of this Agreement in the form of a clearly legible facsimile or
electronically scanned version by e-mail shall have the same force and effect as delivery of the originally executed document.

 

    	Employment Agreement	Page 20

 

     

    

 

26.          Code Section 409A.

 

(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. The provisions of this Agreement shall be interpreted
in a manner consistent with this intent. 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.

 

(b)       Specified
Employee Postponement. Notwithstanding the previous Section or any other provision of this Agreement to the contrary, if the Company
or an Affiliate that is treated as a “service recipient” (as defined in Section 409A) is publicly traded on an established
securities market (or otherwise) and Employee is a “specified employee” (as defined below) and is entitled to receive
a payment that is subject to Section 409A on account of Employee’s Separation from Service, such payment may not be made earlier
than six months following the date of his Separation from Service if required by Section 409A, in which case, the accumulated postponed
amount shall be paid in a lump sum payment on the Section 409A Payment Date. The “Section 409A Payment Date” is the
earlier of (i) the date of Employee’s death or (ii) the date that is six months and one day after Employee’s Separation from
Service. The determination of whether Employee is a “specified employee” shall be made in accordance with Section 409A using
the default provisions in the Section 409A unless another permitted method has been prescribed for such purpose by the Company.

 

(c)       Reimbursement
of In-Kind Benefits. Any reimbursement or in-kind benefit provided under this Agreement which constitutes a “deferral of compensation”
within the meaning of Treasury Regulation Section 1.409A-1(b) shall be made or provided in accordance with the requirements of Code Section
409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified
in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not
affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement
of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred,
and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

27.         Right
to Consult an Attorney and Tax Advisor. Notwithstanding any contrary provision in this Agreement, Employee shall be solely
responsible for any risk that the tax treatment of all or part of any payments provided by this Agreement may be affected by Code
Section 409A, which may impose significant adverse tax consequences on him, including accelerated taxation, a 20% additional tax,
and interest. Employee therefore has the right, and is encouraged by this Section, to consult with a tax advisor of his choice
before signing this Agreement. Employee is also encouraged by this Section to consult with an attorney of his choice before signing
this Agreement.

 

    	Employment Agreement	Page 21

 

     

    

 

28.          Representations of Employee. Employee represents and warrants that (a) he has not previously assumed any obligations inconsistent
with those in this Agreement; (b) his execution of this Agreement, and his employment with the Company, shall not violate any other contract
or obligation between Employee and any former employer or other third party; and (c) during the Term, he shall not use or disclose to
anyone within the Company, any other member of the Company Group, or Grey Rock any proprietary information or trade secrets of any former
employer or other third party. Employee further represents and warrants that he has entered into this Agreement pursuant to his own initiative
and that the Company did not induce him to execute this Agreement in contravention of any existing commitments. Employee further acknowledges
that the Company has entered into this Agreement in reliance upon the foregoing representations of Employee.

 

29.          Survival. The following shall provisions shall survive the termination of Employee’s employment and/or the expiration
or termination of this Agreement, regardless of the reasons for such expiration or termination: Section 7 (“Payments and Benefits
Due Upon Termination of Agreement”), Section 8 (“Payments and Benefits Due Upon Certain Change-in-Control Events”),
Section 9 (“Parachute Payment Limitation”), Section 10 (“Conditions on Receipt of Separation Benefits, Prorated
Bonus, and Change-in-Control Benefits”), Section 11 (“Confidential Information”), Section 12 (“Non-Competition,
Non-Solicitation, and Non-Disparagement Restrictive Covenants”), 13 (“Inventions”), Section 15 (“Survival
and Enforcement of Covenants; Remedies”), Section 17 (“Waiver of Right to Jury Trial”), Section 18 (“Entire
Agreement”), Section 19 (“Inconsistencies”), Section 23 (“Governing Law; Venue”), Section
24 (“Third-Party Beneficiaries”), and Section 30 (“Notices”).

 

30.          Notices.
For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have
been duly given (a) when received or rejected if delivered personally or by courier; or (b) on the date receipt is acknowledged if delivered
by certified mail, postage prepaid, return receipt requested:

 

	If to Employee, addressed to:	If to the Company, addressed to:
	
     

    Luke Brandenberg

    [address redacted per Reg. S-K Item 601(a)(6)]

    [address redacted per Reg. S-K Item 601(a)(6)]

    or the last known residential address reflected
    in the Company’s records
	
     

    Granite Ridge Resources, Inc.

    Attention: Corporate Secretary

    5217 McKinney Avenue, Suite 400

    Dallas, Texas 75205

 

or to such other address as
either party may furnish to the other in writing in accordance herewith, except that notices or changes of address shall be effective
only upon receipt.

 

[Signature Page Follows]

 

    	Employment Agreement	Page 22

 

     

    

 

AGREED as of the dates signed
below:

 

	granite
    ridge resources, inc.	 	EMPLOYEE
	 	 	 
	By:	/s/ Matt Miller	 	By:	/s/ Luke Brandenberg
	 	Name: Matt Miller	 	 	Luke Brandenberg
	 	Title: Co-Chairman of the Board	 	 

 

	Date Signed:	October 24, 2022	 	Date Signed:	October 24, 2022

 

    	Employment Agreement	Signature Page

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