Document:

EX-10.12

 Exhibit 10.12 

INDEPENDENT DIRECTOR AGREEMENT 

THIS INDEPENDENT DIRECTOR AGREEMENT (this “Agreement”), dated as of October     , 2018, will become
effective upon the closing of the Company’s initial public offering of its common stock, $0.01 par value (the “Effective Date”), and is by and between RILEY EXPLORATION PERMIAN, INC., a Delaware corporation (the
“Company”), and [•], an individual resident of the State of [•] (the “Director”). 

WHEREAS, the Company appointed the Director effective as of the Effective Date and desires to enter into an agreement with the Director with
respect to such appointment; and 
 WHEREAS, the Director is willing to accept such appointment and to serve the Company on the terms set
forth herein and in accordance with the provisions of this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows. 

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

2. Duties.

(a) During the Directorship Term (as defined herein), the Director shall make reasonable business efforts to (i) attend
all Board meetings and quarterly pre-scheduled Board and Management conference calls, (ii) serve on appropriate subcommittees as reasonably requested and agreed upon by the Board, (iii) make himself
available to the Company at mutually convenient times and places, (iv) attend external meetings and presentations when agreed in advance, as appropriate, and convenient, and (v) perform such duties, services, and responsibilities, and
shall have the authority commensurate to such position. 
 (b) The Director will use his best efforts to promote the
interests of the Company. The Company recognizes that the Director (i) is or may become a full-time executive employee of another entity and that his responsibilities to such entity must have priority and (ii) sits or may sit on the board
of directors of other entities, subject to any limitations set forth by the Sarbanes-Oxley Act of 2002 and limitations provided by any exchange or quotation service on which the Company’s common stock is listed or traded. Notwithstanding
the same, the Director will provide the Company with prior written notice of any future commitments to such entities and use reasonable business efforts to coordinate his respective commitments so as to fulfill his obligations to the Company and, in
any event, will fulfill his legal obligations as a Director. Except as otherwise allowed by the Company’s Certificate of Incorporation and other than as set forth above, the Director will not, without the prior notification to the Board, engage
in any other business activity which could materially interfere with the performance of his duties, services and responsibilities hereunder or which is in violation of the reasonable policies established from time to time by the Company,
provided that the foregoing shall in no way limit his activities on behalf of (i) any current employer and its affiliates or (ii) the board of directors of any entities on which he currently sits. At
such time as the Board receives such notification, the Board may require the resignation of the Director if it determines that such business activity does in fact materially interfere with the performance of the Director’s duties, services and
responsibilities hereunder. 

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

 

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

  

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

  

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

  

	 	(d)	 Equity Compensation. Within sixty (60) days of the Effective Date, the Board, and of each
anniversary thereafter, as applicable, Director shall be eligible to receive an annual restricted stock award in an amount with a value equal to $50,000 based on the closing price of the Company’s Common Stock on the Effective Date or
anniversary, as applicable. Any and all equity awards shall be granted under and shall be subject to the terms and provisions of a long term incentive plan (an “LTIP”) duly approved and adopted by the Board and shall be
granted subject to the execution and delivery of stock award agreements in substantially the same form as may, from time to time, be approved by the Board, setting forth such terms and conditions as may be required by the Board or by the applicable
LTIP. 

  

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

 

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

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

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

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

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

(a) Unauthorized Disclosure. The Director agrees and understands that in the Director’s position with the
Company, the Director has been and will be exposed to and receive information relating to the confidential affairs of the Company, including, but not limited to, technical information, business and marketing plans, strategies, customer information,
other information concerning the Company’s products, promotions, development, financing, expansion plans, business policies and practices, and other forms of information considered by the Company to be confidential and in the nature of trade
secrets. The Director agrees that during the Directorship Term and thereafter, the Director will keep such information confidential and will not disclose such information, either directly or indirectly, to any third person or entity without the
prior written consent of the Company; provided, however, that (i) the Director shall have no such obligation to the extent such information is or becomes publicly known or generally known in the Company’s
industry other than as a result of the Director’s breach of his obligations hereunder and (ii) the Director may, disclose the Company’s confidential information as required by applicable law, subpoena, court order or other legal or
arbitral process, provided that, (1) the Director shall, to the extent permitted, first notify the Company of such compulsion so that the Company, if it desires and at its own expense, may seek a protective
order or other appropriate remedy and/or waive compliance with the terms of this Agreement and (2) if such a protective order or other remedy is not obtained or if the Company waives compliance with the terms of this Agreement, the Director
shall disclose only that portion of confidential information as advised by counsel as legally required, and, at the Company’s expense, shall reasonably cooperate with the Company in its efforts to obtain a protective order or other assurance
that confidential treatment will be accorded such confidential information. This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Directorship Term, the Director will promptly return to the
Company and/or, at the Company’s 

  
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direction, destroy all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data, other
product or document, and any summary or compilation of the foregoing, in whatever form, including, without limitation, in electronic form, which has been produced by, received by or otherwise submitted to the Director in the course or otherwise as a
result of the Director’s position with the Company during or prior to the Directorship Term, provided that the Company shall retain such materials and make them available to the Director if requested by him in
connection with any litigation against the Director under circumstances in which (i) the Director demonstrates to the reasonable satisfaction of the Company that the materials are necessary to his defense in the litigation and (ii) the
confidentiality of the materials is preserved to the reasonable satisfaction of the Company. 
 (b) Covenant not to
Compete. Beginning on the Effective Date and continuing for 12 months after the termination or expiration of the Directorship Term (the “Restricted Period”), Director shall not directly or indirectly (including without
limitation through any family member or affiliate) serve as an officer, director, consultant, independent contractor, subcontractor, employee, or in any other capacity similar to the capacity in which Director serves the Company, in any business or
activity that is in engaged in leasing, acquiring, exploring, developing, or producing hydrocarbons and related products within the boundaries of, or within a five-mile radius of the boundaries of, (1) any mineral property interest of the
Company (including, without limitation, a mineral lease, overriding royalty interest, production payment, net profits interest, mineral fee interest, or option or right to acquire any of the foregoing, or an area of mutual interest as designated
pursuant to contractual agreements between the Company and any third party), (2) any other property on which the Company has an option, right, license, or authority to conduct or direct exploratory activities, such as three dimensional seismic
acquisition or other seismic, geophysical and geochemical activities, or (3) any producing well or any well-in-progress being drilled and/or completed by the
Company, as applicable, in the Permian Basin (the “Restricted Area”). 
 (c) Non-Solicitation. During the Directorship Term and for a period of one (1) year thereafter, the Director shall not interfere with the Company’s relationship with, or endeavor to entice away from
the Company, any person who, on the date of the termination of the Directorship Term and/or at any time during the one year period prior to the termination of the Directorship Term, was an employee or customer of the Company or otherwise had a
material business relationship with the Company. 
 (d) Insider Trading Guidelines. Director agrees to execute the
Company’s Policy Prohibiting Insider Trading and Unauthorized Disclosure of Information to Others in the form attached hereto as Exhibit A. 

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

  
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 (f) The provisions of this Section 6 shall survive any termination of
the Directorship Term, and the existence of any claim or cause of action by the Director against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and
agreements of this Section 6. 
 7. Indemnification. The Company and the Director will enter into an indemnification
agreement in a form substantially similar to the Form of Indemnification Agreement attached hereto as Exhibit B and shall use its best efforts to maintain Directors and Officers Insurance benefitting the Board. 

8. Non-Waiver of Rights. The failure to enforce at any time the provisions of this
Agreement or to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part hereof, or the
right of either party hereto to enforce each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions at that time or at any prior or subsequent time. 
 9. Notices. Every notice
relating to this Agreement shall be in writing and shall be given by personal delivery, by registered or certified mail, postage prepaid, return receipt requested, via a reputable overnight courier service; to: 

If to the Company: 
 Riley
Exploration Permian, Inc. 
 29 East Reno, Suite 500 

Oklahoma City, OK 73104 

Attn: Bobby D. Riley, Chief Executive Officer 

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

10. Binding Effect/Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, executors, personal representatives, estates, successors (including, without limitation, by way of merger) and assigns. Notwithstanding the provisions of the immediately preceding sentence, neither the Director nor the Company
shall assign all or any portion of this Agreement without the prior written consent of the other party. 
 11. Entire
Agreement. This Agreement (together with the exhibits and other agreements referred to herein) sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written
or oral, between them as to such subject matter. 
 12. Severability. If any provision of this Agreement, or any application
thereof to any circumstances, is invalid, in whole or in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications of this Agreement. 

  
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 13. Governing Law. This Agreement and the legal relations among the parties
shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and the Director hereby irrevocably and unconditionally (i) agree that any action
or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of
America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection
to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or
inconvenient forum; provided, however, that neither party shall commence any such action or proceeding unless prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action
which is the subject of such action or proceeding through mediation by an independent third party. 
 14. Legal Fees. The parties
hereto agree that the non-prevailing party in any dispute, claim, action or proceeding between the parties hereto arising out of or relating to the terms and conditions of this Agreement or any provision
thereof (a “Dispute”), shall reimburse the prevailing party for reasonable attorney’s fees and expenses incurred by the prevailing party in connection with such Dispute; provided, however,
that the Director shall only be required to reimburse the Company for its fees and expenses incurred in connection with a Dispute if the Director’s position in such Dispute was found by the court, arbitrator or other person or entity presiding
over such Dispute to be frivolous or advanced not in good faith. 
 15. Modifications. Neither this Agreement nor any provision
hereof may be modified, altered, amended or waived except by an instrument in writing duly signed by the both parties. 
 16.
Construction. Whenever any words used herein are in the singular form, they shall be construed as though they were also used in the plural form in all cases where they would so apply. The headings contained herein are solely for the
purposes of reference, are not part of this Agreement and shall not in any way affect the meaning or interpretation of this Agreement. 
 17.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 

[SIGNATURE PAGES FOLLOWS] 

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

	
	RILEY EXPLORATION PERMIAN, INC.
	
	By:
	Bobby D. Riley
	Chief Executive Officer and Director
	
	DIRECTOR
	
	   

	Printed Name

  
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 Exhibit A 

Policy Prohibiting Insider Trading and 

Unauthorized Disclosure of Information to Others 

[see attached] 
 Exhibit B

 Form of Indemnification Agreement 

[see attached]EX-10.13

 Exhibit 10.13 

RILEY EXPLORATION PERMIAN, INC. 

2018 LONG TERM INCENTIVE PLAN 

FORM OF RESTRICTED STOCK AGREEMENT 

(Time Vesting) 
  

			
	Grant Date:	  	                                     
            (the “Grant Date”)
		
	Name of Grantee:	  	                                     (the
“Grantee” or “you”)
		
	Number of Restricted Shares subject to Award:	  	                                     (the
“Restricted Shares”)

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

WHEREAS, the Company adopted the Riley Exploration Permian, Inc., 2018 Long Term Incentive Plan (as amended from time to time, the
“Plan”), under which the Company is authorized to grant equity-based awards to certain employees and service providers of the Company; 

WHEREAS, the Company, in order to induce you to enter into and to continue and dedicate service to the Company and to materially
contribute to the success of the Company, agrees to grant you this award of Restricted Stock; 
 WHEREAS, you acknowledge that a copy
of the Plan has been furnished to you and shall be deemed a part of this Agreement as if fully set forth herein and the terms capitalized but not defined herein shall have the meanings set forth in the Plan; and 

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

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other valuable consideration hereinafter set forth,
the parties agree as follows: 
 1. The Grant. Subject to the conditions set forth below, the Company hereby grants you, effective as
of the Grant Date, as a matter of separate inducement and not in lieu of any salary or other compensation for your services to the Company, an award of Restricted Stock (the “Award”) consisting of the number of Restricted
Shares set forth above in accordance with the terms and conditions set forth herein and in the Plan. 
 2. Escrow of Restricted
Shares. The Company shall evidence the Restricted Shares in the manner that it deems appropriate. The Company may issue in your name a certificate or certificates representing the Restricted Shares and retain such certificate(s) until the
restrictions on such Restricted Shares expire as described in Section 5 or 6 of this Agreement or the Restricted Shares are forfeited as described in Section 4 and 6 of this
Agreement. If the Company certificates the Restricted Shares, you shall execute one or more stock powers in blank 

 
for those certificates and deliver those stock powers to the Company. The Company shall hold the Restricted Shares and the related stock powers pursuant to the terms of this Agreement, if
applicable, until such time as (a) a certificate or certificates for the Restricted Shares are delivered to you, (b) the Restricted Shares are otherwise transferred to you free of restrictions, or (c) the Restricted Shares are
canceled and forfeited pursuant to this Agreement. 
 3. Ownership of Restricted Shares. From and after the time the Restricted Shares
are issued in your name, you will be entitled to all the rights of absolute ownership of the Restricted Shares, including the right to vote such shares and to receive dividends thereon if, as, and when declared by the Board, subject, however, to the
terms, conditions and restrictions set forth in this Agreement; provided, however, that the Company will retain custody of all dividends and distributions, if any (“Retained Distributions”), made or declared on
the Restricted Shares (and such Retained Distributions shall be subject to forfeiture and the same restrictions, terms, vesting and other conditions as are applicable to the Restricted Shares) until such time, if ever, as the Restricted Shares with
respect to which such Retained Distributions shall have been made, paid or declared shall have become vested, and such Retained Distributions shall not bear interest or be segregated in a separate account. As soon as practicable, but no event later
than sixty (60) days, following the lapse of the Forfeiture Restrictions (defined below) on such Restricted Shares, any Retained Distributions shall be delivered to the Grantee or to the Grantee’s legal guardian or representative, as
applicable. 
 4. Restrictions; Forfeiture. The Restricted Shares are restricted in that they may not be sold, transferred or
otherwise alienated or hypothecated until these restrictions are removed or expire as described in Section 5 or 6 of this Agreement. The Restricted Shares are also restricted in the sense that they may be forfeited
to the Company (the “Forfeiture Restrictions”). You hereby agree that if the Restricted Shares are forfeited, as provided in Section 5 or Section 6, the Company shall have
the right to deliver the Restricted Shares to the Company’s transfer agent for, at the Company’s election, cancellation or transfer to the Company. 

5. Expiration of Restrictions and Risk of Forfeiture. The restrictions on the Restricted Shares described in
Section 4 of this Agreement will expire and the Restricted Shares will become transferable and nonforfeitable, provided that, subject to Section 6, you remain in the employ of, or a service
provider to, the Company or its Affiliates until the applicable dates set forth in the following schedule: 
  

			
	 Number of Restricted Shares that Vest
	  	 Vesting Date

  
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 6. Termination of Employment or Services, Forfeiture and Change in Control. 

(a) Termination Without Cause or for Good Reason. If your employment or service relationship with the Company or its Affiliates is
terminated by the Company or its Affiliates without Cause (defined below) or due to a termination for Good Reason (defined below), then all Forfeiture Restrictions will lapse upon the date of such termination with respect to a fraction of the
Restricted Shares for which the restrictions lapse on the next Vesting Date, with the numerator of such fraction being the number of days since the last Vesting Date (or if no Vesting Date has yet occurred, the Grant Date) and the denominator of
such fraction being 365. 
 (b) Forfeiture. If your employment or service relationship with the Company or any of its Affiliates is
terminated for any reason, then those Restricted Shares for which the restrictions have not lapsed as of the date of termination shall become null and void and those Restricted Shares shall be forfeited to the Company. Except as set forth in
Section 6(c) below, the Restricted Shares for which the restrictions have lapsed as of the date of such termination shall not be forfeited to the Company. 

(c) Termination for Cause. If your employment or service relationship with the Company or its Affiliates is terminated by the Company or
its Affiliates for Cause, then all Restricted Shares, irrespective of whether the Forfeiture Restrictions have lapsed, shall become null and void and the Restricted Shares shall be forfeited to the Company as of the date of such termination for no
consideration. 
 (d) Change in Control. Notwithstanding Section 6(a) above, if your employment or service
relationship with the Company or its Affiliates is terminated within one (1) year following a Change in Control by the Company or its Affiliates without Cause or due to a termination for Good Reason, then all Forfeiture Restrictions will lapse
with respect to 100% of the Restricted Shares upon the date of such termination. 
 (e) Effect of Other Agreements. Notwithstanding
any provision herein to the contrary, in the event of any inconsistency between this Section 6 and any employment, severance or change in control agreement between you and the Company or a similar plan or arrangement
sponsored or maintained by the Company in which you participate (each, a “Related Agreement”), the terms of Section 6 shall control. 

(f) Definitions. For purposes of this Agreement, the following terms shall be defined as such term within your Related Agreement. In the event
that you do not have a Related Agreement or the Related Agreement does not define the terms, the terms shall be defined as below: 
 (i)
“Cause” shall mean any of the following: (i) your commission of fraud, theft, or embezzlement against the Company or any of its direct and indirect subsidiaries (collectively, with the Company, the “Company
Group”) or a breach of fiduciary duty with respect to any member of the Company Group; (ii) your failure or refusal (other than due to Disability) without proper legal cause to perform your duties or to follow the lawful directions
of the Board or the Chief Executive Officer; (iii) your breach of this Agreement, or breach of any other written agreement between you and any member of the Company Group; (iv) your misconduct or gross negligence in the performance of
duties to any member of the Company Group; (v) your breach or violation of any policy of any member of the Company Group, 

  
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including all applicable codes of conduct and pertaining to sexual harassment, discrimination or insider trading; or (vi) any other act or omission by you that is, or can reasonably be
expected to be, materially injurious to the Company or any other member of the Company Group, in each case as determined in good faith by the Board; provided, however, that if your actions or omissions as set forth in clauses (ii),
(iii), (iv), (v) or (vi) above are of such nature that they may be cured, as determined by the Board in its sole discretion, such actions or omissions must remain uncured thirty (30) days after the Board has provided you written notice of
the obligation to cure such actions or omissions in order for a termination to be deemed for Cause. 
 (ii)
“Disability” shall mean you are unable to perform the essential functions of your position, after accounting for reasonable accommodation (if applicable and required by law), due to an illness or physical or mental impairment
or other incapacity that continues, or can reasonably be expected to continue, for a period in excess of ninety (90) days, whether or not consecutive. 

(iii) “Good Reason” shall include: (i) a material reduction in your base salary; (ii) the relocation of the
geographic location of your principal place of employment to a location more than fifty (50) miles from your principal place of employment at the time of the proposed relocation (excluding reasonably required business travel in connection with
the performance of your duties); or (iii) a material diminution in your position, responsibilities or duties. Notwithstanding the foregoing, any assertion by you of a termination for Good Reason shall not be effective unless all of the
following conditions are satisfied: (A) the condition giving rise to your termination of employment must have arisen without your consent, (B) you must provide written notice to the Board of the existence of such condition(s) within ninety
(90) days of the initial existence of such condition(s), (C) the condition(s) specified in such notice must remain uncorrected for thirty (30) days following the Board’s receipt of such written notice, and (D) the date of your
termination of employment must occur within ninety (90) days following the Board’s receipt of such notice. 
 7. Leave of
Absence. With respect to the Award, the Company may, in its sole discretion, determine that if you are on leave of absence for any reason you will be considered to still be in the employ of, or providing services for, the Company, provided that
rights to the Restricted Shares during a leave of absence will be limited to the extent to which those rights were earned or vested when the leave of absence began. 

8. Delivery of Stock. Promptly following the expiration of the restrictions on the Restricted Shares pursuant to
Section 5 or 6 of this Agreement, the Company shall cause to be issued and delivered to you or your designee a certificate or other evidence of the number of Restricted Shares as to which restrictions have lapsed
(i.e., shares of Stock), free of any restrictive legend relating to the lapsed restrictions, upon receipt by the Company of any tax withholding as may be due pursuant to Section 9. The value of such shares of Stock shall
not bear any interest owing to the passage of time. 

  
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 9. Payment of Taxes. 

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

(b) None of the Company, the Board or the Committee has made any warranty or representation to you with respect to the income tax consequences
of the grant or vesting of the Award or the transactions contemplated by this Agreement, and you represent that you are in no manner relying on such entities or any of their respective managers, directors, officers, employees or authorized
representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. You represent that you have consulted with, or have had
the opportunity to consult with, any tax consultants that you deem advisable in connection with the grant of the Award. You may, at your discretion, make a tax election pursuant to Section 83(b) of the Code in connection with the grant of this
Award (the “Section 83(b) Election”). You acknowledge that the filing of a Section 83(b) Election is extremely time sensitive and, if you decide to make such an election, such election must be filed with the Service Center of the
Internal Revenue Service where you file Internal Revenue Service tax returns WITHIN 30 DAYS of the Date of Grant. In the event that you make a Section 83(b) Election, you shall promptly provide a copy of the Section 83(b) Election form to
the Company. You further agree to indemnify and hold the Company harmless for any damages, costs, expenses, taxes, judgments or other actions or amounts resulting from any of your actions or inactions with respect to the tax consequences of this
Award. 

  
 5 

 10. Compliance with Securities Law. Notwithstanding any provision of this Agreement
to the contrary, the issuance of shares of Stock (including Restricted Shares) will be subject to compliance with all applicable requirements of U.S. federal, state, or foreign law with respect to such securities and with the requirements of any
stock exchange or market system upon which the Stock may then be listed. No shares of Stock will be issued hereunder if such issuance would constitute a violation of any applicable U.S. federal, state, or foreign securities laws or other law or
regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, shares of Stock will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as
amended (the “Act”), is at the time of issuance in effect with respect to the shares issued or (b) in the opinion of legal counsel to the Company, the shares issued may be issued in accordance with the terms of an
applicable exemption from the registration requirements of the Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful
issuance and sale of any shares subject to the Award will relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority has not been obtained. As a condition to any issuance hereunder, the
Company may require you to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by
the Company. From time to time, the Board and appropriate officers of the Company are authorized to take the actions necessary and appropriate to file required documents with governmental authorities, stock exchanges, and other appropriate persons
to make shares of Stock available for issuance. 
 11. Legends. The Company may at any time place legends referencing any restrictions
imposed on the shares pursuant to Sections 4 or 10 of this Agreement on all certificates representing shares issued with respect to this Award. 

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

13. Furnish Information. You agree to furnish to the Company all information requested by the Company to enable it to comply with any
reporting or other requirements imposed upon the Company by or under any applicable statute or regulation. 
 14. Remedies. The
parties to this Agreement shall be entitled to recover from each other reasonable attorneys’ fees incurred in connection with the successful enforcement of the terms and provisions of this Agreement whether by an action to enforce specific
performance or for damages for its breach or otherwise. 
 15. No Liability for Good Faith Determinations. Neither the Company nor any
members of the Board shall be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Restricted Shares granted hereunder. 

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

  
 6 

 17. No Guarantee of Interests. The Board and the Company do not guarantee the Stock
of the Company from loss or depreciation. 
 18. Notice. Notices provided for in this Agreement shall be in writing and shall be
deemed to have been duly received (a) when delivered in person, (b) when sent by facsimile transmission (with confirmation of transmission) on a business day to the number set forth below, if applicable; provided, however,
that if a notice is sent by facsimile transmission after normal business hours of the recipient or on a non- business day, then it shall be deemed to have been received on the next business day after it is
sent, (c) on the first business day after such notice is sent by air express overnight courier service, or (d) on the second business day following deposit with an internationally-recognized overnight or
second-day courier service with proof of receipt maintained, in each case, to the following address, as applicable: 

If to the Company, addressed to: 
 Riley
Exploration Permian, 
 Inc.c/o [•] 

29 E. Reno Avenue, Suite 500 

Oklahoma City, Oklahoma 73104 

Email: [•] 
 If to Grantee, addressed to
the following until an updated address is provided to the Company by Grantee: 
 [Grantee Name] 

                       
          

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

  
 7 

 21. Successors. This Agreement shall be binding upon you, your legal representatives,
heirs, legatees and distributees, and upon the Company, its successors and assigns. 
 22. Severability. If any provision of this
Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the
illegal or invalid provision had never been included herein. 
 23. Company Action. Any action required of the Company shall be by
resolution of the Board or by a person or entity authorized to act by resolution of the Board. 
 24. Title and Headings;
Construction. Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof. Any and all Appendices referred to in this Agreement are, by such reference,
incorporated herein and made a part hereof for all purposes. Unless the context requires otherwise, all references herein to an agreement, instrument or other document shall be deemed to refer to such agreement, instrument or other document as
amended, supplemented, modified and restated from time to time to the extent permitted by the provisions thereof. All references to “dollars” or “$” in this Agreement refer to United States dollars. The word “or” is not
exclusive. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement, including all Appendices attached hereto, and not to any particular provision
hereof. Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely. The use herein of the word “including” following any general statement, term or
matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting
language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the
broadest possible scope of such general statement, term or matter. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or otherwise. On the
contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties hereto. 

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

26. Clawback. To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise
determined by the Board (or a committee thereof), all shares of Stock granted under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Company, which clawback policies or

  
 8 

 
procedures may provide for forfeiture and/or recoupment of such shares of Stock. Notwithstanding any provision of this Agreement to the contrary, the Company reserves the right, without your
consent, to adopt any such clawback policies and procedures, including such policies and procedures applicable to this Agreement with retroactive effect. 

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

28. Counterparts. This Agreement may be executed in any number of counterparts, including by electronic mail or facsimile, each of which
when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but
together signed by both parties hereto. 
 29. Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in
paper format, you agree, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award
notifications and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other award made or offered by the Company. Electronic delivery may be via a Company electronic
mail system or by reference to a location on a Company intranet to which you have access. You hereby consent to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any
such documents that the Company may be required to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature. 

30. Amendment. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent
with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces your rights shall be effective only if it is in writing and signed by both you and an
authorized officer of the Company. 
 31. Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard
to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Award granted hereby; provided ̧ however, that the terms of this Agreement
shall not modify and shall be subject to the terms and conditions of any employment, consulting and/or severance agreement between the Company (or an Affiliate or other entity) and you in effect as of the date a determination is to be made under
this Agreement. Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no
further force and effect. 
 [Signature Page Follows] 

  
 9 

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

	
	RILEY EXPLORATION PERMIAN, INC.
	
	      

	Name: [NAME]
	Title: [TITLE]
	
	[GRANTEE NAME]
	
	      

	GRANTEE

  
 10

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