Document:

EX-10.14

 Exhibit 10.14 

RILEY EXPLORATION PERMIAN, INC. 

2018 LONG TERM INCENTIVE PLAN 

FORM OF RESTRICTED STOCK AGREEMENT 

(Performance Vesting) 
  

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

 This Restricted Stock Agreement (Performance 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. Vesting
Requirements. Subject to the terms and conditions of this Agreement and the Plan, the Forfeiture Restrictions on the Restricted Shares will lapse and the Restricted Shares will vest subject to the satisfaction of both the time-based vesting
schedule set forth herein and the performance-based vesting schedule set forth herein. You will be deemed to satisfy the time-based vesting schedule if you are continuously employed or providing services to the Company or any of its Affiliates from
the Date of Grant through the [•] anniversary of the Grant Date (the “Time-Based Vesting Schedule”). The performance-based vesting schedule will be satisfied to the extent the performance goals set forth in Appendix
A attached hereto (the “Performance-Based Vesting Schedule”) are satisfied. 
 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 the Time-Based Vesting Schedule applicable to this Award will
be deemed to be satisfied as of the date of such termination with respect to a fraction of the Restricted Shares, with the numerator of such fraction being the number of days since the Grant Date and the denominator of such fraction being [•].

  
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 (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 which have not satisfied the Time-Based Vesting Schedule as of the date of termination shall become null and void and those Restricted Shares shall be forfeited to the
Company. Those Restricted Shares which have not satisfied the Performance-Based Vesting Schedule as of the end of the Performance Period 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, if any, which satisfy both the Time-Based Vesting Schedule and the Performance-Based Vesting Schedule 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 5 above, upon the occurrence of a Change in
Control, the Company will deem the Performance Period to end immediately prior to the Change in Control, and the satisfaction of the applicable performance goals with respect to the Performance-Based Vesting Schedule will be based upon actual
performance as of the end of the revised performance period. 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 the Time-Based Vesting Schedule applicable to this Award will be deemed to be satisfied as 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 

  
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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, 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. 

  
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 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. 

  
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 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. 

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. 

  
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 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

  
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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] 

  
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 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

  
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 APPENDIX A 

PERFORMANCE GOAL 
 The performance goal for your
Restricted Shares shall be based on relative total stockholder return (“TSR”), as compared to the Company’s Peer Group (as defined below). Subject to the satisfaction of the Time-Based Vesting Schedule noted in
Section 5, you will become vested in an applicable number of Restricted Shares that corresponds to the percentile rank that the Company achieves as set forth below. The Committee will review, analyze and certify the
achievement of the Company’s performance ranking for the relative TSR goal for the performance period noted below (the “Performance Period”), and will determine whether the performance vesting requirement for your
Restricted Shares has been met in accordance with the terms of this Agreement and the Plan. 
 Performance Goal 

 

									
	 Performance Goal
	  	Percentage of
Restricted Shares
Subject to
Performance Goal	 	  	Performance Period	 
	 TSR Relative to the Peer Group
	  	 	100%	 	  	 
	[        ], 20[    ] through
[        ], 20[    ]	 
 

 Company Performance Ranking and Payout Schedule 

 

			
	 Company’s Relative TSR

Performance (Percentile

Ranking)
	  	Percent of Restricted Shares to
Become Vested
	 Below 25%
	  	0%
	 25% - 75%
	  	25% - 75%, directly in line
with Relative TSR
Performance Ranking
Percentage
	 Above 75%
	  	100%

 Company Peer Group 

The following companies will be deemed to be the Company’s “Peer Group” for purposes of this Agreement: 

 

			
	 Ticker Symbol
	  	Name

  
 APPENDIX A 

 If a company ceases to exist, ceases to be publicly traded or is delisted from a national
securities change at any time during the Performance Period, it shall be removed from the Peer Group, and the definition of “Peer Group” shall be adjusted to omit such company. Notwithstanding anything else in this Appendix to the
contrary, if a company in the Peer Group files for bankruptcy at any time during the Performance Period or fails to timely file financial statements, such company will remain in the Peer Group and the absolute TSR of such company for the Performance
Period shall be deemed to be negative 100%. 
 Determination of Relative TSR Rank 

The relative TSR for the Company and each member of the Peer Group shall be determined by dividing (i) the sum of the cumulative amount
of such entity’s dividends per share for the performance period and the arithmetic average per share closing price of such entity’s common stock for the last twenty (20) consecutive trading days of the Performance Period minus the
arithmetic average per share closing price of such entity’s common stock for the first twenty (20) consecutive trading days of the Performance Period; by (ii) the arithmetic average per share closing price of such entity’s common
stock for the first twenty (20) consecutive trading days of the Performance Period. To determine the Company’s applicable percentile ranking for the performance period, TSRs are calculated for the Company and each entity in the Peer Group.
The entities are arranged by their respective TSRs (highest to lowest) and the Company is ranked within the Peer Group. The relative TSR percentile is then calculated as 100 multiplied by a fraction, the numerator of which is one plus the number of
companies that are ranked lower than the Company by their respective TSRs and the denominator of which is one plus the number of companies in the Peer Group at the time of the determination. 

  
 A-2EX-10.15

 Exhibit 10.15 

NOTICE OF GRANT OF STOCK OPTION 

Pursuant to the terms and conditions of the Riley Exploration Permian, Inc. 2018 Long Term Incentive Plan, attached as Appendix
A (the “Plan”), and the associated Stock Option Agreement, attached as Appendix B (the “Option Agreement”), you are hereby granted an option (this “Option”) to purchase shares of Stock under
the conditions set forth in this Notice of Grant of Stock Option (the “Notice”), in the Option Agreement, and in the Plan. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. 

 

					
	Type of Option:	  	Check one (and only one) of the following:
			
		  	☐	  	Incentive Stock Option (This Option is intended to be an Incentive Stock Option (as defined in the Plan).)
			
		  	☐	  	Nonstatutory Stock Option (This Option is not intended to be an Incentive Stock Option (as defined in the Plan).)
		
	Optionee:	  	                                    
    
		
	Date of Grant:	  	                    ,
20             (“Date of Grant”)
			
	Number of Shares:	  		  	
		
	Exercise Price:	  	 $                 per share

 
 Note: In the case of an Incentive Stock Option, the Option Price must be at least
100% (or, in the case of a 10% shareholder of the Company, 110%) of the Fair Market Value (as defined in the Plan) of a share of Stock on the Date of Grant.

		
	Expiration Date:	  	                    , 20        
		
		  	Note: In the case of an Incentive Stock Option, this date cannot be more than ten years (or in the case of a 10% shareholder of the Company, more than five years) from the Date of Grant.
		
	Vesting Schedule:	  	Subject to the other terms and conditions set forth herein, the Option Agreement and in the Plan, this Option may be exercised in cumulative installments as follows, provided that you remain in the employ of, or a
service provider to, the Company or its Subsidiaries until the following applicable dates: [•].

 By your signature and the signature of the Company’s representative below, you and the Company hereby
acknowledge your receipt of this Option granted on the Date of Grant indicated above, which has been issued to you under the terms and conditions of this Notice, the Plan and the Option Agreement, including the vesting and risk of forfeiture
provisions set forth therein. 
 You understand and acknowledge that if the purchase price of the Stock under this Option is less than the
Fair Market Value of such Stock on the date of grant of this Option, then you may incur adverse tax consequences under sections 409A and/or 422 of the Code. You acknowledge 

 
and agree that (a) you are not relying upon any determination by the Company, its affiliates, or any of their respective employees, directors, officers, attorneys or agents (collectively,
the “Company Parties”) of the Fair Market Value of the Stock on the Date of Grant, (b) you are not relying upon any written or oral statement or representation of the Company Parties regarding the tax effects associated with your
execution of this Notice and your receipt, holding and exercise of this Option, and (c) in deciding to enter into this Notice, you are relying on your own judgment and the judgment of the professionals of your choice with whom you have
consulted. You hereby release, acquit and forever discharge the Company Parties from all actions, causes of actions, suits, debts, obligations, liabilities, claims, damages, losses, costs and expenses of any nature whatsoever, known or unknown, on
account of, arising out of, or in any way related to the tax effects associated with your execution of this Notice and your receipt, holding and exercise of this Option. 

You further acknowledge receipt of a copy of the Plan and the Option Agreement and agree to all of the terms and conditions of this Notice and
of the Plan and the Option Agreement, which are incorporated in this Notice by reference. 
 Note: To accept the grant of this Option, you must
execute this form and return an executed copy to __________ (the “Designated Recipient”) by __________. Failure to return the executed copy to the Designated Recipient by such date will render this Option invalid. 

 

			
	Riley Exploration Permian, Inc.,
	a Delaware corporation
	
	By:
	Name:
	Title:
	
	Accepted by:
	
	  
 [insert name of
Grantee]

	
	Date:
	
	  
 [insert name of
Designated Recipient]

		
	Date Received:	 	
                     
                            

 Attachments: 

Appendix A – Riley Exploration Permian, Inc. 2018 Long Term Incentive Plan 

Appendix B – Stock Option Agreement 

Appendix C – Notice of Stock Option Exercise 

  
 2 

 Appendix A 

Riley Exploration Permian, Inc. 

2018 Long Term Incentive Plan 

 Appendix B 

Stock Option Agreement 

 RILEY EXPLORATION PERMIAN, INC. 

2018 LONG TERM INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

This Agreement is made and entered into as of the Date of Grant set forth in the Notice of Grant of Stock Option (“Notice of Grant”)
by and between Riley Exploration Permian, Inc., a Delaware corporation (the “Company”), and you: 
 WHEREAS, the Company,
in order to induce you to enter into and continue in dedicated service to the Company and to materially contribute to the success of the Company, agrees to grant you an option to acquire an interest in the Company through the purchase of shares of
stock of the Company; 
 WHEREAS, the Company adopted the Riley Exploration Permian, Inc. 2018 Long Term Incentive Plan, as it may be
amended from time to time (the “Plan”), under which the Company is authorized to grant stock options to certain employees and service providers of the Company; 

WHEREAS, a copy of the Plan has been furnished to you and shall be deemed a part of this stock option agreement (the
“Agreement”) as if fully set forth herein and terms capitalized but not defined herein shall have the meaning set forth in the Plan; and 

WHEREAS, you desire to accept the option created pursuant to the 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 to you, effective
as of the Date of Grant set forth in the Notice of Grant, as a matter of separate inducement and not in lieu of any salary or other compensation for your services for the Company, the right and option to purchase (the “Option”), in
accordance with the terms and conditions set forth herein and in the Plan, an aggregate of the number of shares of Stock set forth in the Notice of Grant (the “Option Shares”), at the Exercise Price set forth in the Notice of Grant. 

2. Exercise. 
 (a) Option
Shares shall be deemed “Nonvested Shares” unless and until they have become “Vested Shares.” The Option shall in all events terminate at the close of business on the tenth (10th) anniversary of the date of this Agreement
(the “Expiration Date”). Subject to other terms and conditions set forth herein, the Option may be exercised in cumulative installments in accordance with the vesting schedule set forth in the Notice of Grant, provided that you remain in
the employ of or a service provider to the Company or its Subsidiaries until the applicable dates set forth therein. For purposes of this Agreement, “Subsidiary” or “Subsidiaries” means any entity or entities (other than the
Company) in an unbroken chain of entities beginning with the Company if, at such time, each of the entities other than the last entity in an unbroken chain owns stock or equity possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock or equity in one of the other entities in the chain. 

 (b) Subject to the relevant provisions and limitations contained herein and in the Plan, you
may exercise the Option to purchase all or a portion of the applicable number of Vested Shares at any time prior to the termination of the Option pursuant to this Option Agreement. No less than [•] Vested Shares may be purchased at any one time
unless the number purchased is the total number of Vested Shares at that time purchasable under the Option. In no event shall you be entitled to exercise the Option for any Nonvested Shares or for a fraction of a Vested Share. 

(c) Any exercise by you of the Option shall be in writing addressed to the Secretary of the Company at its principal place of business.
Exercise of the Option shall be made by delivery to the Company by you (or other person entitled to exercise the Option as provided hereunder) of (i) an executed “Notice of Stock Option Exercise,” and (ii) payment of the
aggregate purchase price for shares purchased pursuant to the exercise. 
 (d) Payment of the Exercise Price may be made, at your election,
with the approval of the Company, (i) in cash, by certified or official bank check or by wire transfer of immediately available funds, (ii) by delivery to the Company of a number of shares of Stock having a Fair Market Value as of the date
of exercise equal to the Exercise Price, or (iii) by net issue exercise, pursuant to which the Company will issue to you a number of shares of Stock as to which the Option is exercised, less a number of shares with a Fair Market Value as of the
date of exercise equal to the Exercise Price. 
 (e) If you are on leave of absence for any reason, the Company may, in its sole discretion,
determine that you will be considered to still be in the employ of or providing services for the Company, provided that rights to the Option will be limited to the extent to which those rights were earned or vested when the leave or absence began.

 (f) The terms and provisions of the employment agreement, if any, between you and the Company or any Subsidiary (the “Employment
Agreement”) that relate to or affect the Option are incorporated herein by reference. Notwithstanding the foregoing provisions of this Section 2 or Section 3, in the event of any conflict or inconsistency between the terms and
conditions of this Section 2 or Section 3 and the terms and conditions of the Employment Agreement, the terms and conditions of the Employment Agreement shall be controlling. 

3. Effect of Termination of Service on Exercisability. Except as provided in Sections 6 and 7 or an Employment Agreement, this Option
may be exercised only while you continue to perform services for the Company or any Subsidiary and will terminate and cease to be exercisable upon termination of your service, except as follows: 

(a) Termination on Account of Disability. If your service with the Company or any Subsidiary terminates by reason of disability (within
the meaning of section 22(e)(3) of the Code), this Option may be exercised by you (or your estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of your death) at any time during the
period ending on the earlier to occur of (i) the date that is one year following such termination, or (ii) the Expiration Date, but only to the extent this Option was exercisable for Vested Shares as of the date your service so terminates.

  
 2 

 (b) Termination on Account of Death. If you cease to perform services for the Company
or any Subsidiary due to your death, your estate, or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of your death, may exercise this Option at any time during the period ending on the
earlier to occur of (i) the date that is one year following your death, or (ii) the Expiration Date, but only to the extent this Option was exercisable for Vested Shares as of the date of your death. 

(c) Termination not for Cause. If your service with the Company or any Subsidiary terminates for any reason other than as described in
Sections 3(a) or (b), unless such service is terminated for Cause (as defined below), this Option may be exercised by you at any time during the period ending on the earlier to occur of (i) the date that is three months following your
termination, or (ii) the Expiration Date, or by your estate (or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of your death) during a period of one year following your death if you
die during such three-month period, but in each such case only to the extent this Option was exercisable for Vested Shares as of the date of your termination. “Cause” means “cause” as defined in your Employment Agreement, or in
the absence of such an agreement or such a definition, “Cause” will mean a vote of the board of directors of the Company (the “Board”) resolving that you should be dismissed as a result of (i) your conviction of a felony;
(ii) you engaging in any other act of fraud, intentional misrepresentation, moral turpitude, misappropriation or embezzlement, illegality or unlawful harassment which, as determined by the Board in good faith and in light of all available
facts, would: (A) materially adversely affect the business or the reputation of the Company with its current or prospective customers, suppliers, lenders and/or other third parties with whom the Company does or might do business; or
(B) expose the Company to a risk of material civil or criminal legal damages, liabilities or penalties; (iii) your repeated willful failure to follow the reasonable directives of the Board in connection with the business affairs of the
Company; or (iv) any material breach by you of this Agreement or material violation of the Company’s policies; or (v) your willful and deliberate non-performance of duty in connection with the
business affairs of the Company, provided, however, in the event of termination based on (iii), (iv) or (v), you will have a period of thirty (30) days after written notice to you from the Company to cure the circumstance, if curable. 

4. Transferability. The Option, and any rights or interests therein will be transferable by you only to the extent approved by the
Committee in conformance with Section 7(a) of the Plan. 
 5. Compliance with Securities Law. Notwithstanding any provision of
this Agreement to the contrary, the grant of the Option and the issuance of Stock will be subject to compliance with all applicable requirements of federal, state, and foreign securities laws and with the requirements of any stock exchange or market
system upon which the Stock may then be listed. The Option may not be exercised if the issuance of shares of Stock upon exercise would constitute a violation of any applicable 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, the Option may not be exercised unless (a) a registration statement under the Securities Act of 1933, as amended (the
“Act”), is at the time of exercise of the Option in effect with respect to the shares issuable upon exercise of the Option or (b) in the opinion of legal counsel to the Company, the shares issuable upon exercise of the Option may be

  
 3 

 
issued in accordance with the terms of an applicable exemption from the registration requirements of the Act. YOU ARE CAUTIONED THAT THE OPTION MAY NOT BE EXERCISED UNLESS THE FOREGOING
CONDITIONS ARE SATISFIED. ACCORDINGLY, YOU MAY NOT BE ABLE TO EXERCISE THE OPTION WHEN DESIRED EVEN THOUGH THE OPTION IS VESTED. 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 Option will relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority
has not been obtained. As a condition to the exercise of the Option, 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. 
 6. Extension if Exercise Prevented by
Law. Notwithstanding Section 3, if the exercise of the Option within the applicable time periods set forth in Section 3 is prevented by the provisions of Section 5, the Option will remain exercisable until 30 days after the date
you are notified by the Company that the Option is exercisable, but in any event no later than the Expiration Date. The Company makes no representation as to the tax consequences of any such delayed exercise. You should consult with your own tax
advisor as to the tax consequences of any such delayed exercise. 
 7. Extension if You are Subject to
Section 16(b). Notwithstanding Section 3, if a sale within the applicable time periods set forth in Section 3 of shares acquired upon the exercise of the Option would subject you to suit under Section 16(b) of
the Securities Exchange Act of 1934, as amended, the Option will remain exercisable until the earliest to occur of (a) the 10th day following the date on which a sale of such shares by you would no longer be subject to such suit, (b) the
190th day after your termination of service with the Company and any Subsidiary, or (c) the Expiration Date. The Company makes no representation as to the tax consequences of any such delayed exercise. You should consult with your own tax
advisor as to the tax consequences of any such delayed exercise. 
 8. Withholding Taxes. The Committee may, in its discretion,
require you to pay to the Company at the time of the exercise of an Option or thereafter, the amount that the Committee deems necessary to satisfy the Company’s current or future obligation to withhold federal, state or local income or other
taxes that you incur by exercising an Option. In connection with such an event requiring tax withholding, you may (a) direct the Company to withhold from the shares of Stock to be issued to you the number of shares necessary to satisfy the
Company’s obligation to withhold taxes, that determination to be based on the shares’ Fair Market Value as of the date of exercise; (b) deliver to the Company sufficient shares of Stock (based upon the Fair Market Value as of the date
of such delivery) to satisfy the Company’s tax withholding obligation; or (c) deliver sufficient cash to the Company to satisfy its tax withholding obligations. If you elect to use a Stock withholding feature you must make the election at
the time and in the manner that the Committee prescribes. The Committee may, at its sole option, deny your request to satisfy withholding obligations through shares of Stock instead of cash. In the event the Committee subsequently determines that
the aggregate Fair Market Value (as determined above) of any shares of Stock withheld or delivered as payment of any tax withholding obligation is insufficient to discharge that tax withholding obligation, then you shall pay to the Company,
immediately upon the Committee’s request, the amount of that deficiency in the form of payment requested by the Committee. 

  
 4 

 9. Status of Stock. 

(a) The Company has registered for issuance under the Securities Act of 1933, as amended (the “Act”), the shares of Stock acquirable
upon exercise of the Option, and intends to keep such registration effective throughout the period the Option is exercisable. In the absence of such effective registration or an available exemption from registration under the Act, issuance of shares
of Stock acquirable upon exercise of the Option will be delayed until registration of such shares is effective or an exemption from registration under the Act is available. The Company intends to use its reasonable best efforts to ensure that no
such delay will occur. In the event exemption from registration under the Act is available upon an exercise of the Option, you (or the person permitted to exercise this Option in the event of your death or incapacity), if requested by the Company to
do so, will execute and deliver to the Company in writing an agreement containing such provisions as the Company may require to assure compliance with applicable securities laws. 

(b) You agree that the shares of Stock which you may acquire by exercising the Option will not be sold or otherwise disposed of in any manner
which would constitute a violation of any applicable securities laws, whether federal or state. You also agree (i) that the certificates representing the shares of Stock purchased under the Option may bear such legend or legends as the
Committee deems appropriate in order to assure compliance with applicable securities laws, and (ii) that the Company may refuse to register the transfer of the shares of Stock purchased under the Option on the stock transfer records of the
Company if such proposed transfer would in the opinion of counsel satisfactory to the Company constitute a violation of any applicable securities laws and (iii) that the Company may give related instructions to its transfer agent, if any, to
stop registration of the transfer of the shares of Stock purchased under the Option. 
 10. Adjustments. The terms of the Option shall
be subject to adjustment from time to time, in accordance with the following provisions: 
 (a) If at any time, or from time to time, the
Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance of a distribution on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of shares of Stock, then the
number of shares of Stock (or other kind of securities) that may be acquired under the Option shall be increased proportionately and the Exercise Price for each share of Stock (or other kind of shares or securities) subject to the then outstanding
Option shall be reduced proportionately, without changing the aggregate purchase price or value as to which the outstanding Option remains exercisable or subject to restrictions. 

(b) If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by a reverse Stock split, or
otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, the number of shares of Stock (or other kind of shares or securities) that may be acquired under the Option shall be decreased

  
 5 

 
proportionately and the Exercise Price for each share of Stock (or other kind of shares or securities) subject to the then outstanding Option shall be increased proportionately, without changing
the aggregate purchase price or value as to which the outstanding Option remains exercisable or subject to restrictions. 
 (c) Whenever the
number of shares of Stock subject to the Option and the price for each share of Stock subject to the Option are required to be adjusted as provided in this Section 10, the Committee shall promptly prepare a notice setting forth, in reasonable
detail, the event requiring adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the change in price and the number of shares of Stock, other securities, cash, or property purchasable by you pursuant to
the exercise of the Option or subject to the Option after giving effect to the adjustments. The Committee shall promptly give you such a notice. 

(d) Adjustments under this Section 10 shall be made by the Committee, and its determination as to what adjustments shall be made and the
extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on account of any such adjustments. 

11. Legends. The Company may at any time place legends, referencing any restrictions imposed on the shares pursuant to Section 10
of this Agreement, and any applicable federal, state or foreign securities law restrictions, on all certificates representing shares of Stock subject to the provisions of this Agreement. 

12. Notice of Sales Upon Disqualifying Disposition of ISO. If the Option is designated as an Incentive Stock Option in the Notice of
Grant, you must comply with the provisions of this Section 12. You must promptly notify the Chief Financial Officer of the Company if you dispose of any of the shares acquired pursuant to the Option within one year after the date you exercise
all or part of the Option or within two years after the Date of Grant. Until such time as you dispose of such shares in a manner consistent with the provisions of this Agreement, unless otherwise expressly authorized by the Company, you must hold
all shares acquired pursuant to the Option in your name (and not in the name of any nominee) for the one-year period immediately after the exercise of the Option and the
two-year period immediately after the Date of Grant. At any time during the one-year or two-year periods set forth above, the
Company may place a legend on any certificate representing shares acquired pursuant to the Option requesting the transfer agent for the Company’s stock to notify the Company of any such transfers. Your obligation to notify the Company of any
such transfer will continue notwithstanding that a legend has been placed on the certificate pursuant to the preceding sentence. 
 13.
Right to Terminate Services. Nothing contained in this Agreement shall confer upon you the right to continue in the employ of, or performing services for, the Company or any Subsidiary, or interfere in any way with the rights of the Company
or any Subsidiary to terminate your employment or service relationship at any time. 
 14. 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 requirement imposed upon the Company by or under any applicable statute or regulation. 

  
 6 

 15. Remedies. The Company shall be entitled to recover from you reasonable
attorneys’ fees incurred in connection with the 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. 

16. No Liability for Good Faith Determinations. The Company and the members of the Committee and the Board shall not be liable for any
act, omission or determination taken or made in good faith with respect to this Agreement or the Option granted hereunder. 
 17.
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 therefore in such form as it shall determine. 
 18. No Guarantee of Interests. The Board and the Company do not
guarantee the Stock of the Company from loss or depreciation. 
 19. Company Records. Records of the Company regarding your service
and other matters shall be conclusive for all purposes hereunder, unless determined by the Company to be incorrect. 
 20. Notice.
Each notice required or permitted under this Agreement must be in writing and personally delivered or sent by mail and shall be deemed to be delivered on the date on which such notice is actually received by the person to whom it is properly
addressed or if earlier the date sent via certified mail. 
 21. Waiver of Notice. Any person entitled to notice hereunder may, by
written form, waive such notice. 
 12. Information Confidential. As partial consideration for the granting of this Option, you agree
that you will keep confidential all information and knowledge that you have relating to the manner and amount of your participation in the Plan; provided, however, that such information may be disclosed as required by law and may be given in
confidence to your spouse, 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. Nothing in this Agreement will prevent you from: (a) making a good faith report of possible violations of applicable law to any governmental
agency or entity or (b) making disclosures that are protected under the whistleblower provisions of applicable law. For the avoidance of doubt, nothing herein shall prevent you from making a disclosure 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. Further, an individual who files a lawsuit for retaliation by an employer of reporting a suspected violation of law may make disclosures without violating this
Section 21 o the attorney of the individual and use such information in the court proceeding. 

  
 7 

 22. Successors. This Agreement shall be binding upon you, your legal representatives,
heirs, legatees and distributees, and upon the Company, its successors and assigns. 
 23. 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. 
 24. Company Action. Any action required of the Company shall be by
resolution of the Board or by a person authorized to act by resolution of the Board. 
 25. Headings. The titles and headings of
paragraphs are included for convenience of reference only and are not to be considered in construction of the provisions hereof. 
 26.
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 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 Stock. 
 27. Consent to Texas Jurisdiction and Venue. You hereby consent and agree that state
courts located in Travis County, Texas and the United States District located in Travis County, Texas each shall have personal jurisdiction and proper venue with respect to any dispute between you and the Company arising in connection with the
Option or this Agreement. In any dispute with the Company, you will not raise, and you hereby expressly waive, any objection or defense to any such jurisdiction as an inconvenient forum. 

28. Word Usage. Words used in the masculine shall apply to the feminine where applicable, and wherever the context of this Agreement
dictates, the plural shall be read as the singular and the singular as the plural. 
 29. No Assignment. You may not assign this
Agreement or any of your rights under this Agreement without the Company’s prior written consent, and any purported or attempted assignment without such prior written consent shall be void. 

30. Miscellaneous. 
 (a)
This Agreement is subject to all the terms, conditions, limitations and restrictions contained in the Plan. In the event of any conflict or inconsistency between the terms hereof and the terms of the Plan, the terms of the Plan shall be controlling.

  
 8 

 (b) The Option may be amended by the Board or by the Committee at any time (i) if the
Board or the Committee determines, in its sole discretion, that amendment is necessary or advisable in light of any addition to or change in any federal or state, tax or securities law or other law or regulation, which change occurs after the Date
of Grant and by its terms applies to the Option; or (ii) other than in the circumstances described in clause (i) or provided in the Plan, with your consent. 

(c) If this Option is intended to be an incentive stock option designed pursuant to section 422 of the Code, then in the event the Option
Shares (and all other options designed pursuant to section 422 of the Code granted to you by the Company or any parent of the Company or Subsidiary) that first become exercisable in any calendar year have an aggregate fair market value (determined
for each Option Share as of the Date of Grant) that exceeds $100,000, the Option Shares in excess of $100,000 shall be treated as subject to a Nonstatutory Stock Option. 

[Remainder of page intentionally left blank] 

  
 9 

 Appendix C 

Notice of Stock Option Exercise 

 Riley Exploration Permian, Inc. 

2018 Long Term Incentive Plan (the “Plan”) 

Notice of Stock Option Exercise 

OPTIONEE INFORMATION: 
  

							
	Name:	  	  
	  	Employee	  	
		  		  	Number:	  	  

				
	Address:	  	  
	  		  	
				
		  	  
	  		  	

 OPTION INFORMATION: 
  

					
	Date of Grant: ____________, ____, 20 ___	  	Type of Option:	  	☐ Nonstatutory (NSO) or
			
		  		  	☐ Incentive (ISO)
			
	Exercise Price per share: $                        	  		  	
		
	Total number of shares of common stock (“Stock”)of Riley Exploration Permian, Inc. (the “Company”) covered by option:	  	                                    
        ______________ shares

 EXERCISE INFORMATION: 
  

	1.	 Number of shares of Stock of the Company for which option is being exercised now:
                    (These shares are referred to below as the “Purchased Shares.”) 

 

	2.	 Total Exercise Price for the Purchased Shares:
$                    

  

	3.	 Total tax withholding associated with Purchased Shares:
$                    

(Please
contact                            at          
              to obtain this information.) 
  

	4.	 Form of payment of exercise price (enclosed, as applicable) [check all that apply]:

  

							
	☐ a.	  	Check for $                    , made payable to “Riley Exploration Permian, Inc.”	  	☐ c.	  	I elect for the Company to withhold from the number shares of Stock set forth in Item 1 above a number of shares with a Fair Market Value (as defined in the Plan) equal to the Exercise Price set forth in my Notice
of Grant of Stock Option. (These shares will be valued as of the date this notice is received by the Company.)
	☐ b.	  	Certificate(s) for                      shares of Stock of the Company that I have owned for at least six months. (These
shares will be valued as of the date this notice is received by the Company.)

 Note that the forms of payment described in Items 4.b. and 4.c. require approval by the committee
appointed by the Board of Directors of the Company to administer the Plan (the “Committee”). 
  

	5.	 Form of payment of tax withholding (enclosed, as applicable) [check all that apply]:

  

							
	☐ a.	  	Check for $                    , made payable to “Riley Exploration Permian, Inc.”	  	☐ c.	  	I elect for the Company to withhold from the number shares of Stock set forth in Item 1 above the number of shares necessary to satisfy the Company’s tax withholding obligations, based on the Fair Market Value
(as defined in the Plan) of such shares. (These shares will be valued as of the date this notice is received by the Company.)
	☐ b.	  	Certificate(s) for                      shares of Stock of the Company that I have owned for at least six months. (These
shares will be valued as of the date this notice is received by the Company.)

 Note that the forms of payment described in Items 5.b. and 5.c. require approval by the Committee. 

 

	6.	 Names in which the Purchased Shares should be registered [you must check one]:

					
		  	
	☐	  	a. In my name only	  	
		
	☐	  	b. In the names of my spouse and myself as community property My spouse’s name (if applicable):
			
		  		  	  

			
	☐	  	c. In the names of my spouse and myself as joint tenants with the right of survivorship	  	
			
	7.	  	The certificate for the Purchased Shares should be sent to the following address:	  	
			
		  		  	  

 You must sign this Notice on the third page before submitting it to the Company. 

  
 2 

 REPRESENTATIONS AND ACKNOWLEDGMENTS OF THE OPTIONEE: 

 

	1.	 I will not sell, transfer or otherwise dispose of the Purchased Shares in violation of the Securities Act, the
Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act. 

  

	2.	 I acknowledge that I am acquiring the Purchased Shares subject to all other terms of the Notice of Grant of
Stock Option and the Stock Option Agreement. 

  

	3.	 I agree to seek the consent of my spouse to the extent required by the Company to enforce the foregoing.

  

			
	By:	 	  

	Name:	 	  

	Date:	 	  

  
 3

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