Document:

Exhibit
10.1

 

 

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made by and between Empire Petroleum Corporation, a Delaware corporation
(the “Company”), and Eugene Sweeney (“Executive”), effective as of September 13, 2022 (the “Effective
Date”). The Company and Executive may sometimes be referred to individually as a “Party” or collectively
as the “Parties.”

 

WHEREAS,
the Company desires to promote Executive from his current position and employ him in an executive capacity upon the terms and subject
to the conditions set forth in this Agreement;

 

WHEREAS,
Executive desires to be employed by the Company upon the terms and subject to the conditions set forth in this Agreement; and

 

WHEREAS,
Company desires to (a) increase Executive’s salary, (b) modify Executive’s conditional 35% bonus to 50% bonus conditioned
only on being employed as Chief Operating Officer of the Company at year end, and (c) grant additional performance based bonuses to Executive
in partial consideration for the additional title of Chief Operating Officer.

 

NOW
THEREFORE, for good and valuable consideration given by each Party to the other, the receipt and sufficiency of which is hereby acknowledged,
the Parties agree as follows:

 

ARTICLE
I

EMPLOYMENT AND DUTIES

 

1.1           
Term. The initial term of Executive’s employment under this Agreement shall be for the period beginning ‎on
the Effective Date and ending on the second anniversary of the Effective Date (the “Initial ‎Term”). On the
second anniversary of the Effective Date and on each subsequent anniversary ‎thereafter, the Company and Executive may agree to
renew ‎and extend the term of the Employment Agreement for an additional period of twelve (12) months (each such twelve (12)-month
period being a ‎‎“Renewal Term”). Executive’s employment ‎pursuant to this Agreement may be
terminated at any time in accordance with Article III below. The period from the Effective Date through the expiration of this
Agreement or, if ‎sooner, the termination of Executive’s employment pursuant to this Agreement, regardless of the ‎time
or reason for such termination, shall be referred to herein as the “Employment Period.”‎

1.2           
Position. During the Employment Period, the Company shall employ Executive as the Chief Operating Officer of the Company,
or in such other positions as the Parties mutually may agree.

1.3            Place
of Performance. The principal place of Executive’s employment shall be at 25025 I-45 North, Suite 420, The Woodlands,
Texas, 77380; provided that, Executive may be required from time to time to travel on Company business and/or to carry out
his duties and responsibilities for the Company at other Company locations, or in other locations where the Company conducts or is
conducting business.

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1.4           
Duties and Responsibilities. During the Employment Period, Executive agrees to devote his full business time, attention
and ‎best efforts to the Company and its direct and indirect subsidiaries (collectively ‎with the Company, the “Company
Group”) as may be requested by the Board of Directors of the Company (the “Board”) from time to ‎time.
Executive’s duties shall include those normally incidental to the position identified ‎in Section 1.2, or any
other position(s) to which the Parties mutually agree, as well as such additional duties as may be assigned to Executive by the Board
from ‎time to time, which may include providing services to other members of the Company Group ‎in addition to the Company.
 Executive may, without violating this Agreement, (a) own, as a passive ‎investment, up to 2% of the publicly traded securities
of any corporation in such form or manner as will not require any services ‎by Executive in the operation of the entities in which
such securities are owned; (b) engage in ‎charitable and civic activities; and/or (c) with the prior written consent of the Board,
engage in other ‎personal and passive investment activities, in each case, so long as such interests or activities (i) do not interfere
with Executive’s ability to fulfill his duties and responsibilities under this ‎Agreement, and (ii) are not inconsistent
with Executive’s obligations to the Company Group or ‎competitive with the business of the Company Group, or otherwise violate
the terms of Section 1.5 and Section 1.6, or any other provision of this Agreement.

1.5           
Duties of Fiduciary and of Loyalty. Executive acknowledges and agrees that, at all times during the Employment Period,
Executive owes fiduciary duties to the members of the Company Group, including but not limited to duties of loyalty, fidelity, and allegiance;
to act at all times in the best interests of the members of the Company Group; to make full disclosure to the Company of all information
pertaining to the business and ‎interests of any member of the Company Group; to do no act which would injure the business, interests,
or reputation of any member of ‎the Company Group; and to refrain from using for Executive’s own benefit or for the benefit
of others ‎any information or opportunities pertaining to the business or interests of any member of the Company Group that are
‎entrusted to Executive or that he learned while employed by the Company and/or any other member of the Company Group, as applicable.
Executive ‎acknowledges and agrees that, upon termination of Executive’s employment with the Company and/or any other member
of the Company Group, as applicable, ‎certain of Executive’s fiduciary duties continue and Executive shall continue to refrain
from using for his ‎own benefit or the benefit of others, or from disclosing to others, any Confidential Information ‎‎(as
defined in Section 5.1) or any opportunities pertaining to the businesses or interests of any member of the ‎Company Group
that were entrusted to Executive or that the Executive learned ‎while employed by the Company or its predecessor(s) and/or any
other member of the Company Group. ‎

1.6            Conflict
of Interest. Executive agrees that any direct or indirect interest in connection with, or any benefit from, any outside
activities, particularly commercial activities, which might in any way adversely affect any member of the Company Group, involves a
possible conflict of interest. In keeping with Executive’s fiduciary duties to the Company Group and/or any of its members,
Executive agrees that during the Employment Period, Executive shall not

 

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knowingly become involved in a conflict of interest with any
member of the Company Group, or upon discovery thereof, allow such a conflict of interest to continue. Executive agrees that he
shall disclose to the Company any facts which might involve such an actual or potential conflict of interest. The determination of
whether an actual or potential conflict of interest exists shall be made by the Company in its sole discretion. Some actual or
potential conflicts of interest include, but are not limited to, any ownership of or any material relationship with any company
which, directly or indirectly, does business with or competes with any member of the Company Group; use of the Company’s or
any other member of the Company Group’s resources for the benefit of any person or entity besides a member of the Company
Group; violation of any non-disclosure, non-solicitation or non-competition obligations owed to the Company or any other member of
the Company Group under this Agreement or any other agreement between Executive and the Company or any other member of the Company
Group; acquiring or trading products that are the same or similar to those designed, manufactured or marketed by any member of the
Company Group; providing or selling services that are the same or similar to those provided or marketed by any member of the Company
Group; or usurping any corporate opportunity belonging to any member of the Company Group.

 

ARTICLE
II

COMPENSATION AND BENEFITS

2.1           
Base Salary. During the Employment Period, the Company shall pay to Executive a guaranteed minimum base salary of ‎‎$260,000
per annum (the “Guaranteed Base Salary”). The amount set for the Guaranteed Base Salary will be subject to periodic
review and adjustment by the Board at its sole ‎discretion, and, in each case, the terms shall include the amounts specified in
this Section 2.1 and any changes made thereto. For purposes of this Agreement, “Actual Base Salary” shall mean
the actual base salary amounts paid by the Company to Executive during any full calendar year in the Employment Period, as determined
(a) at the end of any calendar year, by aggregating all Guaranteed Base Salary or, (b) during any calendar year, by aggregating all Guaranteed
Base Salary payments made through the date of determination (the “Aggregated Base Salary”) and dividing the Aggregated
Base Salary by the number of full calendar months that have elapsed since the beginning of such calendar year through the date of determination
(the “Average Monthly Base Salary”) and multiplying the Average Monthly Base Salary by 12, and rounding to the closest
‎whole dollar amount.‎ The Guaranteed Base Salary, shall be ‎payable in conformity with the Company’s customary
payroll ‎practices for similarly situated employees as may exist from time to time, but no less frequently ‎than monthly.
In the event this Agreement commences or terminates other than on the first or last day of ‎a calendar month, the Guaranteed Base
Salary shall be prorated for that partial month based upon the number ‎of days in such month that this Agreement was in effect.
‎

2.2           
Annual Bonuses. The Board shall establish, and Executive shall be eligible to participate in, a performance bonus plan
pursuant to which Executive will be eligible to receive a discretionary bonus for each complete calendar year during the Employment Period
based upon, among other things, Company performance and Executive’s work performance and contributions to the Company (the “Performance
Bonus”).  The amount of the Performance Bonus and the performance targets that must be achieved by the Executive in order
to be eligible for certain bonus levels shall be established by the Board (or a committee thereof), in its sole discretion, and

 

 

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communicated
to Executive within the first ninety (90) days of the applicable calendar year (the “Bonus Year”). In addition to
the discretionary Performance Bonus, Executive shall be entitled to receive a guaranteed annual bonus (the “Guaranteed Bonus”,
and collectively with the Performance Bonus, “Annual Bonuses”) equal to 50% of Executive’s Guaranteed Base Salary.
For the year 2022, Executive shall receive the Guaranteed Bonus on September 15, 2022. In subsequent years, it shall be paid by January
15. Except as otherwise stated herein or in the resolution establishing any Performance Bonus, any bonus amounts granted to Executive
shall be paid as soon as administratively feasible after the Board (or a committee thereof) certifies whether the criteria for the applicable
Bonus Year have been achieved, but in no event later than March 15 following the end of such Bonus Year.  Notwithstanding anything
in this Section 2.2 to the contrary, no Annual Bonuses, if any, nor any portion thereof, shall be earned and payable
for any Bonus Year unless Executive remains continuously employed by the Company from the Effective Date through the date on which such
Annual Bonuses are paid; provided, however, that if Executive ceases to be employed by the Company (a) due
to Executive’s resignation from employment for Good Reason, (b) as a result of the death or Disability of Executive or (c) as
a result of the termination of Executive by the Company without Cause, in each case, after the end of a Bonus Year but prior to the date
on which any applicable Annual Bonuses for such Bonus Year is paid, Executive shall be entitled to the full amount of any Annual Bonuses.
Absent negative tax consequences to Executive or the Company, the Company intends that Executive shall be allowed to receive Annual Bonuses
in cash or as non-qualified stock options for Common Stock of the Company.

2.3           
Equity Awards. Beginning in the calendar year following the calendar year in which the Effective Date occurs, the Executive
shall be eligible to receive annual equity awards pursuant to that certain Empire Petroleum Corporation 2022 Stock Option Plan or any
successor plans (collectively, the “Equity Plans”). Any Awards (as defined in the Equity Plans) granted under this
Section 2.3 shall be in addition to the Awards previously granted to Executive, as shown in Exhibit C. The Awards reflected on
Exhibit C each consist of a cash and stock option component to assist with the cost of exercising the stock options. The first
two Awards shown on Exhibit C have previously vested and the remaining two Awards vest on December 31, 2022 and December 31, 2023,
respectively.

2.4           
Business Expenses. Subject to Section 8.12 below, and subject to the Company’s standard policies and procedures
with respect to expense reimbursement as applied to its executive employees, the Company shall reimburse Executive for his reasonable
‎out-of-pocket business-related expenses actually incurred in the performance of Executive’s duties ‎under this Agreement,
including but not limited to the cost of a cell phone and monthly cellular expenses associated therewith, so long as Executive timely
submits all documentation for such ‎reimbursement, as required by Company policy in effect from time to time. Any such ‎reimbursement
of expenses shall be made by the Company upon or as soon as practicable following ‎receipt of such documentation (but in any event
not later than the close of Executive’s taxable year ‎following the taxable year in which the expense is incurred by Executive).
‎

 

2.5           
Benefits. During the Employment Period, Executive shall be eligible to participate in the same benefit plans ‎and
programs in which other similarly situated Company employees are eligible to participate, ‎subject to the terms and conditions
of the applicable plans and programs in

 

 

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effect
from time to ‎time. The Company shall not be obligated to institute, maintain, or refrain from changing, amending, ‎or discontinuing,
any such plan or policy, so long as such changes are applicable to ‎similarly situated Company employees generally.‎ Notwithstanding
the foregoing, during the Employment Period, Executive shall be entitled, at the Company’s expense, to (a) a term life insurance
policy in the amount of $1,500,000, with such beneficiary or beneficiaries thereunder as may be designated from time to time by Executive,
(b) short-term and long-term disability insurance covering the Executive, and (c) use an automobile in the Company’s existing fleet
program while conducting business on behalf of the Company. Executive understands and agrees that the Company shall be authorized, in
the Board’s discretion, to obtain additional insurance up to $1,500,000 on Executive’s life (including, without limitation
a “keyman policy”), at Company’s sole expense, and Executive shall have no interest in the policy, any benefits paid
or owed under the policy and/or any right to designate beneficiaries of such policy, which shall be determined by the Board.

ARTICLE
III

TERMINATION OF EMPLOYMENT

 

3.1           
Termination by the Company for Cause. The Company shall have the right to terminate Executive’s employment at any
time during the Employment Period for ‎‎Cause (as defined below), subject to the applicable terms and conditions of Article
III and Article IV. For purposes of this Agreement, “Cause” shall mean the occurrence of any of the following,
as determined, in good faith, by the Board in its absolute and sole discretion:‎

(a)            
Executive’s material breach of this Agreement, or any other written agreement between Executive, on the one hand, and the Company
‎and/or any other member of the Company Group, on the other hand, ‎including Executive’s breach of any material representation,
warranty, or covenant made under any such agreement; provided, however, that if Executive’s actions or
omissions as set forth in this Section  3.1(a) are of such a nature that they are curable by Executive (which shall
be determined by the Board in its sole discretion), such actions or omissions remain uncured by Executive for forty-five (45) days after
the Board has provided Executive written notice of the obligation to cure such actions or omissions;

(b)            
Executive’s material breach of any written policy or code of conduct established by the Company or any other member of the Company
Group that is applicable to Executive and to which Executive was previously provided access by the applicable member of the Company Group;
provided, however, that if Executive’s actions or omissions as set forth in this Section  3.1(b) are
of such a nature that they are curable by Executive (which shall be determined by the Board in its sole discretion), such actions or
omissions remain uncured by Executive for forty-five (45) days after the Board has provided Executive written notice of the obligation
to cure such actions or omissions;

(c)            
the commission of willful misconduct, a breach of fiduciary duty, fraud, theft, misappropriation of funds or embezzlement on ‎the
part of Executive;

‎

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(d)            
 the commission by Executive of, or conviction or indictment of Executive for, or plea of nolo ‎contendere by Executive to, any
felony (or state law equivalent) or any crime involving moral ‎turpitude; and/or‎

(e)            
Executive’s willful failure or refusal, other than due to Disability (as defined below), to perform Executive’s obligations
‎pursuant to this Agreement or to follow any lawful directive from the Board that is commensurate ‎with Executive’s
position; provided, however, that if Executive’s actions or omissions as set forth in this Section 3.1(e) are of
such a nature that they are curable by Executive (which shall be determined by the Board in its sole discretion), such actions or omissions
remain uncured by Executive for seven (7) days after the Board has provided Executive written notice of the obligation to cure such actions
or omissions.

3.2           
Termination by Company for Convenience. The Company shall have the right to terminate Executive’s employment for
convenience at any ‎time during the Employment Period and for any reason, or no reason at all, subject to the applicable terms
and conditions of Article III and Article IV.‎

3.3           
Termination by Executive for Good Reason. Executive shall have the right to terminate his employment with the Company ‎for
Good Reason (as defined below), subject to the applicable terms and conditions of Article III and Article IV.

(a)            
For purposes of this Agreement, “Good Reason” shall mean:‎

 (i)             
‎a material diminution in Executive’s Guaranteed Base Salary, other than a general reduction in Guaranteed Base Salary that
affects all similarly situated executives in substantially the same proportions;

 (ii)           
a material breach by the Company of any of its covenants or obligations under this Agreement; or

 (iii)         
relocation of Executive’s principal place of employment to a geographic location that is more ‎than fifty (50) miles from
the location of Executive’s principal place of employment as of the ‎Effective Date, as identified in Section 1.3.‎

(b)            
Notwithstanding the foregoing provisions of this Section 3.3, any assertion by Executive of a termination for Good Reason
shall not be effective unless all of the following conditions are satisfied: (i) the condition or event constituting Good Reason
as defined above must have arisen without Executive’s consent; (ii) Executive must provide written notice to the Board of
the existence of such condition(s) or event(s) within forty-five (45) days of the initial existence of the same; and (iii) the
condition(s) or event(s) specified in such notice must remain uncorrected for thirty (30) days following the Board’s receipt of
such written notice.

3.4            Termination
by Executive for Convenience. Executive ‎shall have the right to terminate his employment for convenience at any
‎time during the Employment Period and for any
reason, or no reason at all, subject to the applicable terms and conditions of Article III and Article IV.

 

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3.5           
Termination Due to Death or Disability. The Company shall have the right to terminate Executive’s employment during
the Employment Period due to Executive’s death or Disability, subject to the applicable terms and conditions of Article III
and Article IV. For purposes of this Agreement, a “Disability” shall ‎exist if Executive is unable
to perform the essential functions of Executive’s position (after ‎accounting for reasonable accommodation, if applicable),
due to physical or mental impairment or ‎other incapacity that continues, or can reasonably be expected to continue, for a period
in excess of ‎(a) 90 consecutive days or (b) 120 days (whether or not ‎consecutive) in any twelve (12)-month period.
The determination of whether Executive has ‎incurred a Disability shall be made in good faith by the Board. Nothing in this Section
3.5 should be interpreted as limiting any of Executive’s rights under the Americans with Disabilities Act or comparable state
or local law, including any right to a reasonable accommodation for any qualifying disability, as determined by such laws. In the event
of any conflict, any applicable law regarding disability accommodation for employees will prevail over this Section 3.5.

3.6           
Notice of Termination. Any termination of Executive’s ‎employment during the Employment Period by the Company
or by Executive pursuant to Section 1.1 or this Article III (other than termination pursuant to Section 3.5 on account
of Executive’s death) shall be ‎communicated by written notice of termination (each, a “Notice of Termination”)
to the other ‎Party hereto in the manner provided in Section 8.10. The Notice of Termination shall specify: (a) the ‎termination
provision of this Agreement relied upon; and (b) the applicable Date of Termination.‎

3.7           
Date of Termination. For purposes of this Agreement, the “Date of Termination” shall be:

(a)            
If Executive’s employment is terminated on account of Executive’s death, the date of Executive’s death;

(b)            
If Executive’s employment is terminated on account of Executive’s Disability, the date the Company determines that Executive
has a Disability, as specified in the Notice of Termination;

(c)            
If the Company terminates Executive’s employment for Cause, the date specified in the Company’s Notice of Termination;

(d)            
If Executive’s employment is terminated at the end of its term without an agreed renewal or extension of the Agreement, then the
last date in the Initial Term or Renewal Term, as applicable;

(e)            
If the Company terminates Executive’s employment for convenience, the date specified in the Company’s Notice of
Termination, which shall be no less than thirty (30) business days following the date on which the Notice of Termination is
delivered; provided that, the Company shall have the option to provide Executive with a payment equal to Executive’s
pro rata Actual Base Salary for thirty (30) business days’ in lieu of such notice, which shall be paid in a lump sum on the
Date of Termination and for all purposes of this
Agreement, the Date of Termination shall be the date on which such Notice of Termination is delivered;

 

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(f)             
If Executive terminates Executive’s employment for convenience, the date specified in Executive’s Notice of Termination,
which shall be no less than thirty (30) business days following the date on which the Notice of Termination is delivered; provided
that, the Company may waive all or any part of the thirty (30) business day notice period for no consideration by giving written
notice to Executive and for all purposes of this Agreement, the Date of Termination shall be the date determined by the Company and specified
in such written notice from the Company; and

(g)            
If Executive terminates Executive’s employment for Good Reason, the date specified in Executive’s Notice of Termination.

Notwithstanding
anything contained herein to the contrary, the Termination Date shall not occur until the date on which Executive incurs a “separation
from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations
and other guidance promulgated with respect thereto.

3.8           
Effects of Termination. 

(a)            
‎Resignation from All Other Positions. Any termination of ‎Executive’s employment by the Company or by the Executive
shall ‎constitute Executive’s automatic resignation from, as applicable, (a) ‎any officer position with the Company
‎and each member of the Company Group; (b) any position on the Board; and ‎‎(c) any position on the board of directors
‎or board of managers (or similar governing body) of any member ‎of the Company Group and from ‎the board of directors
or board of managers (or similar ‎governing body) of any corporation, limited ‎liability entity, unlimited liability entity
or other ‎entity in which any member of the Company Group ‎holds an equity interest and with respect to ‎which board
of directors or board of managers (or ‎similar governing body) Executive serves as ‎such Company Group member’s designee
or other ‎representative.‎

(b)            
‎COBRA. Regardless of the reason for the termination of Executive’s employment, to the extent Executive participated
in the Company’s group health plans, Executive may be eligible to elect post-termination health benefits under the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”) at Executive’s expense; provided that, Executive
timely elects such COBRA continuation coverage.

(c)            
‎Post-Employment Cooperation. The Parties agree that certain matters in which Executive will ‎be involved during the
Employment Period may necessitate Executive’s cooperation in the future. ‎Accordingly, and in addition to the obligations
outlined in Section 7.4, during the twenty-four (24) month period following the termination of ‎Executive’s employment
with the Company, to the extent reasonably requested by the ‎Board, Executive shall cooperate with the Company in connection with
matters arising ‎out of Executive’s service to the Company, including the defense of any claims or actions that may be made
by or against any member of the Company Group that relate to ‎Executive’s current or previous duties and/or responsibilities;
provided that, the Company shall make

 

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‎reasonable
efforts to minimize disruption of Executive’s other activities.‎ The Company shall pay or reimburse Executive ‎for
all of his reasonable travel and other direct expenses reasonably incurred, to comply ‎with Executive’s obligations under
this Section 3.8(c), so long as Executive provides reasonable ‎documentation of such expenses and obtains the Company’s
prior approval before incurring such ‎expenses. For the avoidance of doubt, regardless of whether the Company reimburses any expenses
pursuant to this Section 3.8(c), any testimony that Executive provides in the course of ‎providing assistance must
be truthful and accurate in all respects.‎

ARTICLE
IV

COMPENSATION UPON TERMINATION

4.1           
‎Compensation upon Termination by the Company for Cause. In the event the Executive’s employment is terminated
pursuant to Section 3.1 above, all of Executive’s rights and benefits provided for in this Agreement will terminate
as of the Date of Termination; provided, however, that Executive will receive, as soon as reasonably practicable following the
‎Date of Termination, or in such time frame as required by applicable law, a lump sum cash ‎payment consisting of Executive’s
pro rata Actual Base ‎Salary as earned and unpaid, and unreimbursed expenses, through the Date of Termination ‎‎(collectively,
the “Accrued Amounts”). ‎

4.2           
Compensation upon Termination by the Company for Convenience or by the Executive for Good Reason. In the event Executive’s
employment is terminated by the Company pursuant to Section 3.2 or by Executive pursuant to Section 3.3, then all of Executive’s
rights and benefits provided for in this Agreement will terminate as of the applicable Date of Termination; provided, however,
that following the Date of Termination, Executive will receive, (a) a lump sum cash payment for the Accrued Amounts, as soon as reasonably
practicable following the ‎Date of Termination, or in such time frame as required by applicable law, and (b) monthly payments of
Executive’s Guaranteed Base Salary for the Severance Period (the “Severance Pay”), and (c) monthly payments
in an amount that is equivalent to the full cost of Executive’s COBRA premiums during each month in the Post-Employment Restricted
Period until the earlier of the end of Post-Employment Restricted Period or Executive is no longer entitled to such coverage under COBRA
pursuant to applicable law (the “COBRA Benefits,” and collectively with the Severance Pay, the “Severance
Benefits”). As used herein, the “Severance Period” shall be twelve (12) months.

4.3           
Compensation upon Termination by Executive for Convenience or by the Company due to Executive’s Death or Disability.
In the event Executive’s employment is terminated by Executive pursuant Section 3.4 or by the Company pursuant to Section
3.5, all of Executive’s rights and benefits provided for in this Agreement will terminate as of the Date of Termination; provided,
however, that Executive or Executive’s estate, as applicable, will receive as soon as reasonably practicable following the
Date of Termination, or in such time frame as ‎required by applicable law, a lump sum cash payment for the Accrued Amounts.

4.4           
Method of Payment of Severance Benefits. The Severance Benefits will be paid in equal monthly installments beginning on
the 1st of the month following the Date of Termination and continuing through the Severance Period.

‎

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4.5           
 Conditions to Receiving Severance Benefits. As a condition to receiving ‎any Severance Benefits provided for under
Article IV, Executive must comply with the ‎following provisions:‎

(a)            
‎Waiver and Release of Claims. Executive must execute a release of ‎claims in favor of the Company, its affiliates,
predecessors, successors, parent ‎companies, subsidiaries, operating units, and divisions, including all members of the Company
Group, and each of the foregoing ‎entities’ respective agents, representatives, members, and managers, officers, ‎directors,
shareholders, employees, insurers, fiduciaries of employee benefit plans, ‎plan administrators, and attorneys (the ‎‎“General
Release”), and such General Release must become effective within ‎twenty-one (21) days following the date ‎upon
which the Company delivers the General Release to Executive (which shall occur no later than seven ‎‎(7) days after the Date
of Termination) or, in the event that such termination of employment is “in connection with an exit ‎incentive or other employment
termination program” (as such phrase is defined in the Age ‎Discrimination in Employment Act of 1967, as amended), forty-five
(45) days ‎following such delivery date‎ (in either case, the ‎‎“Release Execution Period”),
or Executive shall forfeit all of his rights to any ‎Severance Benefits under this Article IV.‎ The General Release
shall be ‎substantially in the form attached as Exhibit A, which the Company may from time to time reasonably modify ‎to
reflect any developments in applicable law and the circumstances of Executive’s separation from ‎employment. If the General
Release is not executed and returned to the Company on or before the Release Execution Period, ‎or the required revocation period
has not fully expired without revocation of the General Release by ‎Executive, then Executive shall not be entitled to any portion
of the Severance Benefits.

(b)            
Restrictive Covenant Compliance. Executive must comply with the restrictive covenants found in Articles V–VII of
this Agreement (collectively the “Restrictive Covenants”), and shall not, or participate in any effort to, seek to
have any of such Restrictive Covenants found unenforceable, overbroad, or void. If Executive breaches any of the Restrictive Covenants,
or if Executive challenges, or participates in any challenge of, the enforceability or the scope of any of the Restrictive Covenants
in any regard, or if any Restrictive Covenant is held to be unenforceable, overbroad, or void as a matter of law for any reason, then
Executive agrees to forfeit all of his rights to any of the Severance Benefits that have not yet been paid and to return any of the Severance
Benefits previously paid under this Agreement; provided, however, that Executive shall retain $1,000 of the Severance Benefits
in consideration for an effective and unrevoked General Release provided in accordance with Section 4.5(a).

ARTICLE
V 

CONFIDENTIAL
INFORMATION

5.1           
Company Promise of Access to Confidential Information and Company Relationships. In connection with Executive’s employment
by the Company and in exchange for Executive’s promises made in this Agreement, the Company has provided and will continue to provide
Executive with access to Confidential Information (as defined below). Confidential Information includes, but is not limited to, information
pertaining to the Company’s or any other

 

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member
of the Company Group’s business processes, practices, and methods; statistical, financial, cost and accounting data and reports,
including bid rates and cumulative bid rates; the Company’s or any other member of the Company Group’s methodology, business
plans, and product knowledge; contract information and contract negotiation information and terms; contact information for key contacts
within customer organizations, preferences and needs for clients, customers and/or referral sources; information concerning any member
of the Company Group’s employees, partners and contractors, including identities, compensation or other terms of engagement and
performance; any member of the Company Group’s business opportunities and strategies; training regarding any member of the Company
Group’s processes, data, techniques and operations; information concerning any member of the Company Group’s laboratory,
products, networks, operations, methods, plans, prices, gross and net profit margins, finances, budgets, forecasts, business and marketing
techniques and strategies, pricing information; and any other information identified as confidential (collectively, “Confidential
Information”). Executive acknowledges and agrees that the Company has provided and will continue to provide Executive with
access to, and the unique opportunity to develop business relationships with, respective customers, clients, vendors, referral sources,
and partners, as applicable, of the Company Group and/or its members, with whom the Company Group and/or its members has developed goodwill
and to which Executive would not otherwise have access (collectively, “Company Relationships”).

5.2           
Value and Non-Disclosure/Non-Use of Confidential Information and Company Relationships. Executive acknowledges that the
industry(ies) in which the Company and the other members of the Company Group do business is highly competitive and that the Confidential
Information and Company Relationships are valuable, special, and unique assets of the Company Group and/or its members, which the Company
Group and/or its members use in their respective businesses to obtain a competitive advantage over competitors which do not know or use
this information. Executive further acknowledges that protection of the Confidential Information and Company Relationships against unauthorized
disclosure and use is of critical importance to the Company Group and/or its members in maintaining their respective competitive positions.
Accordingly, Executive hereby agrees that he will not, at any time during or after Executive’s employment with the Company or any
other member of the Company Group, make any use or disclosure of any Confidential Information, except (a) for the benefit of, and on
behalf of, the Company or any other member of the Company Group, or (b) as required to be disclosed pursuant to legal process (e.g.,
a subpoena), provided that Executive notifies the Company or the applicable member of the Company Group promptly upon receiving
or becoming aware of the legal process in question so that the Company and/or the applicable member of the Company Group may have the
opportunity to seek a protective or other order to restrict or prevent such disclosure.

5.3           
Third-Party Information. Executive acknowledges that, as a result of Executive’s employment with the Company and/or
any other member of the Company Group, as applicable, Executive will have access to, or obtain knowledge of, confidential business information
or trade secrets of third parties, such as customers, clients, vendors, suppliers, partners, joint venturers, and the like, of the Company
Group and/or its members. Executive agrees to preserve and protect the confidentiality of such third-party confidential information and
trade secrets to the same extent, and on the same basis, as the Confidential Information. 

 

    11 

     

    

 

5.4           
 Return all Company Documents and Electronic Data. All written, electronic or other data or materials, records and other
documents made by, or coming into the possession of, Executive during his employment with the Company and/or any other member of the
Company Group, as applicable, including but not limited to those which contain or disclose Confidential Information and/or Company Relationships,
shall be and at all times remain the property of the Company and/or any other member of the Company Group, as applicable. Upon request
by the Company and in any event without request upon the termination of Executive’s employment with the Company or any other member
of the Company Group, as applicable, for any reason, Executive shall promptly deliver to the Company, without deletion or alteration,
all Confidential Information, electronic data, or documents concerning the Company or any other member of the Company Group, and all
copies, derivatives, and extracts thereof. Executive acknowledges and agrees that it is a violation of this Section 5.4 for Executive
to transfer any Confidential Information or other property belonging to the Company or any other member of the Company Group to Executive’s
personal computer or other non-Company issued electronic device or storage location, and, in the event of any such violation by Executive,
whether intentionally or unintentionally, and upon the Company’s request, and in any event, without request upon termination of
Executive’s employment with the Company or any other member of the Company Group, as applicable, for any reason, Employee shall
(a) provide the Company and/or the applicable member of the Company Group with access to, and the opportunity to inspect, Executive’s
personal computer or other non-Company issued device or storage location for the purpose of identifying any information and/or property
belonging to the Company or any other member of the Company Group located on such computer, device, or storage location, and (b) delete
and/or remove any such information and/or property identified during such inspection. Further, if requested by the Company, Executive
agrees to execute an affidavit confirming under oath his compliance with this Section 5.4.

 

5.5           
No Use of Other Confidential Information or Conflicting Obligations by Executive. Executive promises that Executive will
not use, disclose to the Company or any other member of the Company Group, bring on the premises of any member of the Company Group,
or induce the Company, any other member of the Company Group, or any employees of any member of the Company Group to intentionally or
unintentionally use or disclose, any confidential or proprietary information or material belonging to Executive’s previous employer(s)
or belonging to any other person or entity. Further, Executive represents that Executive is not a party to any other agreement, or under
any other duty, which will interfere or conflict with Executive’s full compliance with this Agreement. Executive will not enter
into any agreement or undertake any other duty, whether written or oral, in conflict with the provisions of this Agreement. Executive
represents that Executive’s employment with the Company or any other member of the Company Group, as applicable, will not breach
any agreement or other duty Executive has to keep in confidence proprietary information, knowledge or data acquired by Executive prior
to Executive’s employment with the Company, including any information belonging to Executive’s prior employer(s).

ARTICLE
VI

NON-COMPETITION AND NON-SOLICITATION

6.1           
Consideration. Executive acknowledges that the Restrictive Covenants are necessary ‎to protect the Company’s
legitimate business interests in the Confidential Information (including
‎Company training) and Company Relationships and that this Agreement would not have been ‎entered into and no further Confidential
Information or Company Relationships would be shared with ‎Executive without Executive’s consent to the terms in this Agreement.
Executive’s obligations ‎under this Agreement are supported by the consideration to Executive from the Company ‎specified
in this Agreement, including, but not limited to, the consideration outlined in Article I, Article ‎II, and Article
V.

    12 

     

    

‎

6.2           
Business Definition. As used herein, “Company Business” shall mean the business and operations performed
‎by the Company and/or any other member of the Company Group for which Executive provides services or ‎about which Executive
obtains Confidential Information during Executive’s employment with the Company or any other member of the Company Group, as applicable,
including, without limitation, the ‎business of acquiring, exploiting developing, and operating oil and gas assets. Any business
that is ‎engaged in or planning to become engaged in activities that compete in whole or in part with the ‎Company Business
is considered a “Competing Business.” However, for purposes of this ‎Agreement, the term Competing Business
shall not include any business that is exclusively ‎engaged in activities that compete solely with any portion of the Company Business
for ‎which Executive had no responsibility or involvement, and about which Executive had no access ‎to Confidential Information
or Company Relationships, in each case, during Executive’s ‎employment with the Company or any other member of the Company
Group, as applicable.

6.3           
Established Customer Definition. For purposes of this Agreement, “Established Customer” shall mean any
customer of the Company or any other member of the Company Group that has an ongoing business relationship with, as applicable, the Company
or such other member of the Company Group that the Company or such other member of the Company Group, as applicable, anticipates to continue
into the future.

6.4           
Non-Solicitation of Established Customers. In exchange for the consideration specified in this Agreement and as a material
incentive for the ‎Company to enter into this Agreement, and to enforce Executive’s obligations under Article V ‎hereof,
Executive hereby agrees that Executive will not, at any time during Executive’s ‎employment with the Company or any other
member of the Company Group, as applicable, and for a period commencing on the Date of Termination of ‎Executive’s employment
with the Company or any other member of the Company Group, as applicable, and continuing for the duration of the Severance Period, whether
or not Employee is actually entitled to Severance Pay (the “Post-Employment Restricted Period”), on ‎Executive’s
own behalf or on behalf of any other person or entity (a) ‎solicit, hire, retain, do business with, or consult with any Established
Customer on behalf of a ‎Competing Business, or (b) in any other manner attempt to influence, ‎induce, or encourage any Established
Customer to discontinue or materially change its ‎relationship or business with, or purchases or orders from, the Company.

6.5           
Non-Solicitation of Employees and Contractors. Executive acknowledges that because of the Company’s very specialized
business and the nature of the Confidential Information, Company Relationships, and training given to employees, the Company invests
a significant amount of time and money in recruiting, training, and retaining its employees. Executive further acknowledges that because
of the Confidential Information, Company

  

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Relationships,
and specialized training the Company has provided to its employees, loss of any of these employees to a competitor puts the Company at
a competitive disadvantage. In light of these acknowledgments, Executive agrees that Executive will not, at any time during Executive’s
employment with the Company or any other member of the Company Group, as applicable, and thereafter during the Post-Employment Restricted
Period, on Executive’s own behalf or on behalf of any other person or entity, directly or indirectly, (a) solicit, hire or seek
to hire any employee, consultant or independent contractor of the Company for a Competitive Business, or (b) in any other manner attempt
to influence, induce, or encourage any such employee, consultant or independent contractor of the Company to terminate, reduce or materially
change his, her or its, as applicable, employment or other business relationship with the Company (collectively, subsections (a) and
(b) are referred to as “Prohibited Solicitation”). Executive further agrees not to use or disclose to any person or
entity any information concerning the names, addresses, work or personal telephone numbers of any such current or former employees or
contractors of the Company in association with any such Prohibited Solicitation. The foregoing notwithstanding, during the Post-Employment
Restricted Period, the term Prohibited Solicitation shall only apply with respect to the Company’s employees, consultants or independent
contractors with whom Executive worked, directly or indirectly through the supervision, direction or management of others, or about whom
Executive received Confidential Information, in each case, during Executive’s employment with the Company or any other member of
the Company Group, as applicable.

6.6           
Scope of Non-Solicitation Obligations. The non-solicitation obligations outlined in Section 6.4 and Section 6.5
explicitly cover all forms of oral, written, or electronic communication, including, but not limited to, communications by email,
regular mail, express mail, telephone, fax, instant message, and social media, including, but not limited to, Facebook, LinkedIn, Instagram,
and Twitter, and any other social media platform, whether or not in existence at the time of entering into this Agreement. However, it
will not be deemed a violation of either Section 6.4 or Section 6.5 if Executive merely updates Executive’s LinkedIn
profile without engaging in any other substantive communication, by social media or otherwise, that is prohibited by Section 6.4
or Section 6.5.

6.7           
Non-Competition. Executive agrees that, during his employment and for the Post-Employment Restricted Period after Executive’s
employment relationship with the Company is terminated by either party, Executive will not, directly or indirectly, compete with the
Company or Company Group by having an ownership interest in and/or working for, as an employee, consultant, advisor, independent contractor,
or in any other capacity, any person, party, or entity that engages, directly or indirectly, in a Competing Business in the Geographic
Area. For purposes of this Agreement, “Geographic Area” shall mean any county or parish in which the Company
or any member of the Company Group, during the final eighteen (18) months of Executive’s employment relationship, (1) conducts
operations or has a project, work site, yard, or other facility and/or (2) holds an interest in, operates or develops an asset of Company
or any member of the Company Group.

6.8           
Tolling Period. The duration of the Post-Employment Restricted Period and Executive’s obligations during the Post-Employment
Restricted Period, as outlined in Section 6.4, Section 6.5, and Section 6.6 above, shall be tolled and suspended
for any period that Executive is in violation of these covenants up to a period of one (1) year.

 

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6.9           
 Survival of Restrictions after Termination. Executive understands and acknowledges that Executive’s obligations under
Article V, Article VI, Article VII, and Article VIII of this Agreement are continuing in nature and survive
the termination of this Agreement and Executive’s employment with the Company or any other member of the Company Group, as applicable,
regardless of the circumstances giving rise to the termination.‎

6.10        
Notification. Executive agrees to (a) inform any subsequent employer of Executive’s continuing obligations under
Article V, Article VI and Article VII of this Agreement, and (b) notify the Company of the identity of any such
subsequent employer, in each case before accepting an offer of employment. Executive also authorizes the Company to provide a copy of
the Restrictive Covenants sections of this Agreement to third parties, including but not limited to, any of Executive’s subsequent,
anticipated, or possible future employers.

ARTICLE
VII

INVENTIONS, DISCOVERIES AND COPYRIGHTS

7.1           
Inventions and Discoveries. Executive irrevocably agrees to assign and hereby does assign to the Company, all rights, title
and interest worldwide in any and all ideas, concepts, inventions, improvements, and discoveries (each a “Development”),
whether patentable or not, which are conceived, made, or first reduced to practice by Executive, solely or jointly with another, during
Executive’s employment with the Company or any other member of the Company Group (whether during business hours or otherwise and
whether on Executive’s premises or otherwise) and which are related to the business or activities of the Company Group (including,
without limitation, commercial, financial, business, professional, technical, and technological information, including information regarding
the Company’s or any other member of the Company Group’s software, products, inventions, developments, processes, specifications,
know-how and trade secrets, information regarding marketing, operations, plans, activities, policies and procedures, customers, suppliers,
vendors, business partners, and other entities with whom the Company or members of the Company Group conduct business). Moreover, all
drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, software, firmware, maps
and all other writings or materials of any type embodying any of such information, ideas, concepts, improvements, discoveries, and inventions
are and shall be the sole and exclusive property of the Company or any other member of the Company Group, as applicable.

7.2           
Copyrights. If during Executive’s employment with the Company, Executive creates any original work of authorship
(each, a “Work”) fixed in any tangible medium of expression which is the subject matter of copyright (e.g., written
presentations, algorithms, graphics, designs, computer programs or code, videotapes, drawings, maps, models, manuals or brochures) relating
to the Company’s business, products, or services, whether a Work is created solely by Executive or jointly with others, the Company
shall be deemed the author of a Work if the Work is prepared by Executive in the scope of Executive’s employment; or, if the Work
is not prepared by Executive within the scope of Executive’s employment but is specially ordered or commissioned for use by the
Company as a contribution to a collective work or for other purposes as defined by U.S. Copyright laws, then the Work shall be considered
to be a work made for hire and the Company shall be the author of the Work. In the event a Work is not prepared by Executive within the
scope of Executive’s employment or is not deemed to be a work made for hire, then Executive agrees to assign, and hereby does irrevocably
assign, to the Company all of Executive’s worldwide
right, title, and interest in and to such Work and all rights of copyright therein, including all rights thereunder to the Company in
perpetuity, and irrevocably appoints the Company as Executive’s attorney-in-fact (which appointment is coupled with an interest)
to execute and deliver any assignments, copyright applications, or other instruments to protect and vest title (including all intellectual
property rights) fully in the Company.

 

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7.3           
Disclosure of Developments and Works. Executive will disclose promptly in writing to the Company all Developments and Works
that are created, made, conceived, first reduced to practice, or learned by Executive either solely or jointly with another or others
during Executive’s employment with the Company, whether or not they are patentable, copyrightable, or subject to trade secret protection
and whether or not they relate in any way to the current or planned businesses, services, or operations of the Company or any other member
of the Company Group.

7.4           
Protection of Developments and Works. The Company or its nominee shall have the right to make and use the Developments
and Works and obtain Letters Patent, copyrights (as author or assignee), or other statutory or common law protections for the Developments
and Works in any and all countries. Executive shall perform, during the Employment Period and for a period of twenty-four (24) ‎months
after the Date of Termination, all reasonable acts deemed necessary by the ‎Company to assist the Company ‎Group, at the
Company’s expense, in obtaining and enforcing its ‎rights throughout the world in ‎its Developments and Works. Such
acts may include execution ‎of documents and ‎assistance or cooperation (a) in the filing, prosecution, registration, and
‎memorialization of ‎assignment of any applicable patents, copyrights, mask work, or other ‎applications, (b) in the
‎enforcement of any applicable patents, copyrights, mask work, moral rights, ‎trade secrets, or ‎other proprietary
rights, and (c) in other legal proceedings related to the Company’s Developments and Works.‎

7.5           
License to Developments and Works. To the extent that any Development or Work or the intellectual property rights therein
are not assignable or that, notwithstanding this Article VII, Executive for any reason retains any right, title, or interest in
and to any Development or Work or any intellectual property rights therein, Executive (a) unconditionally and irrevocably waives
the enforcement of such rights, and all claims and causes of action of any kind against the Company with respect to such rights; (b)
agrees, at the Company’s request and expense, to consent to and join in any action to enforce such rights; and (c) hereby grants
to the Company a fully paid-up irrevocable, royalty free, nonexclusive, transferable (in whole or in part), unrestricted perpetual license
to make, have made, use, execute, reproduce, display, perform and distribute copies or prepare derivative works of such Development or
Work (in whole or in part), with full rights to distribute, market, license (with right to sublicense with multiple sublicenses), modify
and reproduce, and otherwise exploit, such Development or Work and all modifications thereto and derivatives thereof.

7.6           
Pre-Existing Developments and Works. Executive has identified on Exhibit B hereto all Developments and/or Works
that have been made or conceived or first reduced to practice by Executive alone or jointly with others prior to Executive’s employment
with the Company, which Executive desires to exclude from operation of this Agreement. If there are no Developments or Works listed,
Executive represents to the Company that Executive has made no such Developments or Works.

    16 

     

    

 

ARTICLE
VIII

MISCELLANEOUS

8.1           
Restrictive Covenants. Executive understands and agrees that the Restrictive Covenants are material to the Company and
that the Company would not have entered into this Agreement without these promises from Executive. It is expressly understood and agreed
that the Company and Executive consider the Restrictive Covenants to be reasonable and necessary for the purposes of preserving and protecting
the Confidential Information and Company Relationships and may be enforced by the Company to the fullest extent allowed by law. Executive
understands that the Restrictive Covenants may limit Executive’s ability to engage in a business similar to or competitive with
the Company and/or any other members of the Company Group, but acknowledges that he has or will receive sufficient monetary and other
consideration from the Company under this Agreement to justify such restriction. Executive further acknowledges that the foregoing restrictions
and obligations do not prevent him from earning a living with the skills and experiences he currently possesses. Executive acknowledges
that money damages would not be a sufficient remedy for any material breach of this Agreement, including the Restrictive Covenants, by
Executive and as such, the Company shall be entitled to enforce the Restrictive Covenants by injunctive relief in addition to all remedies
available at law or in equity. Executive expressly acknowledges that the Restrictive Covenants constitute a reasonable restraint as to
time and activities involved. In consideration to the Company, without which the Company would not have entered into this Agreement,
Executive hereby expressly waives, and agrees not to assert, any challenge to any Restrictive Covenant premised upon insufficiency of
consideration, overbreadth or unreasonableness, and Executive further agrees to indemnify, and hold harmless, the Company Group and each
of them, in conjunction with any such assertion.

8.2           
Third Party Beneficiaries. The Parties hereby designate (a) all members of the Company Group that are not signatories
to this Agreement and/or (b) any successors or assigns as permitted by Section 8.9, as intended third party beneficiaries of this
Agreement, having the right to enforce this Agreement, including the Restrictive Covenants outlined herein, to the fullest extent allowable
by law.

8.3            Protected
Disclosures and Statements. Nothing in this Agreement shall prohibit or restrict Executive from lawfully (i) initiating
communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise
assisting in an investigation by, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the
Occupational Safety and Health Administration, any other self-regulatory organization, or any other federal or state regulatory
authority (collectively, the “Government Agencies,” or individually, a “Government Agency”)
regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to Executive from any such
Government Agency; (iii) testifying, participating or otherwise assisting in any action or proceeding by any such Government Agency
relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions
of any applicable law.  Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1)
in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (2) solely for
the purpose of reporting or investigating a suspected violation of law; or (B) is made to the individual’s attorney in
relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a
complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal.  Nothing in this Agreement
requires Executive to obtain prior authorization before engaging in any conduct described in this Section 8.3, or to notify
the Company that Executive has engaged in any such conduct.

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8.4           
Jury Waiver. THE COMPANY AND EXECUTIVE HEREBY WAIVE ANY RIGHTS TO A TRIAL BY ‎JURY WITH RESPECT TO ANY CLAIM AGAINST
THE OTHER PARTY, INCLUDING, ‎WITHOUT LIMITATION, ANY CLAIM FOR BREACH OR ENFORCEMENT OF THIS ‎AGREEMENT.‎

8.5           
Withholdings; Deductions. The Company may withhold and deduct from any benefits and payments made or to be made ‎pursuant
to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to ‎any law or governmental regulation
or ruling and (b) any deductions consented to in writing by ‎Executive.‎

8.6           
Applicable Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to the laws of
the State of Texas without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction. 
With respect to any claim or dispute related to or arising under this Agreement, the parties hereby consent to the exclusive jurisdiction,
forum, and venue of the state and federal courts (as applicable) located in Houston, Texas. Executive hereby expressly consents to the
appointment of the Secretary of State for the State of Texas as Executive’s agent for ‎service of process if he is outside
the range of service for courts in Houston, Texas. ‎

8.7           
Entire Agreement and Amendment. This Agreement and any applicable award agreements under the Equity Plans constitute the
entire agreement of the Parties with respect to the matters covered ‎herein and supersede all prior and contemporaneous agreements
and understandings, oral or ‎written, between the Parties concerning the subject matter hereof, including any prior offer letter.
This Agreement may be ‎amended only by a written instrument executed by both Parties.‎ Each Party to this Agreement acknowledges
that no representation, inducement, promise ‎or agreement, oral or written, has been made by either Party, or by anyone acting
on behalf of ‎either Party, which is not embodied herein, and that no agreement, statement, or promise relating ‎to the employment
of Executive by the Company, which is not contained in this Agreement, shall ‎be valid or binding.

8.8           
No Waiver of Breach. No ‎waiver by either Party of a breach of any provision of this Agreement by the other Party,
or ‎of compliance with any condition or provision of this Agreement to be performed by such other ‎Party, will operate or
be construed as a waiver of any subsequent breach by such other Party or any ‎similar or dissimilar provision or condition at the
same or any subsequent time. The failure of ‎either Party to take any action by reason of any breach will not deprive such Party
of the ‎right to take action at any time.‎

8.9            Assignment. Except
as otherwise stated in this Section 8.9, this Agreement shall be binding upon and ‎shall inure to the benefit of the
Parties and their respective successors and assigns. Executive ‎consents to the future assignment of this Agreement by the
Company to any other member of the Company Group, or any person, ‎association, or entity which may acquire or succeed to all
or substantially all of the business or ‎assets of the Company by any means, whether direct or indirect, by purchase, merger,
‎consolidation, or otherwise. Executive’s obligations under this Agreement are personal and such ‎obligations of
Executive shall not be voluntarily or involuntarily assigned, alienated, or ‎transferred by Executive without the prior
written consent of the Company.

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‎

8.10        
Notices. 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) on the first Business Day after such notice is sent by express overnight courier service, or ‎‎(c)
on the second Business Day following deposit with an internationally-recognized second-day ‎courier service with proof of receipt
maintained. For purposes of this Agreement, “Business Day” shall mean any day except a Saturday, Sunday or other day
on which ‎commercial banks in New York, ‎New York‎ are required by law to be ‎closed.‎ All notices provided
for in this Agreement shall be sent to the following address, as ‎applicable:‎

	 	If
    to the Company:	Empire
                           Petroleum Corporation

    Attn:
    Board of Directors

    2200
    S. Utica Place, Suite 150

    Tulsa,
    Oklahoma 74114

     

     

	 	If
    to Executive:	To
    the last available address on file at the Company for Executive

 

8.11        
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.‎

8.12        
Section 409A.

(a)            
Notwithstanding any provision of this Agreement to the contrary, all provisions of this Agreement ‎are intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the ‎‎“Code”), and the applicable Treasury
regulations and administrative guidance issued thereunder ‎‎(collectively, “Section 409A”) or an exemption
therefrom and shall be construed and administered ‎in accordance with such intent. Any payments under this Agreement that may be
excluded from ‎Section 409A either as separation pay due to an involuntary separation from service or as a short-‎term deferral
shall be excluded from Section 409A to the maximum extent possible. For purposes of ‎Section 409A, each installment payment provided
under this Agreement shall be treated as a ‎separate payment. Any payments to be made under this Agreement upon a termination of
‎Executive’s employment shall only be made if such termination of employment constitutes a ‎‎“separation
from service” under Section 409A.

‎

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(b)            
 To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under ‎this Agreement constitutes
nonqualified deferred compensation (within the meaning of ‎Section 409A), (i) any such expense reimbursement shall be made by the
Company no later than the ‎last day of the taxable year following the taxable year in which such expense was incurred by ‎Executive,
(ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or ‎exchange for another benefit, and (iii)
the amount of expenses eligible for reimbursement or in-kind ‎benefits provided during any taxable year shall not affect the expenses
eligible for reimbursement or ‎in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause
shall ‎not be violated with regard to expenses reimbursed under any arrangement covered by ‎Section 105(b) of the Code solely
because such expenses are subject to a limit related to the period ‎in which the arrangement is in effect.‎

(c)            
Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit ‎provided for herein would be subject
to additional taxes and interest under Section 409A if ‎Executive’s receipt of such payment or benefit is not delayed until
the earlier of (i) the date of ‎Executive’s death or (ii) the date that is six (6) months after the Date of Termination (such
date, the ‎‎“Section 409A Payment Date”), then such payment or benefit shall not be provided to Executive
‎‎(or Executive’s estate, if applicable) until the Section 409A Payment Date. Notwithstanding the ‎foregoing,
the Company makes no representations that the payments and benefits provided under ‎this Agreement are exempt from, or compliant
with, Section 409A and in no event shall any member ‎of the Company Group be liable for all or any portion of any taxes, penalties,
interest or other ‎expenses that may be incurred by Executive on account of non-compliance with Section 409A.‎

8.13        
Severability. If a court of competent jurisdiction determines that any provision of this Agreement ‎‎(or portion
thereof) is invalid or unenforceable, then the invalidity or unenforceability of that ‎provision (or portion thereof) shall not
affect the validity or enforceability of any other provision ‎of this Agreement, and all other provisions shall remain in full
force and effect.‎

 

 

 

[Signature
Page Follows]

 

 

 

 

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IN
WITNESS WHEREOF, Executive and the Company each have caused this Agreement to be executed and effective as of the ‎Effective
Date.‎

 

 

 

	COMPANY:	 	EXECUTIVE:
	 	 	 	 	 
	EMPIRE PETROLEUM CORPORATION	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:   	 	 	Name:	 
	Title:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT A

 

FORM OF
RELEASE AGREEMENT

 

This GENERAL
RELEASE OF CLAIMS (this “Agreement”) is entered into by Eugene Sweeney (“Executive”) and
Empire Petroleum Corporation, a Delaware corporation (the “Company”). Executive and the Company may sometimes be referred
to individually as a “Party,” or collectively as the “Parties.” Capitalized terms
not defined herein have the meanings given to them in the Employment Agreement.

 

RECITALS

 

WHEREAS,
the Parties entered into an Executive Employment Agreement effective as of September 12, 2021 (the “Employment Agreement”);
and

 

WHEREAS,
pursuant to Article III and Article IV of the Employment Agreement, Executive is entitled to receive certain Severance Benefits in exchange
for, among other things, Executive’s execution of this Agreement

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each of the Parties, the
Company and Executive, intending to be legally bound, hereby incorporate the recitals above herein and agree as follows:

 

AGREEMENT

 

1.
        Separation; Severance Benefits. Executive acknowledges and agrees that the last
day of Executive’s employment with the Company was  _____________ (the “Separation Date”) and as of the
Separation Date, Executive was no longer employed by the Company.  If (a) Executive executes this Agreement on or after the
Separation Date and returns it to the Company, care of _______________so that it is received by ___________  no later
than 11:59 p.m., central time on ______________, (b) does not exercise his revocation right pursuant to Section 11 below,
and (c) abides by Executive’s continuing obligations under the Employment Agreement (including the terms of the Restrictive
Covenants), then the Company will provide Executive the Severance Benefits. To the extent applicable, Executive hereby resigns from all
other officer and/or board positions held by Executive with the Company or any other member of the Company Group. As of the Separation
Date, Executive is no longer authorized to act on behalf of any member of the Company Group, or to incur any expenses, obligations, or
liabilities on behalf of any member of the Company Group.

 

2.
       Satisfaction of All Leaves and Payment Amounts; Prior Rights and Obligations.  In
entering into this Agreement, Executive expressly acknowledges and agrees that Executive has received all leaves (paid and unpaid) to
which Executive was entitled during Executive’s employment with the Company or any other member of the Company Group, as applicable.
Executive further acknowledges and agrees that Executive has received all wages, bonuses, and other compensation, been provided all benefits,
been afforded all rights and been paid all sums that Executive is owed and has been owed by the Company and/or any other Company
Party as of the date that Executive executes this Agreement (the “Signing Date”).  For the avoidance of doubt,
Executive acknowledges and agrees that Executive had no right to the Severance Benefits (or any portion thereof) but for Executive’s
entry into this Agreement.

 

 

 

    22 

     

    

 

3.         Release
of Liability for Claims.

 

(a)  In
consideration of Executive’s receipt of the Severance Benefits (and any portion thereof) and the Company’s promises in this
Agreement, Executive hereby forever releases, discharges and acquits the Company and all other members of the Company Group, and each
of the foregoing entities’ respective past, present and future subsidiaries, affiliates, stockholders, members, partners, directors,
officers, managers, insurers, executives, agents, attorneys, heirs, predecessors, successors and representatives in their personal and
representative capacities, as well as all employee benefit plans maintained by any of the foregoing entities and all fiduciaries and
administrators of any such plans, in their personal and representative capacities (collectively, the “Company Parties”),
from liability for, and Executive hereby waives, any and all claims, damages, or causes of action of any kind related to Executive’s
employment with any Company Party, the termination of such employment, and any other acts or omissions related to any matter occurring
or existing on or prior to the Signing Date, including (i) any alleged violation through such date of: (A) any federal, state
or local anti-discrimination or anti-retaliation law, including the Age Discrimination in Employment Act of 1967, as amended (including
as amended by the Older Workers Benefit Protection Act), Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights
Act of 1991, as amended, and Sections 1981 through 1988 of Title 42 of the United States Code, as amended; and the Americans with
Disabilities Act of 1990, as amended, the Texas Labor Code (including the Texas Payday Law the Texas Anti-Retaliation Act, Chapter
21 of the Texas Labor Code, and the Texas Whistleblower Act) as amended; (B) the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”); (C) the Immigration Reform Control Act, as amended; (D) the Occupational Safety
and Health Act, as amended; (E) the Family and Medical Leave Act of 1993; (F) any federal, state or local wage and hour law;
(G) any other local, state or federal law, regulation or ordinance; or (H) any public policy, contract, tort, or common law
claim or claim for fiduciary duty or breach thereof or claim for fraud or misrepresentation or fraud of any kind; (ii) any allegation
for costs, fees, or other expenses including attorneys’ fees incurred in, or with respect to, a Released Claim (as defined below);
(iii) any and all rights, benefits or claims Executive may have under any retention, change in control, bonus or severance plan
or policy of any Company Party or any retention, change in control, bonus or severance-related agreement that Executive may have or have
had with any Company Party other than the rights to the Severance Benefits described herein; (iv) any and all rights, benefits or
claims Executive may have under any employment contract (including the Employment Agreement), other than Executive’s rights to
the Severance Benefits, rights to compensation or any other entitlements under the Employment Agreement that arise following the Termination
Date and are intended to survive Executive’s termination of employment) or incentive compensation plan; and (v) any claim
for compensation or benefits of any kind not expressly set forth in this Agreement (collectively, the “Released Claims”). 

 

 

 

 

 

 

 

 

 

 

 

    23 

     

    

 

 

(b)
In no event shall the Released Claims include (i) any claim that first arises after the Signing Date, (ii) any claim to vested
benefits under an employee benefit plan, (iii) any claim arising out of future rights with respect to vested equity or equity incentives,
or (iv) any pending or future claim with respect to: (A) Executive’s rights under any directors & officers liability
insurance policies then in effect, or (B) indemnification (including advancement of expenses) or contribution by the Company or
any of its affiliates pursuant to contract or applicable law.  This Agreement is not intended to indicate that any such claims exist
or that, if they do exist, they are meritorious.  Rather, Executive is simply agreeing that, in exchange for the Severance Benefits
(and any portion thereof), any and all potential claims of this nature that Executive may have against the Company Parties, regardless
of whether they actually exist, are expressly settled, compromised and waived.  THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE
TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.

 

(c)
Notwithstanding this release of liability, nothing in this Agreement prevents Executive from filing any non-legally waivable claim (including
a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission, National Labor Relations Board, Occupational
Safety and Health Administration, Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA), or any other
federal, state, or local governmental agency, authority, or commission (each, a “Governmental Agency”) or participating
in any investigation or proceeding conducted by any Governmental Agency.  Executive understands that this Agreement does not limit
Executive’s ability to communicate with any Governmental Agency or otherwise participate in any investigation or proceeding that
may be conducted by any Governmental Agency (including by providing documents or other information to a Governmental Agency) without
notice to the Company or any other Company Party.  This Agreement does not limit Executive’s right to receive an award from
a Governmental Agency for information provided to a Governmental Agency.

 

4.
       Representations About Claims.  Executive hereby represents and warrants
that, as of the Signing Date, Executive has not filed any claims, complaints, charges, actions, or lawsuits of any kind against any of
the Company Parties with any Governmental Agency or with any state or federal court or arbitrator for or with respect to a matter, claim,
or incident that occurred or arose out of one or more occurrences that took place on or prior to the Signing Date.  Executive hereby
further represents and warrants that Executive has made no assignment, sale, delivery, transfer or conveyance of any rights Executive
has asserted or may have against any of the Company Parties with respect to any Released Claim.  Executive agrees not to bring or
join any lawsuit against any of the Company Parties in any court relating to any of the Released Claims.

 

5.
       Executive’s Acknowledgments.  By executing and delivering this Agreement,
Executive expressly acknowledges that:

 

(a)
This Agreement is written in a manner calculated to be understood by Executive and that he in fact understands the terms, conditions,
and effects of this Agreement;

 

 

 

    24 

     

    

 

 

 

(b)
This Agreement refers to, among others, rights or claims arising under the Age Discrimination in Employment Act and Older Workers Benefit
Protection Act;

 

(c)
Executive has carefully read this Agreement and has had sufficient time (and at least ___ days) to consider this Agreement before signing
it and delivering it to the Company (the “Consideration Period”). Executive does not ‎have to wait until the
end of the Consideration Period to accept this Agreement, but Executive ‎acknowledges that any decision to sign this Agreement
before the Consideration Period expires ‎is made voluntarily, and not because of any fraud or coercion or improper conduct by any
Company Party. If the Agreement is not signed by Executive within the Consideration Period, it is automatically revoked and is null and
void;

 

(b)
Executive has been advised, and hereby is advised in writing, to discuss this Agreement with an attorney of Executive’s choice
and Executive has had adequate opportunity to do so prior to executing this Agreement;

 

(c)
Executive fully understands the final and binding effect of this Agreement; the only promises made to Executive to sign this Agreement
are those stated herein; and Executive is signing this Agreement knowingly, voluntarily and of Executive’s own free will, and understands
and agrees to each of the terms of this Agreement;

 

(d)
The only matters relied upon by Executive and causing Executive to sign this Agreement are the provisions set forth in writing within
the four corners of this Agreement;

 

(e)
Executive would not otherwise have been entitled to the Severance Benefits, or any portion thereof, but for Executive’s agreement
to be bound by the terms of this Agreement; and

 

(f)
no Company Party has provided any tax or legal advice regarding this Agreement and Executive has had the opportunity to receive sufficient
tax and legal advice from advisors of Executive’s own choosing such that Executive enters into this Agreement with full understanding
of the tax and legal implications thereof.

 

6.
       Third-Party Beneficiaries.  Executive expressly acknowledges and agrees
that each Company Party that is not a signatory to this Agreement shall be a third-party beneficiary this Agreement and Executive’s
promises and acknowledgements herein.

 

 7.      Severability. 
Any term or provision of this Agreement (or part thereof) that renders such term or provision (or part thereof) or any other term or
provision hereof (or part thereof) invalid or unenforceable in any respect shall be severable and shall be modified or severed to the
extent necessary to avoid rendering such term or provision (or part thereof) invalid or unenforceable, and such modification or severance
shall be accomplished in the manner that most nearly preserves the benefit of the bargain set forth in the Employment Agreement and hereunder.

 

 

 

    25 

     

    

 

 

8.
       Withholding of Taxes and Other Deductions.  Executive acknowledges
that the Company may withhold from the Severance Benefits all federal, state, local, and other taxes and withholdings as may be required
by any law or governmental regulation or ruling.

 

9.        Return
of Property. Executive hereby represents and warrants that Executive has returned to the Company all property belonging to the
Company or any other Company Party, including all computer files, electronically stored information and other materials provided to him
by the Company or any other Company Party in the course of Executive’s employment with the Company and Executive hereby further
represents and warrants that Executive has not maintained a copy of any such materials in any form.

 

10.
     Further Assurances.  In signing below, Executive expressly acknowledges
the enforceability, and continued effectiveness of the Restrictive Covenants in the Employment Agreement and promises to abide by those
terms of the Employment Agreement.

 

11.
     ‎Revocation Right. Executive may revoke this Agreement within the seven
(7) day period beginning on the Signing Date (such seven-day period being referred to herein as the “Revocation Period”).
To be effective, the revocation must be in writing signed by Executive and must be received by _____________, at __________________ before
11:59 p.m., central time, on the last day of the Revocation Period. This Agreement shall not become final and enforceable and Executive
shall not receive the Severance Benefits unless and until the Revocation Period has expired and Executive has not revoked this Agreement
(the “Effective Date”).

 

12.      Non-Disparagement.
The Executive agrees and covenants that the Executive shall not at any time make, publish, or communicate to any person or entity or
in any public forum any defamatory and/or maliciously false or disparaging remarks, comments, or statements concerning the Company, any
other member of the Company Group, and each Company Party or any of their respective businesses, or any of their employees, officers,
directors, existing and prospective customers, suppliers, investors, and other associated third parties, now or in the future. This Section
12 does not in any way restrict or impede the Employee from exercising protected rights, including rights under the National Labor
Relations Act, or the federal securities laws, to the extent such rights cannot be waived by agreement.

 

13.      Jury
Waiver. THE COMPANY AND EXECUTIVE HEREBY WAIVE ANY RIGHTS TO A TRIAL BY ‎JURY WITH RESPECT TO ANY CLAIM AGAINST THE OTHER
PARTY, INCLUDING ‎WITHOUT LIMITATION ANY CLAIM FOR BREACH OR ENFORCEMENT OF THIS ‎AGREEMENT.‎

 

14.      Applicable
Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to the laws of the State of Texas
without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction.  With
respect to any claim or dispute related to or arising under this Agreement, the parties hereby consent to the exclusive jurisdiction,
forum and venue of the state and federal courts (as applicable) located in Houston, Texas. Executive hereby expressly consents to the
appointment of the Secretary of State for the State of Texas as Executive’s agent for ‎service of process if he is outside
the range of service for courts in Houston, Texas.

 

 

 

    26 

     

    

‎

15.
     Headings. Captions and headings of the Sections and paragraphs of his Agreement
are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any
Section or paragraph.

 

16.
     Notices. 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) on the first Business Day after such notice is sent by
express overnight courier service, or ‎‎(c) on the second Business Day following deposit with an internationally-recognized
second-day ‎courier service with proof of receipt maintained. For purposes of this Agreement, “Business Day”
shall mean any day except a Saturday, Sunday or other day on which ‎commercial banks in New York, ‎New York‎ are required
by law to be ‎closed.‎ Except as otherwise provided in this Agreement, all notices provided for in this Agreement shall be
sent to the following address, as ‎applicable:‎

	 	If
    to the Company:	Empire
                           Petroleum Corporation

    Attn:
    Board of Directors

    2200
    S. Utica Place

    Suite
    150

    Tulsa,
    Oklahoma 74114

     

     

	 	If
    to Executive:	To the
    last available address on file at the Company for Executive

 

	 	 	 
	 	 	 

 

 

 

 

 

[Signature
Page Follows]

 

 

 

 

 

 

 

 

    27 

     

    

 

       IN
WITNESS WHEREOF, Executive has executed this Agreement as of the date set forth below, effective for all purposes as provided
above.

 

 

 

 

	COMPANY:	 	EXECUTIVE:
	 	 	 	 	 
	EMPIRE PETROLEUM CORPORATION	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:   	 	 	Name:	 
	Title:	 	 	Date:	 
	Date:	 	 	 	 
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    28 

     

    

 

EXHIBIT
B

PRE-EXISTING
DEVELOPMENTS AND WORKS

 

 

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    29 

     

    

 

EXHIBIT
C

EXECUTIVE’S
EXISTING AWARDS

 

*Awards shown herein reflect
the Award as granted prior to the reverse split of the Company’s shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30Exhibit 10.2

PROMI SS OR YN OT E Tim P H OM I S  O l n 1'1 01 AG IU . I ,, H I \ I ts cn tm ..d tnto on 1h1 18th day of  J une , 2 0 2 1 , b y uncl b e twe e n Coral I n ves tment P<1rtn cr, - , LP . a <,corgta Lun1tc:d  Partner s h i p 1⁄4 ho se addrc s I \ 2030 Powe, s l · erry R oa d L . ".iu1tc ' 212 Atll':lnta, (,A  10119 ( "Cre dit or" 01 · C ORAL " ) and Bellatorn , In c. a Colorado Corporatwn, "'hose  pnn c1pa l addrc 5s 1 s 11 7 00 \ \ est Charleston Bl v d , Sulle t. 1 70 - 74 La Vega!., NV  89 11 5, ( "D('htor" or " Bellatora " ). <..ollecti \ ely referred lo as th e· Part,e " \ V II E R EA . BELLATORA 1 :. a corporation with hmIL cd resource :. and from tim e to time m need of financial assistance m order to mamtam 11 s good t andmg status and 10 pa y other fees or charges associated \ 1 th bemg a public company . \ \ H E R EAS, BELLATORA 1 s currently doe s not have a class of shares regi stered w ith the Securities and Exchange Comm 1 ss 1 on ( "S EC) . BFLLATORA lack s the fund t o become a full y reporting com p any 1 th the Securi ti e s and Exc h ange Comrm s 1 on ('"SEC") WHEREAS , BELLATORA 1 s i n need o f borrowi n g fu n d . a n d Coral 1 s \ \ llltn g 1 0 ad \ 'ance funds t o BELLA TORA for t h e purposes sta t ed abo, e . \ \ H EREAS . Coral h as  agreed 1 0 ad , a n ce f und s for u e in t he p u rpose descnbed above \ . \ HEREA , Coral and BELLATORA a r c d esi rin g t o e nt er mto this Promis sol) 'o te Agreeme nt for th e purpo se of bemg able to mai n tam II good standmg talus and sta tu s as a publicly traded com pany and 10 ensure t he r epayme nt of t he fu nd s a d, ancc b y Cora l : ' 110 \ \ , THEREFORE , for goo d and val u able co n s 1 dera 11 o n . th e receipt and suffic 1 en 9 of \ \ h 1 ch arc hereby acknow l edged b y each of t h e p arties h ere t o , the p : ut 1 e : , hereby agree that he debt between bot h parties is h ere b y rev i ed a n d re l a t ed as fo li o \ \ s : l. A m o u nt of D e b t : The m 1 t ial a m ou nt of th e d ebt s h a ll be T h irt y T ho u sand Dollars ( $ 30 , 000 ) . v,hich Coral s hall fun d t o BE L LATO R A at th e 11 me of the s 1 gnmg of this Promissory Note Agree m en t via th e a u m p t i on and replacement o f th e Promi s ory Note Agree m e nt between Cora l an d R enewab l e E n erg) Solution Systems , loe . In t h e eve n t t hat BE LL A 1 ORA t s i n need of addit i onal funds t o mamtam its s tatu s as a ful ly re p o rt 111 g co m pa n y w it h t he E , Coral ag re es 10 ad \ ance to BELLATORA add iti ona l f unds t o be used to m aintam th 1 t at u 5 2. I n tc r est R a t e : The Debt : , ha ll mcur mt eres l a l th e rate of Twen l ) • Fuur P ercent ( 24 ƒ /o) per annum . compounded mon t h l y (" I nt eres t ") u n til t he Deb t I repaid m full Int e r es t o n th e Debt shall acc ru e a n d beco m e due and payab l e on the closm g ( 1m11nb J

    	 

    	 

    

PROMI SS OR Y , V OT E o f .my t ransaction resu lt ing rn a change in control of kfLLATORA interes t 1,ha ll be added lo tilt o u tr.wn d mg pnnctp a l bal.mce. 3 . T) pe a n d Pl ace of P a m en t : A . The amount due C o r a l mcludm g pri nc ip al and interest hall be dae  pa y abl e upon Br..LL A TOR i \ comm en cin g s u fficien t business openu  lo r e p ay  th e deb t; o r 8 Th e amount due Co ral , including pnn c 1 pal and in t eresl shall be due and pa yab l e fr o m th e e s c row of a n y trans a ction re sul t ing m a change m control of BELLATORA ; and 4 . P re pa ) · ment : Ad \ ance paymen t or paymen ts ma y be made o n an y amounts d ue unde : r thi s N ote withou t pen a ll y or forfeiture . There s hall be n o pen alty for any prepa y ment S . Acce l e r a tion pon O c cu r re n ce of S pecified E \ e nts . U pon the occurrenc e o r du n n g the continuance of a ny one or more of t he events her e m a ficr enum e rated , Ifo l d e r or an y of i t s as s i gns may fo rth w it h or at any t ime thereafter or dunn g th e cont 111 uance of an y s uch event , b y no ti ce m wri t ing t o the Maker . declar e the o ut , ; t a ndm g balance be 1 m m e d 1 a t e l y d u e and payab l e \ Hthout present a ti o n dem a nd pro t e s t , no ti c e of pr 0 LC!,l . o r o th e r n ouce of d 1 honor , all of which are h ere b y e xpr e s s l y w a i ved by Maker : A. Mak e r s h a ll fil e a vo l u nt ary pe t 1 t 1 on in b a n kru p t cy or a \ olun t aT) pcutt o n see king reorga ni zat i on , o r s h a ll fil e a n answer adm 11 1 mg the junsdict 1 on of t h e c ourt an d a n y ma t e ri a l a ll ega ti o n s of an 1 m - olu nt ary petinon filed pur s u a nt t<J any . ic t of o n g r ess r elati n g t o ba n kr u p t c y or to an y act purporting t o be a m cnda t ory th e r eo f, or sha ll be adJud 1 ca t ed bankrupt . o r r, h a ll mak e an a 1 > s 1 gn m c nt f o r t h e be nefit of cred it or s, or s h all appl y for or com , enl 10 the a pp o int me nt of a n y r ece i ve r o r t r u stee for Make r , o r of all or a n y su b ta nt ia l p o r 1 io n of Jh pr ope rl y , or Make r shall m a ke an , 1 ss 1 g nm c n 1 t o a n a g e nt au th or 1 e d t o liqu 1 d a 1 e a n y s u bstant i a l part of 1 h a c ... t i, , 01 H lllllli lt l J An ord e r i, ha ll h e entere d pu n ; u a nt l o a n y ac t of Cong r e ss re l a ting t o b a nkru p tc y o r 1 0 a n y act purp o rtm g t o b e a m e nd atory th < . 'l'COf appro" mg a n 1 nvo l u n 1 ur y pc tttwll !> CCk 1 n 1 e o rga mz a t 1 o n of th e Mak e r , or an order of any t ; 1 HJ rt s h a ll b e e nt e r e d a ppointin g : m y rcc . e 1 V< . ' r or tn 1 \ tee o f or fo r Make , , m , . 111 y r ec : c 1 vc 1 o l 11 u 1 cc of a ll or a n y s ub ta nt tJI po rt wn of th e p 1 opc 11 y o 1 Make r , o r a w 1 i 1 or wa ri an t o f a tt ac h men t or an) 1 m 1 l . u p 101 . c , 11 11 , ill b e , . , s u e d h y a n y w ur 1 < 1 ga 111 s l . ill (l t a n y sub tau tt u l portion o l 11 , c prnp cr t y of M . 1 kc - 1 , . J nd we lt \ ll dl ' r app r oving :. i pe ll tt< • n scekm g 2 0."

    	 

    	 

    

PROMI SS OR Y N O TE reo , ga ni za t io n o r appo 111 t 111 g a receiver or trustee ,snot vacated or stayt : d, o r s u c h w rit , warran t of a ll achment o r s i milar process 1 s not rclea!>e<l or bo nd e d w 1 t h 111 6 0 d ays a ft e r ,t s e nt ry or l evy . 6. A s s i g n a b i li ty : Th e ri g h t s or o b l i gatio n s u nd er t hi s Note may not be as!> 1 gned a n d/o r d e l ega t e d by Ma k er w ith o ut th e express w ri tten com,e nt of t h e other party H o ld e r m ay ass i g n hi s ri g ht s w itho u t r es t r i c t i o n . 7. R e p r e e nt at i o n s a nd Wa rrant i e s o f D e b t o r : th e Debtor r ep r esents and warrants  as fo ll ow:.. A . T h e D e b t or i s a co rp o ration dul y o r ga m ze d , va lidl y exis tm g and in good s t an dm g unde r the l aws o f t h e S t a t e of Del a w a r e . The De btor h as t h e co rp ora te po we r t o o w n i t s p rop e rt i es a nd L o c arry o n i t s bu s me s as now be m g co n du c ted . B T h e D e b tor h as a ll r e qui s i t e corporate p ow e r a nd a ut h on ty t o ent e r i n to this Agreemen t a nd t o co n s u mm a t e the trans ac ti o n s co nt e m p l a t e d h e r e b y . The exec ut 10 n a nd d e l i v ery o f thi s Agr e e m en t a nd t h e co n s umm a ti o n of t he t ra n sac ti o n s c on t e mplated h e r eb y h a v e be e n d ul y a uth o n z ed by all necessary co rp ora t e a ct i on o n the pa 1 i o f t h e D eb t o r . Th e D e b t o r 's B oa rd of D irecto r s h as ap p ro v ed th i s Agre e m en t and th e t r an s acti ons con t em p la t e d h ere b y . T hi s Agr e e m e n t h a s b e en dul y exe cu t e d a nd delivered by t h e D e b to r a nd co n s t it ute s a v a li d a nd b i n din g ob li ga t i o n o f t he Deb t o r , e n fo r ceable in acco rd a n ce w ith i t s t e rm . , e x c e p t (a) a s l i mi ted by applicable bankru p tcy, in so l v en cy, r e or ga ni za t i on, m o rat o rium a n d other laws of ge n era l app h ca t 1 o n a ff ec tin g en forc e me nt of c r e dH ors' r i g h ts generally and (b) as ! u nit ed b y l a w s r e l a t m g to th e a v ai l a b i l i t y of s pe c ifi c performance . m Ju nct i vc r e li e f or o th e r e q uit a bl e r em e d i es . C Th i s Agreement 1 s t he l ega l , va lid a nd b 111 d 111 g o bli g a t ion o f the D e b tor , except a s !J m 1 t ed by a ppli ca bl e b a n k rup t cy, i n so l vency, and o t h e r s i m ilar l aws afTechng cred it o r s' ng ht s ge n e ra l l y . 8. R e pr ese ntation s and Wa r r a nti es o f Cr e di tor: Th e Cr e di t o r repr ese nt s and  warrants as follows : A That t he Cre dit o r h a k n ow l ed ge a nd cx p e n e n ce 111 f i na n c ia l a nd b usi n e s matte r s and th a t h e und ers t an d Lh a l th e m e r its a n d nsks as o c i a t ed \ \ - i t h the execu t 10 n of th i s Ag r ee m e n t . {the rema 111d er of t l m page 1s 11 1 1 e 1111 o n al/ _ 1,lef t b l a n k) 3 (m1uals)

    	 

    	 

    

PROMISSOR Y NOTE 9. Eve nt s of Default: A In th e "E v e nt o f D ef au l t '' a s that t e rm i s d es cri bed m 9 ( 8 ) . the t otal a m o unt under du e und e r thi s A g r e em e nt s h a ll b ecome 1 m med 1 a 1 e l y due a nd pay abl e B. T h e 1 c m1 , " Elrn / of D efa 11 /1" s h a ll c on s ti t ute the foll o, \ 1n g sce n ario,: 1. Th e Co mpan y 1 s unable 1 0 ma k e an y o f  th e p ay ment s '>pe c1fi ed m p ara graph 3 ( A ) . 11 . If th e D e btor s hall m a k e an a ss 1 g n 111 e nl fo r th e b e nefi t of cr e di tor : , o r s hall a dmit in wnting it s in a b ilit y t o pa y it s d e bt s as the y b ec ome due ; or 111 If the D e b t o r s ha ll fi l e a v oluntary p e t 1 t 1 o n i n b a nkrupt cy, o r s h a ll be th e s ub j e c t o f an in vo lu n tary bankrupt cy p e t 111 o n , or a dJud 1 c a t ed ba n k rupt or in so l v ent . or s h a ll fi l e an y pelill o n o r an s \ \ er se ekin g a n y r eo r ga ni za t 1011 arrangem e nt , eo m po si 11 o n . re a d j u s t m e n t . hq u 1 d a t 1 o n , d 1 ss olut 1 on , or s imilar re li ef und e r th e pre se nt or a n y futur e f e d era l Ba nkruptc y Code o r o th er appli c able fed e ral . s t ate o r s imilar s t a tut e , law or re g ul a t 1 0 11 , or s hall s e ek or co n se nt to or acq ui e s ce in th e a p pointm e nt o f an y tru s te e, r e ce l \ e r o r hqu 1 d a t o r of th e D e bt or o r o f a ll or any s ub s t antial part of 1 1 s a s se t s C.. N otice of Defa ult : I n th e event o f an ac tion t n g g enng an E vent o t D efa ult , the C r e dit o r s h a l l p r ompt!) no 11 f y t he Comp a n y b y U PS Ce rt ifie d Ma il o f th e Eve nt o f Default Th e C o mpan y : , ha ll ha \ . e t e n ( I 0 ) da ys from th e m a tlm g of th e Event of D e fault nollc e to c ur e t h e fa ent of D efau lt b y mak in g th e s p ec ifi e d pa y m e n t ( s ) 1 0 . ' \ otice s : A ll n o lt c cs, r e que s t s o r in truct 1 on s h e r e unde r s hall b e m wnt i n g a nd d e li vered p er s o n a ll y o r se nt by Fed[ x m a t! or s imil a r o , e mi g ht d e li \ ery , p o ta ge pre p a i d , a s fo ll ow s . l fto CORA L lfto BELLATORA C ora l I nve s t m en t Partn e r s , LP . At t . E n k S Ne l s o n 2030 P ov.e r s  F e r ry R oa d SE  S u ite # 21 2 Atla nt a , GA . 3 0 33 9 Bclla t ora, I nc . A tt. · A t om Mill e r , CEO I I 7 00 W e:, l Charl e - .t o n Bl \ d  Sutte # 1 7 0 - 7 4 L as V e g as, V . 8 91 35 4 (m111a l s l

    	 

    	 

    

PROMISSORY NOTE 11. Governing La \ \ an d Ven u e : TI 1 e te 1 m s a nd pro v i sio n s of thi s l etter arc solely for the benefit of the I ssuer and Coral Capital Partn ers and their respect 1 \ e uccessors . as . ign s . heirs and p e rsonal repre se ntati \ es, and no other person shall acq uir e or have a n y nght by virtue of thi s l etter . Co r al Inve s tment P artner and the I ss uer agree th at any di s put e concern ing the interpretation, va hdn y, or enforceabili t y of thi s agreeme nt , and a n y action arising fr om any a ll eged breach hereof , s hall be adJ ud 1 cated exc l usively m State or Su p erior Co urt for th e county in which Coral Inve s tmen t P artners' principal exe cuti ve office s h all be l ocated at the ttme of in s lltut 1 on of s uch ac tion , o r in th e a pp l icabl e d 1 stnct and di vis i on of the U . S . D 1 s tn c 1 Court h aving \ enue for disputes m th a t same cou nt y . I n the eve nt of any liti ga tion a rising from or related t o thi s Agreement , or the crv 1 ccs provided under thi s Agreement, th e pre vai lin g part y s h a ll be entitled to recover from the non - prevailing party a ll reasonabl e cos t s incurred including s t aff ume , court co s t s, at t orney · s fees . and a ll other related expenses mcurred in s uch litigation . In the eve nt of a no - adj udicative settlement of litigation behveen the parties or a r eso lution of a dispute by arbitra t ion , the tenn "prevail ing party " s hall be determined b y that proce ss . 12. Share & Warra nt Purcha se : The Par 1 ies h e r e b y ag ree that as an mdu ce m e nt t o enter int o this Promissory No t e Agreeme nt , Coral s h all h ave t h e nght t o purchase and shall purchase the following : A Common Shares One Ilun dred Mi ll ion ( I 00,000,000) common share a t  an aggregate pric e of $ 1.000 ; a nd B Class A Warran t s· Fifty Mi llion (50,0 00 , 000) Class A Warrants at an  aggregate pnce of $500, and Class B Warrants Fifty Mi lli on (50,000, 000 ) Cla B Wa r ra nt s at an  aggrega t e pnce of $500, and C 13 . Entire Agreeme nt : Thi s Agreeme nt . inc l uding a l l exh i bit s a nd schedu l es attached thereto , exec uted o n eve n date here wit h , con s ti t ute s th e full a nd enti r e understanding and agree m e nt b etwee n the p a rti es with r ega rd to t he Debt , and no party shall be liable or bound to any ot h e r part y in any m an ner b y an y representations , warra n t ie s, cove nants a nd agree ment s . J 4 . Seve rabilit) : The imalid 1 t y o r un foreeabi l 11 y of a n y p rov i s ion of t hi . l e tt er hall not affect the va lidit y or enfo rce abi l ity o f a n y o th er pr ov 1 s 1 om, of th i lett er, "hich shall remam in ful l f o r ce and effec t 15 . Co unterpart s/E lectronic Sig n a tur es : Thi s Agreement m ay be e , ec ut ed Ill counterparts a ll of which t oge ther s hall co n st itut e o n e agreement b 111 dmg on all the p artie hereto . not w 11 hstand 111 g that all suc h p art i es are not 5 (m 111 alsJ

    	 

    	 

    

PROMIS S OR Y N OT E rn 1 g mal or th e sa m e to unt e q x irt. f - .i c, 1 m i lc or elcctwn1cul l y tran m111cd s 1 g n u tur es s hull be <l cc m c <l c ll c tt1 vc a:. o n g m JI&. 16. A uthoril) / Ca p ac iti es / En ti tic : Ca c h p en,0 11 s i g nm g thi s Ag r eeme n t rcprc cnt  a nd \ \ a rran ts th a t he o r s h e h as c ompl e t e a uth o nt y and l ega l capac..1 1 ) t o enter into  th i..,Ag 1c e mcnt o n b e half of the c n11t) fo r w hich he o r s h e 1 s s 1 g11 111 g, an<l Jgree:.  t o defend . ind e mni fy. a nd hold h a nnle ss a ll other partie s 1f th a t a ut ho ri ty or  ca pa c it y i s c hall e n ge d 17. K n o " ing and V olunt ary Ag r e em e nt · T h e Parties r e pre se nt th ey h a \ e r ead thi s  Ag 1 ce m e nt , und e r s t a nd 11, ,olunt a r i l y a g r ee to i t s tenn s, a nd S l f,'11 11 fr eely. I \ \ I T.NESS WHEREOF . th e p ar t i es hereto have e xe cut e d thi s Ag reem e n t on  the date first above w ri ll e n Agreed t o and Accep t ed this 19th da} of Jun e I 8 th , 2 0 2 1 Enk S e l so n Presiden t of the Genera l P a rt ne r  Coral Im estme n t P artne r s, L P 6 (m111al s )

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