Document:

Exhibit 4.5

          

          

          

          RILEY EXPLORATION PERMIAN, INC.

        

        2021 LONG TERM INCENTIVE PLAN

        

        

        FORM OF SUBSTITUTE RESTRICTED STOCK AGREEMENT

        (Time Vesting)

        

        

        
          	
                  Grant Date:

                	

                	(the “Grant Date”)

           

          

        

        
          	
                  Name of Grantee:

                	

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

                	

                	(the “Restricted Shares”)

        

         

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

         

        WHEREAS, you were previously granted Restricted Units in Riley Exploration - Permian, LLC,
            a Delaware limited liability company (“REP, LLC”), pursuant to the Riley Exploration - Permian, LLC 2018 Long Term Incentive Plan (the “REP Restricted Units”);

         

        WHEREAS, Section 2.05(a) of the Agreement and Plan of Merger by and between REP, LLC,
            Tengasco, Inc., a Delaware corporation, and Antman Sub, LLC, a Delaware limited liability company, dated as of October 21, 2020 (the “Merger Agreement”), requires that any unvested REP
            Restricted Units outstanding as of the Effective Time (as defined in the Merger Agreement) be converted into Restricted Stock as provided in the Merger Agreement;

         

        WHEREAS, the Company adopted the Riley Exploration Permian, Inc., 2021 Long Term Incentive
            Plan (as amended from time to time, the “Plan”), under which the Company is authorized to grant substitute awards of Restricted Stock to certain employees and service providers of the
            Company and its Affiliates;

         

        WHEREAS, the Company hereby grants you this award of Restricted Stock in substitution of
            your unvested REP Restricted Units;

         

        WHEREAS, you acknowledge that a copy of the Plan has been furnished to you and shall be
            deemed a part of this Agreement as if fully set forth herein and the terms capitalized but not defined herein shall have the meanings set forth in the Plan; and

         

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

         

        NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other
            valuable consideration hereinafter set forth, the parties agree as follows:

         

        
          
            1.        The Grant.  Subject to the conditions set forth
                below, the Company hereby grants you, effective as of the Grant Date, as a matter of separate inducement and not in lieu of any salary or other compensation for your services to the Company, an award of Restricted Stock (the “Award”) consisting of the number of Restricted Shares set forth above in accordance with the terms and conditions set forth herein and in the Plan.

             

              

          

        

        
          
            

        

        
        2.         Escrow of Restricted Shares.  The Company shall evidence the Restricted Shares in the manner that it deems appropriate. The Company may issue in your name a certificate or
          certificates representing the Restricted Shares and retain such certificate(s) until the restrictions on such Restricted Shares expire as described in Section 5 or 6 of this Agreement or the Restricted Shares are forfeited as
          described in Section 4 and 6 of this Agreement. If the Company certificates the Restricted Shares, you shall execute one or more stock powers in blank for those certificates and deliver those stock powers to the Company. The
          Company shall hold the Restricted Shares and the related stock powers pursuant to the terms of this Agreement, if applicable, until such time as (a) a certificate or certificates for the Restricted Shares are delivered to you, (b) the Restricted
          Shares are otherwise transferred to you free of restrictions, or (c) the Restricted Shares are canceled and forfeited pursuant to this Agreement. Notwithstanding the foregoing, at the option of the Company, the Restricted Shares issuable in the
          form of a stock certificate may instead be issued in book-entry form.

         

        3.          Ownership of Restricted Shares.  From and after the time the Restricted Shares are issued in your name, you will be entitled to all the rights of absolute ownership of the
          Restricted Shares, including the right to vote such shares and to receive dividends thereon if, as, and when declared by the Board, subject, however, to the terms, conditions and restrictions set forth in this Agreement; provided, however,
          that the Company will retain custody of all dividends and distributions, if any (“Retained Distributions”), made or declared on the Restricted Shares (and such Retained Distributions
          shall be subject to forfeiture and the same restrictions, terms, vesting and other conditions as are applicable to the Restricted Shares) until such time, if ever, as the Restricted Shares with respect to which such Retained Distributions shall
          have been made, paid or declared shall have become vested, and such Retained Distributions shall not bear interest or be segregated in a separate account.  As soon as practicable, but no event later than sixty (60) days, following the lapse of
          the Forfeiture Restrictions (defined below) on such Restricted Shares, any Retained Distributions shall be delivered to the Grantee or to the Grantee’s legal guardian or representative, as applicable.

         

        4.           Restrictions; Forfeiture.  The Restricted Shares are restricted in that they may not be sold, transferred or otherwise alienated or hypothecated until these restrictions are
          removed or expire as described in Section 5 or 6 of this Agreement. The Restricted Shares are also restricted in the sense that they may be forfeited to the Company (the “Forfeiture

            Restrictions”). You hereby agree that if the Restricted Shares are forfeited, as provided in Section 5 or Section 6, the Company shall have the right to deliver the Restricted Shares to the Company’s transfer agent for,
          at the Company’s election, cancellation or transfer to the Company.

         

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

         

        
          2

          
            

        

        	
                Number of Restricted Shares that Vest

              	
                Vesting Date

              
	 	 
	 	 
	 	 

        

        

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

         

        (a)         Accelerated Vesting.  If your employment or service relationship with the Company or its Affiliates is terminated by the Company or its Affiliates without Cause (defined
          below) or by you for Good Reason (defined below) or if such termination is due to your death or Disability (defined below), in each event prior to the Restricted Shares fully vesting, then the Forfeiture Restrictions shall lapse, and you shall
          vest, upon the date of such termination with respect to a fraction of the Restricted Shares for which the restrictions lapse on the next Vesting Date, with the numerator of such fraction being the number of full months since the last Vesting Date
          (or if no Vesting Date has yet occurred, the Grant Date) and the denominator of such fraction being 12.

         

        (b)         Forfeiture.  If your employment or service relationship with the Company or any of its Affiliates is terminated for any reason prior to the Restricted Shares fully vesting,
          then those Restricted Shares which have not vested as of the date of termination (taking into account any accelerated vesting under Section 6(a) above) shall become null and void and those Restricted Shares shall be forfeited to the Company for
          no consideration.

         

        (c)          Termination for Cause.  Notwithstanding any provision herein to the contrary, if your employment or service relationship with the Company or its Affiliates is terminated at
          any time by the Company or its Affiliates for Cause, then all Restricted Shares, irrespective of vesting status and whether the Forfeiture Restrictions have lapsed, shall become null and void and the Restricted Shares shall be forfeited to the
          Company as of the date of such termination for no consideration.

         

        (d)         Change in Control.  In the event of a Change in Control (defined below), all Restricted Shares which have not vested, and not been forfeited, in accordance with the terms
          hereof shall immediately vest and the Forfeiture Restrictions shall lapse as of the date of such Change in Control; provided that you remain employed by or in the service of the Company or its Affiliates until the consummation of such Change in
          Control.

         

        (e)         Post-Termination Forfeiture.  Notwithstanding any other provision in this Agreement, if the Grantee cease to be employed by a Company or its Affiliates for any reason other
          than for Cause and the Board, within one (1) year after such termination, determines that (i) Grantee has or had failed to abide by his, her or its continuing obligations to the Company or its Affiliates with respect to confidential information,
          non-competition, non-solicitation, non-disparagement or intellectual property under any employment agreement or pursuant to any other of Grantee’s contracts or other obligations with or to the Company or its Affiliates, or (ii) Cause exists or
          existed at any time on, prior to, or after such termination, then, the Grantee shall immediately forfeit without consideration all of the outstanding Restricted Shares and all rights arising from such Restricted Shares and from being a holder
          thereof.

         

        
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        (f)        Effect of Other Agreements.  Notwithstanding any provision herein to the contrary, in the event of any inconsistency between this Section 6 and any employment,
          severance or change in control agreement between you and the Company or a similar plan or arrangement sponsored or maintained by the Company in which you participate, the terms of Section 6 shall control.

         

        (g)          Definitions.  For purposes of this Agreement, the following terms shall be defined below:

         

        (i)          “Cause” shall mean any act or omission of Grantee that constitutes any:  (i) failure to abide by his or her obligations
          to the Company or its Affiliates with respect to any confidential information, non-competition, non-solicitation, non-disparagement or intellectual property provision under any employment agreement or pursuant to any other of Grantee’s contracts
          or other obligations with or to the Company or its Affiliates, (ii) breach of fiduciary duty with respect to the Company or its Affiliates, (iii) misappropriation of any funds, property, or business opportunity of the Company or its Affiliates,
          (iv) illegal use or distribution of drugs or any abuse of alcohol in any manner that adversely affects Grantee’s performance, (v) fraud upon the Company or its Affiliates or bad faith, dishonest, or disloyal acts or omissions toward the Company
          or its Affiliates, (vi) commission, indictment, or conviction of any felony or any misdemeanor involving moral turpitude, or (vii) other acts or omissions contrary to the best interests of the Company or Affiliates which has caused, or is likely
          to cause, material harm to them, in each instance, as determined by the Board in its sole discretion.

         

        (ii)        “Change in Control” shall mean the occurrence of any of the following events following the Grant Date (A) any
          consolidation or merger of the Company in which the stockholders of the Company immediately prior to such consolidation or merger do not own, either directly or indirectly, more than 50% of the outstanding Stock (on a fully diluted basis) or
          other securities of the Company or the surviving entity immediately after the consolidation or merger, (B) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all, of the
          assets of the Company and its subsidiaries to any other person or entity (other than an Affiliate of the Company), (C) any person or entity, including a “group” as contemplated by section 13(d)(3) of the Exchange Act, acquires or gains ownership
          or control (including, without limitation, power to vote) of more than 50% of the outstanding Stock of the Company (based upon voting power), or (D) as a result of or in connection with a contested election of the Board, the persons who were
          directors of the Company before such election shall cease to constitute a majority of the Board.  Notwithstanding the foregoing, a Change in Control shall not include (A) any capital raising transaction that is approved by the Board, or (B) any
          internal restructuring transaction approved by the Board.

         

        (iii)        “Disability” shall be deemed to occur when: (i) Grantee receives disability benefits under the Company’s applicable
          long-term-disability plan; or (ii) the Board, upon the written report of a qualified physician designated by the Company or its insurer, has determined in its sole discretion (after a complete physical examination of Grantee at any time after he
          has been absent for a period of at least 90 consecutive calendar days or 120 calendar days in any 12-month period) that Grantee has become physically or mentally incapable of performing his essential job functions with or without reasonable
          accommodation as required by law.

         

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

         

        7.        Leave of Absence.  With respect to the Award, the Company may, in its sole discretion, determine that if you are on leave of absence for any reason you will be considered to
          still be in the employ of, or providing services for, the Company, provided that rights to the Restricted Shares during a leave of absence will be limited to the extent to which those rights were earned or vested when the leave of absence began.

         

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

         

        9.           Payment of Taxes.

         

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

         

        
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        (b)         None of the Company, the Board or the Committee has made any warranty or representation to you with respect to the income tax consequences of the grant or vesting of the Award or the
          transactions contemplated by this Agreement, and you represent that you are in no manner relying on such entities or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants,
          consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences.  You represent that you have consulted with, or have had the opportunity to consult with, any tax
          consultants that you deem advisable in connection with the grant of the Award.  You further agree to indemnify and hold the Company harmless for any damages, costs, expenses, taxes, judgments or other actions or amounts resulting from any of your
          actions or inactions with respect to the tax consequences of this Award.

         

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

         

        
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        11.       Legends. The Company may at any time place legends referencing any restrictions imposed on the shares pursuant to Sections 4 or 10 of this Agreement on all certificates
          representing shares issued with respect to this Award.

         

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

         

        13.        Furnish Information. You agree to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirements imposed upon
          the Company by or under any applicable statute or regulation.

         

        14.        Remedies.  The parties to this Agreement shall be entitled to recover from each other reasonable attorneys’ fees incurred in connection with the successful enforcement of the
          terms and provisions of this Agreement whether by an action to enforce specific performance or for damages for its breach or otherwise.

         

        15.        No Liability for Good Faith Determinations.  Neither the Company nor any members of the Board shall be liable for any act, omission or determination taken or made in good faith
          with respect to this Agreement or the Restricted Shares granted hereunder.

         

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

         

        17.        No Guarantee of Interests.  The Board and the Company do not guarantee the Stock of the Company from loss or depreciation.

         

        18.       Notice.  Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a) when delivered in person, (b) when sent by facsimile
          transmission (with confirmation of transmission) on a business day to the number set forth below, if applicable; provided, however, that if a notice is sent by facsimile transmission after normal
          business hours of the recipient or on a non- business day, then it shall be deemed to have been received on the next business day after it is sent, (c) on the first business day after such notice is sent by air express overnight courier service,
          or (d) on the second business day following deposit with an internationally-recognized overnight or second-day courier service with proof of receipt maintained, in each case, to the following address, as applicable:

         

        
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        If to the Company, addressed to:

         

        	 	
                Riley Exploration Permian, Inc.

              
	 	
                c/o Bobby D. Riley

              
	 	
                29 E. Reno Avenue, Suite 500

              
	 	
                Oklahoma City, Oklahoma 73104

              
	 	
                Email: bobby@rileypermian.com

              

         

        

        If to Grantee, addressed to the following until an updated address is provided to the Company by Grantee:

         

        	 	
                [Grantee Name]

              
	 	

              	 
	 	

              	 

         

        

        19.        Waiver of Notice.  Any person entitled to notice hereunder may waive such notice in writing.

         

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

         

        21.        Successors.  This Agreement shall be binding upon you, your legal representatives, heirs, legatees and distributees, and upon the Company, its successors and assigns.

         

        22.       Severability.  If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof,
          but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein.

         

        23.        Company Action. Any action required of the Company shall be by resolution of the Board or by a person or entity authorized to act by resolution of the Board.

         

        24.        Title and Headings; Construction.  Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define
          or otherwise affect the provisions hereof.  Any and all Appendices referred to in this Agreement are, by such reference, incorporated herein and made a part hereof for all purposes.  Unless the context requires
          otherwise, all references herein to an agreement, instrument or other document shall be deemed to refer to such agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent permitted by
          the provisions thereof.  All references to “dollars” or “$” in this Agreement refer to United States dollars.  The word “or” is not exclusive. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the
          entire Agreement, including all Appendices attached hereto, and not to any particular provision hereof.  Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and
          conversely.  The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to
          similar items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that
          could reasonably fall within the broadest possible scope of such general statement, term or matter.  Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of
          construction or otherwise.  On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and
          intentions of the parties hereto.

         

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

         

        26.        Clawback.  To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise determined by the Board (or a committee thereof),
          all shares of Stock granted under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Company, which clawback policies or procedures may provide for forfeiture and/or recoupment of
          such shares of Stock. Notwithstanding any provision of this Agreement to the contrary, the Company reserves the right, without your consent, to adopt any such clawback policies and procedures, including such policies and procedures applicable to
          this Agreement with retroactive effect.

         

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

         

        28.       Counterparts. This Agreement may be executed in any number of counterparts, including by electronic mail or facsimile, each of which when so executed and delivered shall be an
          original, but all such counterparts shall together constitute one and the same instrument.  Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together signed by both parties hereto.

         

        29.      Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format, you agree, to the fullest extent permitted by law, to accept electronic
          delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports and all
          other forms of communications) in connection with this and any other award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet to which you have
          access. You hereby consent to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that
          his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.

         

        

        
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         30.       Amendment. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however,
          that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces your rights shall be effective only if it is in writing and signed by both you and an authorized officer of the Company.

         

        

        31.       Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises,
          representations, warranties and agreements between the parties with respect to the Award granted hereby; provided ̧ however, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any
          employment, consulting and/or severance agreement between the Company (or an Affiliate or other entity) and you in effect as of the date a determination is to be made under this Agreement. Without limiting the scope of the preceding sentence,
          except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect.

         

        [Signature Page Follows]

         

        
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        IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its officer
            thereunto duly authorized, and the Grantee has set his hand as of the Grant Date.

        

        

        	 	
                RILEY EXPLORATION PERMIAN, INC.

              

        

        

        	 	
                By:

              	

              

        	 	
                Name:

              	

              

        	 	
                Title:

                

              	 

        

        

        	 	
                [GRANTEE NAME]

              

        

        

        	 	 	 

        	 	
                Grantee

              	 

        

        

      

    

    
       

      

      Substitute Restricted Stock Agreement

      (Time Vesting)

      Signature PageExhibit 4.6

    

     

    

    RILEY EXPLORATION PERMIAN, INC.

    2021 LONG TERM INCENTIVE PLAN

    

    

    FORM OF RESTRICTED STOCK AGREEMENT

    (Non-Employee Director)

     

    

    
      	
              Grant Date:

            	

            	(the “Grant Date”)

    

    
       

      

      	
              Name of Grantee:

            	

            	(the “Grantee” or “you”)

      

      

      	
              Number of Restricted Shares subject to Award:

            	

            	(the “Restricted Shares”)

    

     

    

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

     

    WHEREAS, the Company adopted the Riley Exploration Permian, Inc., 2021 Long Term Incentive
        Plan (as amended from time to time, the “Plan”), under which the Company is authorized to grant equity-based awards to non-employee directors of the Company;

     

    WHEREAS, the Company, in order to induce you to enter into and to continue and dedicate
        service to the Company and to materially contribute to the success of the Company, agrees to grant you this award of Restricted Stock;

     

    WHEREAS, you acknowledge that a copy of the Plan has been furnished to you and shall be deemed
        a part of this Agreement as if fully set forth herein and the terms capitalized but not defined herein shall have the meanings set forth in the Plan; and

     

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

     

    NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other
        valuable consideration hereinafter set forth, the parties agree as follows:

     

    1.          The Grant.  Subject to the conditions set forth below, the Company hereby grants you, effective as of the Grant Date, as a matter of separate inducement and not in lieu of any fee
      or other compensation for your services to the Company, an award of Restricted Stock (the “Award”) consisting of the number of Restricted Shares set forth above in accordance with the terms
      and conditions set forth herein and in the Plan.

     

    2.        Escrow of Restricted Shares.  The Company shall evidence the Restricted Shares in the manner that it deems appropriate. The Company may issue in your name a certificate or
      certificates representing the Restricted Shares and retain such certificate(s) until the restrictions on such Restricted Shares expire as described in Section 5 or 6 of this Agreement or the Restricted Shares are forfeited as
      described in Section 4 and 6 of this Agreement. If the Company certificates the Restricted Shares, you shall execute one or more stock powers in blank for those certificates and deliver those stock powers to the Company. The Company
      shall hold the Restricted Shares and the related stock powers pursuant to the terms of this Agreement, if applicable, until such time as (a) a certificate or certificates for the Restricted Shares are delivered to you, (b) the Restricted Shares are
      otherwise transferred to you free of restrictions, or (c) the Restricted Shares are canceled and forfeited pursuant to this Agreement.  Notwithstanding the foregoing, at the option of the Company, the Restricted Shares issuable in the form of a stock
      certificate may instead be issued in book-entry form.

     

    
      
        

    

    
    3.          Ownership of Restricted Shares.  From and after the time the Restricted Shares are issued in your name, you will be entitled to all the rights of absolute ownership of the
      Restricted Shares, including the right to vote such shares and to receive dividends thereon if, as, and when declared by the Board, subject, however, to the terms, conditions and restrictions set forth in this Agreement; provided, however,
      that the Company will retain custody of all dividends and distributions, if any (“Retained Distributions”), made or declared on the Restricted Shares (and such Retained Distributions shall
      be subject to forfeiture and the same restrictions, terms, vesting and other conditions as are applicable to the Restricted Shares) until such time, if ever, as the Restricted Shares with respect to which such Retained Distributions shall have been
      made, paid or declared shall have become vested, and such Retained Distributions shall not bear interest or be segregated in a separate account.  As soon as practicable, but no event later than sixty (60) days, following the lapse of the Forfeiture
      Restrictions (defined below) on such Restricted Shares, any Retained Distributions shall be delivered to the Grantee or to the Grantee’s legal guardian or representative, as applicable.

     

    4.          Restrictions; Forfeiture.  The Restricted Shares are restricted in that they may not be sold, transferred or otherwise alienated or hypothecated until these restrictions are
      removed or expire as described in Section 5 of this Agreement. The Restricted Shares are also restricted in the sense that they may be forfeited to the Company (the “Forfeiture Restrictions”).

      You hereby agree that if the Restricted Shares are forfeited, as provided in Section 6 of this Agreement, the Company shall have the right to deliver the Restricted Shares to the Company’s transfer agent for, at the Company’s election,
      cancellation or transfer to the Company.

     

    5.        Expiration of Restrictions and Risk of Forfeiture.  The restrictions on the Restricted Shares described in Section 4 of this Agreement will expire and the Restricted Shares
      will become transferable and nonforfeitable, provided that, subject to Section 6, you remain a member of the Board until the applicable date(s) set forth in the following schedule:

     

    
      	
              Number of Restricted Shares that Vest

            	
              Vesting Date

            
	
              [100%]

            	
              [1st anniversary of Grant Date]

            

    

    

    

    6.          Termination; Forfeiture.  If your service as a member of the Board is terminated for any reason, then those Restricted Shares for which the restrictions have not lapsed as of the
      date of termination shall become null and void and those Restricted Shares shall be forfeited to the Company.  The Restricted Shares for which the restrictions have lapsed as of the date of such termination shall not be forfeited to the Company.

     

    
      2

      
        

    

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

     

    8.          Withholding of Taxes.

     

    (a)         The Company has no obligation to withhold or pay any federal, state or local taxes in connection with the grant of the Award or due to the vesting of the Restricted Shares.  The Company
      will report the payment of the Award as ordinary income to the Grantee to the appropriate tax authorities, and the Grantee shall be responsible for the payment of any taxes required by law.

     

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

     

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

     

    
      3

      
        

    

    10.       Legends. The Company may at any time place legends referencing any restrictions imposed on the shares pursuant to Sections 4 or 9 of this Agreement on all
      certificates representing shares issued with respect to this Award.

     

    11.        Furnish Information. You agree to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirements imposed upon the
      Company by or under any applicable statute or regulation.

     

    12.        Remedies.  The parties to this Agreement shall be entitled to recover from each other reasonable attorneys’ fees incurred in connection with the successful enforcement of the terms
      and provisions of this Agreement whether by an action to enforce specific performance or for damages for its breach or otherwise.

     

    13.        No Liability for Good Faith Determinations.  Neither the Company nor any members of the Board shall be liable for any act, omission or determination taken or made in good faith
      with respect to this Agreement or the Restricted Shares granted hereunder.

     

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

     

    15.        No Guarantee of Interests.  The Board and the Company do not guarantee the Stock of the Company from loss or depreciation.

     

    16.       Notice.  Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a) when delivered in person, (b) when sent by facsimile
      transmission (with confirmation of transmission) on a business day to the number set forth below, if applicable; provided, however, that if a notice is sent by facsimile transmission after normal business
      hours of the recipient or on a non- business day, then it shall be deemed to have been received on the next business day after it is sent, (c) on the first business day after such notice is sent by air express overnight courier service, or (d) on the
      second business day following deposit with an internationally-recognized overnight or second-day courier service with proof of receipt maintained, in each case, to the following address, as applicable:

     

    
      4

      
        

    

    If to the Company, addressed to:

     

    	 	
            Riley Exploration Permian, Inc.

          
	 	
            c/o Bobby D. Riley

          
	 	
            29 E. Reno Avenue, Suite 500

          
	 	
            Oklahoma City, Oklahoma 73104

          
	 	
            Email: bobby@rileypermian.com

          

    

    

    If to Grantee, addressed to the following until an updated address is provided to the Company by Grantee:

     

    
      	 	
              [Grantee Name]

            
	 	

            	 
	 	

            	 

    

     

    

    17.        Waiver of Notice.  Any person entitled to notice hereunder may waive such notice in writing.

     

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

     

    19.        Successors.  This Agreement shall be binding upon you, your legal representatives, heirs, legatees and distributees, and upon the Company, its successors and assigns.

     

    20.       Severability.  If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but
      such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein.

     

    21.        Company Action. Any action required of the Company shall be by resolution of the Board or by a person or entity authorized to act by resolution of the Board.

     

    
      5

      
        

    

    22.        Title and Headings; Construction.  Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or
      otherwise affect the provisions hereof.  Any and all Appendices referred to in this Agreement are, by such reference, incorporated herein and made a part hereof for all purposes.  Unless the context requires otherwise,
      all references herein to an agreement, instrument or other document shall be deemed to refer to such agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent permitted by the provisions
      thereof.  All references to “dollars” or “$” in this Agreement refer to United States dollars.  The word “or” is not exclusive. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement,
      including all Appendices attached hereto, and not to any particular provision hereof.  Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely.  The use herein
      of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether
      or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the
      broadest possible scope of such general statement, term or matter.  Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or otherwise.  On the
      contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties hereto.

     

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

     

    24.       Clawback.  To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise determined by the Board (or a committee thereof), all
      shares of Stock granted under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Company, which clawback policies or procedures may provide for forfeiture and/or recoupment of such
      shares of Stock. Notwithstanding any provision of this Agreement to the contrary, the Company reserves the right, without your consent, to adopt any such clawback policies and procedures, including such policies and procedures applicable to this
      Agreement with retroactive effect.

     

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

     

    26.       Counterparts. This Agreement may be executed in any number of counterparts, including by electronic mail or facsimile, each of which when so executed and delivered shall be an
      original, but all such counterparts shall together constitute one and the same instrument.  Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together signed by both parties hereto.

     

    
      6

      
        

    

    27.      Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format, you agree, to the fullest extent permitted by law, to accept electronic delivery
      of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports and all other forms of
      communications) in connection with this and any other award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet to which you have access. You hereby
      consent to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that his or her electronic
      signature is the same as, and shall have the same force and effect as, his or her manual signature.

     

    28.      Amendment. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however,
      that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces your rights shall be effective only if it is in writing and signed by both you and an authorized officer of the Company.

     

    29.       Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations,
      warranties and agreements between the parties with respect to the Award granted hereby. Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto
      relating to the subject matter hereof are hereby null and void and of no further force and effect.

     

    [Signature Page Follows]

     

    

    
      7

      
        

    

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

     

    

    	 	
            RILEY EXPLORATION PERMIAN, INC.

          

    

    

    	 	
            By:

          	

          
	 	
            Name:

          	

          
	 	
            Title:

            

          	 

    

    

    	 	
            [GRANTEE NAME]

          

    

    

    	 	 	 

    	 	
            Grantee

          	 

    

    

    

    

    Restricted Stock Agreement

    (Non-Employee Director)

    Signature Page

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