SEC Contract Filing

Filing Date: 2019-07-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tv525178_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED EMPLOYMENT AGREEMENT<BR>
JONATHAN C. CURTH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This <B>EMPLOYMENT
AGREEMENT</B> (this &ldquo;<B><I>Agreement</I></B>&rdquo;), dated as of July 16, 2019 (the &ldquo;<B><I>Effective Date</I></B>&rdquo;),
is by and between Grizzly Energy, LLC (&ldquo;<B><I>Grizzly</I></B>&rdquo;, together with its subsidiaries, the &ldquo;<B><I>Company</I></B>&rdquo;)
and Jonathan C. Curth (&ldquo;<B><I>Executive</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
predecessor to Grizzly, Vanguard Natural Resources, Inc., and Executive previously entered into that certain Employment Agreement,
effective as of December&nbsp;4, 2017, as amended on January 22, 2019 (collectively, the &ldquo;<B><I>Prior Agreements</I></B>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
parties desire to amend and restate the Prior Agreements; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
parties desire to set forth in writing the terms and conditions of their understandings and agreements in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the mutual covenants and obligations contained herein, Grizzly hereby agrees to employ Executive and Executive
hereby accepts such employment upon the terms and conditions set forth in this Agreement as follows, which terms shall supplement
and amend the Prior Agreements as applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effectiveness;
Employment Period</U><FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall become effective and binding upon the Company and the Executive at 12:00 a.m. prevailing Central Standard Time,
on the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section&nbsp;5, Grizzly hereby agrees to employ Executive, and Executive hereby agrees to be employed by Grizzly, in accordance
with the terms and provisions of this Agreement, for the period commencing as of the Effective Date and ending on December 31,
2020 (the &ldquo;<B><I>Employment Period</I></B>&rdquo;); provided, however, that the Employment Period shall automatically be
renewed and extended for an additional period of twelve (12)&nbsp;months commencing on January&nbsp;1, 2021 and expiring on January&nbsp;1,
2022, and on each successive January&nbsp;1 thereafter, unless at least ninety (90)&nbsp;days prior to the ensuing expiration date
(but no more than twelve (12)&nbsp;months prior to such expiration date), Grizzly or Executive shall have given ninety (90)&nbsp;days
written notice to the other that it or he, as applicable, does not wish to extend this Agreement (a &ldquo;<B><I>Non-Renewal Notice</I></B>&rdquo;).
The term &ldquo;<B><I>Employment Period</I></B>&rdquo; as utilized in this Agreement, shall refer to the Employment Period as so
automatically extended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the term of Executive&rsquo;s employment with Grizzly, Executive shall serve as the General Counsel, Corporate Secretary and Vice
President of Land of Grizzly and i