SEC Contract Filing

Filing Date: 2022-09-06

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>tm2225154d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;10.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LOCK-UP AGREEMENT</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;31, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ring Energy,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1725 Hughes Landing Boulevard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Woodlands, Texas 77380</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This agreement is being delivered
to Ring Energy,&nbsp;Inc., a Nevada corporation (&ldquo;<B>Ring</B>&rdquo;), in connection with the consummation of the transactions contemplated
by that certain Purchase and Sale Agreement, dated as of July&nbsp;1, 2022 (the &ldquo;<B>Purchase Agreement</B>&rdquo;), by and among
Stronghold Energy II Operating, LLC, a Delaware limited liability company (&ldquo;<B>Stronghold OpCo</B>&rdquo;) and Stronghold Energy
II Royalties, LP, a Delaware limited partnership (&ldquo;<B>Stronghold RoyaltyCo</B>&rdquo;, together with Stronghold OpCo, collectively,
 &ldquo;<B>Stronghold</B>&rdquo;) and Ring. Capitalized terms not defined herein shall have the meanings set forth in the Purchase Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. (a)&nbsp;In order to induce
Ring to consummate the transactions contemplated by the Purchase Agreement, and in light of the benefits that the Purchase Agreement will
confer upon the undersigned (&ldquo;<B>Investor</B>&rdquo;), and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged,&nbsp;Investor agrees with Ring that, during the period beginning on and including the Closing Date through
and including the date that is the 90<SUP>th</SUP> day after the Closing Date (the &ldquo;<B>Lock-Up Period</B>&rdquo;),&nbsp;Investor
will not, without the prior written consent of Ring, directly or indirectly:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;offer,
pledge, hypothecate, encumber, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any shares of common stock, par value $0.001
per share of Ring (the &ldquo;<B>Common Stock</B>&rdquo;), or any other class of Ring capital stock (collectively, &ldquo;<B>Capital Stock</B>&rdquo;)
or any other securities convertible into or exercisable or exchangeable for any Capital Stock, whether now owned or hereafter acquired
by Investor during the Lock-Up Period or with respect to which Investor has or hereafter acquires the power of disposition during the
Lock-Up Period, or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;enter
into any swap, hedge or other agreement, arrangement or transaction that transfers to another, in whole or in part, directly or indirectly,
any of the economic consequence of ownership of any Capital Stock or any securities convertible into or exercisable or exchangeable for
any Capital Stock (the actions specified in <U>clauses (i)</U>&nbsp;and <U>(ii)</U>, collectively, &ldquo;<B>Transfers</B>&rdquo;), whether
any transaction described in <U>clause (i)</U>&nbsp;or <U>(ii)</U>&nbsp;above is to be settled by delivery of any Capital Stock, other
securities, in cash or otherwise; <I>provided, however,</I> that the restrictions in the foregoing <U>clauses (i)</U>&nbsp;and <U>(ii)</U>&nbsp;shall
not apply to:</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify">in the case of an entity, Transfers to any direct or indirect stockholder, partner, limited partner, member,
or affiliate of such entity, including by virtue of the laws of the state of the entity&rsquo;s organization and the entity&rsquo;s organizational
documents upon dissolution of the entity or otherwise;</TD></TR></TABLE>

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