SEC Contract Filing

Filing Date: 2023-09-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exh10-3_18762.htm
<DESCRIPTION>COMMERCIAL GUARANTY AGREEMENT, DATED AS OF SEPTEMBER 19, 2023, ISSUED BY EMPIRE PETROLEUM CORPORATION IN FAVOR OF PHIL MULACEK
<TEXT>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-align: right; margin-top: 3.95pt; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>EXHIBIT
10.3</U></FONT>&#8239;&#8239;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 3.95pt; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 3.95pt; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>COMMERCIAL
GUARANTY AGREEMENT</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.65pt 0 5pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.05pt 5.65pt 0 5pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce Phil Mulacek (the &#8220;<B>Investor</B>&#8221;),
to make a loan to Empire North Dakota LLC, a Delaware limited liability company (the &#8220;<B>Company</B>&#8221;), Empire Petroleum
Corporation, a Delaware corporation (the &#8220;<B>Guarantor</B>&#8221;), hereby absolutely and unconditionally guarantees to the Investor
the full and prompt payment when due, whether at maturity or earlier, by reason of acceleration or otherwise, of the debts, liabilities
and obligations that the Company may now or at any time hereafter owe to the Investor under that certain Promissory Note due October
31, 2023 in the original principal amount of $5,000,000 issued by the Company to the Investor (the &#8220;<B>Indebtedness</B>&#8221;).</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 41pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Guarantor further acknowledges and agrees with the Investor that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.8pt 0 5pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No act or thing need occur to establish the liability of the Guarantor hereunder, and no act or thing, except full payment and discharge
of the Indebtedness, shall in any way exonerate the Guarantor or modify, reduce, limit, or release the liability of the Guarantor hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 5pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This is an absolute, unconditional, and continuing guaranty of payment of the Indebtedness and shall continue to be in force and be binding
upon the Guarantor until the full payment and discharge of the Indebtedness.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 5pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Guarantor shall be or become insolvent (however defined), then the Investor shall have the right to declare immediately due and
payable, and the Guarantor will forthwith pay to the Investor, the full amount of all Indebtedness, whether due and payable or unmatured.
If the Guarantor voluntarily commences or there is commenced involuntarily against the Guarantor a case under the United States Bankruptcy
Code, the full amount of all Indebtedness, whether due and payable or unmatured, shall be immediately due and payable without demand
or notice thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The liability of the Guarantor hereunder shall be unlimited, to include all Indebtedness, as well as accrued interest thereon and all
attorneys&#8217; fees, collection costs and enforcement expenses referable thereto. Indebtedness may be created or continued in any amount,
whether or not in excess of such principal amount, without affecting or impairing the liability of the Guarantor hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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