SEC Contract Filing

Filing Date: 2021-03-15

Document Content:
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<TYPE>EX-10.1
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<FILENAME>brhc10021764_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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 <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font></div>
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 <div style="text-align: center; font-weight: bold;"><u>EMPLOYMENT AGREEMENT</u></div>
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 <div style="text-align: justify; text-indent: 36pt;">This Employment Agreement (this &#8220;<u>Agreement</u>&#8221;), dated effective as of March 15, 2021 (the &#8220;<u>Effective Date</u>&#8221;), is by and between Riley Exploration Permian, Inc., a Delaware corporation (the
 &#8220;<u>Company</u>&#8221;), and Corey Riley (&#8220;<u>Employee</u>&#8221;).</div>
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 <div style="text-align: center; font-weight: bold;"><u>RECITALS</u></div>
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 <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Company and its current and future subsidiaries and Affiliates (as defined below) in which the Company, directly or indirectly, has an interest (such subsidiaries and Affiliates, the &#8220;<u>Company
 Group</u>&#8221;) are engaged in oil and natural gas exploration and production, including owning, operating, leasing, acquiring, exploring, marketing, developing, producing, and otherwise disposing of oil and gas interests involving oil, natural gas,
 and natural gas liquid reserves in the Permian Basin (the &#8220;<u>Business</u>&#8221;); and</div>
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 <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Company desires to employ Employee to provide services to the Business, and Employee desires to be employed by the Company, in accordance with the terms and conditions of this Agreement.</div>
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 <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby
 acknowledged, the parties hereby agree to the following terms:</div>
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 <div style="text-align: center; font-weight: bold;"><u>TERMS</u></div>
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 <div style="text-align: justify; text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Employment and Position</u>.&#160; During the Term (as defined below), the Company shall employ Employee as its Executive Vice President Business Intelligence, which is the same position
 as Employee held immediately before the Effective Date, and Employee shall continue to serve in such capacity, subject to the terms and conditions of this Agreement.&#160; Employee shall during the Term continue to report directly to the Company&#8217;s Chief
 Executive Officer (the &#8220;<u>CEO</u>&#8221;).</div>
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 <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <u>Duties</u>.</div>
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 <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Duties for the Company and the Company Group</u>.&#160; During the Term (as defined below), Employee shall continue to have the same duties, responsibilities, and
 authorities for the Company as he had immediately before the Effective Date in addition to such duties, responsibilities, and authorities as may be lawfully assigned by the CEO<font style="font-weight: bold;">&#160;</font>in his reasonable discretion,
 including without limitation duties, responsibilities, and authorities with respect to the Company Group and their Affiliates.</div>
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 <div style="font-size: 8pt; font-variant: small-caps; font-weight: bold;">Employment Agreement</div>
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 <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160; &#160; &#160; <u>Working Time and Best-Effort Requirements and Permitted Outside Activities</u>.&#160; During the Term (as defined below), Employee shall devote his full working time as
 well as his best efforts, abilities, knowledge, and experience to the Business and affairs of the Company and the Company Group as necessary to faithfully perform his duties, responsibilities, and authorities under this Agreement.&#160; As long as such
 service and investments do not prevent Employee from fulfilling his duties, responsibilities, and authorities under this Agreement or directly or indirectly compete with the Company or the Company Group, in each case as determined by the Company&#8217;s