SEC Contract Filing

Filing Date: 2024-06-14

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>vivakor_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit 10.1</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTIVE EMPLOYMENT AGREEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS EXECUTIVE EMPLOYMENT AGREEMENT (this &ldquo;<B><I>Agreement</I></B>&rdquo;) is made and entered into as of June&nbsp;13, 2024 (&ldquo;<B><I>Effective Date</I></B>&rdquo;), by and between Vivakor, Inc., a Nevada corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Tyler Nelson, an individual (the &ldquo;<B><I>Executive</I></B>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, Executive&rsquo;s Executive Employment Agreement dated June&nbsp;9, 2022 is expiring and the Company and Executive desire to enter into a new executive employment agreement;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, on February&nbsp;26, 2024 the Company, entered into an Agreement and Plan of Merger (the &ldquo;<B><I>Merger Agreement</I></B>&rdquo;) with Empire Energy Acquisition Corp., a Delaware corporation, and wholly owned subsidiary, Empire Diversified Energy, Inc., a Delaware corporation (collectively &ldquo;<B><I>Empire</I></B>&rdquo;), whereby, at closing, subject to the conditions set forth in the Merger Agreement, Empire will become a wholly-owned subsidiary of the Company;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, on March&nbsp;21, 2024, the Company entered into a Membership Interest Purchase Agreement (the &ldquo;<B><I>Endeavor MIPA</I></B>&rdquo;), the equity holders of Endeavor Crude, LLC (&ldquo;<B><I>Endeavor</I></B>&rdquo;), whereby, at closing, subject to the conditions set forth in the Endeavor MIPA, the Company will acquire several entities that will become wholly-owned subsidiaries of the Company;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, based on the Merger Agreement and Endeavor MIPA, the Company and Executive desire to modify and renew the Executive&rsquo;s term and compensation for serving as the Company&rsquo;s Chief Financial Officer in order to bring the compensation in line with the anticipated growth of the Company by these transactions and incentivize Executive to continue to move the Company&rsquo;s business forward in all facets.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, the Company and Executive, intending to be legally bound, hereby agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;<U>Employment</U>. The Company agrees to employ Executive as its Chief Financial Officer, and Executive accepts such employment and agrees to perform executive employment services for the Company, for the period and upon the other terms and conditions set forth in this Agreement.</FONT></P>

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