RILEY EXPLORATION PERMIAN, INC.
2019 LONG TERM INCENTIVE PLAN
FORM OF STOCK AWARD AGREEMENT
(Unrestricted Common Stock)
| || |
|Grant Date: || ||______________________ (the Grant Date)|
|Name of Grantee: || ||_________________ (the Grantee or you)|
|Number of Shares subject to Award: || ||_________________ (the Shares)|
This Stock Award Agreement (Unrestricted Common Stock) (Agreement) is made and entered into as of the Grant Date by and between Riley Exploration Permian, Inc., a Delaware corporation (the Company), and you.
WHEREAS, the Company adopted the Riley Exploration Permian, Inc., 2019 Long Term Incentive Plan (as amended from time to time, the Plan), under which the Company is authorized to grant equity-based awards to certain employees and service providers of the Company;
WHEREAS, the Company, in order to induce you to enter into and to continue and dedicate service to the Company and to materially contribute to the success of the Company, agrees to grant you this Stock Award;
WHEREAS, you acknowledge that a copy of the Plan has been furnished to you and shall be deemed a part of this Agreement as if fully set forth herein and the terms capitalized but not defined herein shall have the meanings set forth in the Plan; and
WHEREAS, you desire to accept the Stock Award granted pursuant to this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other valuable consideration hereinafter set forth, the parties agree as follows:
1. The Grant. Subject to the conditions set forth below, the Company hereby grants you, effective as of the Grant Date, a Stock Award (the Award) consisting of the number of Shares set forth above in accordance with the terms and conditions set forth herein and in the Plan.
2. Ownership of Shares. From and after the time the Shares are issued in your name, you will be entitled to all the rights of absolute ownership of the Shares, including the right to vote such shares and to receive dividends thereon if, as, and when declared by the Board, subject, however, to the terms, conditions and restrictions set forth in this Agreement.
3. Vesting and Risk of Forfeiture. The Shares shall be fully vested and not subject to a risk of forfeiture.