Company: GPOR
Filing Date: 2025-05-29
Form Type: S-3ASR
Source: 0001213900-25-048917
Chunk: 21

Company: GULFPORT ENERGY CORP
Filing Date: 2025-05-29
Form: S-3ASR
Chunk 21
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31, June 30, September 30 and December 31, respectively
(each such date, a “Dividend Payment Date”), at a rate of 10% per annum of the Liquidation Preference (as defined below) with
respect to cash dividends and 15% per annum of the Liquidation Preference with respect to dividends paid in kind as additional shares
of Series A Preferred Stock (“PIK Dividends”). The record date for payment of quarterly dividends on the Series A
Preferred Stock will be the close of business on the 15th day of the calendar month of the applicable Dividend Payment Date.

To the extent that Gulfport
pays a dividend or distribution on shares of Common Stock, whether in the form of cash, securities, debt, assets or options, warrants
or other rights, but excluding any dividend or distribution payable solely in shares of Common Stock (which shall result in an adjustment
to the Conversion Price (as defined below)), such dividend shall be payable to holders of shares of Common Stock and shares of Series A
Preferred Stock on a pari passu pro rata basis.

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The Series A Preferred
Stock has no stated maturity and will remain outstanding indefinitely unless repurchased or redeemed by Gulfport or converted into Common
Stock.

Conversion Rights

Each holder of shares of Series A
Preferred Stock has the right (the “Conversion Right”), at its option and at any time, to convert all or a portion of the
shares of Series A Preferred Stock that it holds into a number of shares of Common Stock equal to the quotient obtained by dividing
(x) the product obtained by multiplying (i) the Liquidation Preference times (ii) an amount equal to one (1) plus the Per
Share Makewhole Amount (as defined in the Preferred Terms) on the date of conversion, by (y) $14.00 per share (as may be adjusted
under the Preferred Terms) (the “Conversion Price”).

Liquidation Rights

The Series A Preferred
Stock are entitled to a liquidation preference of $1,000 per share of Series A Preferred Stock (the “Liquidation Preference”).
Upon any Liquidation Event (as defined in the Preferred Terms), each holder of shares of the Series A Preferred Stock will be entitled
to payment out of the assets of Gulfport available for distribution, before any distribution or payment out of such assets may be made
to the holders of any Junior Securities, and subject to the rights of the holders of