Company: GPOR
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001213900-25-028069
Chunk: 63

Company: GULFPORT ENERGY CORP
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 63
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 State of Delaware (“DGCL”) was amended to enable a Delaware corporation to limit the liability of certain of its officers in limited circumstances. Section 102(b)(7) of the DGCL, as amended, only permits, and the Exculpation Amendment would only permit, the exculpation of certain officers in connection with direct claims brought by stockholders, including class actions, but would not eliminate officers’ monetary liability for breach of fiduciary duty claims brought by the Company itself or for derivative claims brought by stockholders in the name of the Company. In addition, as is currently the case with directors under the current Amended and Restated Certificate of Incorporation, the Exculpation Amendment would not limit the liability of officers for any breach of the duty of loyalty to the Company or its stockholders, any acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law and any transaction from which the officer derived an improper personal benefit. This Proposal 4 requests that stockholders approve the Exculpation Amendment to extend the exculpation provision to certain of our officers as permitted by DGCL Section 102(b)(7), as amended, by adding a new paragraph to Article VII of the Amended and Restated Certificate of Incorporation as follows: “The personal liability of the officers of the Corporation is hereby eliminated to the fullest extent permitted by the DGCL (including, without limitation, paragraph (7) of subsection (b) of Section 102 thereof), as the same may be amended and supplemented from time to time. If the DGCL hereafter is amended to authorize the further elimination or limitation of the liability of officers, then the liability of an officer of the Corporation, in addition to the limitation on personal liability provided herein, shall be limited to the fullest extent permitted by the amended DGCL. Any repeal or modification of this paragraph by the stockholders of the Corporation shall be prospective only, and shall not adversely affect any limitation on the personal liability of an officer of the Corporation existing at the time of such repeal or modification.” The Board recognizes that the change to DGCL Section 102(b)(7) was intended to remedy potential inconsistent treatment between directors and officers and to address rising insurance costs and litigation costs for stockholders. The Board believes it is necessary to fully extend this exculpation protection to officers permitted by the DGCL and, that by including the officer exculpation provision as set forth above, the Company will be better able to attract and retain