Exhibit 10.4


 


EMPLOYMENT
AGREEMENT


between


GULFPORT
ENERGY CORPORATION


and


Michael
Sluiter


Effective
November 13, 2020


 


EMPLOYMENT
AGREEMENT


 


THIS
AGREEMENT is made effective November 13, 2020 (the “Effective Date”), between GULFPORT ENERGY CORPORATION, a
Delaware corporation (the “Company”) and Michael Sluiter, an individual (the “Executive”).


 


W
I T N E S S E T H:


 


WHEREAS,
the Company desires to retain the services of the Executive and the Executive desires to make the Executive’s services available
to the Company.


 


NOW,
THEREFORE, in consideration of the mutual promises herein contained, the Company and the Executive agree as follows:


 


		1.	Employment.
                                         The Company hereby employs the Executive and the Executive hereby accepts such employment
                                         subject to the terms and conditions contained in this Agreement.



 


		2.	Executive’s
                                         Duties. The Executive is employed on a full-time basis. Throughout the term of this
                                         Agreement, the Executive will use the Executive’s best efforts and due diligence
                                         to assist the Company in achieving the most profitable operation of the Company and the
                                         Company’s affiliated entities consistent with developing and maintaining a quality
                                         business operation.



 


		2.1	Specific
                                         Duties. The Executive will serve as Senior Vice President, Reservoir Engineering
                                         for the Company, and in such other positions as might be mutually agreed upon by the
                                         parties. The Executive shall perform all of the duties required to fully and faithfully
                                         execute the office and position to which the Executive is appointed, and such other duties
                                         as may be reasonably requested by the Executive’s supervisor or by the Company.
                                         During the term of this Agreement, the Executive may be nominated for election or appointed
                                         to serve as a director or officer of any of the Company’s affiliated entities as
                                         determined in such affiliates’ board of directors’ sole discretion. The services
                                         of the Executive will be requested and directed by the Company’s Chief Operating
                                         Officer, Donnie Moore.



 


		2.2	Duty
                                         of Loyalty. The Executive acknowledges and agrees that the Executive has a fiduciary
                                         duty of loyalty to act in the best interests of the Company and to do no act that would
                                         materially injure the business, interests or reputation of the Company or any of its
                                         affiliates. In keeping with these duties, the Executive shall make full disclosure to
                                         the Company of all business opportunities pertaining to the Company’s business
                                         and shall not appropriate for the Executive’s own benefit business opportunities
                                         concerning the subject matter of the fiduciary relationship.



 






    


     


    

 


		2.3	Policies
                                         and Procedures. The Company has issued various policies and procedures applicable
                                         to all employees of the Company and its related and affiliated entities including policies
                                         which set forth the general human resources policies of the Company and addresses frequently
                                         asked questions regarding the Company. The Executive agrees to comply with such policies
                                         and procedures except to the extent inconsistent with this Agreement. Such policies and
                                         procedures may be changed or adopted in the sole discretion of the Company without advance
                                         notice.



 


		3.	Other
                                         Activities. The Executive shall devote substantially all of the Executive’s
                                         business time and attention to the performance of the Executive’s duties hereunder
                                         and will not engage in any other business, profession, or occupation for compensation
                                         or otherwise which would conflict with the performance of such services either directly
                                         or indirectly without the prior written consent of the Board of Directors of the Company
                                         (the “Board”). Notwithstanding the foregoing, the Executive will be permitted
                                         to (a) with the prior written consent of the Board, act or serve as a director, trustee,
                                         committee member, or principal of any type of business, civic, or charitable organization,
                                         and (b) purchase or own less than five percent (5%) of the publicly traded securities
                                         of any corporation; provided that, such ownership represents a passive investment and
                                         that the Executive is not a controlling person of, or a member of a group that controls,
                                         such corporation; provided further that, the activities described in clauses (a) and
                                         (b) do not interfere with the performance of the Executive’s duties and responsibilities
                                         to the Company as provided hereunder, including, but not limited to, the obligations
                                         set forth in Section 2.



 


		4.	Executive’s
                                         Compensation. The Company agrees to compensate the Executive as follows:



 


		4.1	Base
                                         Salary. A base salary (the “Base Salary”), at the initial annual rate
                                         of not less than $360,000 (temporarily reduced to an annual rate of $324,000 through
                                         December 31, 2020) will be paid to the Executive in regular installments in accordance
                                         with the Company’s designated payroll schedule.



 


		4.2	Bonus.
                                         In addition to the Base Salary described in Section 4.1 of this Agreement, the Executive
                                         shall be eligible for an annual bonus for each fiscal year during the Term on the same
                                         basis as other executive officers under the Company’s then current annual incentive
                                         plan with a target of 60% of Base Salary which shall be payable in accordance with the
                                         terms of such plan and the performance metrics established by the Compensation Committee
                                         of the Board (the “Committee”).



 


		4.3	Equity
                                         Compensation. During the term of the Executive’s employment, the Executive
                                         will be eligible for annual grants of restricted stock, restricted stock units, performance-
                                         based awards, stock options or other awards as determined in the sole discretion of the
                                         Committee in its discretion pursuant to the Company’s equity compensation plans
                                         (generally referred to as “Equity Compensation Plans”), subject to the terms
                                         and conditions of the Equity Compensation Plans and the terms and conditions of each
                                         award as determined by the Committee in its discretion. The target aggregate fair value
                                         of such awards shall be as determined by the Committee in its discretion, it being understood
                                         that the Committee may elect to not provide the Executive an award with respect to a
                                         particular year.



 






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		4.4	Benefits.
                                         The Company will provide the Executive with benefits that are customarily provided to
                                         similarly situated executives of the Company and as are set forth in and governed by
                                         the Company’s employment policies and applicable plan documents. Additionally,
                                         the Company will provide paid time off (“PTO”) to the Executive, the amount
                                         of which will be determined in accordance with the Company’s PTO policy. No additional
                                         compensation will be paid for failure to take PTO. The Company will also provide the
                                         Executive the opportunity to apply for coverage under the Company’s medical, life
                                         and disability plans, if any. If the Executive is accepted for coverage under such plans,
                                         the Company will make such coverage available to the Executive on the same terms as is
                                         customarily provided by the Company to the plan participants as modified from time to
                                         time in the Company’s sole discretion. The Executive will be entitled to receive
                                         reimbursement for all reasonable business expenses incurred by the Executive in accordance
                                         with the Company’s expense reimbursement policy. All payments for reimbursement
                                         under this Section 4.4 shall be paid promptly but in no event later than the last day
                                         of the Executive’s taxable year following the taxable year in which the Executive
                                         incurred such expenses.



 


		5.	Term.
                                         The term of the Executive’s employment under the provisions of this Agreement shall
                                         be for a period commencing on the Effective Date and shall continue until December 31,
                                         2023 (the “Initial Expiration Date”), unless terminated earlier pursuant
                                         to Section 6; provided that, upon the Initial Expiration Date and each annual anniversary
                                         thereafter (such date and each annual anniversary thereof, a “Renewal Date”),
                                         the Agreement shall be deemed to be automatically extended, upon the same terms and conditions,
                                         for successive periods of one year, unless either party provides written notice of its
                                         intention not to extend the term of the Agreement at least ninety (90) days prior to
                                         the applicable Renewal Date (the period of the Executive’s employment under this
                                         Agreement being the “Term”); provided, however, if during the Term of this
                                         Agreement a Change of Control (as defined in Exhibit A attached hereto) occurs, the Term
                                         of this Agreement shall be extended to the later of the original expiration date of the
                                         Term or the expiration of the Change of Control Period. For purposes of this Agreement,
                                         “Change of Control Period” means the twenty-four (24) month period commencing
                                         on the effective date of a Change of Control.



 


		6.	Termination.
                                         This Agreement will continue in effect until the expiration of the term stated in Section
                                         5 of this Agreement unless earlier terminated pursuant to this Section 6. For purposes
                                         of this Agreement, “Termination Date” shall mean (a) if the Executive’s
                                         employment is terminated by death, the date of death; (b) if the Executive’s employment
                                         is terminated pursuant to Section 6.4 due to a disability, thirty (30) days after notice
                                         of termination is provided to the Executive in accordance with Section 6.4; (c) if the
                                         Executive’s employment is terminated by Company without Cause or by the Executive
                                         for Good Reason pursuant to Section 6.1.1 or 6.1.2, on the effective date of termination
                                         specified in the notice required by Section 6.1.1 or 6.1.2 respectively; (d) if the Executive’s
                                         employment is terminated by Company for Cause pursuant to Section 6.1.3, the date on
                                         which the notice of termination required by Section 6.1.3 is given; or (e) if the Executive’s
                                         employment is terminated by the Executive pursuant to Section 6.2, on the effective date
                                         of termination specified by the Executive in the notice of termination required by Section 6.2
                                         unless the Company rejects such date as allowed by Section 6.2, in which case it would
                                         be the date specified by the Company.



 






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		6.1	Termination
                                         by Company. The Executive’s employment under this Agreement may be terminated
                                         prior to the expiration of the Term under the following circumstances:



 


		6.1.1	Termination
                                         without Cause or for Good Reason Outside of a Change of Control Period.



 


		a)	Termination
                                         by the Company without Cause. The Company may terminate the Executive’s employment
                                         without Cause at any time by the service of written notice of termination to the Executive
                                         specifying an effective date of such termination not sooner than the date of such notice.



 


		b)	Termination
                                         by the Executive for Good Reason. The Executive may terminate employment with the
                                         Company for “Good Reason” and such termination will not be a breach of this
                                         Agreement by the Executive. For purposes of this Section 6.1.1(b), Good Reason shall
                                         mean the occurrence of one of the events set forth below:



 


		(i)	elimination
                                         of the Executive’s job position or material reduction in duties and/or reassignment
                                         of the Executive to a new position of materially less authority; or



 


		(ii)	a
                                         material reduction in the Executive’s Base Salary.



 


Notwithstanding
the foregoing, the Executive will not be deemed to have terminated for Good Reason unless (A) the Executive provides written notice
to the Company of the existence of one of the conditions described above within ninety (90) days after the Executive has knowledge
of the initial existence of the condition, (B) the Company fails to remedy the condition so identified within thirty (30) days
after receipt of such notice (if capable of correction), (C) the Executive provides a notice of termination to the Company within
thirty (30) days of the expiration of the Company’s period to remedy the condition specifying an effective date for the
Executive’s termination, and (D) the effective date of the Executive’s termination of employment is within ninety
(90) days after the Executive provides written notice to the Company of the existence of the condition referred to in clause (A).


 






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		c)	Obligations
                                         of the Company. In the event the Executive is Terminated without Cause or terminates
                                         employment for Good Reason outside of a Change of Control Period, the Executive will
                                         receive as termination compensation on the date sixty (60) days following the Termination
                                         Date: (a) a payment of one (1) times the sum of Base Salary and Annual Bonus in a lump
                                         sum payment; (b) a payment of the pro-rata portion of the Annual Bonus for the fiscal
                                         year in which the Termination Date occurs determined based on the number of days that
                                         have lapsed during the calendar year prior to the Termination Date divided by 365; (c)
                                         pro rata vesting through the last day of the month in which the Termination Date occurs
                                         of all unvested awards granted to the Executive under the Equity Compensation Plans (provided
                                         performance-based restricted stock units shall only be payable subject to the attainment
                                         of the performance measures through the Termination Date (or the most recent practicable
                                         date) as provided under the terms of the applicable award agreement); (d) any Company
                                         matching or other contributions to the Company’s non-qualified deferred compensation
                                         plans, if any, (the “Company Non-Qualified Contributions”) shall be immediately
                                         vested; (e) a lump sum payment of any PTO pay accrued but unused through the Termination
                                         Date and (f) a lump sum payment equal to the Executive’s monthly COBRA premium
                                         for a twelve (12) month period. For purposes of this Agreement “Annual Bonus”
                                         shall be defined as the Executive’s target bonus for the year in which the Termination
                                         Date occurs. The right to the foregoing termination compensation described under clauses
                                         (a), (b), (c) and (d) above is subject to the Executive’s timely execution, without
                                         revocation, of the Company’s waiver and release agreement substantially in the
                                         form attached hereto as “Exhibit B” which will operate as a release of all
                                         legally waivable claims against the Company and the Executive’s compliance with
                                         all of the provisions of this Agreement, including all post-employment obligations.



 


		6.1.2	Termination
                                         without Cause or for Good Reason During a Change of Control Period. Notwithstanding
                                         the foregoing, the Executive will not be deemed to have terminated for Good Reason unless
                                         (A) the Executive provides written notice to the Company of the existence of one of the
                                         conditions described above within ninety (90) days after the Executive has knowledge
                                         of the initial existence of the condition, (B) the Company fails to remedy the condition
                                         so identified within thirty (30) days after receipt of such notice (if capable of correction),
                                         (C) the Executive provides a Notice of Termination to the Company within thirty (30)
                                         days of the expiration of the Company’s period to remedy the condition specifying
                                         an effective date for the Executive’s termination, and (D) the effective date of
                                         the Executive’s termination of employment is within ninety (90) days after the
                                         Executive provides written notice to the Company of the existence of the condition referred
                                         to in clause (A).



 


		a)	Termination
                                         by the Company without Cause. The Company may terminate the Executive’s employment
                                         without Cause during a Change of Control Period at any time by the service of written
                                         notice of termination to the Executive specifying an effective date of such termination
                                         not sooner than the date of such notice.



 






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		b)	Termination
                                         by the Executive for Good Reason. The Executive may terminate employment with the
                                         Company for “Good Reason” and such termination will not be a breach of this
                                         Agreement by the Executive. For purposes of this Section 6.1.2(b), Good Reason during
                                         a Change of Control Period shall mean the occurrence of one of the events set forth below:



 


		(i)	elimination
                                         of the Executive’s job position or material reduction in duties and/or reassignment
                                         of the Executive to a new position of materially less authority;



 


		(ii)	a
                                         material reduction in the Executive’s Base Salary; or



 


		(iii)	a
                                         requirement that the Executive relocate to a location outside of a fifty (50) mile radius
                                         of the location of his or her office or principal base of operation immediately prior
                                         to the effective date of a Change of Control.



 


Notwithstanding
the foregoing, the Executive will not be deemed to have terminated for Good Reason unless (A) the Executive provides written notice
to the Company of the existence of one of the conditions described above within ninety (90) days after the Executive has knowledge
of the initial existence of the condition, (B) the Company fails to remedy the condition so identified within thirty (30) days
after receipt of such notice (if capable of correction), (C) the Executive provides a notice of termination to the Company within
thirty (30) days of the expiration of the Company’s period to remedy the condition specifying an effective date for the
Executive’s termination, and (D) the effective date of the Executive’s termination of employment is within ninety
(90) days after the Executive provides written notice to the Company of the existence of the condition referred to in clause (A).


 


		c)	Obligations
                                         of the Company. In the event the Executive is Terminated without Cause or terminates
                                         employment for Good Reason during a Change of Control Period, the Executive will receive
                                         as termination compensation on the date sixty (60) days following the Termination Date:
                                         (a) a payment of one (1) times the sum of Base Salary and Annual Bonus in a lump sum
                                         payment; (b) a payment of the pro-rata portion of the Annual Bonus for the fiscal year
                                         in which the Termination Date occurs determined based on the number of days that have
                                         lapsed during the calendar year prior to the Termination Date divided by 365; (c) all
                                         unvested awards granted under the Equity Compensation Plans shall be immediately vested
                                         (provided performance-based restricted stock units shall only be payable subject to the
                                         attainment of the performance measures through the Termination Date (or the most recent
                                         practicable date) as provided under the terms of the applicable award agreement); (d)
                                         any Company Non-Qualified Contributions shall be immediately vested; (e) a lump sum payment
                                         of any PTO pay accrued but unused through the Termination Date and (f) a lump sum payment
                                         equal to the Executive’s monthly COBRA premium for an eighteen (18) month
                                         period. The right to the foregoing termination compensation described under clauses (a),
                                         (b), (c) and (d) above is subject to the Executive’s timely execution, without
                                         revocation, of the Company’s waiver and release agreement substantially in the
                                         form attached hereto as “Exhibit B” which will operate as a release of all
                                         legally waivable claims against the Company and the Executive’s compliance with
                                         all of the provisions of this Agreement, including all post-employment obligations.



 






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		6.1.3	Termination
                                         for Cause. The Company may terminate the employment of the Executive hereunder at
                                         any time for Cause (as hereinafter defined) (such a termination being referred to in
                                         this Agreement as a “Termination For Cause”) by giving the Executive written
                                         notice of such termination. As used in this Agreement, “Cause” means:



 


In
the event this Agreement is terminated for Cause, the Company will not have any obligation to provide any further payments or
benefits to the Executive after the Termination Date other than a lump sum payment within thirty (30) days of the Termination
Date of any PTO pay accrued but unused through the Termination Date.


 


		(i)	the
                                         willful and continued failure of the Executive to perform substantially the Executive’s
                                         duties with the Company or one of its affiliates (other than any such failure resulting
                                         from incapacity due to physical or mental illness), after a written demand for substantial
                                         performance is delivered to the Executive by the Board or the Chief Executive Officer
                                         of the Company which specifically identifies the manner in which the Board or Chief Executive
                                         Officer believes that the Executive has not substantially performed the Executive’s
                                         duties, or



 


		(ii)	the
                                         willful engaging by the Executive in illegal conduct or gross misconduct which is materially
                                         and demonstrably injurious to the Company. For purposes of this provision, no act, or
                                         failure to act, on the part of the Executive shall be considered “willful”
                                         unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable
                                         belief that the Executive’s action or omission was in the best interests of the
                                         Company. Any act, or failure to act, based upon authority given pursuant to a resolution
                                         duly adopted by the Board or upon the instructions of the Chief Executive Officer or
                                         based upon the advice of counsel for the Company shall be conclusively presumed to be
                                         done, or omitted to be done, by the Executive in good faith and in the best interests
                                         of the Company.



 






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		6.2	Termination
                                         by Executive. The Executive may voluntarily terminate employment under this Agreement
                                         for any reason by the service of written notice of such termination to the Company specifying
                                         an effective date of termination no sooner than thirty (30) days and no later than sixty
                                         (60) days after the date of such notice; provided, however, if less than thirty (30)
                                         days remain in the Term, the minimum notice required from the Executive under this Section
                                         6.2 shall be reduced from thirty (30) to seven (7) days. The Company reserves the right
                                         to end the employment relationship at any time after the date such notice is given to
                                         the Company and to pay the Executive through the Termination Date, which will not change
                                         the nature of the termination for purposes of this Agreement.



 


		6.3	Disability.
                                         If the Executive becomes “disabled” (as defined below), the Company may give
                                         the Executive written notice of its intention to terminate on the 30th day after receipt
                                         of the notice by the Executive. In the event the Executive is terminated due to Disability
                                         (a) all unvested awards granted to the Executive under the Equity Compensation Plans
                                         shall be immediately vested (provided performance-based restricted stock units shall
                                         only be payable subject to the attainment of the performance measures through the Termination
                                         Date (or the most recent practicable date) as provided under the terms of the applicable
                                         award agreement); and (b) any Company Non-Qualified Contributions shall be immediately
                                         vested. The Executive shall also receive a lump sum payment within thirty (30) days of
                                         the Termination Date of any PTO pay accrued but unused through the Termination Date.
                                         The right to the foregoing compensation due under clauses (a) and (b) above is subject
                                         to the timely execution, without revocation, by the Executive or the Executive’s
                                         legal representative of the Company’s waiver and release agreement substantially
                                         in the form attached hereto as “Exhibit B” which will operate as a release
                                         of all legally waivable claims against the Company. For purposes of this Section 6.3,
                                         the Executive is “disabled” if he or she is unable to perform the essential
                                         functions of the position (with or without reasonable accommodation) under this Agreement,
                                         which disability lasts for an uninterrupted period of at least 90 days or a total of
                                         at least 180 days out of any consecutive 360-day period, as a result of the Executive’s
                                         incapacity due to physical or mental illness (as determined by the opinion of an independent
                                         physician selected by the Company). In applying this Section 6.3, the Company will comply
                                         with any applicable legal requirements, including the Americans with Disabilities Act.



 






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		6.4	Death
                                         of Executive. If the Executive dies during the term of this Agreement, the Company
                                         may thereafter terminate this Agreement without compensation. In the event of the Executive’s
                                         death the Company will (a) immediately vest all unvested awards granted to the Executive
                                         under the Equity Compensation Plans (provided performance-based restricted stock units
                                         shall only be payable subject to the attainment of the performance measures through the
                                         Termination Date (or the most recent practicable date) as provided under the terms of
                                         the applicable award agreement); and (b) immediately vest any Company Non-Qualified Contributions.
                                         The Executive’s beneficiaries/estate shall also receive a lump sum payment within
                                         thirty (30) days of death of any PTO pay accrued but unused through the Termination
                                         Date. Amounts payable under this Section 6.4 shall be paid to the beneficiary designated
                                         on the Company’s universal beneficiary designation form in effect on the date of
                                         the Executive’s death. If the Executive fails to designate a beneficiary or if
                                         such designation is ineffective, in whole or in part, any payment that would otherwise
                                         have been paid under this Section 6.4 shall be paid to the Executive’s estate.
                                         The right to the foregoing compensation due under clauses (a) and (b) above is subject
                                         to the timely execution, without revocation, by the beneficiary, or as applicable, the
                                         administrator of the Executive’s estate of the Company’s waiver and release
                                         agreement substantially in the form attached hereto as “Exhibit B” which
                                         will operate as a release of all legally waivable claims against the Company.



 


		6.5	Effect
                                         of Termination. The termination of this Agreement, when accompanied by the termination
                                         of the Executive’s employment with the Company, will terminate all obligations
                                         of the Executive to render services on behalf of the Company from and after the Termination
                                         Date, provided that upon termination of this Agreement and termination of employment
                                         for any reason (other than by reason of the Executive’s death), the Executive shall
                                         comply with all post-employment requirements including this Section 6.5 and Sections
                                         7, 8, 9, 10, 11, 12 and 13, as well as the Company’s arbitration program. Except
                                         as otherwise provided in Section 6 of this Agreement and payment of any PTO pay accrued
                                         but unused through the Termination Date, no accrued bonus, severance pay or other form
                                         of compensation will be payable by the Company to the Executive by reason of the termination
                                         of this Agreement. All keys, entry cards, credit cards, files, records, financial information,
                                         Confidential Information (as defined below), research, results, test data, instructions,
                                         drawings, sketches, specifications, product data sheets, products, books, DVDs, disks,
                                         memory devices, business plans, marketing plans, documents, correspondence, furniture,
                                         furnishings, equipment, supplies and other items relating to the Company in the Executive’s
                                         possession will remain the property of the Company. Upon termination of employment, the
                                         Executive will have the right to retain and remove all personal property and effects
                                         which are owned by the Executive and located in the offices of the Company at a time
                                         determined by the Company. All such personal items will be removed from such offices
                                         no later than two (2) days after the Termination Date, and the Company is hereby authorized
                                         to discard any items remaining and to reassign the Executive’s office space after
                                         such date. Prior to the Termination Date, the Executive will render such services to
                                         the Company as might be reasonably required to provide for the orderly termination of
                                         the Executive’s employment. Notwithstanding the foregoing and without discharging
                                         any obligations to pay compensation to the Executive under this Agreement, after notice
                                         of the termination, the Company may request that the Executive not provide any other
                                         services to the Company and not enter the Company’s premises before or after the
                                         Termination Date. In the event that the Executive separates employment with the Company,
                                         the Executive hereby grants consent to notification by the Company to the Executive’s
                                         new employer about the Executive’s rights and obligations under this Agreement.
                                         Upon such termination of employment, the Executive further agrees to acknowledge compliance
                                         with this Agreement in a form reasonably provided by the Company.



 






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If
this Agreement is not terminated pursuant to any of the preceding provisions of Section 6 or extended by mutual written agreement
of the parties prior to the expiration of the Term, this Agreement and the Executive’s employment under this Agreement will
end and Company will have no further obligation to provide any further payments or benefits to the Executive under this Agreement
after the expiration of the Term other than any PTO pay accrued but unused through the expiration of the Term. Upon expiration
of this Agreement, the Executive will continue to be employed with Company on an at will basis until such employment is terminated
by either party, with or without any reason.


 


Unless
otherwise agreed to in writing by the Company and Executive prior to the termination of the Executive’s employment, any
termination of the Executive’s employment shall constitute (a) an automatic resignation of Executive as an officer of the
Company and each affiliate of the Company, (b) an automatic resignation of the Executive from the Board (if applicable) and from
the board of directors of any affiliate of the Company, and from the board of directors or similar governing body of any corporation,
limited liability entity or other entity in which the Company or any affiliate holds an equity interest and with respect to which
board or similar governing body the Executive serves as the Company’s or such affiliate’s designee or other representative
and (c) an automatic revocation of any power of attorney granted to the Executive for the benefit of the Company or any of its
affiliates.


 


		7.	Trade
                                         Secrets, Confidential Information and Inventions of the Company.



 


		7.1	Trade
                                         Secrets and Confidential Information. The Executive agrees that during the Executive’s
                                         employment hereunder, the Executive will have access to various trade secrets, confidential
                                         information and inventions of the Company as defined below.



 


		7.1.1	“Confidential
                                         Information” means all information and material which is proprietary to the Company,
                                         whether or not marked as “confidential” or “proprietary” and
                                         which is disclosed to or obtained from the Company by the Executive, which relates to
                                         the Company’s past, present or future research, development or business activities.
                                         Confidential Information includes all information or materials prepared by or for the
                                         Company and includes, without limitation, all of the following: designs, drawings, specifications,
                                         techniques, models, data, source code, object code, documentation, diagrams, flow charts,
                                         research, development, processes, systems, methods, machinery, procedures, “know-
                                         how”, new product or new technology information, formulas, patents, patent applications,
                                         product prototypes, product copies, cost of production, manufacturing, developing or
                                         marketing techniques and materials, cost of production, development or marketing time
                                         tables, customer lists, strategies related to customers, suppliers or personnel, contract
                                         forms, pricing policies and financial information, volumes of sales, and other information
                                         of similar nature, whether or not reduced to writing or other tangible form, and any
                                         other Trade Secrets, as defined by Section 7.1.3, or non-public business information.
                                         Confidential Information also will include any additional Company information with respect
                                         to which the Company took reasonable and apparent steps to preserve confidentiality.
                                         For purposes of this Agreement, the terms of this Agreement will be treated by the Executive
                                         as Confidential Information. Notwithstanding the foregoing, nothing in this Agreement,
                                         any other agreement between the Executive and the Company, or any Company policy shall
                                         be read to prevent the Executive from (a) sharing this Agreement or other information
                                         with the Executive’s attorney; (b) reporting possible violations of federal law
                                         or regulation to any governmental agency or entity including but not limited to the Department
                                         of Justice, the Securities and Exchange Commission, the Congress, and any Inspector General,
                                         or making other disclosures that are protected under the whistleblower provisions of
                                         federal law or regulation. The Executive will not need the prior authorization of the
                                         Company to make any such reports or disclosures and the Executive will not be required
                                         to notify the Company that he or she has made such reports or disclosures; (c) sharing
                                         information about this Agreement with the Executive’s spouse, accountant, attorney
                                         or financial advisor so long as the Executive ensures that such parties maintain the
                                         strict confidentiality of this Agreement; or (d) apprising any future or potential employer
                                         or other person or entity to which the Executive provides services of the Executive’s
                                         continuing obligations to the Company under this Agreement.



 






    10


     


    

 


		7.1.2	“Inventions”
                                         means all discoveries, concepts and ideas, whether patentable or not, including but not
                                         limited to, processes, methods, formulas, compositions, techniques, articles and machines,
                                         as well as improvements thereof or “know- how” related thereto, relating
                                         at the time of conception or reduction to practice to the business engaged in by the
                                         Company, or any actual or anticipated research or development by the Company.



 


		7.1.3	“Trade
                                         Secrets” means any scientific or technical data, information, design, process,
                                         procedure, formula or improvement that is commercially available to the Company and is
                                         not generally known in the industry.



 


This
Section 7.1 includes not only information belonging to the Company which existed before the date of this Agreement, but also information
developed by the Executive for the Company or its employees during the Executive’s employment and thereafter.


 


		7.2	Restriction
                                         on Use of Confidential Information. The Executive agrees that the Executive’s
                                         use of Trade Secrets and other Confidential Information is subject to the following restrictions
                                         during the term of the Agreement and for an indefinite period thereafter so long as the
                                         Trade Secrets and other Confidential Information have not become generally known to the
                                         public.



 


		7.3	Non-Disclosure.
                                         The Executive agrees that the Executive will not, directly or indirectly, use, make available,
                                         sell, disclose or otherwise communicate to any person, other than in the course of the
                                         Executive’s assigned duties and for the benefit of the Company, either during the
                                         period of the Executive’s employment or at any time thereafter, any Confidential
                                         Information or other confidential or proprietary information received from third parties
                                         subject to a duty of the Company’s and its subsidiaries’ and affiliates’
                                         part to maintain the confidentiality of such information, and to use such information
                                         only for certain limited purposes, in each case, which has been obtained by the Executive
                                         during the Executive’s employment by the Company (or any predecessor). The foregoing
                                         will not apply to information that (i) was known to the public prior to its disclosure
                                         to the Executive; (ii) becomes generally known to the public subsequent to disclosure
                                         to the Executive through no wrongful act of the Executive or any representative of the
                                         Executive; or (iii) the Executive is required to disclose by applicable law, regulation
                                         or legal process (provided that the Executive provides the Company with prior notice
                                         of the contemplated disclosure and cooperates with the Company at its expense in seeking
                                         a protective order or other appropriate protection of such information). Unless this
                                         Agreement is otherwise required to be disclosed under applicable law, rule or regulation,
                                         the terms and conditions of this Agreement will remain strictly confidential, and the
                                         Executive hereby agrees not to disclose the terms and conditions hereof to any person
                                         or entity, other than immediate family members, legal advisors or personal tax or financial
                                         advisors, or prospective future employers solely for the purpose of disclosing the limitations
                                         on the Executive’s conduct imposed by the provisions of this Agreement who, in
                                         each case, agree to keep such information confidential. The Executive is hereby notified
                                         in accordance with the Defend Trade Secrets Act of 2016 that the Executive will not be
                                         held criminally or civilly liable under any federal or state trade secret law for the
                                         disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state,
                                         or local government official, either directly or indirectly, or to an attorney; and (ii)
                                         solely for the purpose of reporting or investigating a suspected violation of law; or
                                         (b) is made in a complaint or other document that is filed under seal in a lawsuit or
                                         other proceeding. The Executive is further notified that if he or she files a lawsuit
                                         for retaliation by the Company for reporting a suspected violation of law, the Executive
                                         may disclose the Company’s trade secrets to the Executive’s attorney and
                                         use the trade secret information in the court proceeding if he: (a) files any document
                                         containing the trade secret under seal; and (b) does not disclose the trade secret, except
                                         pursuant to court order. The provisions of this Section 7.3 will survive the expiration,
                                         suspension or termination of this Agreement for any reason.



 






    11


     


    

 


		7.4	Prohibition
                                         Against Unfair Competition. At any time after the termination of his or her employment
                                         with the Company for any reason, the Executive will not engage in competition with the
                                         Company while making use of the Trade Secrets of the Company.



 


		7.5	Patents
                                         and Inventions. The Executive agrees that any Inventions made, conceived or completed
                                         by the Executive during the term of the Executive’s service, solely or jointly
                                         with others, which are made with the Company’s equipment, supplies, facilities
                                         or Confidential Information, or which relate at the time of conception or reduction to
                                         purpose of the Invention to the business of the Company or the Company’s actual
                                         or demonstrably anticipated research and development, or which result from any work performed
                                         by the Executive for the Company, will be the sole and exclusive property of the Company,
                                         and all Trade Secrets, Confidential Information, copyrightable works, works of authorship,
                                         and all patents, registrations or applications related thereto, all other intellectual
                                         property or proprietary information and all similar or related information (whether or
                                         not patentable and copyrightable and whether or not reduced to tangible form or practice)
                                         which relate to the business, research and development, or existing or future products
                                         or services of the Company and/or its subsidiaries and which are conceived, developed
                                         or made by the Executive during the Executive’s employment with the Company (“Work
                                         Product”) will be deemed to be “work made for hire” (as defined in
                                         the Copyright Act, 17 U.S.C. §101 et seq., as amended) and owned exclusively by
                                         the Company. To the extent that any Work Product is not deemed to be a “work made
                                         for hire” under applicable law, and all right, title and interest in and to such
                                         Work Product have not automatically vested in the Company, the Executive hereby (a) irrevocably
                                         assigns, transfers and conveys, and will assign transfer and convey, to the fullest extent
                                         permitted by applicable law, all right, title and interest in and to the Work Product
                                         on a worldwide basis to the Company (or such other person or entity as the Company may
                                         designate), without further consideration, and (b) waives all moral rights in or to all
                                         Work Product, and to the extent such rights may not be waived, agrees not to assert such
                                         rights against the Company or its respective licensees, successors, or assigns. In order
                                         to permit the Company to claim rights to which it may be entitled, the Executive agrees
                                         to promptly disclose to the Company in confidence all Work Product which the Executive
                                         makes arising out of the Executive’s employment with the Company. The Executive
                                         will assist the Company in obtaining patents on all Work Product patentable by the Company
                                         in the United States and in all foreign countries, and will execute all documents and
                                         do all things necessary to obtain letters patent, to vest the Company with full and extensive
                                         title thereto, and to protect the same against infringement by others.



 


		8.	Non-Solicitation.
                                         The Executive agrees that during his or her employment hereunder, and for the one (1)
                                         year period immediately following termination of employment for any reason, the Executive
                                         shall not knowingly directly solicit goods, services or a combination of goods and services
                                         from any “Established Customers” of the Company. For purposes of this agreement,
                                         “Established Customer” means a customer, regardless of location, of the Company
                                         as of the date the Executive’s employment terminates who continues to be a customer
                                         or who the Company reasonably anticipates will continue to be a customer.



 






    12


     


    

 


		9.	Non-Solicitation
                                         of Employees and Independent Contractors. The Executive covenants that during the
                                         term of employment and for the one (1) year period immediately following the termination
                                         of employment for any reason, the Executive will not knowingly, directly or indirectly,
                                         induce or attempt to induce any executive, employee or independent contractor of the
                                         Company to terminate his/her employment relationship with the Company to go to work for
                                         any other company or third party.



 


		10.	Reasonableness.
                                         The Company and the Executive have attempted to specify a reasonable period of time and
                                         reasonable restrictions to which this Agreement shall apply. The Company and the Executive
                                         agree that if a court or administrative body should subsequently determine that the terms
                                         of this Agreement are greater than reasonably necessary to protect the Company’s
                                         interest, the Company agrees to waive those terms which are found by a court or administrative
                                         body to be greater than reasonably necessary to protect the Company’s interest
                                         and to request that the court or administrative body reform this Agreement specifying
                                         a reasonable period of time and such other reasonable restrictions as the court or administrative
                                         body deems necessary.



 


		11.	Equitable
                                         Relief. The Executive acknowledges that the services to be rendered by the Executive
                                         are of a special, unique, unusual, extraordinary, and intellectual character, which gives
                                         them a peculiar value, and the loss of which cannot reasonably or adequately be compensated
                                         in damages in an action at law; and that a breach by the Executive of any of the provisions
                                         contained in this Agreement will cause the Company irreparable injury and damage. The
                                         Executive further acknowledges that the Executive possesses unique skills, knowledge
                                         and ability and that any material breach of the provisions of this Agreement would be
                                         extremely detrimental to the Company. By reason thereof, the Executive agrees that the
                                         Company shall be entitled, in addition to any other remedies it may have under this Agreement
                                         or otherwise, to injunctive and other equitable relief from any court of competent jurisdiction
                                         to prevent or curtail any breach of this Agreement by him/her.



 


		12.	Continued
                                         Litigation Assistance. The Executive will cooperate with and assist the Company and
                                         its representatives and attorneys as requested, during and after the Term, with respect
                                         to any litigation, arbitration or other dispute resolutions by being available for interviews,
                                         depositions and/or testimony in regard to any matters in which the Executive is or has
                                         been involved or with respect to which the Executive has relevant information. The Company
                                         will reimburse the Executive for any reasonable business expenses the Executive may have
                                         incurred in connection with this obligation.



 


		13.	Arbitration.
                                         Except as provided in Section 11, any disputes, claims or controversies between the Company
                                         and the Executive including, but not limited to those arising out of or related to this
                                         Agreement or out of the parties’ employment relationship (together, “Employment
                                         Matter”), shall be settled by arbitration as provided herein. This agreement shall
                                         survive the termination or rescission of this Agreement. All arbitration shall be in
                                         accordance with Rules of the American Arbitration Association, including discovery, and
                                         shall be undertaken pursuant to the Federal Arbitration Act. Arbitration will be held
                                         in Oklahoma City, Oklahoma unless the parties mutually agree to another location.



 


The
decision of the arbitrator will be enforceable in any court of competent jurisdiction. The Executive and the Company agree that
either party shall be entitled to obtain injunctive or other equitable relief to enforce the provisions of this Agreement in a
court of competent jurisdiction. The parties further agree that this arbitration provision is not only applicable to the Company
but its affiliates, officers, directors, employees and related parties. The Executive agrees that the Executive shall have no
right or authority for any dispute to be brought, heard or arbitrated as a class or collective action, or in a representative
or a private attorney general capacity on behalf of a class of persons or the general public. No class, collective or representative
actions are thus allowed to be arbitrated. The Executive agrees that he or she must pursue any claims that he or she may have
solely on an individual basis through arbitration.


 






    13


     


    

 


		14.	Miscellaneous.
                                         The parties further agree as follows:



 


		14.1	Time.
                                         Time is of the essence of each provision of this Agreement.



 


		14.2	Notices.
                                         Any notice, payment, demand or communication required or permitted to be given by any
                                         provision of this Agreement will be in writing and will be deemed to have been given
                                         when delivered personally or by express mail to the party designated to receive such
                                         notice, or on the date following the day sent by overnight courier, or on the third business
                                         day after the same is sent by certified mail, postage and charges prepaid, directed to
                                         the following address or to such other or additional addresses as any party might designate
                                         by written notice to the other party:



 


	 	To the Company: 	Gulfport
                                         Energy Corporation
	 	 	3001
                                         Quail Springs Parkway


Oklahoma
City, Oklahoma 73134


Attention:
Board of Directors



	 	 	 
	 	To
                                         the Executive:	The
                   most recent home address reflected in the records of the Company.



  


		14.3	Assignment.
                                         Neither this Agreement nor any of the parties’ rights or obligations hereunder
                                         can be transferred or assigned without the prior written consent of the other parties
                                         to this Agreement; provided, however, the Company may assign this Agreement to any wholly
                                         owned affiliate or subsidiary of the Company without the Executive’s consent as
                                         well as to any purchaser of the Company.



 


In
the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of
Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable
to such reasonable compensation, and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the
Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4)
of the Code. The costs of obtaining such determination shall be borne by the Company.


 






    14


     


    

 


		14.4	Construction.
                                         If any provision of this Agreement or the application thereof to any person or circumstances
                                         is determined, to any extent, to be invalid or unenforceable, the remainder of this Agreement,
                                         or the application of such provision to persons or circumstances other than those as
                                         to which the same is held invalid or unenforceable, will not be affected thereby, and
                                         each term and provision of this Agreement will be valid and enforceable to the fullest
                                         extent permitted by law. This Agreement is intended to be interpreted, construed and
                                         enforced in accordance with the laws of the State of Oklahoma.



 


		14.5	Entire
                                         Agreement. This Agreement, any documents executed in connection with this Agreement,
                                         any documents specifically referred to in this Agreement constitute the entire agreement
                                         between the parties hereto with respect to the subject matter herein contained, and no
                                         modification hereof will be effective unless made by a supplemental written agreement
                                         executed by all of the parties hereto.



 


		14.6	Binding
                                         Effect. This Agreement will be binding on the parties and their respective successors,
                                         legal representatives and permitted assigns. In the event of a merger, consolidation,
                                         combination, dissolution or liquidation of the Company, the performance of this Agreement
                                         will be assumed by any entity which succeeds to or is transferred the business of the
                                         Company as a result thereof, and the Executive waives the consent requirement of Section
                                         14.3 to effect such assumption.



 


		14.7	Supersession.
                                         On execution of this Agreement by the Company and the Executive, the relationship between
                                         the Company and the Executive will be bound by the terms of this Agreement, any documents
                                         executed in connection with this Agreement, any documents specifically referred to in
                                         this Agreement as well as any other agreements executed in connection with the Executive’s
                                         employment with the Company. In the event of a conflict between any employment policy
                                         of the Company and this Agreement, this Agreement will control in all respects.



 


		14.8	Third-Party
                                         Beneficiary. The Company’s affiliated entities and partnerships are beneficiaries
                                         of all terms and provisions of this Agreement and entitled to all rights hereunder.



 


		14.9	Section
                                         409A. This Agreement is intended to be exempt from Section 409A of the Internal Revenue
                                         Code of 1986, as amended (the “Code”), and related U.S. Treasury regulations
                                         or official pronouncements (“Section 409A”) and any ambiguous provision will
                                         be construed in a manner that is compliant with such exemption; provided, however, if
                                         and to the extent that any compensation payable pursuant to this Agreement is determined
                                         to be subject to Section 409A, this Agreement will be construed in a manner that will
                                         comply with Section 409A. Notwithstanding any provision to the contrary in this Agreement,
                                         if the Executive is deemed on his or her Termination Date to be a “specified employee”
                                         within the meaning of that term under Section 409A, then any payments and benefits under
                                         this Agreement that are subject to Section 409A and paid by reason of a termination of
                                         employment shall be made or provided on the later of (a) the payment date set forth in
                                         this Agreement or (b) the date that is the earliest of (i) the expiration of the six-month
                                         period measured from the date of the Executive’s termination of employment or (ii)
                                         the date of the Executive’s death (the “Delay Period”). Payments and
                                         benefits subject to the Delay Period shall be paid or provided to the Executive without
                                         interest for such delay. Termination of employment as used throughout this Agreement
                                         shall refer to a separation from service within the meaning of Section 409A. To the extent
                                         required to comply with Section 409A, references to a “resignation,” “termination,”
                                         “termination of employment” or like terms throughout this Agreement shall
                                         be interpreted consistent with the meaning of “separation from service” as
                                         defined in Section 409A.



 






    15


     


    

 


		14.10	Clawback.
                                         Notwithstanding anything in this Agreement or any other agreement between the Company
                                         and/or its related entities and the Executive to the contrary, the Executive acknowledges
                                         that the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”)
                                         may have the effect of requiring certain executives of the Company and/or its related
                                         entities to repay the Company, and for the Company to recoup from such executives, certain
                                         amounts of incentive-based compensation. If, and only to the extent, the Act, any rules
                                         and regulations promulgated by thereunder by the Securities and Exchange Commission or
                                         any similar federal or state law requires the Company to recoup incentive-based compensation
                                         that the Company has paid or granted to the Executive, the Executive hereby agrees, even
                                         if the Executive has terminated his or her employment with the Company, to promptly repay
                                         such incentive compensation to the Company upon its written request. In addition, the
                                         Executive agrees to be subject to any other compensation clawback arrangement adopted
                                         by the Board (whether before or after the Effective Date) which is applicable to all
                                         executive officers of the Company. This Section 14.10 shall survive the termination of
                                         this Agreement.



 


		14.11	Maximum
                                         Payments by the Company.



 


		(a)	It
                                         is the objective of this Agreement to maximize the Executive’s Net After-Tax Benefit
                                         (as defined herein) if payments or benefits provided under this Agreement are subject
                                         to excise tax under Section 4999 of the Code. Notwithstanding any other provisions of
                                         this Agreement, in the event that any payment or benefit by the Company or otherwise
                                         to or for the benefit of the Executive, whether paid or payable or distributed or distributable
                                         pursuant to the terms of this Agreement or otherwise, including, by example and not by
                                         way of limitation, acceleration by the Company or otherwise of the date of vesting or
                                         payment or rate of payment under any plan, program, arrangement or agreement of the Company
                                         (all such payments and benefits, including the payments and benefits under Section 6
                                         hereof, being hereinafter referred to as the “Total Payments”), would be
                                         subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the
                                         “Excise Tax”), then the cash severance payments shall first be reduced, and
                                         the non-cash severance payments shall thereafter be reduced, to the extent necessary
                                         so that no portion of the Total Payments shall be subject to the Excise Tax, but only
                                         if (i) the net amount of such Total Payments, as so reduced (and after subtracting the
                                         net amount of federal, state and local income taxes on such reduced Total Payments and
                                         after taking into account the phase out of itemized deductions and personal exemptions
                                         attributable to such reduced Total Payments), is greater than or equal to (ii) the net
                                         amount of such Total Payments without such reduction (but after subtracting the net amount
                                         of federal, state and local income taxes on such Total Payments and the amount of Excise
                                         Tax to which the Executive would be subject in respect of such unreduced Total Payments
                                         and after taking into account the phase out of itemized deductions and personal exemptions
                                         attributable to such unreduced Total Payments).



 


		(b)	The
                                         Total Payments shall be reduced by the Company in the following order: (i) reduction
                                         of any cash severance payments otherwise payable to the Executive that are exempt from
                                         Section 409A of the Code, (ii) reduction of any other cash payments or benefits otherwise
                                         payable to the Executive that are exempt from Section 409A of the Code, but excluding
                                         any payments attributable to the acceleration of vesting or payments with respect to
                                         any equity award with respect to the Company’s common stock that is exempt from
                                         Section 409A of the Code, (iii) reduction of any other payments or benefits otherwise
                                         payable to the Executive on a pro-rata basis or such other manner that complies with
                                         Section 409A of the Code, but excluding any payments attributable to the acceleration
                                         of vesting and payments with respect to any equity award with respect to the Company’s
                                         common stock that are exempt from Section 409A of the Code, and (iv) reduction of any
                                         payments attributable to the acceleration of vesting or payments with respect to any
                                         other equity award with respect to the Company’s common stock that are exempt from
                                         Section 409A of the Code.



 


		(c)	For
                                         purposes of determining whether and the extent to which the Total Payments will be subject
                                         to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which
                                         the Executive shall have waived at such time and in such manner as not to constitute
                                         a “payment” within the meaning of Section 280G(b) of the Code shall be taken
                                         into account, (ii) no portion of the Total Payments shall be taken into account which,
                                         in the written opinion of independent auditors of nationally recognized standing (“Independent
                                         Advisors”) selected by the Company, does not constitute a “parachute payment”
                                         within the meaning of Section 280G(b)(2) of the Code (including by reason of Section
                                         280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total
                                         Payments shall be taken into account which,



 


[Signature
Page Follows]


 




    16


     


    

 


IN
WITNESS WHEREOF, the undersigned have executed this Agreement effective the date first above written.


 


	 	GULFPORT ENERGY CORPORATION, 

a Delaware corporation
	 	 
	 	By:	 
	 	Name:  	David M. Wood
	 	Title:  	President and Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	Michael Sluiter, Individually 
	 	 	(the “Executive”)


 




     


     


    

 


Exhibit
A


 


For
purposes of this Agreement, “Change in Control” means:


 


(a) The
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the assets of the Company to any Person (as that term is used in
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”));


 


(b) The
individuals who constitute the Board (the “Incumbent Directors”) as of the beginning of the period cease for any reason
to constitute at least a majority of the Board. Any individual becoming a director whose election or nomination for election to
the Board was approved by a vote of at least two- thirds of the Incumbent Directors then on the Board (either by a specific vote
or by approval of the proxy statement of the Company in which that person is named as a nominee for Director without objection
to the nomination) will be an Incumbent Director. No individual initially elected or nominated as a Director of the Company as
a result of an actual or threatened election contest with respect to Directors or as a result of any other actual or threatened
solicitation of proxies by or on behalf of any person other than the Board will be an Incumbent Director;


 


(c) The
adoption of a plan relating to the liquidation or dissolution of the Company; or


 


(d) The
consummation of any transaction (including, without limitation, any merger, consolidation or exchange) resulting in any Person
or Group (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) becoming the Beneficial Owner (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 30% of the combined voting power (which voting
power shall be calculated by assuming the conversion of all equity securities convertible (immediately or at some future time)
into shares entitled to vote, but not assuming the exercise of any warrant or right to subscribe to or purchase those shares)
of the continuing or surviving entity’s securities outstanding immediately after such transaction, or the consummation of
any transaction in which more than 50% of the combined voting power of the surviving entity immediately after such transaction
is owned, directly or indirectly, by persons who were not stockholders of the Company immediately prior to such merger, consolidation,
reorganization or sale of stock; provided, however, that in making the determination of ownership by the stockholders of the Company,
immediately after the reorganization, equity securities which persons own immediately before the reorganization as stockholders
of another party to the transaction shall be disregarded.


 


The
foregoing notwithstanding, a transaction will not constitute a Change in Control if (x) its sole purpose is to change the state
of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by
the Persons who held the Company’s securities immediately before the transaction; (y) it constitutes an initial public offering
or a secondary public offering that results in any security of the Company being listed (or approved for listing) on any securities
exchange or designated (or approved for designation) as a security on an interdealer quotation system; or (z) solely because 50%
or more of the total voting power of the Company’s then outstanding securities is acquired by (1) a trustee or other fiduciary
holding securities under one or more employee benefit plans of the Company or any parent corporation or subsidiary corporation
of the Company (as defined in Code Sections 424(e) and (f)), or (2) any company that, immediately before the acquisition, is owned
directly or indirectly by the stockholders of the Company in substantially the same proportion as their ownership of stock in
the Company immediately before the acquisition.


 




    A-1


     


    

 


Exhibit
B


 


Form
of Waiver and Release


 


(attached)


 


 


 


 


 


 


 


 


 


 


 


 




    B-1


     


    

 


FORM
OF WAIVER AND RELEASE


 


[The
language in this Waiver and Release may change based on legal developments and evolving best practices; this form is provided
as an example of what will be included in the final Waiver and Release document.]


 


In
consideration of, and as a condition precedent to, receiving the termination compensation described in that certain Employment
Agreement (the “Agreement”) effective as of November 13, 2020, by and between Gulfport Energy Corporation,
a Delaware corporation (the “Company”), and [________________], an individual residing in the State of [______] (“Employee”),
which was offered to Employee in exchange for a general waiver and release of claims (this “Waiver and Release”).
Employee having acknowledged the above-stated consideration as full compensation for and on account of any and all injuries and
damages which Employee has sustained or claimed, or may be entitled to claim, Employee, for himself, and his heirs, executors,
administrators, successors and assigns, does hereby release, forever discharge and promise not to sue the Company, its parents,
subsidiaries, affiliates, successors and assigns, and their past and present officers, directors, partners, employees, members,
managers, shareholders, agents, attorneys, accountants, insurers, heirs, administrators, executors, as well as all employee benefit
plans maintained by any of the foregoing entities or individuals, and all fiduciaries and administrators of such plans, in their
personal and representative capacities (collectively the “Released Parties”) from any and all claims, liabilities,
costs, expenses, judgments, attorney fees, actions, known and unknown, of every kind and nature whatsoever in law or equity, which
Employee had, now has, or may have against the Released Parties, including but not limited to any claims relating in any way to
Employee’s employment with the Company or termination thereof prior to and including the date of execution of this Waiver
and Release, and including but not limited to, all claims for contract damages, tort damages, special, general, direct, punitive
and consequential damages, compensatory damages, loss of profits, attorney fees and any and all other damages of any kind or nature;
all contracts, oral or written, between Employee and any of the Released Parties; any business enterprise or proposed enterprise
contemplated by any of the Released Parties, as well as anything done or not done prior to and including the date of execution
of this Waiver and Release.


 


Employee
understands and agrees that this Waiver and Release and covenant not to sue shall apply to any and all claims or liabilities arising
out of or relating to Employee’s employment with the Company and the termination of such employment, including, but not
limited to: claims of discrimination based on age, race, color, sex (including sexual harassment), religion, national origin,
marital status, parental status, veteran status, union activities, disability or any other grounds under applicable federal, state
or local law prior to and including the date of execution of this Waiver and Release, including, but not limited to, claims arising
under the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act, the Family and Medical Leave Act,
Title VII of the Civil Rights Act, the Civil Rights Act of 1991, 42 U.S.C. § 1981, the Genetic Information Non-Discrimination
Act of 2008, the Employee Retirement Income Security Act of 1974, the Consolidated Omnibus Budget Reconciliation Act of 1985,
the Rehabilitation Act of 1973, the Equal Pay Act of 1963 (EPA), all as amended, as well as any claims prior to and including
the date of execution of this Waiver and Release, regarding wages; benefits; vacation; sick leave; business expense reimbursements;
wrongful termination; breach of the covenant of good faith and fair dealing; intentional or negligent infliction of emotional
distress; retaliation; outrage; defamation; invasion of privacy; breach of contract; fraud or negligent misrepresentation; harassment;
breach of duty; negligence; discrimination; claims under any employment, contract or tort laws; claims arising under any other
federal law, state law, municipal law, local law, or common law; any claims arising out of any employment contract, policy or
procedure; and any other claims related to or arising out of his employment or the separation of his employment with the Company
prior to and including the date of execution of this Waiver and Release.


 






    B-2


     


    

 


In
addition, Employee agrees not to cause or encourage any legal proceeding to be maintained or instituted against any of the Released
Parties, save and except proceedings to enforce the terms of the Agreement or claims of Employee not released by and in this Waiver
and Release.


 


This
Waiver and Release does not apply to (i) claims for indemnification pursuant to the Company’s governing documents or any
indemnification agreement, (ii) vested benefits under any retirement plan of the Company, (iii) any claims for unemployment compensation
or (iv) any other claims or rights which, by law, cannot be waived, including the right to file an administrative charge or participate
in an administrative investigation or proceeding; provided, however that Employee disclaims and waives any right to share or participate
in any monetary award from the Company resulting from the prosecution of such charge or investigation or proceeding. Notwithstanding
the foregoing or any other provision in this Waiver and Release or the Agreement to the contrary, the Company and Employee further
agree that nothing in this Waiver and Release or the Agreement (i) limits Employee’s ability to file a charge or complaint
with the EEOC, the NLRB, OSHA, the SEC or any other federal, state or local governmental agency or commission (each a “Government
Agency” and collectively “Government Agencies”); (ii) limits Employee’s ability to communicate with any
Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency,
including providing documents or other information and reporting possible violations of law or regulation or other disclosures
protected under the whistleblower provisions of applicable law or regulation, without notice to the Company; or (iii) limits Employee’s
right to receive an award for information provided to any Government Agencies.


 


Employee
expressly acknowledges that he is voluntarily, irrevocably and unconditionally releasing and forever discharging the Company and
the other Released Parties from all rights or claims he has or may have against the Released Parties including, but not limited
to, without limitation, all charges, claims of money, demands, rights, and causes of action arising under the Age Discrimination
in Employment Act of 1967, as amended (“ADEA”), up to and including the date Employee signs this Waiver and Release
including, but not limited to, all claims of age discrimination in employment and all claims of retaliation in violation of ADEA.
Employee further acknowledges that the consideration given for this waiver of claims under the ADEA is in addition to anything
of value to which he was already entitled in the absence of this waiver. Employee further acknowledges: (a) that he has been informed
by this writing that he should consult with an attorney prior to executing this Waiver and Release; (b) that he has carefully
read and fully understands all of the provisions of this Waiver and Release; (c) he is, through this Waiver and Release, releasing
the Company and the other Released Parties from any and all claims he may have against any of them; (d) he understands and agrees
that this Waiver and Release does not apply to any claims that may arise under the ADEA after the date he executes this Waiver
and Release; (e) he has at least twenty-one (21) days within which to consider this Waiver and Release; and (f) he has seven (7)
days following his execution of this Waiver and Release to revoke the Waiver and Release; and (g) this Waiver and Release shall
not be effective until the revocation period has expired and Employee has signed and has not revoked the Waiver and Release.


 






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Employee
acknowledges and agrees that: (a) he has had reasonable and sufficient time to read and review this Waiver and Release and that
he has, in fact, read and reviewed this Waiver and Release; (b) that he has the right to consult with legal counsel regarding
this Waiver and Release and is encouraged to consult with legal counsel with regard to this Waiver and Release; (c) that he has
had (or has had the opportunity to take) twenty-one (21) calendar days to discuss the Waiver and Release with a lawyer of his
choice before signing it and, if he signs before the end of that period, he does so of his own free will and with the full knowledge
that he could have taken the full period; (d) that he is entering into this Waiver and Release freely and voluntarily and not
as a result of any coercion, duress or undue influence; (e) that he is not relying upon any oral representations made to him regarding
the subject matter of this Waiver and Release; (f) that by this Waiver and Release he is receiving consideration in addition to
that which he was already entitled; and (g) that he has received all information he requires from the Company in order to make
a knowing and voluntary release and waiver of all claims against the Company and the other Released Parties.


 


Employee
acknowledges and agrees that he has seven (7) days after the date he signs this Waiver and Release in which to rescind or revoke
this Waiver and Release by providing notice in writing to the Company. Employee further understands that the Waiver and Release
will have no force and effect until the end of that seventh (7th) day. If Employee revokes the Waiver and Release, the Company
will not be obligated to pay or provide Employee with the benefits described in this Waiver and Release, and this Waiver and Release
shall be deemed null and void.


 


AGREED
TO AND ACCEPTED this ______ day of ______________, 20__.


  





	 	 	 
	 	 	[Name]



 


 


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