Document:

Exhibit 10.3

EMPLOYMENT AGREEMENT

AGREEMENT, dated as of January 1, 2015 (the "Effective Date"), between GSE Systems, Inc. a Delaware corporation with principal executive offices at 1332 Londontown Blvd., Sykesville, MD  21784 (the "Company"), and Lawrence M. Gordon residing at 30 Talbot Court, Short Hills, NJ 07078 ("Employee").

WITNESSETH

WHEREAS, Employee was employed by the Company pursuant to a two-year Employment Agreement that expired on December 31, 2014. The Company desires to enter into a new employment agreement (the "Agreement") with the Employee in order to continue and secure the employment of Employee with the Company, on the terms and conditions contained in this Agreement with the understanding the Employee is being offered secure terms of employment in this Agreement in exchange for Employee's agreement to the restrictive covenants contained in this Agreement, including a non-compete and non-solicit, among other things.

NOW, THEREFORE, in consideration of the premises, the mutual promises, covenants, and conditions herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto intending to be legally bound hereby agree as follows:

Section 1.  Employment.

The Company hereby agrees to continue to employ Employee, and Employee hereby agrees to continue his employment with the Company, upon the terms and subject to the conditions set forth in this Agreement.

Section 2.  Capacity and Duties.

Employee shall be employed in the capacity of Senior Vice President and General Counsel of the Company and shall have the duties, responsibilities, and authorities normally performed by a Senior Vice President and General Counsel of a company and such other duties, responsibilities, and authorities as are assigned to him by the Board of Directors of the Company (the "Board") so long as such additional duties, responsibilities, and authorities are consistent with Employee's position and level of authority as Senior Vice President and General Counsel of the Company of the Company. The Employee shall devote substantially all of his business time and attention to the performance of his duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would materially conflict or interfere with the performance of such duties either directly or indirectly. The Employee will be permitted to act or serve as a director, trustee, or committee member of any type of civic or charitable organization as long as such activities do not materially interfere with the performance of the Employee's duties and responsibilities to the Company as provided hereunder.

 

Section 3.  Term of Employment.

The term of this Agreement shall commence on the Effective Date and continue for a period of two years (the "Term").  On each anniversary of the Effective Date,  the Term shall be automatically extended, upon the same terms and conditions, for an additional, consecutive one year period, unless either party provides written notice to the other of its intention not to extend the Term at least 10 days' prior to the end of the then current Term.

Section 4.  Compensation.

During the Term, subject to all the terms and conditions of this Agreement and as compensation for all services to be rendered by Employee under this Agreement, the Company shall pay to or provide Employee with the following:

(a) Base Salary.  The Company shall pay to Employee a base annual salary (the "Base Salary") at the rate of Two Hundred, Forty Eight Thousand, Three Hundred Fifty Dollars ($248,350).  The Employee's Base Salary shall be reviewed at least annually by the Compensation Committee of the Board of Directors of the Company (the "Compensation Committee") and the Compensation Committee may, but shall not be required to, increase (but not decrease) the Base Salary during the Term.  The Base Salary will be payable at such intervals as salaries are paid generally to other executive officers of the Company.

(b) Bonus.  For each calendar year of the Term, the Employee shall be eligible to earn an annual bonus award (the "Bonus") of up to 25% of Base Salary, based upon the achievement of annual performance goals established by the Compensation Committee.  The amount of Bonus to be paid to Employee for any year of this Agreement shall be (i) prorated for the number of months which Employee was employed by the Company during such year and (ii) paid on or prior to March 15 of the following year.  In addition, at the discretion of the Compensation Committee of the Board of Directors, in 2015 the Employee shall be eligible to receive a bonus of up to $50,000 based upon the results of operations of Hyperspring for the six-month period ending June 30, 2015 and such other factors as they deem relevant.

(c) Vacation.  Employee shall be entitled to vacation in accordance with the Company's policy for its senior executives.

(d) Automobile.  The Company shall pay the maintenance, gas, and insurance expenses in connection with Employee's automobile.

(e) Medical and Dental Insurance.  The Company shall pay Employee's monthly Medical and Dental Insurance premiums in association with Company provided health insurance plans.

(f) Benefit Plans.  Employee shall be entitled to participate in all employee benefit plans maintained by the Company for its senior executives or employees, including without limitation the Company's medical and 401(k) plans.

Section 5.  Expenses.

The Company shall reimburse Employee for all reasonable expenses (including, but not limited to, continuing education, business travel, and customer entertainment expenses) incurred by him in connection with his employment hereunder in accordance with the written policy and guidelines established by the Company for executive officers.

Section 6.        Non-Competition, Non-Solicitation, Non-Disparagement.

(a)      Non-Competition.  Because of the Company's legitimate business interest as described herein and the good and valuable consideration offered to the Employee, during the Term and for the 12-month period beginning on the last day of the Employee's employment with the Company, the Employee agrees and covenants not to engage in Prohibited Activity within the United States.

For purposes of this Section 6, "Prohibited Activity" is activity in which the Employee contributes his knowledge, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, agent, employee, partner, director, stockholder, officer, volunteer, intern or any other similar capacity to an entity engaged in the same or similar business as the Company.

Nothing herein shall prohibit the Employee from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation, provided that such ownership represents a passive investment and that the Employee is not a controlling person of, or a member of a group that controls, such corporation.

(b)      Non-solicitation of Employees. The Employee agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company during the Term and the 12-month period beginning on the last day of the Employee's employment with the Company.

(c)      Non-solicitation of Customers. The Employee understands and acknowledges that because of the Employee's experience with and relationship to the Company, he will have access to and learn about much or all of the Company's customer information. "Customer Information" includes, but is not limited to, names, phone numbers, addresses, e-mail addresses, order history, order preferences, chain of command, pricing information and other information identifying facts and circumstances specific to the customer.

The Employee understands and acknowledges that loss of this customer relationship and/or goodwill will cause significant and irreparable harm to the Company.

The Employee agrees and covenants, during the Term and for the 12-month period following the effective date of the termination of this Agreement for any reason, not to directly or indirectly solicit, contact (including but not limited to e-mail, regular mail, express mail, telephone, fax, and instant message), attempt to contact or meet with the Company's current customers for purposes of offering or accepting goods or services similar to or competitive with those offered by the Company or for purposes of inducing any such customer to terminate its relationship with the Company.

(d)      Non-disparagement. The Employee agrees and covenants that he will not at any time make, publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning the Company or its businesses, or any of its employees, officers and directors.

Section 7.          Patents.

Any interest in patents, patent applications, inventions, copyrights, developments, and processes ("Such Inventions") which Employee now or hereafter during the period he is employed by the Company under this Agreement  may own or develop relating to the fields in which the Company or any of its subsidiaries may then be engaged shall belong to the Company; and forthwith upon request of the Company, Employee shall execute all such assignments and other documents and take all such other action as the Company may reasonably request in order to vest in the Company all his right, title, and interest in and to Such Inventions free and clear of all liens, charges, and encumbrances.

Section 8.  Confidential Information.

All Confidential Information which Employee may now possess, may obtain during the Term, or may create prior to the end of the Term  relating to the business of the Company or of any of its customers or suppliers shall not be published, disclosed, or made accessible by him to any other person, firm, or corporation either during or after the termination of his employment or used by him except during the Term in the business and for the benefit of the Company, in each case without prior written permission of the Company. Employee shall return all tangible evidence of any Confidential Information to the Company prior to or at the termination of his employment. For purposes of this Agreement, "Confidential Information" means any and all information related to the Company or any of its subsidiaries that is not generally known by others with whom they compete or do business.

Section 9.  Termination.

Except as provided in Section 13, Employee's employment hereunder may be terminated prior to the expiration of the Term  under the following circumstances:

(a) Death. Employee's employment hereunder shall terminate upon his death.

(b) Disability. If, as a result of Employee's incapacity due to physical or mental illness, Employee shall have been absent from his duties hereunder on a full-time basis for the entire period of three (3) consecutive months, and within 30 days after a Notice of Termination (as defined in Section 9(e)) is given shall not have returned to the performance of his duties hereunder on a full-time basis, the Company may terminate Employee's employment hereunder.

(c) Cause. The Company may terminate Employee's employment hereunder for Cause. For purposes of this Agreement, the Company shall have "Cause" to terminate  Employee's employment hereunder upon the occurrence of any of the following (i) the willful and continued failure by Employee to substantially perform his duties or obligations hereunder (other than any such failure resulting from Employee's incapacity due to physical or mental illness), after written demand for substantial performance is delivered by the Company that specifically identifies the manner in which the Company believes Employee has not substantially performed his duties or obligations, (ii) the willful engaging by Employee in misconduct which, in the reasonable opinion of the Board of the Company, will have a material adverse effect on the reputation, operations, prospects or business relations of the Company, (iii) the conviction of Employee of any felony or the entry by Employee of any plea of nolo contendere in response to an indictment for a crime involving moral turpitude, (iv) Employee abuses alcohol, illegal drugs or other controlled substances which impact Employee's performance of his duties or (v) the material breach by Employee of a material term or condition of this Agreement.  For purposes of this paragraph, no act, or failure to act, on Employee's part shall be considered "willful" if it was done, or omitted to be done, by him in good faith and with the reasonable belief that his action or omission was in the best interest of the Company. Notwithstanding the foregoing, Employee shall not be deemed to have been terminated for Cause without the following: (i) reasonable notice to Employee setting forth the reasons for the Company's intention to terminate for Cause, (ii) an opportunity for Employee, together with his counsel, to be heard before the Board, and (iii) delivery to Employee of a Notice of Termination in accordance with Section 9(e).

(d)      Termination Without Cause.   The  Employee's employment hereunder may be terminated without cause by either the Company or the Employee at any time and for any reason; provided that, unless otherwise provided herein, either party shall be required to give the other party at least 30 days advance written notice of any termination of the Employee's employment.  The giving by the Company of notice of its intent not to extend the Term pursuant to Section 3 shall be deemed, at the option of the Employee, to be a termination of his employment without cause ("Deemed Termination").  Employee may exercise that option by giving written notice thereof to the Company within 30 days of his receipt of the notice of non-renewal.

(e) Notice of Termination. Any termination of Employee's employment (other than termination pursuant to Section 9(a)) shall be communicated by a Notice of Termination given by the terminating party to the other party hereto. For purposes of this Agreement, a "Notice of Termination" shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee's employment under the provision so indicated.

(f) Date of Termination.  "Date of Termination" shall mean (i) if Employee's employment is terminated by his death, the date of his death, (ii) if Employee's employment is terminated pursuant to Section 9(b), 30 days after Notice of Termination is given (provided that Employee shall not have returned to the performance of his duties on a full-time basis during such 30-day period), (iii) if a Deemed Termination event occurs, upon the date of Employee's notice to the Company of exercise of his option to treat such event as a termination without Cause, and (iv) if Employee's employment is terminated for any other reason, the date specified in the Notice of Termination, which shall not be earlier than the date on which the Notice of Termination is given.

Section 10.  Compensation upon Termination or During Disability.

(a) During any period that Employee fails to perform his duties hereunder as a result of incapacity due to physical or mental illness ("disability period"), Employee shall continue to receive his full salary at the rate then in effect for such period until his employment is terminated pursuant to Section 9(b), provided that payments so made to Employee during the disability period shall be reduced by the sum of the amounts, if any, payable to Employee at or prior to the time of any such payment under disability benefit plans of the Company and which were not previously applied to reduce any such payment.

(b) If Employee's employment shall be terminated for Cause, the Company shall pay Employee his full salary through the Date of Termination at the rate in effect at the time Notice of Termination is given.

(c)  If Employee's employment shall be terminated by the Company for a reason other than (i) Death, (ii) Disability or (iii) Cause, upon Employee's execution of a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the "Release") and such Release becoming effective within 21 days following the Termination Date,  the Employee shall be entitled to receive his full salary and to continue participating in all medical, dental and life insurance benefits ("Benefits") for a period of 12 months. Salary shall be paid at such intervals as salaries are paid generally to other executive officers of the Company.  Receipt of Benefits will be in the form of payment by the Company of Employee's medical, dental and life insurance premiums on the same terms as in effect at the time of termination of employment, and allowing the Employee to continue to participate in the Company sponsored 401(k), including the Company match.  In addition, Employee shall also be entitled to receive a payment equal to the product of (I) the Bonus, if any, that the Employee would have earned for the calendar year in which the Date of Termination occurs had he been employed as of the last day of such year, based on the Company's actual results of operations for such year and (II) a fraction, the numerator of which is the number of days the Employee was employed by the Company during the year of termination and the denominator of which is the number of days in such year. This amount shall be paid on the date that annual bonuses are paid to similarly situated employees, but in no event later than two-and-a-half (2 1/2) months following the end of the calendar year in which the Date of Termination occurs. Finally, all options to purchase the Company's common stock granted to Employee under the Company's option plan or otherwise shall immediately become fully vested and shall terminate on such date as they would have terminated if Employee's employment by the Company had not terminated.

Section 11.  Accelerated Vesting of Options Upon Change of Control.

After the date of this Agreement, in the event of a Change of Control (as defined below) of the Company, the options granted to Employee under the Company's option plan or otherwise shall become fully vested on the day immediately prior to the date such Change of Control shall be deemed to have occurred, and any conditions to the Employee's entitlement to such options under the Company's option plan or otherwise shall be deemed to have been satisfied.

For purposes of this Agreement, a "Change in Control" of the Company shall be deemed to have occurred as of the first day that any one or more of the following conditions shall have been satisfied:

(a) Any person (other than a person in control of the Company as of the date of this Agreement, or other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company, or a company owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of voting securities of the Company) becomes the beneficial owner, directly or indirectly, of securities of the Company representing a majority of the combined voting power of the Company's then outstanding securities; or

(b) The stockholders of the Company approve: (x) a plan of complete liquidation of the Company (which includes a termination and liquidation of all Employee's rights under any arrangement governed by Section 409A of the Internal Revenue Code of 1986, as amended ("Code"); or (y) an agreement for the sale or disposition of all or substantially all the Company's assets; or (z) a merger, consolidation, or reorganization of the Company with or involving any other corporation, other than a merger, consolidation, or reorganization that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least a majority of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately after such merger, consolidation, or reorganization.

For purposes of this definition of Change in Control, "Person" shall have the meaning ascribed to such term in Section 3(a)(9) of the Securities Act of 1934, as amended (the "1934 Act"), and used in Section 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof, and "Beneficial Owner" shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and regulations under the 1934 Act.

Section 12.  Successors; Binding Agreement.

This Agreement is personal to the Employee and shall not be assigned by the Employee. Any purported assignment by the Employee shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in form and substance reasonably satisfactory to Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. This Agreement shall inure to the benefit of the Company and permitted successors and assigns.

Section 13.  Severance upon Change of Control.

In the event of a Change of Control, Employee may terminate this Agreement within one year of such Change in Control for Good Reason (as defined herein).  Upon termination for Good Reason, Employee shall, for a period of 12 months from the date of his termination, continue to receive the salary and Benefits that Employee is receiving as of the date the Change of Control occurs.    Such salary and Benefits shall be paid at such intervals as salaries are paid generally to other executive officers of the Company. In addition, the Employee shall also be entitled to receive on the Date of Termination an amount, payable in one lump sum,  equal to the average of the Bonus amounts paid to Employee for the two years prior to the year in which the Change of Control takes place.

"Good Reason" shall mean that any of the following has occurred: (a) without Employee's prior written consent, Employee's duties, responsibilities or authority become  materially reduced as compared to those of Employee's current position; (b) Employee's annual base salary (as the same may be increased at any time hereafter) and bonus programs are reduced; (c) Employee's Benefits  are either discontinued or materially reduced; (d) Employee's primary office or location is moved more than fifty (50) miles from Employee's current office or location; or (e) either the Company or any successor company materially breaches this Agreement.  In the event of Employee's decision to terminate employment for Good Reason, Employee must give notice to Company of the existence of the conditions giving rising to the termination for Good Reason within ninety (90) days of the initial existence of the conditions.  Upon such notice, Company shall have a period of thirty (30) days during which it may remedy the conditions ("Cure Period").  If the Company fails to cure the conditions constituting the Good Reason during the Cure Period to Employee's reasonable satisfaction, Employee's termination of employment must occur within a period of ninety (90) days following the expiration of the Cure Period in order for the termination to constitute a termination pursuant to Good Reason for purposes of this Agreement.

Section 14.  No Third Party Beneficiaries.

This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement (except as provided in Section 12).

 

Section 15.  Fees and Expenses.

The Company shall pay all reasonable legal fees and related expenses (including the costs of experts, evidence, and reasonable attorney's fees) incurred by Employee as a result of a contest or dispute relating to this Agreement if such contest or dispute is settled or adjudicated on terms that are substantially in favor of Employee. In addition, the Company shall pay Employee interest, at the prevailing prime rate, on any amounts that are determined to be payable to Employee hereunder that are not paid when due.

Section 16.  Representations and Warranties of Employee.

Employee represents and warrants to the Company that (a) Employee is under no contractual or other restriction or obligation which is inconsistent with the execution of this Agreement, the performance of his duties hereunder, or the other rights of the Company hereunder and (b) Employee is under no physical or mental disability that would hinder his performance of duties under this Agreement.

Section 17.  Life Insurance.

If requested by the Company, Employee shall submit to such physical examinations and otherwise take such actions and execute and deliver such documents as may be reasonably necessary to enable the Company, at its expense and for its own benefit, to obtain life insurance on the life of Employee. Employee has no reason to believe that his life is not insurable with a reputable insurance company at rates now prevailing in the City of Baltimore for healthy men of his age.

Section 18.  Modification.

This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof, supersedes all existing agreements between them concerning such subject matter, and may be modified only by a written instrument duly executed by each party.

Section 19.  Notices.

Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be mailed by certified mail, return receipt requested, or delivered against receipt to the party to whom it is to be given at the address of such party set forth in the preamble to this Agreement (or to such other address as the party shall have furnished in writing in accordance with the provisions of this Section 19).

Section 20.  Governing Law.

This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland, without giving effect to conflict of laws.  Any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the state of Maryland.  The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

Section 21.  409A of the Code.

This Agreement is intended to comply with the requirements of Section 409A of the Code or any exemption from Section 409A of the Code, and shall in all respects be administered in accordance with and interpreted to ensure compliance with Section 409A of the Code.  Employee's termination of employment under this Agreement shall be interpreted in a manner consistent with the separation from service rules under Section 409A of the Code.  For purposes of Section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment and the right to a series of payments under this Agreement shall be treat as a right to a series of separate payments.  In no event shall Employee, directly or indirectly, designate the calendar year of the payment.  Furthermore, if, at the time of termination of employment with the Company, Company has stock which is publicly traded on an established securities market and Employee is a "specified employee" (as defined in Section 409A of the Code) and it is necessary to postpone the commencement of any payments or benefits otherwise payable pursuant to this Agreement as a result of such termination of employment to prevent any accelerated or additional tax under Section 409A of the Code, then Company shall postpone the commencement of the payment of such payment or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Employee) that are not otherwise paid within the short-deferral exception under Section 409A of the Code and are in excess of the lessor of two (2) times (i) Employee's then annual compensation or (ii) the limit on compensation then set forth in Section 401(a)(17) of the Code, until the first payroll date that occurs after the date that is six months following Employee's separation from service with the Company (within the meaning of Section 409A of the Code).  The accumulated postponed amount shall be paid in a lump sum payment within ten days after the end of the six month period.

Section 22.  Survival

Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

Section 23.  Acknowledgment of Full Understanding.

THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written.

GSE SYSTEMS, INC.

	
By:

	
/s/ James A. Eberle

	 	
March 18, 2015

	 	
James A. Eberle

	 	
Date

	 	
Chief Executive Officer

	 	 
	 	 	 	 
	 	 	 	 
	 	
/s/ Lawrence M. Gordon

	 	
March 18, 2015

	 	
Lawrence M. Gordon

	 	
DateEX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”) is made and entered into effective as of August 11, 2014, by and
between Gulfport Energy Corporation, a Delaware corporation (the “Company”), and Aaron Gaydosik, an individual (“Executive”). 

R E C I T A L S 
 WHEREAS,
the Company is engaged in the exploration and development of crude oil and natural gas fields and related activities. 
 WHEREAS, Executive
is and has been for some time an employee of Company, and is experienced in certain aspects of the management and conduct of the Company’s business. 

WHEREAS, on July 10, 2014 the Company announced that Executive was named Chief Financial Officer of the Company. 

WHEREAS, the Company desires to continue to employ Executive as Chief Financial Officer of the Company, and Executive desires to continue to
be employed by the Company, upon the terms and subject to the conditions set forth in this Agreement. 
 A G R E E M E N T 

NOW, THEREFORE, in consideration of the foregoing recitals and the terms, covenants and conditions contained herein, the Company and Executive
agree as follows: 
  

	1.	EMPLOYMENT AND DUTIES. 

 1.1 General. The Company hereby employs Executive, and
Executive agrees to serve, as Chief Financial Officer of the Company, upon the terms and subject to the conditions set forth herein. Executive will report directly to the Chief Executive Officer of the Company. Subject to the direction and control
of the Chief Executive Officer, Executive will have all the responsibilities and powers normally associated with such position and Executive will perform such other duties and responsibilities as may be designated from time to time by the Chief
Executive Officer. 
 1.2 Exclusive Services. Executive will devote his full business time, energy and efforts faithfully and
diligently to promote the Company’s interests. Executive will render his services exclusively to the Company during the Employment Term. The terms of this Section 1 will not prevent Executive from investing or otherwise managing his
assets in such form or manner as he chooses and spending such time, whether or not during business hours, as he deems necessary to manage his investments, so long as he is able to fulfill his duties pursuant to Section 1.1 above. 

 

	2.	TERM. 

 Subject to the provisions for termination provided in Section 5, the term
of Executive’s employment under this Agreement will commence as of August 11, 2014 (the “Effective Date”) 

 
and will terminate on August 11, 2017 (the “Initial Period”); provided, however, that unless either party gives written notice to the
other party of an election not to extend or renew Executive’s employment hereunder at least ninety (90) days prior to the end of the Initial Period, or any anniversary thereof, the term of this Agreement will automatically be extended by
successive one-year periods (each an “Extension”). The term of this Agreement, including the Initial Period and any Extension, is hereinafter referred to as the “Employment Term.” Each 12 month
period ending on August 10, 2015 or any anniversary thereof is hereinafter referred to as a “Contract Year.” 
  

	3.	COMPENSATION. 

 3.1 Base Salary. As compensation for services rendered under this
Agreement, the Company will pay to Executive a base salary (the “Base Salary”) at an annualized rate of $300,000 payable in accordance with the normal payroll procedures of the Company. From time to time at the sole
discretion of the Chief Executive Officer of the Company, Executive’s Base Salary will be reviewed by the Chief Executive Officer of the Company and may be increased, but not decreased, by the Chief Executive Officer of the Company, subject to
the consent of the Compensation Committee (the “Compensation Committee”) of the Board of Directors of the Company (the “Board of Directors”). The term “Base Salary” as used herein will mean
and refer to the then current base salary, as adjusted from time to time in accordance with this Section 3.1. The Company will deduct from the Base Salary amounts sufficient to cover applicable federal, state and/or local income tax
withholdings and any other amounts which the Company is required to withhold by applicable law. Effective January 1, 2015, Executive’s Base Salary will be $309,000 per year. The difference between the Base Salary previously paid to the
Executive for the payroll periods ending between January 1, 2015 and the date of execution of this Agreement and the increased amount effective as of January 1, 2015, less applicable withholding amounts, will be paid to Executive in a lump
sum within five business days after the execution of this Agreement. 
 3.2 Bonuses. During the Term, Executive will be eligible to
receive an annual bonus in accordance with the Gulfport Energy Corporation 2014 Executive Annual Incentive Compensation Plan as established by the Compensation Committee or the Board from time to time (the “Annual Bonus”).
The Annual Bonus will be determined by the Compensation Committee or the Board based upon achievement of performance goals as determined by the Compensation Committee or the Board for each fiscal year of the Company. Executive will be eligible to
receive a target Annual Bonus of 75% of Base Salary subject to achievement of such performance goals, up to a maximum of 200% of Base Salary. The target Annual Bonus may be increased, but not decreased below the 75% level specified in this Section,
at the discretion of the Board. The Compensation Committee or the Board may establish threshold performance goals that will result in an Annual Bonus of 50% of Base Salary, but no amount of Annual Bonus will be paid for performance results below the
threshold performance goals. The Annual Bonus will be paid within fifteen (15) business days after the later of: (i) the written certification by the Compensation Committee of the achievement of the performance goals; and
(ii) completion and release of the audited financial statements for the applicable fiscal year; provided, however, subject to, and except as provided in Section 6 of this Agreement, Executive must still be employed by the Company on the
payment date to receive the Annual Bonus. The Company may satisfy the Annual Bonus under this Agreement, by means of an award under the Gulfport 

  
 2 

 
Energy Corporation 2014 Executive Annual Incentive Compensation Plan or any annual bonus or cash incentive compensation plan it maintains or may in the future adopt for its executives and any
such award may be subject to additional terms and conditions under the terms of such plan. The Company will have the right to condition the payment of any Annual Bonus amounts on Executive’s execution of a document reasonably acceptable to the
Company pursuant to which Executive confirms, ratifies and agrees that this Agreement and all of its provisions are valid and binding and are enforceable against Executive in accordance with their terms. Any bonus payable with respect to the 2014
calendar year may be prorated by the Compensation Committee to reflect the partial year performance. 
 3.3 Equity Awards. In
addition to the Base Salary, Executive will be eligible, for each fiscal year of the Company ending during the Employment Term, to participate in the Company’s 2013 Restated Stock Incentive Plan or such other equity incentive plan or plans then
in existence for the benefit of employees, and may in the discretion of the Compensation Committee receive an equity award (an “Equity Award”), in accordance with the terms of such plan or plans. It is the intent of the
parties that Executive will be entitled to receive an annual Equity Award with a target level of 300% of Base Salary. The timing and amount of such Equity Awards, any target performance goals and the vesting terms of such awards will be determined
by the Compensation Committee in its sole discretion. Except as expressly set forth herein, any Equity Awards are granted pursuant to and will incorporate all terms and conditions of the Company’s 2013 Restated Stock Incentive Plan or such
other equity incentive plan or plans then in existence for the benefit of employees, as applicable, and the Company’s standard form of award agreement. If Executive’s employment with the Company terminates prior to any scheduled vesting
date then, except as expressly provided herein, Executive will forfeit all rights and interests in and to such unvested Equity Awards. If Executive’s employment with the Company is terminated for Cause (as defined in Section 5.2 hereof),
Executive will forfeit all rights and interests in and to such Equity Awards without distinction as to vested or unvested status. In addition, any Equity Awards granted to Executive, any proceeds of any Equity Awards that previously have been sold,
transferred or otherwise disposed of, and any incentive bonus award will be subject to clawback by the Company, to the extent required under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Sarbanes–Oxley Act of 2002, each
as amended, and rules, regulations and binding, published guidance thereunder. If the Company would not be eligible for continued listing, if applicable, under Section 10D(a) of the Exchange Act unless it adopted policies consistent with
Section 10D(b) of the Exchange Act, then, in accordance with those policies that are so required, any incentive-based compensation payable to Executive will be subject to clawback in the circumstances, to the extent, and in the manner, required
by Section 10D(b)(2) of the Exchange Act, as interpreted by rules of the Securities Exchange Commission. By accepting an Equity Award or incentive bonus award under this Agreement or any plan sponsored by the Company, Executive hereby consents
to any such clawback. 
 3.4 Benefits. 

3.4.1 Vacation. Executive will be entitled to paid vacation for each calendar year during Executive’s employment in accordance
with the Company’s established vacation pay policies; provided, however, that vacation will only be taken at such times as not to interfere with the necessary performance of Executive’s duties and obligations
under this Agreement. 

  
 3 

 3.4.2 Other Benefits; Insurance. During the term of Executive’s employment under this
Agreement, if and to the extent eligible, Executive will be entitled to participate in all Company Group Health Plans, group life, disability and accidental death and dismemberment insurance or plan, then in effect, including, without limitation,
any supplemental disability coverage available to similarly situated executive employees (“Company Welfare Benefit Plans”). For purposes of this Agreement, “Company Group Health Plans” means all
operative medical, dental and vision plans. Coverage under the Company Welfare Benefit Plans will be provided on the same basis generally applicable to similarly situated employees of the Company; provided, however, that nothing contained in this
Agreement will, in any manner whatsoever, directly or indirectly, require or otherwise prohibit the Company from amending, modifying, curtailing, discontinuing, or otherwise terminating any Company Welfare Benefit Plan at any time (whether before or
after the date of Executive’s termination). Executive will be eligible to receive life insurance coverage providing a death benefit of not less than $500,000. 

3.4.3 Retirement Plans. During the term of Executive’s employment under this Agreement, if and to the extent eligible, Executive
will be entitled to participate in all Company Retirement Plans then in effect. For purposes of this Agreement, “Company Retirement Plans” means the Company’s 401(k) Profit Sharing Plan and all operative employee pension
benefit plans (tax-qualified and nonqualified plans) that may in the future be sponsored or maintained by the Company, all on the same basis generally applicable to similarly situated employees of the Company; provided, however, that
nothing contained in this Agreement will, in any manner whatsoever, directly or indirectly, require or otherwise prohibit the Company from amending, modifying, curtailing, discontinuing, or otherwise terminating any Company Retirement Plan at any
time (whether before or after the date of Executive’s termination). 
 3.4.4 Business Expense Reimbursement. Executive will be
entitled to reimbursement from the Company for the reasonable costs and expenses incurred in connection with the performance of the duties and obligations provided for in this Agreement. Reimbursement will be paid upon prompt presentation of expense
statements or vouchers and such other supporting information as the Company may from time to time require in accordance with the Company’s policies. 
  

	4.	TRADE SECRETS, CONFIDENTIAL INFORMATION AND INVENTIONS. 

 4.1 Trade Secrets.
During the course of Executive’s employment, Executive will have access to various trade secrets, confidential information and inventions of Company as defined below. 

4.1.1 “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 is 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, 

  
 4 

 
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 4.1.3, or
non-public business information. 
 4.1.2 “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. 
 4.1.3 “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 includes not only information belonging to Company which existed before the date of this Agreement, but also information
developed by Executive for Company or its employees during his employment and thereafter. 
 4.2 Restriction on Use of Confidential
Information. Executive agrees that his 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. 
 4.2.1 Non-Disclosure. Except as required by the
performance of the Executive’s services to the Company under the terms of this Agreement, Executive will not, directly or indirectly disclose, or permit others to disclose the Company’s Trade Secrets, Confidential Information and/or
Inventions as defined above. 
 4.2.2 Return of Company Information. Upon termination of Executive’s employment with Company for
any reason, Executive will surrender and return to Company all documents and materials in his possession or control which contain Trade Secrets, Inventions and other Confidential Information. Executive will immediately return to the Company all
lists, books, records, materials and documents, together with all copies thereof, and all other Company property in his possession or under his control, relating to or used in connection with the business of the Company. Executive acknowledges and
agrees that all such lists, books, records, materials and documents, are the sole and exclusive property of the Company. 
 4.2.3
Prohibition Against Unfair Competition. At any time after the termination of his employment with Company for any reason, Executive will not engage in competition with Company while making use of the Trade Secrets of Company. 

4.3 Patents and Inventions. Executive agrees that any Inventions made, conceived or completed by Executive during the term of
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, 

  
 5 

 
or which result from any work performed by 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 Executive during
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, 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, 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. 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. 
  

	5.	TERMINATION OF EMPLOYMENT. 

 5.1 Termination by Reason of Death or Disability.
Executive’s employment hereunder will terminate immediately upon the death of Executive. The Company may terminate this Agreement upon written notice to Executive if Executive suffers any physical or mental impairment or incapacity that results
in Executive being unable to perform Executive’s essential duties, responsibilities and the functions of Executive’s position with the Company for periods aggregating one-hundred eighty (180) days
(“Disability”). 
 5.2 Termination by Company for Cause. The employment of Executive hereunder will terminate
immediately upon written notice delivered by the Company to the Executive of termination for “Cause.” “Cause” means (i) Executive’s conviction (including any plea of guilty or no contest) of (x) any
felony; or (y) any crime of moral turpitude; (ii) gross misconduct in the performance of Executive’s duties; (iii) the repeated failure by Executive (except by reason of Disability) to render full and proper services as required
by the terms of Executive’s employment after failure to cure such failure within 30 days after receiving written notice from the Company or the Board of Directors detailing the alleged failure; or (iv) Executive’s material breach of
any of the provisions of this Agreement or the Company’s Code of Conduct. 
 5.3 Termination by the Company without Cause. The
employment of Executive hereunder will terminate immediately upon delivery to Executive of written notice of termination by the Company, which will be deemed to be “without cause” unless termination is expressly stated to be pursuant to
Section 5.1 or Section 5.2. 

  
 6 

 5.4 Termination by the Executive for Good Reason. Unless cured as provided below, the
employment of Executive hereunder will terminate 30 days following the date on which Executive gives the Company notice of termination for Good Reason (as hereinafter defined), or such earlier date as may be determined by the Company, the
Compensation Committee or the Board of Directors. For purposes of this Agreement, “Good Reason” means without Executive’s consent (i) a material diminution in the duties, authority or responsibilities of Executive
or a material breach of this Agreement by the Company, or (ii) requiring Executive to relocate his principal place of employment to a location that is more than thirty-five (35) miles from the location of the Company’s principal
office in the Oklahoma City area as of the Effective Date, provided that the Company fails to cure such material diminution, breach or relocation within 30 days of receipt of a written notice from Executive of such Good Reason event (which notice
will be provided by Executive to the Company within 90 days following the initial occurrence of such event). 
  

	6.	PAYMENTS UPON TERMINATION. 

 6.1 Termination Other Than For Cause and Certain Other
Events. If Executive’s employment with the Company is terminated (a) by the Company other than (i) for “Cause” (as defined herein), (ii) on account of death or Disability, or (iii) by nonrenewal at least 90
days before the end of the Initial Period or any Extension, or (b) by the Executive for Good Reason, then: 
 6.1.1 the Company will
provide Executive (i) on the Termination Date (as such term is defined in Section 6.3), a lump sum payment equal to all accrued and unpaid salary and other compensation payable to Executive by the Company and all accrued and unpaid
vacation payable to Executive by the Company with respect to services rendered by Executive to the Company through the Termination Date; and (ii) subject to Section 6.1.3 and Section 10.10.5, a lump sum payment on the sixtieth (60th) day following the Termination Date equal to 175% of the Base Salary in effect on the Termination Date (which represents the amount Executive would have earned as Base Salary during the 12
month period following such date had Executive’s employment not been terminated plus his target Annual Bonus at 75% of Base Salary); 

6.1.2 subject to Section 6.1.3, the Company will pay the cost (in excess of the applicable rate Executive would pay under the Company
group health plan if he continued to be employed) for continuation coverage under the Company group health plans under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for Executive and his eligible family
members covered under the Company group health plan immediately prior to Termination Date (to the extent COBRA continuation coverage is permitted by applicable law and the terms of each Company group health plan). Coverage will be provided at the
applicable rate Executive would pay under the Company group health plan if he continued to be employed. Any additional premiums in excess of the Executive’s share will be paid by the Company during the 12 month period immediately following
Executive’s Termination Date or until Executive becomes eligible for group health plan benefits from another employer, whichever occurs first, provided that Executive timely elects COBRA coverage (“COBRA Benefits”) and
provided that Executive’s continued participation is possible under the general terms and provisions of such 

  
 7 

 
Company group health plans. Executive agrees to promptly inform the Company in writing if Executive becomes eligible to receive group health coverage from another employer. The period of such
COBRA Benefits will be considered part of Executive’s COBRA coverage entitlement period. At the conclusion of the maximum 12 month period for which the Company will pay the cost of COBRA Benefits, as provided above, Executive may, at
Executive’s sole expense, continue to receive COBRA Benefits for the remainder of the COBRA coverage entitlement period, if any, provided under the terms of the Company group health plans. Notwithstanding the foregoing, if the payment of such
COBRA continuation premiums by the Company would cause the imposition of any excise tax on the Company under Section 4980D of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder, including
without limitation, Section 9815(b) of the Code, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Affordable Care Act, Section 2716 of the Public Health Service Act or other applicable law, the
parties agree to negotiate in good faith an alternative arrangement for providing such benefits in an economically neutral manner which does not cause the imposition of such excise tax and if reasonably determined by the Company’s counsel or
accountants that such economically neutral alternative arrangement is not viable, then no such premium payment will be due or be made on behalf of Executive or Executive’s eligible family members; and 

6.1.3 notwithstanding anything herein to the contrary, it will be a condition to Executive’s right to receive the amounts provided for in
Section 6.1.1 and Section 6.1.2, that Executive timely execute and deliver to the Company, a general release substantially in the form attached hereto as “Exhibit A” (the “General Release”)
within twenty-one (21) days of its delivery to Executive (or such longer period as may be required under the Age Discrimination in Employment Act of 1967, as amended), without subsequent revocation of the General Release. Upon satisfaction of
the General Release condition, the payment of the severance benefits will commence as provided in Section 6.1.1 and Section 10.10.5. 

6.2 Termination by the Company For Cause, by the Executive because of a Voluntary Termination, Upon Death or Disability or Expiration of
the Term. If Executive’s employment with the Company is terminated (i) by the Company for “Cause” (as defined herein), (ii) by the Executive voluntarily other than for Good Reason, (iii) on account of
Executive’s death or Disability, or (iv) upon expiration of the Employment Term by nonrenewal at least 90 days before the end of the Initial Period or any Extension, Executive will be entitled to receive on the Termination Date (as such
term is defined in Section 6.3), a lump sum payment equal to all accrued and unpaid salary and other compensation payable to Executive by the Company and all accrued and unpaid vacation and sick pay payable to Executive by the Company with
respect to services rendered by Executive to the Company through the Termination Date. 
 6.3 Involuntary Termination by the Company
Other Than for Cause. If Executive’s employment with the Company is terminated by the Company other than for Cause (which, for the avoidance of doubt, does not include the expiration of the Employment Term following a notice of non-renewal
by the Company at least 90 days prior to the expiration date of the Employment Term), then in addition to the benefits provided in Section 6.1, all outstanding Equity Awards that have been granted to Executive by the Company that would have
vested at any time after the Executive’s Termination Date solely as a result of Executive’s continued service to the Company will vest immediately on the Termination Date. 

  
 8 

 6.4 Termination Date. For purposes of this Section 6, the term,
“Termination Date” will mean the date of Executive’s “separation from service” as that term is defined in Section 10.10.4 and §1.409A-1(h) of the Treasury Regulations. 

6.5 Timing of Payment. Notwithstanding anything to the contrary in this Agreement, to the extent required to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), if Executive is deemed by the Board of Directors (or its delegate), in its sole discretion, to be a “specified employee” for purposes
of Section 409A(a)(2)(B) of the Code, Executive agrees that any non-qualified deferred compensation payments due to Executive under this Agreement in connection with a termination of Executive’s employment that would otherwise have been
payable at any time during the six-month period immediately following such termination of employment will be paid in accordance with Section 10.10.6. 
  

	7.	CHANGE IN CONTROL. 

 7.1 Notwithstanding the provisions of any other agreement to the
contrary, if Executive’s employment with the Company or its successor is terminated on or before the 18 month anniversary of the date of occurrence of a Change in Control (a) by the Company or its successor other than for Cause or
(b) by the Executive for Good Reason, then, in addition to the benefits provided in Section 6.1 hereof, (i) all outstanding Equity Awards that have been granted to Executive by the Company and that would have vested at any time
after the Executive’s Termination Date solely as a result of Executive’s continued service to the Company will vest immediately on the Termination Date; (ii) the lump sum payment under Section 6.1.1. will be the amount
Executive would have earned as Base Salary plus target Annual Bonus during the 24 month period following such Termination Date had Executive’s employment not been terminated; and (iii) the maximum period for which the Company will pay the
cost of COBRA Benefits, as provided in Section 6.1.2 above, will be increased to 18 months. 
 7.2 For purposes of this Section
7, a “Change in Control” of the Company will be deemed to have occurred if: (a) there is consummated (i) any consolidation or merger of the Company into or with another person (as such term is used in Sections
13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) pursuant to which shares of the Company’s common stock would be converted into cash, securities or other property, other than
any consolidation or merger of the Company in which the persons who were stockholders of the Company immediately prior to the consummation of such consolidation or merger are the beneficial owners (within the meaning of Rule 13d-3 under the Exchange
Act), immediately following the consummation of such consolidation or merger, of more than 50% of the combined voting power of the then outstanding voting securities of the person surviving or resulting from such consolidation or merger,
(ii) any sale, lease or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company; (iii) any sale, lease or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company (i.e., more than 50% of the gross fair market value of the assets of the Company, determined without regard to any liabilities associated with such assets); or (iv) the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company. 

  
 9 

	8.	INJUNCTIVE RELIEF. 

 Executive hereby recognizes, acknowledges and agrees that in the
event of any breach by Executive of any of his covenants, agreements, duties or obligations hereunder, the Company would suffer great and irreparable harm, injury and damage, the Company would encounter extreme difficulty in attempting to prove the
actual amount of damages suffered by the Company as a result of such breach, and the Company would not be reasonably or adequately compensated in damages in any action at law. Executive therefore agrees that, in addition to any other remedy the
Company may have at law, in equity, by statute or otherwise, in the event of any breach by Executive of any of the covenants, agreements, duties or obligations hereunder, the Company or its subsidiaries will be entitled to seek and receive
temporary, preliminary and permanent injunctive and other equitable relief from any court of competent jurisdiction to enforce any of the rights of the Company or its subsidiaries or any of the covenants, agreements, duties or obligations of
Executive hereunder, or otherwise to prevent the violation of any of the terms or provisions hereof, all without the necessity of proving the amount of any actual damage to the Company or its subsidiaries thereof resulting therefrom;
provided, however, that nothing contained in this Section 8 will be deemed or construed in any manner whatsoever as a waiver by the Company or its subsidiaries of any of the rights which any of them may have against Executive at
law, in equity, by statute or otherwise arising out of, in connection with or resulting from the breach by Executive of any of his covenants, agreements, duties or obligations hereunder. 

 

	9.	RESTRICTIVE COVENANTS. 

 9.1 For so long as Executive is employed by the Company and
continuing for twelve (12) months thereafter (such period, the “Restricted Period”), neither Executive nor his affiliates will, without the prior written consent of the Board, at any time or in any manner, either
directly or indirectly, become associated with, render services to, invest in, represent, advise or otherwise participate as an officer, employee, director, stockholder, partner, member, agent of or consultant for any company, business, organization
or other legal or natural person that engages or participates in the Restricted Business; provided, however, that nothing herein will prevent you from acquiring up to two percent (2%) of the securities of any company listed on a national
securities exchange or quoted on the NASDAQ quotation system, provided your involvement with any such company is solely that of a passive stockholder. For purposes of this Agreement, “Restricted Business” means (i) the
oil and gas exploration and production business in Ohio, West Virginia and/or Pennsylvania; along the Louisiana Gulf Coast in the West Cote Blanche Bay and Hackberry fields; the Niobrara Formation of Northwestern Colorado; and each other area,
location or field in which the Company or any affiliate conducts or is preparing to conduct business during the Term, or (ii) any other business or operation that is in competition with any business or operations managed or operated by or under
consideration or in development by the Company or any affiliate during the Term. The foregoing covenants in this Section 9.1 will not apply in connection with a Good Reason Termination (as defined below) that occurs within 12 months after the
occurrence of a “change in control event” (as such term is defined in Treas. Regs. §1.409A-3(i)(5)). At the expiration of the Employment Term due to notice of nonrenewal by the Company at least 90 days before expiration of the
Employment Term, the Company, in its sole discretion, may elect (x) to pay Executive the then-applicable lump sum amount under Section 6.1.1 (the “Severance Payment”) in exchange for Executive’s continued

  
 10 

 
compliance with the restrictions of this Section 9.1 (it being understood that the Company shall be entitled to recover such payment upon any breach thereof) or (y) to waive the
requirement for Executive to comply with the provisions of this Section 9.1 and not pay Executive the Severance Payment. The Company shall notify Executive of its election between making the Severance Payments or waiving the restrictions
within ten (10) days following the applicable termination date, it being understood that the Company making any Severance Payments shall constitute an affirmative election to enforce the restrictions of this Section 9.1 pursuant to
clause (x) above. 
 9.2 The parties hereto intend that the covenants contained in this Section 9 will be deemed a
series of separate covenants for each state, county and city in which the Company’s or any affiliate’s business is conducted or is being prepared to be conducted. If, in any judicial proceeding, a court refuses to enforce all of the
separate covenants deemed included in this Section 9 because, taken together, they cover too extensive a geographic area, the parties intend that those covenants (taken in order of the states, counties and cities therein which are least
populous), which if eliminated would permit the remaining separate covenants to be enforced in such proceeding, for the purpose of such proceeding, will be deemed eliminated from the provisions of this Section 9. 

9.3 For so long as Executive is employed by the Company and continuing for twelve (12) months thereafter, Executive will not, without the
prior written consent of the Company, directly or indirectly, as a sole proprietor, member of a partnership, stockholder, or investor, officer or director of a corporation, or as an employee, associate, consultant or agent of any person,
partnership, corporation or other business organization or entity other than the Company: (i) (x) solicit or endeavor to entice away from the Company, or any of its subsidiaries or affiliates, any person or entity who is employed by, or
serves as an agent or key consultant of, the Company, or any of its subsidiaries or affiliates, or (y) solicit any person or entity who during the then most recent twelve (12) month period, was employed by or served as an agent or key
consultant of the Company or any of its subsidiaries or affiliates, or (ii) endeavor to entice away from the Company or any of its subsidiaries or affiliates or solicit with respect to services then being rendered or planned, proposed or
contemplated to be rendered by the Company or any such subsidiary or affiliate, any persons or entity who is, or was within the then most recent twelve (12) month period, a customer or client (or reasonably anticipated, to the general knowledge
of Executive or the public, to become a customer or client) of the Company or any of its subsidiaries or affiliates. 
 9.4 Executive
represents, warrants and confirms that he is not subject to a non-compete, non-solicitation or any other type of agreement with a prior employer or otherwise that would preclude his employment with or impact the performance of his job
responsibilities with the Company. Executive agrees to comply with the restrictions and prohibitions contained in any prior employment agreement. 
  

	10.	MISCELLANEOUS. 

 10.1 Entire Agreement. This Agreement contains the entire
agreement of the parties regarding the employment of Executive by the Company and supersedes any prior agreement, arrangement or understanding, whether oral or written, between the Company and Executive concerning Executive’s employment
hereunder. 

  
 11 

 10.2 Notices. All notices, requests and other communications (collectively,
“Notices”) given pursuant to this Agreement will be in writing, and may be delivered by facsimile transmission with a copy delivered by personal service or by United States first class, registered or certified mail (return
receipt requested), postage prepaid, addressed to the party at the address set forth below: 
  

			
	If to the Company:		 Gulfport Energy Corporation
 14313 North May
Avenue, Suite 100
 Oklahoma City, Oklahoma 73134
 Attention:
Board of Directors

		
	If to Executive:		 Aaron Gaydosik
 14313 North May Avenue, Suite
100
 Oklahoma City, Oklahoma 73134
 or

the Executive’s address in the Company’s personnel records

 Any Notice will be deemed duly given when received by the addressee thereof, provided that any Notice
sent by registered or certified mail will be deemed to have been duly given three days from date of deposit in the United States mails, unless sooner received. Either party may from time to time change its address for further Notices hereunder by
giving notice to the other party in the manner prescribed in this Section 10.2. 
 10.3 Governing Law. This Agreement has
been made and entered into in the state of Oklahoma and will be construed in accordance with the laws of the state of Oklahoma without regard to the conflict of laws principles thereof. 

10.4 Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original, but
all of which together will constitute one and the same instrument. 
 10.5 Interpretation. The Compensation Committee or Board of
Directors of the Company will make all determinations under this Agreement and will have the exclusive authority to interpret its terms and conditions. All determinations and interpretations made by the Compensation Committee or Board of Directors
will be final for all purposes and binding on the parties. 
 10.6 Severable Provisions. The provisions of this Agreement are
severable, and if any one or more provisions are determined to be judicially unenforceable, in whole or in part, the remaining provisions will nevertheless be binding and enforceable. 

10.7 Successors and Assigns. This Agreement and all obligations and benefits of Executive and the Company hereunder will bind and inure
to the benefit of Executive and the Company, their respective affiliates, and their respective successors and assigns. 
 10.8 Amendments
and Waivers. No amendment or waiver of any term or provision of this Agreement will be effective unless made in writing. Any written amendment or waiver will 

  
 12 

 
be effective only in the instance given and then only with respect to the specific term or provision (or portion thereof) of this Agreement to which it expressly relates, and will not be deemed
or construed to constitute a waiver of any other term or provision (or portion thereof) waived in any other instance. 
 10.9 Title and
Headings. The titles and headings contained in this Agreement are included for convenience only and form no part of the agreement between the parties. 

10.10 Compliance with Tax Rules for Nonqualified Deferred Compensation Plans. This Agreement is intended to comply with, or otherwise
be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and will be administered, interpreted, and construed in a manner that does not result in the imposition on Executive of any additional tax,
penalty, or interest under Section 409A of the Code. 
 10.10.1 For purposes of Section 409A of the Code, the right to a series of
installment payments under this Agreement will be treated as a right to a series of separate payments. 
 10.10.2 Payment dates provided for
in this Agreement will be deemed to incorporate grace periods that are treated as made upon a designated payment date as provided by Treasury Regulation §1.409A-3(d). 

10.10.3 If the Company determines in good faith that any provision of this Agreement would cause Executive to incur an additional tax,
penalty, or interest under Section 409A of the Code, the Company and Executive will use reasonable efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original intent
of the applicable provision without violating the provisions of Section 409A of the Code. The preceding provisions, however, will not be construed as a guarantee or warranty by the Company of any particular tax effect to Executive under this
Agreement. The Company will not be liable to Executive for any payment made under this Agreement, at the direction or with the consent of Executive, that is determined to result in an additional tax, penalty, or interest under Section 409A of
the Code, nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Section 409A of the Code. 

10.10.4 “Termination of employment,” “Termination Date,” “date of
termination” or words of similar import, as used in this Agreement mean, for purposes of any payments under this Agreement that are payments of deferred compensation subject to Section 409A of the Code, Executive’s
“separation from service” as defined in Treasury Regulation §1.409A-1(h). 
 10.10.5 Payments under Section 6 and
elsewhere in this Agreement will be administered and interpreted to maximize the exceptions to Code Section 409A for short-term deferrals and for separation pay due to involuntary separation from service. Any payment under this Agreement that
is payable during the short-term deferral period (as described in Treasury Regulations §1.409A-1(b)(4)) or that is paid within the involuntary separation pay safe harbor (as described in Treasury Regulations §1.409A-1(b)(9)(iii)) will be
treated as not providing for a 

  
 13 

 
deferral of compensation and will not be aggregated with any nonqualified deferred compensation plans or payments. The Severance Payments under Section 6 will commence on the date
provided in Section 6.1.1, subject to the General Release requirement. It is intended that the Severance Payments will in all events commence 60 days following Executive’s Separation from Service, regardless of which taxable year
Executive actually delivers the executed General Release to the Company. However, if the Severance Payments are deferred compensation subject to Code Section 409A and if the period during which Executive has discretion to execute or revoke the
General Release required in Section 6.1.3 exceeds 60 days from the date of termination, the payments will commence on the eighth day following receipt by the Company of Executive’s executed General Release. If the period during
which Executive has discretion to execute or revoke the General Release required in Section 6.1.3 straddles two taxable years of Executive, then the Company will commence the Severance Payments in the second of such taxable years.
Executive may not, directly or indirectly, designate the calendar year of the commencement of any payment hereunder. Notwithstanding the foregoing, amounts payable hereunder which are not nonqualified deferred compensation, or which may be
accelerated pursuant to Section 409A, such as distributions for applicable tax payments, may be accelerated, but not deferred, at the sole discretion of the Company. 

10.10.6 Notwithstanding anything to the contrary in this Agreement, to the extent required to comply with Section 409A of the Code, if
Executive is deemed by the Board (or its delegate), in its sole discretion, to be a “specified employee” for purposes of Section 409A(a)(2)(B) of the Code, Executive agrees that any non-qualified deferred compensation payments due to
Executive under this Agreement in connection with a termination of Executive’s employment that would otherwise have been payable at any time during the period immediately following such termination of employment and ending on the date that is
six months after the Termination Date (or if earlier, Executive’s date of death) will not be paid prior to, and will instead be payable in a lump sum on the first business day following the end of such non-payment period. 

10.11 Survival. Notwithstanding anything to the contrary contained herein, the provisions of Section 4,
Section 8, Section 9, and Section 10 will survive the termination of this Agreement. 
 [Signatures on
following page] 

  
 14 

 IN WITNESS WHEREOF, each of the parties has signed this Agreement on the date opposite their
signature below. 
  

							
					THE “COMPANY”
					GULFPORT ENERGY CORPORATION
				
	Date: March 13, 2015				By:		 /s/ MICHAEL G. MOORE

							Michael G. Moore
							Chief Executive Officer
			
					THE “EXECUTIVE”
			
	Date: March 12, 2015				 /s/ AARON GAYDOSIK

					Aaron Gaydosik, in his individual capacity

 Signature page to Employment Agreement 

 EXHIBIT A 

GENERAL RELEASE OF ALL CLAIMS 

This general release (this “Agreement”) is entered into pursuant to the terms and conditions of the Employment Agreement, originally
effective as of             , 2014 (“Employment Agreement”), between Aaron Gaydosik (“Executive”) and Gulfport Energy Corporation (the “Company”). In exchange
for and in consideration of the benefits described in the Employment Agreement (the “Severance Benefits”), Executive, on behalf of Executive and his agents, representatives, administrators, receivers, trustees, estates, heirs, devisees,
assignees, legal representatives, and attorneys, past or present (as the case may be), hereby irrevocably and unconditionally releases, discharges, and acquits all the Released Parties (as defined below) from any and all claims, promises, demands,
liabilities, contracts, debts, losses, damages, attorneys’ fees and causes of action of every kind and nature, known and unknown, asserted and unasserted, accrued or unaccrued, liquidated or contingent, direct or indirect up to the effective
date of this Agreement, including but not limited to causes of action, claims or rights arising out of, or which might be considered to arise out of or to be connected in any way with (i) Executive’s employment with the Company or the
termination thereof; (ii) Executive’s employment agreement, or offer letter or any other agreements between Executive and the Company or the termination thereof; (iii) any treatment of Executive by any of the Released Parties, which
will include, without limitation, any treatment or decisions with respect to hiring, placement, promotion, discipline, work hours, demotion, transfer, termination, compensation, performance review, or training; (iv) any statements or alleged
statements by the Company or any of the Released Parties regarding Executive, whether oral or in writing; (v) any damages or injury that Executive may have suffered, including without limitation, emotional or physical injury, compensatory
damages, or lost wages; or (vi) employment discrimination, which will include, without limitation, any individual or class claims of discrimination on the basis of age, disability, sex, race, religion, national origin, citizenship status,
marital status, sexual preference, or any other basis whatsoever. 
 Said release will be construed as broadly as possible and will also
extend to release the Released Parties, without limitation, from any and all claims that Executive has alleged or could have alleged, whether known or unknown, accrued or unaccrued, against any Released Party for violation(s) of any of the
following: the National Labor Relations Act, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act; the Civil Rights Act of 1991; Sections 1981-1988 of Title 42 of the United States Code; the
Equal Pay Act; the Employee Retirement Income Security Act of 1974, as amended; the Immigration Reform Control Act, as amended; the Americans with Disabilities Act of 1990, as amended; the Fair Labor Standards Act, as amended; the Occupational
Safety and Health Act, as amended; any other federal, state, or local law or ordinance; any public policy, whistleblower, contract, tort, or common law; and any demand for costs or litigation expenses, except as otherwise provided in the Employment
Agreement, including but not limited to attorneys’ fees. 
 The term “Released Parties” or “Released Party” as used
herein will mean and include: the Company and its parents, subsidiaries, affiliates, investors and all of their predecessors and successors (collectively, the “Released Entities”), and with respect to each such Released Entity, all of its
former, current, and future officers, directors, agents, representatives, employees, servants, owners, shareholders, partners, joint venturers, investors, attorneys, insurers, administrators, and fiduciaries, and any other persons acting by,
through, under, or in concert with any of the persons or entities listed herein. 

 Pursuant to the Older Workers Benefit Protection Act of 1990, Executive understands and
acknowledges that by executing this Agreement and releasing all claims against any of the Released Parties, he has waived any and all rights or claims that he has or could have against any Released Party under the Age Discrimination in Employment
Act, which includes any claim that any Released Party discriminated against Executive on account of his age. Executive also acknowledges the following: 

(a) The Company, by this written Agreement, has advised Executive to consult with an attorney prior to executing this Agreement; 

(b) Executive has had the opportunity to consult with his own attorney concerning this Agreement and Executive acknowledges that this
Agreement is worded in an understandable way; 
 (c) The rights and claims waived in this Agreement are in exchange for additional
consideration over and above anything to which Executive was already undisputedly entitled; 
 (d) This Agreement does not include claims
arising after the Effective Date of this Agreement (as defined below), provided, however, that any claims arising after the Effective Date of this Agreement from the then-present effect of acts or conduct occurring before the Effective Date of this
Agreement will be deemed released under this Agreement; and 
 (e) The Company has provided Executive the opportunity to review and consider
this Agreement for twenty-one (21) days from the date Executive receives this Agreement. At Executive’s option and sole discretion, Executive may waive the twenty-one (21) day review period and execute this Agreement before the
expiration of twenty-one (21) days. In electing to waive the twenty-one (21) day review period, Executive acknowledges and admits that he was given a reasonable period of time within which to consider this Agreement and his waiver is made
freely and voluntarily, without duress or any coercion by any other person. 
 Executive may revoke this Agreement within a period of seven
(7) days after execution of this Agreement. Executive agrees that any such revocation is not effective unless it is made in writing and delivered to the Company by the end of the seventh (7th) calendar day. Under any such valid revocation,
Executive will not be entitled to any severance pay or any other benefits under this Agreement. This Agreement becomes effective on the eighth (8th) calendar day after it is executed by both parties. 

Executive confirms that no claim, charge, or complaint against any of the Released Parties, brought by him, exists before any federal, state,
or local court or administrative agency. Executive hereby waives his right to accept any relief or recovery, including costs and attorney’s fees, from any charge or complaint before any federal, state, or local court or administrative agency
against any of the Released Parties, except as such waiver is prohibited by law. 
 The existence, terms, and conditions of this Agreement
are and will be deemed to be confidential and will not hereafter be disclosed by Executive to any other person or entity, except 

 
(i) as may be required by law, regulation or applicable securities exchange requirements; and (ii) to Executive’s attorneys, spouse, accountants and/or financial advisors, provided that
the person to whom disclosure is made is made aware of the confidentiality provisions of this Agreement and such person/s agrees to keep the terms of this Agreement confidential. Executive further agrees not to solicit or initiate any demand by
others not party to this Agreement for any disclosure of the existence, terms, and conditions of this Agreement. 
 Executive agrees that he
will not, unless otherwise prohibited by law, at any time hereafter, participate in as a party, or permit to be filed by any other person on his behalf or as a member of any alleged class of person, any action or proceeding of any kind, against the
Company, or its past, present, or future parents, subsidiaries, divisions, affiliates, employee benefit and/or pension plans or funds, successors and assigns and any of their past, present or future directors, officers, agents, trustees,
administrators, attorneys, employees or assigns (whether acting as agents for the Company or in their individual capacities), with respect to any act, omission, transaction or occurrence up to and including the date of the execution of this
Agreement. Executive further agrees that he will not seek or accept any award or settlement from any source or proceeding with respect to any claim or right covered by this paragraph and that this Agreement will act as a bar to recovery in any such
proceedings. 
 Executive agrees that neither this Agreement nor the furnishing of the consideration set forth in this Agreement will be
deemed or construed at any time for any purpose as an admission by the Released Parties of any liability or unlawful conduct of any kind. Executive further acknowledges and agrees that the consideration provided for herein is adequate consideration
for Executive’s obligations under this Agreement. 
 This Agreement will be governed by and construed in accordance with the laws of
the State of Oklahoma without regard to its conflicts of law provisions. If any provision of this Agreement other than the general release set forth above is declared legally or factually invalid or unenforceable by any court of competent
jurisdiction and if such provision cannot be modified to be enforceable to any extent or in any application, then such provision immediately will become null and void, leaving the remainder of this Agreement in full force and affect. If any portion
of the general release set forth in this Agreement is declared to be unenforceable by a court of competent jurisdiction in any action in which Executive participates or joins, Executive agrees that all consideration paid to him under the Employment
Agreement will be offset against any monies that he may receive in connection with any such action. 
 This Agreement, together with the
Employment Agreement, sets forth the entire agreement between Executive and the Released Parties and it supersedes any and all prior agreements or understandings, whether written or oral, between the parties, except as otherwise specified in this
Agreement or the Employment Agreement. Executive acknowledges that he has not relied on any representations, promises, or agreements of any kind made to him in connection with his decision to sign this Agreement, except for those set forth in this
Agreement. 
 This Agreement may not be amended except by a written agreement signed by both parties, which specifically refers to this
Agreement. 

 EMPLOYEE ACKNOWLEDGES THAT HE CAREFULLY HAS READ THIS AGREEMENT; THAT HE HAS HAD THE OPPORTUNITY
TO THOROUGHLY DISCUSS ITS TERMS WITH COUNSEL OF HIS CHOOSING; THAT HE FULLY UNDERSTANDS ITS TERMS AND ITS FINAL AND BINDING EFFECT; THAT THE ONLY PROMISES MADE TO SIGN THIS AGREEMENT ARE THOSE STATED AND CONTAINED IN THIS AGREEMENT; AND THAT HE IS
SIGNING THIS AGREEMENT KNOWINGLY AND VOLUNTARILY. EMPLOYEE STATES THAT HE IS IN GOOD HEALTH AND IS FULLY COMPETENT TO MANAGE HIS BUSINESS AFFAIRS AND UNDERSTANDS THAT HE MAY BE WAIVING SIGNIFICANT LEGAL RIGHTS BY SIGNING THIS AGREEMENT. 

IN WITNESS WHEREOF, Executive has executed this Agreement as of the date set forth below. 

 

							
	AGREED AND ACCEPTED		
		
	  
		
	Aaron Gaydosik, in his individual capacity
			
	Date:		  
		
		
	Sworn to and subscribed before me this      day of         , 20    		
		
	  
		Notary Public

 RECEIPT OF AGREEMENT 

I acknowledge that I received today a copy of Gulfport Energy Corporation’s General Release of all Claims (the “Agreement”). I have been
advised of the following: 
 1) That I have twenty-one (21) days to consider the Agreement. 

2) I have the opportunity to discuss with Gulfport Energy Corporation any questions or concerns I may have regarding the terms or language of
the Agreement. 
 3) I have been advised to see an attorney of my choosing to review the Agreement. 

4) I should not sign the Agreement unless I fully understand its terms and, if I sign the Agreement, I do so of my own free will. 

5) I have seven (7) days after signing the Agreement to revoke the Agreement, and the Agreement will not become effective, enforceable or
binding until this revocation period has expired. Any revocation must be in writing and either postmarked and mailed to or hand-delivered to the Company within seven (7) days after I sign the Agreement. 

6) The Agreement does not waive any rights or claims that may arise after its execution. 

7) In consideration for signing the Agreement, I will be receiving Severance Benefits or benefits in addition to any monies I am already
entitled to. 
 8) No other promises have been made to me beyond the terms of the Employment Agreement and the Agreement. 

 

							
	Dated:		  
				  

							Aaron Gaydosik, in his individual capacity
			
	WITNESS:				
				
	Dated:		  
				  

							Signature
				
							  

							Witness’ printed name and title

 WAIVER OF 21-DAY REVIEW PERIOD – OPTIONAL 

I acknowledge that I was provided with a copy of Gulfport Energy Corporation’s General Release of all Claims (the “Agreement”)
on                     , I have had an opportunity to review the Agreement, have been afforded the opportunity to have it reviewed by an attorney of
my choosing, and have made the voluntary decision to execute the Agreement prior to the expiration of the twenty-one (21) day review period. Therefore, I have executed the Agreement today, and I understand that I have seven (7) days from
today to revoke the Agreement in writing. I further understand that the Agreement will not become effective, enforceable, or binding until this revocation period has expired. 
  

							
	Dated:		  
				  

							Aaron Gaydosik, in his individual capacity
			
	WITNESS:				
				
	Dated:		  
				  

							Signature
				
							  

							Witness’ printed name and title

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