Document:

EX-10.2

 Exhibit 10.2 

EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”) is made and entered into as of April 22, 2014, by and between
Gulfport Energy Corporation, a Delaware corporation (the “Company”), and Ross Kirtley, 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, the Company desires to continue to employ Executive in a new position with Company, and Executive desires to continue 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 continues to employ
Executive, and effective April 22, 2014 Executive agrees to serve, as Chief Operating 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 April 22, 2014 (the “Effective Date”) and will terminate on April 30, 2016 (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 April 30 or any anniversary thereof is hereinafter
referred to as a “Contract Year.” 
  

	3.	COMPENSATION. 

 3.1 Base Salary. Effective April 22, 2014, 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 $325,000 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 means and refers to the then current base salary, as adjusted from time to time in accordance with this Section 3.1. The Company may 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 $338,000 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. 
 3.2.1
Additional Compensation. 
 3.2.1.1 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 (with the actual percentage amount within such 200% maximum to be determined from time to time in the discretion of the Compensation Committee). 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

  
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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 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. 

3.2.2 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. However, 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 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. 

3.3 Benefits. 
 3.3.1
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. 

  
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 3.3.2 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). 
 3.3.3 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). 
 3.3.4
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, 

  
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methods, machinery, procedures, “know-how”, new product or new technology information, formulas, patents, patent applications, product prototypes, product copies, cost of production,
manufacturing, developing or marketing techniques and materials, cost of production, development or marketing time tables, customer lists, strategies related to customers, suppliers or personnel, contract forms, pricing policies and financial
information, volumes of sales, and other information of similar nature, whether or not reduced to writing or other tangible form, and any other Trade Secrets, as defined by Section 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, 

  
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or which relate at the time of conception or reduction to purpose of the Invention to the business of the Company or the Company’s actual or demonstrably anticipated research and
development, or which result from any work performed by 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. 

  
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 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. 
 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
twelve month period following such date had Executive’s employment not been terminated plus his target Annual Bonus at 75% of Base Salary); and 

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 18 month period
immediately following Executive’s Termination Date or until Executive becomes eligible for group health plan benefits from another employer, whichever occurs first, 

  
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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 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 18 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 or upon Death or Disability. 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 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 1.409A-1(h) of the Treasury Regulations. 

6.4 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 

  
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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 second 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 continue to be 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. 
  

	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 

  
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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 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. 

  
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 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. 
  

	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. 
 10.2 Notices. All notices, requests and other communications (collectively, “Notices”) given
pursuant to this Agreement will be in writing, and will 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:		Ross Kirtley
			14313 North May Avenue, Suite 100		
			Oklahoma City, Oklahoma 73134		
			 or
 the Executive’s
address in the Company’s personnel records

  
 11 

 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 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. 

  
 12 

 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 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. 

  
 13 

 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 13, 2015		 /s/ ROSS KIRTLEY

			Ross Kirtley, 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 April 22, 2014 (“Employment Agreement”), between Ross Kirtley (“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		
		
	  
		
	Ross Kirtley, 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:		  
				  

							Ross Kirtley, 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:		  
				  

							Ross Kirtley, in his individual capacity
			
	WITNESS:				
				
	Dated:		  
				  

							Signature
				
							  

							Witness’ printed name and titleExhibit 10.23

 

THIS WARRANT AND THE
SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW.

 

The
Shares evidenced hereby are subject to a Voting Agreement, AS MAY BE AMENDED FROM TIME TO TIME, (a copy of which may be obtained
upon written request from the Company), and by accepting any interest in such Shares the person accepting such interest shall be
deemed to agree to and shall become bound by all the provisions of that Voting Agreement, including certain restrictions on transfer
and ownership set forth therein.

 

This Amended and Restated
[Second] Warrant to Purchase Stock amends and restates, in its entirety, that certain Warrant to Purchase Stock issued by Enumeral
Biomedical Corp. to Square 1 Bank on [___________] in order to reflect (a) the reorganization via merger of Enumeral Biomedical
Corp. as a wholly owned subsidiary of Enumeral Biomedical Holdings, Inc., and (b) an adjustment to the number of shares, class
of stock, and initial exercise price for which the warrant is exercisable as a result of the reorganization.

 

AMENDED AND RESTATED
[SECOND] WARRANT TO PURCHASE STOCK

 

	Corporation: 	Enumeral Biomedical Holdings, Inc.
	Number of Shares: 	[______________]
	Class of Stock:	Common Stock 
	Initial Exercise Price:	$ 0.73 per share
	Issue Date:	July 31, 2014
	Expiration Date: 	[___________________]

 

 

This
Amended and Restated [Second] Warrant Certifies That, for good and valuable consideration, the receipt of which is hereby
acknowledged, Square 1 Bank or its assignee (“Holder”)
is entitled to purchase the number of fully paid and nonassessable shares of the class of securities (the “Shares”)
of the corporation (the “Company”) at the initial exercise price per Share (the “Warrant
Price”) all as set forth above and as adjusted pursuant to Article 2 of this warrant, subject to the provisions and
upon the terms and conditions set forth in this warrant.

 

ARTICLE
1

EXERCISE

 

1.1             
Method of Exercise. Holder may exercise this warrant by delivering this warrant and a duly executed Notice of Exercise
in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion
right set forth in Section 1.2, Holder shall also deliver to the Company a check for the aggregate Warrant Price for the Shares
being purchased.

 

    	

    	 

    

 

 

1.2             
Conversion Right. In lieu of exercising this warrant as specified in Section 1.1, Holder may from time to time convert
this warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares
or other securities otherwise issuable upon exercise of this warrant minus the aggregate Warrant Price of such Shares by (b) the
fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.3.

 

1.3             
Fair Market Value. If the Shares are traded regularly in a public market, the fair market value of the Shares shall
be the closing price of the Shares (or the closing price of the Company’s stock into which the Shares are convertible) reported
for the business day immediately before Holder delivers its Notice of Exercise to the Company. If the Shares are not regularly
traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith
judgment.

 

1.4             
Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this warrant, the Company shall
deliver to Holder certificates for the Shares acquired and, if this warrant has not been fully exercised or converted and has not
expired, a new warrant representing the Shares not so acquired.

 

1.5             
Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of mutilation, on surrender and cancellation of this warrant, the
Company at its expense shall execute and deliver, in lieu of this warrant, a new warrant of like tenor.

 

1.6             
Repurchase on Sale, Merger, or Consolidation of the Company.

 

    1.6.1       
“Acquisition.” For the purpose of this warrant, “Acquisition” means (a) any sale,
license, or other disposition of all or substantially all of the assets (including intellectual property) of the Company, or (b)
any reorganization, consolidation, merger or sale of the voting securities of the Company or any other transaction where the holders
of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of
the surviving entity after the transaction.

 

    1.6.2       
Assumption of Warrant. If upon the closing of any Acquisition the successor entity assumes the obligations of this warrant,
then this warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable
upon exercise of the unexercised portion of this warrant as if such Shares were outstanding on the record date for the Acquisition
and subsequent closing. The Warrant Price shall be adjusted accordingly. The Company shall use reasonable efforts to cause the
surviving corporation to assume the obligations of this warrant.

 

    1.6.3       
Nonassumption. If upon the closing of any Acquisition the successor entity does not assume the obligations of this warrant
and Holder has not otherwise exercised this warrant in full, then Holder shall have the option either to (a) deem this warrant
to have been automatically converted pursuant to Section 1.2 and thereafter Holder shall participate in the Acquisition on the
same terms as other holders of the same class of securities of the Company; or (b) require the Company to purchase this warrant
for cash upon the closing of the Acquisition for an amount per Share equal to the Warrant Price.

 

    	2

    	 

    

  

ARTICLE
2

ADJUSTMENTS TO THE SHARES

 

2.1             
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock payable in common stock,
or other securities, or subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this
warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which
Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred.

 

2.2             
Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results
in a change of the number and/or class of the securities issuable upon exercise or conversion of this warrant, Holder shall be
entitled to receive, upon exercise or conversion of this warrant, the number and kind of securities and property that Holder would
have received for the Shares if this warrant had been exercised immediately before such reclassification, exchange, substitution,
or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company of
the same class or series as the Shares to common stock pursuant to the terms of the Company’s Articles of Incorporation upon
the closing of a registered public offering of the Company’s common stock. The Company or its successor shall promptly issue
to Holder a new warrant for such new securities or other property. The new warrant shall provide for adjustments which shall be
as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments
to the Warrant Price and to the number of securities or property issuable upon exercise of the new warrant. The provisions of this
Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events.

 

2.3             
Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by reclassification or otherwise,
into a lesser number of shares, the Warrant Price shall be proportionately increased. If the outstanding Shares are combined or
consolidated, by reclassification or otherwise, into a greater number of shares, the Warrant Price shall be proportionately decreased.

 

2.4             
Adjustments for Diluting Issuances. In the event of the issuance (a “Diluting Issuance”) by
the Company after the Issue Date of securities at a price per share less than the Warrant Price, then the number of shares of common
stock issuable upon conversion of the Shares (but not the Warrant Price) shall be adjusted in accordance with Section 3(b) of that
certain warrant dated July 31, 2014 issued by the Company to the investors in its private placement that apply to Diluting Issuances.

 

    	3

    	 

    

  

2.5             
Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall promptly
compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and
the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting forth
the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price.

 

2.6             
Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of the Warrant and the Number
of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise
or conversion of the Warrant, the Company shall eliminate such fractional share interest by paying Holder amount computed by multiplying
the fractional interest by the fair market value of a full Share.

 

ARTICLE
3

REPRESENTATIONS AND COVENANTS OF THE COMPANY AND HOLDER

 

3.1             
Company Representations and Warranties

 

    3.1.1       
Representations and Warranties. The Company hereby represents and warrants to the Holder as follows:

 

(i)                
The initial Warrant Price referenced on the first page of this warrant is the price per share mandated by operation
of Section 1.8(c) of that certain Agreement and Plan of Merger and Reorganization by and among the Company, Enumeral Biomedical
Corp., and the other parties thereto dated as of July 31, 2014.

 

(ii)              
All Shares which may be issued upon the exercise of the purchase right represented by this warrant, and all securities,
if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable,
and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and
state securities laws.

 

(iii)            
The Company’s capitalization table attached to this warrant is true and complete as of the Issue Date.

 

    3.1.2       
Notice of Certain Events. The Company shall provide Holder with not less than 10 days prior written notice, including
a description of the material facts surrounding, any of the following events: (a) declaration of any dividend or distribution upon
its common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) offering
for subscription pro rata to the holders of any class or series of its stock any additional shares of stock of any class or series
or other rights; or (c) effecting any reclassification or recapitalization of common stock; or (d) the merger or consolidation
with or into any other corporation, or sale, lease, license, or conveyance of all or substantially all of its assets, or liquidation,
dissolution or winding up.

 

    3.1.3       
Information Rights. So long as the Holder holds this warrant and/or any of the Shares, the Company shall deliver to
the Holder (a) promptly after mailing, copies of all communiques to the shareholders of the Company, (b) within one hundred eighty
(180) days after the end of each fiscal year of the Company, the annual audited financial statements of the Company certified by
independent public accountants of recognized standing and (c) within sixty (60) days after the end of each of the first three quarters
of each fiscal year, the Company’s quarterly, unaudited financial statements.

 

    	4

    	 

    

 

 

    3.1.4       
Registration Under Securities Act of 1933, as amended. The Company agrees that the Shares or, if the Shares are convertible
into common stock of the Company, such common stock, shall be “Registrable Securities”.

 

3.2             
Representations and Warranties of Holder.

 

    3.2.1       
Holder represents and warrants to the Company with respect to this purchase as follows:

 

 

			(i) Authorization. Holder has full power and authority to execute, deliver and perform this
Warrant. This Warrant constitutes the valid and legally binding obligation of Holder, enforceable against Holder in accordance
with its terms.

 

			(ii) Purchase Entirely for Own Account. The Warrant is acquired and the Shares will be acquired
for investment for Holder’s own account and not with a view to the distribution of any part thereof. Holder does not have
any contract, undertaking, agreement or arrangement with any person or entity to sell, transfer, or grant participations to such
person or entity or to any third party, with respect to this Warrant or any of the Shares received upon exercise of this Warrant.

 

			(iii) Accredited Investor. Holder understands the term “accredited investor”
as used in Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”) and
Holder is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated under the Securities
Act.

 

			(iv) Restricted Securities. Holder understands that the Shares may not be sold, transferred,
or otherwise disposed of without registration under the Securities Act, or an exemption therefrom, and that in the absence of an
effective registration statement covering the Shares or an available exemption from registration under the Securities Act, the
Shares must be held indefinitely. In the absence of an effective registration statement covering the Shares, Holder will sell,
transfer, or otherwise dispose of the Shares only in a manner consistent with its representations and agreements set forth herein.
Holder further understands that such exemption depends upon, among other things, the bona fide nature of Holder’s investment
intent expressed herein.

 

			(v) Experience. Holder has such knowledge and experience in financial and business maters
and in making high risk investments of this type that it is capable of evaluating the merits and risks of the purchase of the Shares
and is capable of protecting its interest in connection with this transaction. Holder is capable of protecting its interest in
connection with this Warrant. Holder is able to bear the economic risk of such investment, including a complete loss of investment.

 

 

    	5

    	 

    

 

			(vi) Receipt of Information. Holder has been furnished access to the business records of
the Company and such additional information and documents as Holder has requested and has been afforded an opportunity to ask questions
of and receive answers from representatives of the Company concerning the terms and conditions of this Warrant, the purchase of
the Shares upon exercise of the Warrant, the Company’s business, operations, market potential, capitalization, financial
condition and prospects, and all other matters deemed relevant by Holder.

 

			(vii) Holder Address. Holder certifies its primary business address is as set forth in the notice provision of Section
4.7 of this Warrant.

 

ARTICLE
4

MISCELLANEOUS

 

4.1             
Term: Exercise Upon Expiration. This warrant is exercisable in whole or in part, at any time and from time to time on
or before the Expiration Date set forth above; provided, however, that if the Company completes its initial public offering within
the three-year period immediately prior to the Expiration Date, the Expiration Date shall automatically be extended until the third
anniversary of the effective date of the Company’s initial public offering. If this warrant has not been exercised prior
to the Expiration Date, this warrant shall be deemed to have been automatically exercised on the Expiration Date by “cashless”
conversion pursuant to Section 1.2.

 

4.2             
Legends. This warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares,
if any) shall be imprinted with a legend in substantially the following form:

 

THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE
WITH APPLICABLE LAW.

 

4.3             
Compliance with Securities Laws on Transfer. This warrant and the Shares issuable upon exercise of this warrant (and
the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole
or in part without compliance with applicable federal and state securities laws by the transferor and the transferee. The Company
shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder or if there is no material
question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with
Rule 144 (d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and the Company
is provided with a copy of Holder’s notice of proposed sale.

 

    	6

    	 

    

  

4.4             
Transfer Procedure. Subject to the provisions of Section 4.3 and, the Certificate of Incorporation of the Company, as
amended from time to time, Holder may transfer all or part of this warrant or the Shares issuable upon exercise of this warrant
(or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company notice of the
portion of the warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and
surrendering this warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable). No surrender or reissuance
shall be required if the transfer is to an affiliate of Holder.

 

4.5             
Intentionally Omitted. The Warrant and the underlying Shares are subject to the terms and conditions of the Voting Agreement,
and the Holder agrees to execute and deliver any and all amendments or certificates in order to consummate the foregoing.

 

4.6             
LOCK-UP AGREEMENT. If requested by the Company and the managing underwriter, Holder agrees to enter into a lock-up agreement
(the “Lock-up Agreement”) pursuant to which it will not, for a period of no more than 180 days following the
effective date of the first registration statement of the Company’s Initial Public Offering, offer, sell or otherwise dispose
of the Shares or any other equity securities of the Company held. The Lock-up Agreement shall be on commercially reasonable terms
and shall provide that the provisions thereof may be waived with the consent of the Company and the managing underwriter.

 

4.7             
Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed delivered
and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as
may have been furnished to the Company or the Holder, as the case may be, in writing by the Company or such Holder from time to
time. All notices to the Holder shall be addressed as follows:

 

     Square 1 Bank

    Attn: Warrant Administrator

    406 Blackwell Street,
Suite 240

    Crowe Building

    Durham, NC 27701

 

4.8             
Amendments. This warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument
in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

 

4.9             
Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this warrant,
the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including
reasonable attorneys’ fees.

 

4.10          
Governing Law. This warrant shall be governed by and construed in accordance with the laws of the State of North Carolina,
without giving effect to its principles regarding conflicts of law.

 

[Signature Page Follows]

 

 

    	7

    	 

    

 

IN WITNESS WHEREOF, the
undersigned has executed this Amended and Restated [Second] Warrant to Purchase Stock as of the date set forth above.

 

 

	 	ENUMERAL BIOMEDICAL HOLDINGS. INC.
	 	 
	 	By: ______________________________	 
	 	 
	 	Name:_____________________________	 
	 	 
	 	Title:______________________________	 
	 	 

 

 

 

 

 

[Signature Page to
Amended and Restated [Second] Warrant to Purchase Stock]

 

    	8

    	 

    

 

 

Appendix
1

 

NOTICE OF EXERCISE

 

1.          The undersigned
hereby elects to purchase ______________ shares of the ______________ stock of Enumeral
Biomedical Holdings, Inc. pursuant to the terms of the attached warrant, and tenders herewith payment of the purchase
price of such shares in full.

 

1.          The undersigned
hereby elects to convert the attached warrant into shares in the manner specified in the warrant. This conversion is exercised
with respect to ______________ of the shares covered by the warrant.

 

[Strike paragraph
that does not apply.]

 

2.          Please
issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified
below:

 

Square 1 Bank

Attn: Warrant
Administrator

406 Blackwell Street,
Suite 240

Fowler Building

Durham, NC 27701

 

3.          The undersigned
represents it is acquiring the shares solely for its own account and not as a nominee for any other party and not with a view toward
the resale or distribution thereof except in compliance with applicable securities laws.

 

Square
1 Bank or Registered Assignee

 

_______________________________

(Signature)

 

 

_______________________________

(Date)

 

 

 

 

 

9

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