Document:

Exhibit
10.5

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS
AGREEMENT

 

 

 

of

 

 

 

KITARA
HOLDCO CORP.

 

 

  

Dated
as of January 28, 2015

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

		 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 
	 	Section
    1.1   Certain Defined Terms	1
	 	Section
    1.2   Other Definitional Provisions	5
	 	 	 
	ARTICLE II CORPORATE GOVERNANCE	5
	 	 
	 	Section
    2.1   Board Representation	5
	 	Section
    2.2   Committees	8
	 	Section
    2.3   Consent Rights	8
	 	Section
    2.4   Available Financial Information	9
	 	Section
    2.5   Access	11
	 	Section
    2.6   Termination of Rights	11
	 	Section
    2.7   Waiver of Fiduciary Duties	11
	 	 	 
	ARTICLE III TRANSFERS	11
	 	 
	 	Section
    3.1   Rights and Obligations of Transferees	11
	 	 	 
	ARTICLE IV MISCELLANEOUS	12
	 	 
	 	Section
    4.1   Termination	12
	 	Section
    4.2   Amendments and Modifications	12
	 	Section
    4.3   Waivers	12
	 	Section
    4.4   Successors, Assigns and Transferees	12
	 	Section
    4.5   Notices	13
	 	Section
    4.6   Interpretation	14
	 	Section
    4.7   Entire Agreement	14
	 	Section
    4.8   No Third-Party Beneficiaries	15
	 	Section
    4.9   No Other Similar Agreements; Charter and Bylaws	15
	 	Section
    4.10   Governing Law	15
	 	Section
    4.11   Submission to Jurisdiction	15
	 	Section
    4.12   Enforcement	16
	 	Section
    4.13   Severability	16
	 	Section
    4.14   Waiver of Jury Trial	16
	 	Section
    4.15   Counterparts	16
	 	Section
    4.16   Facsimile or Portable Document File Signature	16
	 	Section
    4.17   No Recourse	17
	 	Section
    4.18   Subsidiary Issuances	17

 

    	i

    	 

    

 

STOCKHOLDERS
AGREEMENT

of

KITARA HOLDCO CORP.

 

THIS
STOCKHOLDERS AGREEMENT (this “Agreement”) is entered as of January 28, 2015, by and among Kitara Holdco Corp.,
a Delaware corporation (the “Company”), and each of the Persons listed on Schedule I hereto (the “Stockholders”).

 

RECITALS

 

WHEREAS,
the Stockholders have entered into that certain Unit Exchange Agreement, dated as of October 10, 2014 (the “Exchange
Agreement”), with the Company, Future Ads LLC, a California limited liability company and Kitara Media Corp., a Delaware
corporation;

 

WHEREAS,
following the closing of the transactions contemplated by the Exchange Agreement (the “Exchange Closing”),
the Stockholders will collectively own 53% of the fully diluted shares of the Company’s Common Stock as of the Closing Date
(as defined in the Exchange Agreement); and

 

WHEREAS,
the Company and each of the Stockholders desire to establish herein certain terms and conditions upon which the Common Stock held
by the Stockholders will be held, and providing for certain other matters.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally
bound hereby, the parties agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1 Certain Defined Terms. As used herein, the following terms shall have the following meanings:

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control
with such Person, (ii) any Person directly or indirectly owning or controlling 10% or more of any class of outstanding equity
securities of such Person or (iii) any officer, director, general partner, managing member or trustee of any such Person
described in clause (i) or (ii).

 

“Agreement”
has the meaning set forth in the preamble.

 

“Appointment
Period” has the meaning set forth in Section 2.1(a).

 

    	1

    	 

    

 

“beneficial
owner” or “beneficially own” has the meaning given such term in Rule 13d-3 under the Exchange
Act and a Person’s beneficial ownership of Common Stock or other Voting Securities of the Company shall be calculated in
accordance with the provisions of such Rule; provided, however, that for purposes of determining beneficial ownership,
(i) a Person shall be deemed to be the beneficial owner of any security that may be acquired by such Person, whether within
60 days or thereafter, upon the conversion, exchange or exercise of any warrants, options, rights or other securities and (ii) no
Person shall be deemed to beneficially own any security solely as a result of this Agreement.

 

“Board”
means the Board of Directors of the Company.

 

“Business
Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to
be closed in the City of New York.

 

“Bylaws”
means the Bylaws of the Company, as in effect on the date hereof and as the same may be amended, supplemented or otherwise modified
from time to time in accordance with the terms thereof, the terms of the Charter and the terms of this Agreement.

 

“Change
of Control” means (i) the sale of all or substantially all of the assets of the Company to an Unaffiliated Person;
(ii) a sale resulting in more than 50% of the Voting Securities being held by an Unaffiliated Person; (iii) a merger,
consolidation, recapitalization or reorganization of the Company with or into another Unaffiliated Person.

 

“Charter”
means the Certificate of Incorporation of the Company, as in effect on the date hereof and as the same may be amended, supplemented
or otherwise modified from time to time in accordance with the terms thereof and the terms of this Agreement.

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company and any securities issued in respect thereof,
or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization,
merger, consolidation, exchange or other similar reorganization.

 

“Company”
has the meaning set forth in the preamble.

 

“control”
(including the terms “controlled by” and “under common control with”), with respect to the
relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause
the direction of the affairs or management of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Director”
means any member of the Board.

 

“Equity
Securities” means any and all shares of Common Stock or preferred stock of the Company, and any and all securities of
the Company convertible into or exchangeable or exercisable for (whether or not subject to contingencies or the passage of time,
or both), such shares, including, without limitation, options, warrants and other rights to acquire such shares.

 

    	2

    	 

    

 

“Exchange”
shall mean a United States national securities exchange, including NASDAQ and the New York Stock Exchange.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange
Closing Date” means the date of the Exchange Closing.

 

“Fair
Market Value” means, with respect to any non-cash consideration, the fair market value of such non-cash consideration
as determined in good faith by the Board.

 

“GAAP”
means generally accepted accounting principles, as in effect in the United States of America from time to time.

 

“Immediate
Family” means, with respect to any specified Person, such Person’s spouse, parents, children and siblings, including
adoptive relationships and relationships through marriage, or any other relative of such Person that shares such Person’s
home.

 

“NASDAQ”
means the NASDAQ Global Market.

 

“Original
Shares” means, when used in reference to any one or more Stockholders or a Permitted Transferee, the shares of Common
Stock issued pursuant to the Exchange Agreement or any shares or other securities which such shares of Common Stock may have been
converted into or exchanged for in connection with any exchange, reclassification, dividend, distribution, stock split, combination,
subdivision, merger, spin-off, recapitalization, reorganization or similar transaction.

 

“Permitted
Transferee” means, with respect to any Stockholder, (i) the owners of a Stockholder’s equity interests receiving
Common Stock of the Company in connection with the liquidation of, or a distribution with respect to an equity interest in, such
Stockholder, (ii) any general or limited partner, member, stockholder or Affiliate of a Stockholder, or a trust the beneficiaries
of which include only such general or limited partner, member, stockholder or Affiliate or the beneficiary of any trust that is
a Stockholder or (iii) any member of the Immediate Family of a Stockholder or the beneficiaries of a trust established for estate
planning purposes; provided, however, that in any such case such Transferee shall agree in a writing in the form
attached as Exhibit A hereto to be bound by and to comply with all applicable provisions of this Agreement; provided
further, that in no event shall the Company or any of its Subsidiaries constitute a “Permitted Transferee.”

 

“Person”
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivision thereof.

 

    	3

    	 

    

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated the date hereof, between the Stockholders and the Company.

 

“Related
Party” means, with respect to any specified Person: (i) any Affiliate of such specified Person, or any director,
executive officer, general partner or managing member of such Affiliate; (ii) any Person who serves or within the past five
years has served as a director, executive officer, partner, member or in a similar capacity of such specified Person; (iii) any
Immediate Family member or Affiliate of a Person described in clause (ii); or (iv) any other Person who holds, individually
or together with any Affiliate of such other Person and any member(s) of such Person’s Immediate Family, more than 5% of
the outstanding equity or ownership interests of such specified Person; provided that, for the avoidance of doubt, any
limited partners or members of any Stockholder shall not be Related Parties of such Stockholder solely as a result of such limited
partnership or limited liability company structure.

 

“Representative”
means, with respect to a Person, the officers, directors, employees, agents, accountants, lawyers, advisors, bankers and other
representatives of such person.

 

“Required
Directors” has the meaning set forth in Section 2.3(a).

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Stockholders”
has the meaning set forth in the preamble.

 

“Stockholder
Appointees” has the meaning set forth in Section 2.1(a).

 

“Stockholder
Designees” has the meaning set forth in Section 2.1(b).

 

“Stockholder
Percentage” means, at any time, the quotient of (a) the aggregate number of shares of Common Stock beneficially owned
by the Stockholders and their Permitted Transferees divided by (b) the aggregate number of shares of Common Stock outstanding.

 

“Subsidiary”
means, with respect to any entity, (i) any corporation of which a majority of the securities entitled to vote generally in
the election of directors thereof, at the time as of which any determination is being made, are owned by such first entity, either
directly or indirectly, and (ii) any joint venture, general or limited partnership, limited liability company or other legal
entity of which such first entity is the record or beneficial owner, directly or indirectly, of a majority of the voting interests
or the general partner or managing member.

  

“Subsidiary
Securities” has the meaning set forth in Section 4.18.

 

    	4

    	 

    

 

“Transfer”
means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, voting, receipt of dividends or other distributions, hypothecation or similar disposition of,
any Equity Securities beneficially owned by a Person or any interest in any Equity Securities beneficially owned by a Person,
including, but not limited to, any swap or any other agreement including a transaction that transfers or separates, in whole or
in part, any of the economic consequences of ownership of Equity Securities and/or voting thereof, whether such transaction is
to be settled by delivery of Equity Securities, other securities, cash or otherwise. A Transfer shall not be deemed to have occurred
solely by reason of a change of control of the ultimate controlling Persons as of the date hereof of any of the Stockholders.

 

“Transferee”
means any Person to whom any Stockholder, or any transferee thereof who acquires Equity Securities in accordance with the terms
of this Agreement, Transfers Equity Securities in accordance with the terms hereof.

 

“Unaffiliated
Person” means any Person or Group that is not (i) any of the Stockholders, (ii) a Related Party of any of
the Stockholders, or (iii) a Related Party of the Company.

 

“Voting
Securities” means, at any time, shares of any class of Equity Securities of the Company that confer upon the registered
holder(s) thereof the right to vote generally in the election of Directors.

 

Section 1.2 Other
Definitional Provisions.

 

(a)The
words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article and Section references
are to this Agreement unless otherwise specified.

 

(b)The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

ARTICLE
II

CORPORATE GOVERNANCE

 

Section 2.1 Board
Representation. Subject to Section 2.6, for so long as this Section 2.1 remains in effect:

 

(a)Effective
as of the Exchange Closing and until the first annual meeting of the Company thereafter (the “Appointment Period”)
the Board shall be comprised of up to nine (9) Directors of whom a majority shall be appointees of the Stockholders (acting jointly
by a majority vote of the Original Shares held by the Stockholders) (such persons, the “Stockholder  Appointees”).
Prior to the Exchange Closing, the Stockholders (acting jointly by a majority vote of the Original Shares held by the Stockholders)
shall provide written notice to the Company of those persons who will be the Stockholder Appointees.

 

    	5

    	 

    

 

(b)Beginning
on the date of the first annual meeting of the Company following the Exchange Closing and at each subsequent annual or special
meeting thereafter, as applicable, the Directors will be elected in accordance with the Charter and the Bylaws, and the Stockholders
(acting jointly by a majority vote of the Original Shares held by the Stockholders) shall have the right to designate, nominate
and recommend no fewer than that number of director nominees (the “Stockholder Designees”) for election to
the Board at each annual or special meeting, as applicable, according to the following formula:

 

(i)if
the Stockholder Percentage is greater than or equal to fifty percent (50%), the product (rounded down to the nearest whole number)
of fifty percent (50%) multiplied by the number of Directors then authorized by the Company, plus one director; or

 

(ii)if
the Stockholder Percentage is less than fifty percent (50%) but greater than or equal to twenty percent (20%), then the product
(rounded up to the nearest whole number) of forty percent (40%) multiplied by the number of Directors then authorized by the Company.

 

(c)Except
as otherwise provided in this Agreement or as required by applicable law, no other stockholder of the Company shall be entitled
to appoint a Director to the Board or designate a Person for election to the Board.

 

(d)Unless
the Company has received the consent of the Required Directors to increase or decrease the number of Directors in accordance with
Section 2.3, the Company shall take such action as may be required under applicable law to cause the Board to consist of
no more than seven (7) Directors.

 

(e)During
the Appointment Period, the Company agrees to take all such action as required under applicable law to cause the Stockholder Appointees
to become Directors of the Company; and following the Appointment Period, the Company agrees to nominate, recommend and include
the Stockholder Designees in the slate of nominees that is included in the proxy statement (or consent solicitation or similar
document) of the Company relating to the election of Directors by the holders of Common Stock and shall provide the highest level
of support for the election of such Stockholder Designees as the Company provides to any other individual standing for election
as a Director as part of the Company’s slate of Directors.

 

(f)In
the event that a vacancy of the Board is created at any time by the death, disability, retirement, resignation or removal (with
or without cause) of any Stockholder Appointee or Stockholder Designee, the remaining Directors serving as Stockholder Appointees
or Stockholder Designees, as applicable, shall have the right to fill the vacancy created thereby, and the Company hereby agrees
to take, at any time and from time to time, all actions necessary to accomplish the same.

 

    	6

    	 

    

 

(g)The
Stockholders (acting jointly by a majority vote of the Original Shares held by the Stockholders) shall notify the Company in writing
of each proposed Stockholder Designee a reasonable time in advance of any action taken or annual or special meeting held for the
purpose of electing or appointing such Stockholder Designee, to fill a vacancy and of the mailing of any proxy statement, information
statement or registration statement in which any Board nominee or Board member of the Company would be named, together with all
information concerning such nominee reasonably requested by the Company, so that the Company can comply with applicable disclosure
rules; provided, that, in the absence of such notice, the Stockholders shall be deemed to have designated, nominated
or recommended the same Directors as set forth in the most recent notice delivered to the Company pursuant to this Section 2.1.

 

(h)The
Company shall reimburse each Stockholder Appointee and Stockholder Designee for reasonable out-of-pocket expenses incurred by
them for the purpose of attending meetings of the Board or committees thereof in the same manner that it reimburses other Directors
and agrees that the Stockholder Appointees and Stockholders Designees (other than executive officer Stockholder Appointees and
Stockholder Designees) shall be entitled to the same compensation as other members of the Board (other than executive officer-Directors)
as may be approved from time to time.

 

(i)The
Company agrees to cause at least one meeting of the Board to be held each fiscal quarter, and to make provisions such that any
member of the Board may attend such meetings by remote means (e.g., by telephone or video conference).

 

(j)During
the period that the Stockholder Appointees or Stockholder Designees are Directors, each such Director shall be entitled to the
benefits under any director and officer insurance policy maintained by the Company to the same extent as any similarly situated
Director. The Company agrees that in respect of each Stockholder Appointee and Stockholder Designee that is a Director, the Company
shall duly authorize and enter into an indemnification agreement with such Director as shall be reasonably acceptable to the Director.

 

(k)The
rights of the Stockholders pursuant to this Section 2.1 are personal to the Stockholders and shall not be exercised
by any Transferee other than a Permitted Transferee.

 

(l)Nothing
in this Agreement shall be construed as in any way limiting the number of appointees or nominees the Stockholders may make.

 

    	7

    	 

    

 

Section 2.2 Committees.
Subject to the requirements of applicable Law and the primary Exchange on which the Company’s Common Stock is
then traded, for so long as the Stockholders have the right to appoint or designate Directors pursuant to Section 2.1,
the Company shall cause each executive committee, compensation committee, audit committee or other significant committee
of the Board (including, without limitation, any committee performing the functions usually reserved for the full Board or
the committees described above) (each a “Committee”) to include a number of Stockholder Appointees
or Stockholder Designees, as applicable, such that a majority of the members comprising each Committee are
Stockholder Appointees or Stockholder Designees, as applicable. In the event that the requirements of applicable Law or the
rules of the primary Exchange on which the Company’s Common Stock is then traded prescribe certain qualifications
for such service on a standing committee of a board of directors and no Stockholder Appointee or Stockholder Designee, as
applicable, meets such qualifications (excluding, for this purpose, the “exceptional and limited circumstances”
exception under the Marketplace Rules of NASDAQ), the Stockholders shall be entitled to have at least one Stockholder
Appointee or Stockholder Designee, as applicable, be an observer to such Committee who will not be a member, voting or
otherwise, of such Committee.  Notwithstanding any such observer status, any Committee may hold executive sessions at
which such observer is not permitted to be present and may withhold information from such observer in order to avoid any
conflict of interest or in light of corporate governance concerns, or to comply with applicable Laws, and rules of the
primary Exchange on which the Company’s securities are then traded, in each case as reasonably determined in good faith
by such Committee. The Stockholders agree to cause their Stockholder Appointees or Stockholder Designees, as applicable, to
take all actions necessary to effect the provisions of the precedent sentence of this Section 2.2.

 

Section
2.3 Consent Rights. In addition to any vote or consent of the Board or the stockholders of the Company required by
applicable law or the Charter, and notwithstanding anything in this Agreement to the contrary but subject to Section 2.6,
the Company shall not take (or, to the extent applicable, permit any Subsidiary to take) any of the following actions, or
enter into any arrangement or contract to do any of the following actions, without the consent in writing of at least
two Stockholder Appointees or Stockholder Designees, as applicable (the applicable consent being the consent of
the “Required Directors”), which shall be necessary for authorizing, effecting or validating
such transactions:

 

(a)any
increase or decrease in the size of the Board, committees of the Board, and boards and committees of Subsidiaries of the Company;

 

(b)any
redemption, acquisition or other purchase of any Equity Securities (a “Repurchase”), other than (A) a
Repurchase that has been offered pro rata from to all stockholders of the Company or (B) a Repurchase from an employee or
director in connection with such employee’s or director’s termination or as provided for in the agreement with such
employee or director pursuant to which such Equity Securities were issued;

 

(c)any
payment or declaration of any dividend or other distribution on any Equity Securities, unless such payment, declaration or distribution
is pro rata to all stockholders of the Company;

 

(d)the
creation of any non-wholly owned subsidiaries, or the Transfer or any sale or other disposition of a Subsidiary’s securities
to any Person other than the Company or a wholly owned Subsidiary of the Company (other than any encumbrance of any securities
held in such Subsidiary pursuant to a financing approved by the Board);

 

    	8

    	 

    

 

(e)any
transaction by the Company or any of its Subsidiaries with or involving any Related Party of the Company or any Related Party
of any stockholder of the Company that beneficially owns in excess of 5% of the voting power of the Company, unless (i) the terms
of such transaction are fair and reasonable to the Company, and no less favorable to the Company than could have been obtained
in an arm’s length transaction with a non-Related Party, which shall be deemed conclusively determined if the company shall
have received a fairness opinion to such effect from a nationally-recognized investment bank, (ii) such transaction is exclusively
between or among the Company and its wholly-owned Subsidiaries, or (iii) in respect of director, trustee, officer or employee
compensation (including bonuses) or other benefits (including pursuant to any employment arrangement or any retirement, health,
stock option or other benefit plan) or indemnification arrangements, in each, as determined in good faith by the Board or the
Company’s senior management;

 

(f)any
amendment, repeal or alteration of the Charter or the Bylaws, whether by or in connection with a merger or consolidation or otherwise;

 

(g)any
(i) acquisition by the Company or any Subsidiary of the securities, equity interests or assets of any Person, or the acquiring
by the Company or any Subsidiary by any other manner of any business, properties, assets, or Persons, in one transaction or a
series of related transactions or (ii) disposition of assets of the Company or any Subsidiary or the shares or other equity
interests of any Subsidiary;

 

(h)any
proposed transaction or series of related transactions involving a Change of Control of the Company; and

 

(i)any
plan of liquidation, dissolution or winding-up of the Company and any voluntary bankruptcy or similar filing by the Company and
an of its Subsidiaries.

 

Section 2.4 Available
Financial Information.

 

(a)The
Company shall deliver the following to each Stockholder until such time as such Stockholder and its Affiliates shall cease to
beneficially own any Common Stock:

 

(i)as
soon as available after the end of each month and in any event within 30 days thereafter, a consolidated balance sheet of the
Company and its Subsidiaries as of the end of such month and consolidated statements of operations, income, cash flows, retained
earnings and stockholders’ equity of the Company and its Subsidiaries for each month and for the current fiscal year of
the Company to date, prepared in accordance with GAAP (subject to normal year-end audit adjustments and the absence of notes thereto)
and certified by the principal financial or accounting officer of the Company, together with a comparison of such statements to
the corresponding periods of the prior fiscal year and to the Company’s business plan then in effect and approved by the
Board;

 

    	9

    	 

    

 

(ii)an
annual budget, a business plan and financial forecasts for the Company for the next fiscal year of the Company no later than 30
days before the beginning of the Company’s next fiscal year, in such manner and form as approved by the Board, which shall
include at least a projection of income and a projected cash flow statement for each fiscal quarter in such fiscal year and a
projected balance sheet as of the end of each fiscal quarter in such fiscal year, in each case prepared in reasonable detail,
with appropriate presentation and discussion of the principal assumptions upon which such budgets and projections are based, which
shall be accompanied by the statement of the chief executive officer or chief financial officer or equivalent officer of the Company
to the effect that such budget and projections are based on reasonable and good faith estimates and assumptions made by the management
of the Company for the respective periods covered thereby; it being recognized by such holders that such budgets and projections
as to future events are not to be viewed as facts and that actual results during the period or periods covered by them may differ
from the projected results. Any material changes in such business plan shall be delivered to the Stockholders as promptly as practicable
after such changes have been approved by the Board;

 

(iii)as
soon as available after the end of each fiscal year of the Company, and in any event within 90 days thereafter, (A) the annual
financial statements required to be filed by the Company pursuant to the Exchange Act or (B) a consolidated balance sheet
of the Company and its Subsidiaries as of the end of such fiscal year, and consolidated statements of income, retained earnings
and cash flows of the Company and its Subsidiaries for such year, in each case prepared in accordance with GAAP and setting forth
in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and accompanied by the opinion
of independent public accountants of recognized national standing selected by the Company and a Company prepared comparison to
the Company’s business plan for such year as approved by the Board; and

 

(iv)as
soon as available after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company,
and in any event within 45 days thereafter, (A) the quarterly financial statements required to be filed by the Company pursuant
to the Exchange Act or (B) a consolidated balance sheet of the Company and its Subsidiaries as of the end of each such quarterly
period, and consolidated statements of income, retained earnings and cash flows of the Company and its Subsidiaries for such period
and for the current fiscal year to date, in each case prepared in accordance with GAAP (subject to normal year-end audit adjustments
and the absence of notes thereto) and setting forth in comparative form the figures for the corresponding periods of the previous
fiscal year and to the business plan then in effect as approved by the Board, all in reasonable detail and certified by the principal
financial or accounting officer of the Company.

 

The
reporting obligations set forth in Sections 2.4(a)(iii) and 2.4(a)(iv) shall be deemed automatically satisfied so
long as the Company timely files its quarterly and annual reports with the SEC pursuant to the Exchange Act.

 

(b)Other
Information. The Company covenants and agrees to deliver to each Stockholder until such time as such Stockholders shall cease
to beneficially own any Common Stock, with reasonable promptness, such other information and data (including such information
and reports made available to any lender of the Company or any of its Subsidiaries under any credit agreement or otherwise) with
respect to the Company and each of its Subsidiaries as from time to time may be reasonably requested by any such Stockholder.

 

    	10

    	 

    

 

Section 2.5 Access.
Subject to existing legal or contractual privileges and information restrictions, the Company shall, and shall cause
its Subsidiaries, officers, directors, employees, auditors and other agents, until such time as a Stockholder shall cease
to beneficially own any Common Stock, to (a) afford each Stockholder and its Representatives reasonable access,
during normal business hours and upon reasonable notice, to the officers, employees, auditors, legal counsel, properties,
offices, plants and other facilities and to the books and records of the Company and its Subsidiaries and (b) afford
such Stockholder the opportunity to discuss the Company’s and its Subsidiaries’ affairs, finances and accounts
with the Company’s officers from time to time as each such Stockholder may reasonably request.

 

Section 2.6 Termination
of Rights. Notwithstanding Section 2.1, at such time as the Stockholders, together with their
respective Affiliates and Permitted Transferees, shall cease to collectively beneficially own at least twenty percent (20%)
of the issued and outstanding Common Stock, the Stockholders and their respective Affiliates shall cease to have (i) the
right to appoint or designate any Directors pursuant to Section 2.1 and (ii) any rights pursuant to Sections 2.2, 2.3, 2.4
and 2.5, other than those rights permitted or granted under the Charter, Bylaws or applicable law.

 

Section 2.7 Waiver
of Fiduciary Duties. This Agreement is not intended to, and does not, create or impose any fiduciary duty on any of
the Stockholders hereto or their respective Affiliates.

 

ARTICLE
III

TRANSFERS

 

Section 3.1 Rights
and Obligations of Transferees.

 

(a)No
Transferee of any Stockholder, except a Permitted Transferee, shall be entitled to any rights under this Agreement. A Permitted
Transferee shall be permitted to exercise all rights of the transferring Stockholder under this Agreement with respect to the
Common Stock Transferred.

 

(b)Prior
to the consummation of a Transfer by any Stockholder or any Permitted Transferee to a Permitted Transferee, as a condition thereto,
the applicable Permitted Transferee or subsequent Permitted Transferee shall agree in writing in the form attached as Exhibit A
hereto to assume all of the obligations in this Agreement applicable to the transferring Stockholder or Permitted Transferee
with respect to the Common Stock so Transferred.

 

    	11

    	 

    

 

ARTICLE
IV

MISCELLANEOUS

 

Section 4.1 Termination.
Subject to the early termination of any provision as a result of an amendment to this Agreement agreed to by the Company and
the Stockholders as provided under Section 4.2, the provisions of Article II shall, with respect to each
Stockholder, terminate as provided in the applicable Section of Article II or, if not so provided, as provided in Section 2.6.
Nothing herein shall relieve any party from any liability for the breach of any of the agreements set forth in this
Agreement.

 

Section 4.2 Amendments
and Modifications. Except as otherwise provided herein, no modification, amendment or waiver of any provision of
this Agreement shall be effective without the approval in writing of the Company and Stockholders then holding 80% of
the aggregate Original Shares then held by the Stockholders; provided, that no modification or amendment that
both adversely and disproportionately affects any Stockholder shall be effective unless it is approved in writing by
the Stockholder(s) disproportionately affected; provided further, that any Stockholder may waive in writing the
benefit of any provision of this Agreement with respect to itself for any purpose.

 

Section 4.3 Waivers,
Delays and Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any
party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power
or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence
therein, or of or in any similar breach, default or noncompliance thereafter occurring. No single or partial exercise of any
such right, power, remedy, or any abandonment or discontinuance of steps to enforce such right power or remedy, or any course
of conduct, preclude any other or further exercise thereof or the exercise of any other right, power or remedy. It is
further agreed that any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any
breach, default or noncompliance under this Agreement or any waiver on such party’s part of any provisions or
conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and are
not exclusive of any rights or remedies which they would otherwise have hereunder.

 

Section 4.4 Successors,
Assigns and Transferees. Subject to Section 2.6, this Agreement shall bind and inure to the benefit of and
be enforceable by the parties hereto and their respective successors and permitted assigns; provided that
(i) the Stockholders may assign their respective rights (but may not delegate their obligations) hereunder only to the
extent expressly provided herein and (ii) Permitted Transferees shall have rights and obligations hereunder only if they
become signatories hereto pursuant to Section 3.1(b).

 

    	12

    	 

    

 

Section 4.5 Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date
of delivery if delivered personally, or if by facsimile or e-mail, upon written confirmation of receipt by facsimile, e-mail
or otherwise, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by
a recognized next-day courier service or (c) on the earlier of confirmed receipt or the fifth Business Day following
the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All
notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice:

 

(i)           if
to the Company, to:

 

525
Washington Blvd., Suite 2620

Jersey
City, New Jersey 07310

Attention: Bob Regular

Facsimile: 201-839-3345

E-mail: bob@kitaramedia.com

 

with
a copy (which shall not constitute notice) to:

Graubard Miller

405 Lexington Avenue

New York, New York 10174

Attention: David Alan Miller; Jeffrey M. Gallant

Facsimile: (212) 818-8881

E-mail: dmiller@graubard.com; jgallant@graubard.com

 

(ii)
         if to Family Trust of Jared L. Pobre, U/A DTD 12/13/2004, to:

 

2010
Main St, Suite 900

Irvine,
CA 92614

Attention: Jared L. Pobre

Facsimile: 949-732-1381

with
a copy (which shall not constitute notice) to:

Gibson, Dunn & Crutcher LLP

333 S. Grand Ave.

Los Angeles, CA 90071-3197

Attention: J. Keith Biancamano

Facsimile: (213) 229-6775

E-mail: KBiancamano@gibsondunn.com

 

and

 

David
Shapiro

2010
Main St. Suite 900

Irvine,
CA 92614

Facsimile:
949-379-2829

E-mail:
DShapiro@futureads.com

 

    	13

    	 

    

  

(iii)         if
to Neptune Capital Trust, to:

Brian
Mason

P.O. Box 3104

Avarua,
Rarotonga, Cook Islands

Attention:
Brian Mason

with
a copy (which shall not constitute notice) to:

Gibson, Dunn & Crutcher LLP

333 S. Grand Ave.

Los Angeles, CA 90071-3197

Attention: J. Keith Biancamano

Facsimile: (213) 229-6775

E-mail: KBiancamano@gibsondunn.com

 

and

 

David
Shapiro

2010
Main St. Suite 900

Irvine,
CA 92614

Facsimile:
949-379-2829

E-mail:
DShapiro@futureads.com

 

Section 4.6 Interpretation.
When a reference is made in this Agreement to a Section, Article, or Exhibit, such reference shall be to a Section,
Article, or Exhibit of this Agreement unless otherwise indicated. The table of contents and headings contained in this
Agreement or in any Exhibit are for convenience of reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the
circumstances require. Any capitalized terms used in any Exhibit but not otherwise defined therein shall have the meaning as
defined in this Agreement. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of
this Agreement as if set forth herein. The word “including” and words of similar import when used in this
Agreement will mean “including, without limitation,” unless otherwise specified. The words
“hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision in this Agreement. The term
“or” is not exclusive. The word “will” shall be construed to have the same meaning and effect as the
word “shall.” References to days mean calendar days unless otherwise specified.

 

Section 4.7 Entire
Agreement. This Agreement (including the Exhibits and Schedules hereto), the Exchange Agreement and the
Registration Rights Agreement constitute the entire agreement, and supersede all prior written agreements, arrangements,
communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and
understandings among the parties with respect to the subject matter hereof and thereof. Notwithstanding any oral agreement or
course of action of the parties or their Representatives to the contrary, no party to this Agreement shall be under any legal
obligation to enter into or complete the transactions contemplated hereby unless and until this Agreement shall have been
executed and delivered by each of the parties.

 

    	14

    	 

    

 

Section 4.8 No
Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon any
other Person other than the parties and their respective successors and permitted assigns any legal or equitable right,
benefit or remedy of any nature under or by reason of this Agreement.

 

Section 4.9 No
Other Similar Agreements; Charter and Bylaws. The Company represents and warrants to the Stockholders that, as of the
date hereof, it is not a party to any agreement with any of the other stockholders of the Company or any of their respective
Affiliates relating to the subject matter hereof (or any subject matter of a similar nature) other than this Agreement, the
Exchange Agreement and the Registration Rights Agreement. The Company shall not amend or modify in any way the Charter,
Bylaws or other governing document or approval in a manner that would be inconsistent with the provisions of this Agreement,
including, without limitation, increasing or decreasing the number of authorized Directors.

 

Section 4.10 Governing
Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions
contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware,
without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the
State of Delaware.

 

Section 4.11 Submission
to Jurisdiction. Each of the parties irrevocably agrees that any legal action or proceeding arising out of or relating to
this Agreement brought by any other party or its successors or assigns shall be brought and determined in the Court
of Chancery of the State of Delaware, the courts of the United States of America for the District of Delaware, and
appellate courts thereof, and each of the parties hereby irrevocably submits to the exclusive jurisdiction of the aforesaid
courts for itself and with respect to its property, generally and unconditionally, with regard to any such action or
proceeding arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties agrees
not to commence any action, suit or proceeding relating thereto except in the courts described above in Delaware, other than
actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in
Delaware as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient
service of process and the parties further waive any argument that such service is insufficient. Each of the parties hereby
irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or
otherwise, in any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby,
(a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for
any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal
process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of
execution of judgment, execution of judgment or otherwise) and (c) that (i) the suit, action or proceeding in any
such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or
(iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

    	15

    	 

    

  

Section 4.12 Enforcement.
The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. Accordingly, each of the parties shall
be entitled to specific performance of the terms hereof, including an injunction or injunctions to prevent breaches of
this Agreement and to enforce specifically the terms and provisions of this Agreement in the Court of Chancery of the State
of Delaware, the courts of the United States of America for the District of Delaware and appellate courts thereof, this being
in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereby further
waives (a) any defense in any action for specific performance that a remedy at law would be adequate and
(b) any requirement under any law to post security as a prerequisite to obtaining equitable relief.

 

Section 4.13 Severability.
Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to
be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such
jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
or unenforceable provision or portion of any provision had never been contained herein.

 

Section 4.14 Waiver
of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

Section 4.15 Counterparts.
This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument
and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the
other party.

 

Section 4.16 Facsimile
or Portable Document File Signature. This Agreement may be executed by facsimile or portable document file signature
and a facsimile or portable document file signature shall constitute an original for all purposes.

 

    	16

    	 

    

 

Section 4.17 No
Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each
Stockholder covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments
delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general
or limited partner, trustee, beneficiary or equity holder of any Stockholder or of any Affiliate or assignee thereof, whether
by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or
other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be
imposed on or otherwise be incurred by any current or future director, officer, agent, partner, member, trustee, beneficiary,
or employee of any Stockholder or any Affiliate or assignee thereof, as such for any obligation of any Stockholder under
this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect
of or by reason of such obligations or their creation.

  

Section 4.18 Subsidiary
Issuances  In the event that the Company distributes securities of a Subsidiary
(“Subsidiary Securities”), the Company will prior to or concurrently with the issuance, dividend,
liquidation, merger, consolidation, recapitalization, reorganization or other transaction in which such Subsidiary Securities
will be distributed, cause each applicable Subsidiary to enter into a stockholders agreement with the Stockholders party to
this Agreement providing for the same rights, terms and conditions with respect to such Subsidiary Securities as are provided
for in this Agreement with respect to the Common Stock.

 

[The
remainder of this page is intentionally left blank.]

 

    	17

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	 	KITARA HOLDCO
    CORP.
	 	 	 
	 	By:	/s/
    Robert Regular
	 	 	Name: Robert Regular
	 	 	Title: Chief Executive Officer
	 	 	 
	 	Family
    Trust of Jared L. Pobre, 

U/A DTD 12/13/2004
	 	 	 
	 	By:	/s/
    Jared Pobre
	 	 	Name: Jared Pobre
	 	 	Title: Trustee
	 	 	 
	 	neptune
    capital trust
	 	 	 
	 	By:	/s/
    Brian Mason
	 	 	Name: Brian Mason
	 	 	Title: Managing Trustee

 

Signature
Page to Stockholders Agreement

 

    	

    	 

    

 

Joinder
to Stockholders Agreement

 

Pursuant
to the Stockholders Agreement, dated as of January 28, 2015 (the “Stockholders Agreement”), between Kitara
Holdco Corp., a Delaware corporation (the “Company”), and each of the Stockholders of the Company whose name
appears on the signature pages listed therein (each, a “Stockholder,” and collectively, the “Stockholders”),
[Transferee Name] (the “Transferee”) hereby agrees that upon execution of this Joinder, it shall become a party
to the Stockholders Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Stockholders
Agreement as though an original party thereto and shall be deemed a Stockholder for all purposes thereof. Capitalized terms used
but not defined herein shall have the meanings assigned to them in the Stockholders Agreement.

 

IN
WITNESS WHEREOF, the undersigned has executed this Joinder as of _______________,        .

 

	 	[NAME OF TRANSFEREE]
	 	 
	 	 
	 	Name:	 
	 	Title:	

 

Exhibit A to
Stockholders Agreement

 

    	

    	 

    

 

Schedule
I: Stockholders

 

Family
Trust of Jared L. Pobre, U/A DTD 12/13/2004

Neptune
Capital Trust

 

 

 

 

Schedule I to
Stockholders AgreementEX-10.2

 Exhibit 10.2 

EMPLOYMENT AGREEMENT 

This Amended and Restated Employment Agreement (the “Agreement”) is made and entered into on April 30, 2014, by
and between Gulfport Energy Corporation, a Delaware corporation (the “Company”), and Michael G. Moore, 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 a principal officer of Company, and is experienced in the management and conduct of the Company’s business and, since February 15, 2014, has been the Interim Chief Executive Officer, President, Chief Financial
Officer and Secretary of the Company. 
 WHEREAS, the Company desires to promote Executive to Chief Executive Officer and continue to employ
Executive, and Executive desires to become the Chief Executive Officer and 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 employs Executive, and
Executive agrees to serve, as Chief Executive Officer and President of the Company, upon the terms and subject to the conditions set forth herein. In addition, Executive will continue to serve as Chief Financial Officer on an interim basis until a
successor is appointed. Executive will report directly to the Board of Directors of the Company. Subject to the direction and control of the Board of Directors, Executive will have all the responsibilities and powers normally associated with such
positions and Executive will perform such other duties and responsibilities as may be designated from time to time by the Board. 
 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 continue as of April 22, 2014 (the “Effective Date”) and will terminate on the third anniversary of the Effective Date (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 months period beginning on the Effective Date or any anniversary thereof and ending on the day prior to the 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 $400,000 payable in accordance with the normal payroll procedures of the Company. From time to time at the sole
discretion of the Compensation Committee (the “Compensation Committee”) of the Board of Directors of the Company (the “Board of Directors”), Executive’s Base Salary will be reviewed by the
Compensation Committee and/or the Board of Directors and may be increased, but not decreased, by the Compensation Committee or the Board of Directors in their sole discretion. 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. 
 3.2 Bonus Compensation. 

3.2.1 Annual Cash Bonus. 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 150% of Base Salary subject to
achievement of such performance goals up to a maximum of 300% of Base Salary. The Compensation Committee or the Board may establish threshold performance goals and Annual Bonus amounts that are less than the target Annual Bonus amount, but no amount
of Annual Bonus will be paid for performance results below the threshold performance goals. Performance goals may include a level of performance below which no payment will be made and levels of performance at which specified percentages of the
target Annual Bonus award will be paid as well as a maximum level of performance above which no additional Annual Bonus will be paid. 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; 

  
 2 

 
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 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 your execution of a
document reasonably acceptable to the Company pursuant to which you confirm, ratify and agree that this Agreement and all of its provisions are valid and binding and are enforceable against you in accordance with their terms. 

3.2.2 Cancellation of Retention Bonus. The parties acknowledge that on April 1, 2014, in connection with Executive’s
assumption of duties as Interim Chief Executive Officer the Compensation Committee determined to provide Executive a cash retention bonus equal to $400,000 that would vest and become payable in two equal annual installments, beginning on
February 24, 2015, subject to Executive’s continuous service with the Company (the “2014 Retention Bonus Award”). Executive hereby agrees to rescind and cancel the 2014 Retention Bonus Award in its entirety,
effective as of April 1, 2014. 
 3.2.3 2014 Annual Bonus. For purposes of determining Executive’s 2014 Annual Bonus, the
performance measures, standards, weighting and payout opportunities approved by the Compensation Committee on April 1, 2014 will apply, except the target award level for the performance period will be 150%, instead of 100%. 

3.3 Equity Awards. 

3.3.1 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 Gulfport Energy Corporation 2013 Restated Stock Incentive Plan or such other equity incentive plan or plans then in existence for the benefit of employees, and, subject to Section 3.3.2 below, 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. 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. 

3.3.2 The parties acknowledge that, on February 24, 2014, the Compensation Committee awarded 24,868 shares of restricted stock to
Executive under the Company’s 2013 Restated Stock Incentive Plan as a retention award in connection with his assumption of duties as Interim Chief Executive Officer (the “2014 Retention Equity Award”). Executive hereby
agrees to rescind and cancel the 2014 Retention Equity Award in its entirety, effective as of February 24, 2014. In recognition of your promotion to Chief Executive Officer, your entry into this

  
 3 

 
amended and restated Agreement, and your agreement to rescind the 2014 Retention Equity Award, within five days of the date that both parties execute this Agreement, the Compensation Committee
will grant you a restricted stock award (the “Inducement Award”) in the amount of 40,000 shares of Company common stock. The shares subject to the Inducement Award will become vested and restrictions on transfer will lapse
according to the following schedule: 
  

			
	 Vesting Date
	  	 Number of Shares Vesting

	May 12, 2014	  	13,333 shares
	April 22, 2015	  	13,333 shares
	April 22, 2016	  	13,334 shares

 For Contract Years after the year of grant of the Inducement Award, Executive will be entitled to receive annual grants of
40,000 shares of restricted stock not later than April 30th of such year that will vest in three substantially equal annual installments commencing on or before May 15th in the years granted. 
 3.3.3 Vacation. Executive will be entitled to take up to
five weeks paid vacation for each calendar year during Executive’s employment; 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 Automobile. During the Employment Term, Executive will be entitled to use of a
Company provided automobile, including Company payment of all insurance and maintenance costs. Such automobile will be of a type consistent with the class of vehicle previously provided to Executive by the Company and will be replaced on a basis
consistent with the Company’s previous replacement schedule. 
 3.3.5 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. 

3.3.6 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 

  
 4 

 
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). 
 3.3.7 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. 
  

	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, 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. 

  
 5 

 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, 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

  
 6 

 
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 twenty (120) days in any three hundred sixty
(360) day period (“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 involving the embezzlement, theft or misappropriation of monies or other property, of the Company or otherwise; or (y) any crime of moral turpitude; (ii) gross misconduct in the performance of
Executive’s duties; or (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. 
 5.3 Termination by the
Company without Cause. The employment of Executive hereunder will terminate immediately upon written notice delivered by the Company to the Executive of termination by the Company 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. 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 must be provided by Executive to the Company within 90 days following the
initial occurrence of such event). Executive’s Termination Date as a result of any of the foregoing events must occur within two (2) years of the initial occurrence of any such event. 

  
 7 

	6.	PAYMENTS UPON TERMINATION. 

 6.1 Termination Other Than For Cause. If
Executive’s employment with the Company is terminated (i) by the Company other than for “Cause” (as defined herein), including if the Company provides notice of nonrenewal within 90 days of the end of the Initial Period or any
Extension, (ii) by the Executive for Good Reason, or (iii) as a result of Executive’s Death or Disability (as provided in Section 5.1 herein), then: 

6.1.1 the Company will provide Executive (or Executive’s estate, if applicable) (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 and sick pay 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 6.1.5 and Section 10.10.5, a lump sum payment on the sixtieth
(60th) day following the Termination Date equal to 225% of the amount Executive would have earned as Base Salary during the two-year period following such date had Executive’s employment
not been terminated; and 
 6.1.2 subject to Section 6.1.5, (i) all restricted stock and restricted stock units that have
been granted to Executive by the Company and that would have vested during the three-year period following the Termination Date solely as a result of Executive’s continued service to the Company will immediately vest on the Termination Date,
and (ii) all stock options and stock appreciation rights that have been granted to Executive by the Company and that would have vested during the three-year period following the Termination Date solely as a result of Executive’s continued
service to the Company will immediately vest and become exercisable on the Termination Date and will remain exercisable in accordance with the terms and conditions applicable to such equity award; and 

6.1.3 the Company will continue to provide Executive with the use of a Company provided automobile, as provided in Section 3.3.4,
including payment of all insurance and maintenance costs, for a period that ends on the first to occur of 24 additional months or the Executive’s death; 

6.1.4 subject to Section 6.1.5, the Company will pay the cost for continuation coverage under the Company Group Health Plans (as
defined herein, and to the extent permitted by applicable law and the terms of each Company Group Health Plan) 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. Such premiums 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, 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 

  
 8 

 
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; and 
 6.1.5 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, Section 6.1.2, Section 6.1.3 and Section 6.1.4, 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 or by the Executive because of a
Voluntary Termination. If Executive’s employment with the Company is terminated (i) by the Company for “Cause” (as defined herein), or (ii) by the Executive voluntarily other than for Good Reason, 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 and, subject to the general release requirement in Section 6.1.5, the payment of an
amount equal to the Base Salary amount in effect immediately preceding such termination prorated based on the number of days between the first day of the Contract Year and the Termination Date, divided by 365. 

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 10.10.4 and §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 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, (b) by
the Executive for Good Reason, or (c) as a result of Executive’s death or disability, then, in addition to the benefits provided in Section 6.1 hereof, (i) all restricted stock and restricted stock units that have been
granted to Executive by the 

  
 9 

 
Company and that would have vested at any time after the date of Executive’s termination solely as a result of Executive’s continued service to the Company will immediately vest on the
date of termination; and (ii) all stock options and stock appreciation rights that have been granted to Executive by the Company and that would have vested at any time after the date of Executive’s termination solely as a result of
Executive’s continued service to the Company will immediately vest and become exercisable on the date of termination. 
 7.2
Notwithstanding the provisions of Section 7.1, with respect to Equity Awards issued on or after the effective date of this Agreement, the terms of each Equity Award granted to Executive will provide that such Equity Award will become
100% vested upon the occurrence of a Change in Control. 
 7.3 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 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 

  
 10 

 
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.	NON-SOLICITATION. 

 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. 

 

	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 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

  
 11 

			
	If to Executive:	  	 Michael G. Moore
 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 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. 

  
 12 

 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 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 6.1.5 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 6.1.5 straddles two taxable years of 

  
 13 

 
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 as of the date opposite their
signature below. 
  

							
		 		 	 THE “COMPANY”

GULFPORT ENERGY CORPORATION

				
	Date: April 30, 2014	 		 	By:	 	 /s/ David L. Houston

		 		 	Name:	 	David L. Houston, Chairman of the Board
			
		 		 	THE “EXECUTIVE”
			
		 		 	 /s/ Michael G. Moore

	Date: April 30, 2014	 		 	Michael G. Moore, 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 Michael G. Moore (“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. 

 EXECUTIVE 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. EXECUTIVE 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
	  

	                                
	
	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:	 	  
	 		  	  

		 		  	                                
			
	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:		  
				  

					                                    

			
	WITNESS:				
				
	Dated:		  
				  

					Signature
			
					  

					Witness’ printed name and title

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