Document:

EMPLOYMENT AGREEMENT - LIDDELL

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT, made and entered into as of this 18 day of May,
1999, to be effective as of June 1, 1999 (“Effective Date”), by and between GULFPORT ENERGY CORPORATION, a Delaware corporation, with address of 6307 Waterford Blvd., Suite 100, Oklahoma City, OK 73118, and MIKE LIDDELL, an
individual, residing at 18824 Otter Creek Drive, Edmond, OK 73003 (“Employee”). 
 W I T N E S S E T H: 
 WHEREAS, Employer is engaged in the exploration and development of crude oil and natural gas fields and in the gathering, processing, transportation and
marketing of hydrocarbons and in secondary recovery activities. 
 WHEREAS, Employee is and has been for some time a principal officer of
Employer, and is highly experienced in the management and conducting of the business of Employer. Employer is desirous of entering into an agreement with Employee, whereby said Employee will continue to be employed by Employer in order to serve on
an ongoing basis as the Chief Executive Officer of Employer, upon the terms and conditions hereinafter provided; and 
 WHEREAS, Employee is
willing to enter into this Employment Agreement with Employer to serve as the Chief Executive Officer of Employer, in consideration of the payments to be made to him by Employer, and certain other additional and valuable benefits and inducements to
be granted to him by Employer as hereinafter set forth and in accordance with the conditions hereinafter provided. 
 NOW, THEREFORE, for and
in consideration of the conditions hereinbelow to be performed on the part of the respective parties hereto, and in consideration of the mutual covenants and agreements hereinafter set forth, it is hereby jointly and severally agreed by and between
Employer and Employee as follows, to-wit: 
 1. EMPLOYMENT. Employer hereby employs Employee to render the services and
perform the duties described below for Employer and Employee hereby accepts employment with Employer, upon the terms and conditions hereinafter set forth. 
 2. TERM OF EMPLOYMENT. Subject to the provisions on termination of employment contained in Paragraph 9 herein, the term of the employment provided for herein of Employee by Employer shall be for a period
of five (5) years, beginning on the Effective Date of this Agreement and ending on the date which is the last day prior to the fifth (5th) anniversary of the Effective Date. Subject to the provisions on termination of employment as
provided for in paragraph 9 below, this Agreement shall be automatically renewed for successive terms of one (1) year each, on the date which is the fifth (5th) anniversary date of the Effective Date of this Agreement, and on the
anniversary date of the Effective Date of this Agreement in each ensuing year thereafter, unless within sixty (60) days prior to such renewal date, either party to this Agreement shall notify the other party hereto in writing, that said
Agreement shall terminate and end at the close of the then current employment term. 
  

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 3. DUTIES. Employee shall render services to the Employer as its Chief Executive
officer to the best of his ability for and on behalf of the Employer. The Employee shall comply with all laws, statutes, ordinances, rules and regulations relating to the performances of services for the Employer under this Agreement. During the
term of this Agreement, Employee shall serve as the Chief Executive Officer of Employer, and in that capacity shall, subject to the control of the Board of Directors of Employer, generally supervise, plan and direct the business and affairs of
Employer and shall preside at all meetings of the shareholders of Employer and of the Board of Directors of Employer. As Chief Executive Officer of Employer, Employee shall exercise and perform such other powers and duties as are usually vested in a
president and chief executive or operating officer, or as may be from time to time prescribed or assigned to him by the Employer’s Board of Directors, or as may be otherwise prescribed by the Bylaws of the Employer. The designation by
Employer’s Board of Directors of any other duties or any other titles for Employee during the term of this Agreement shall not affect Employee’s compensation as provided for herein. 
 4. COMPENSATION. 
 a.
During the term of this Agreement, the Employee shall be paid an annual base salary by Employer for the services rendered to Employer by Employee, as described above, in the amount of TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($200,000.00) per year.
This salary shall be payable to Employee in twelve (12) monthly installments of SIXTEEN THOUSAND SIX HUNDRED AND SIXTY SIX AND 66/100 DOLLARS ($16,666.66) per month for each month during which services are rendered by Employee to Employer
during the term of this Agreement. The base salary of TWO HUNDRED THOUSAND AND NO/100 ($200,000.00) to be paid by Employer to Employee each year during the term of this Agreement shall be increased annually in an amount equal to any increase in the
cost of living as determined in accordance with the formula set forth below in this subparagraph a. 
 (i) As promptly as
practicable at the end of each year during the original or extended term of this Agreement, Employer shall compute the increase, if any, in the cost of living, using as the basis of such computation the “Consumer Price Index - Urban Wage
Earners (1967 = 100).” (hereinafter called the Index), as published by the Bureau of Labor Statistics of the United States Department of Labor. 
 (ii) The Index number in the column for Oklahoma City, Oklahoma entitled “all items” for the month which includes the Effective Date of this Agreement, shall be the Base Index Number (“BIN”) and
the corresponding Index number for the month preceding the anniversary month of the Effective Date of this Agreement for each year during the initial term hereof or any renewal thereof, shall be the Current Index Number (“CIN”).

 (iii) The increase in the cost of living on each anniversary of this Agreement shall be determined by dividing the current
Index number (“CIN”) by the Base Index Number (“BIN”) and subtracting the integer 1 from the quotient, in accordance with the following formula: 
 Increase to cost of living = (CIN/BIN) -1 
  

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 (iv) The percentage of increase in the cost of living, determined in the foregoing
manner, shall then be multiplied by $200,000.00, the product of which shall be the amount of annual increase, if any, in the Employee’s base salary to be determined by this subparagraph. The amount so determined shall be added to the amount of
base salary payable to Employee for the ensuing year to be paid in twelve equal, monthly installments. This calculation of adjustment to base salary shall be made for each year during the term of this Agreement or any renewal term thereof.

 (v) Appropriate adjustments shall be promptly made in case there is a published amendment of the Index figures upon which
the foregoing computation is based. Any portion of the increase retroactively due as a result of such an adjustment shall be payable within five days after the computation of the adjustment has been made hereunder. 
 (vi) If publication of the Consumer Price Index is discontinued for any reason, the Employer and Employee shall accept comparable
statistics on the cost of living for the City of Oklahoma City, Oklahoma, as computed and published by an agency of the United States of America, or by a responsible financial periodical of recognized authority to be mutually selected, at such time,
by the Employer and the Employee. 
 b. Employer shall pay Employee the amount determined in subparagraph a above, as adjusted each year for
increases in the Index as set forth above, on a monthly basis on the first day of each month, subject to normal salary deductions for the amount so owing, including, but not limited to, those Social Security, Medicare, Federal and state income
withholding taxes. Employee’s base salary may be increased in the future, other than the annual adjustment for increases in the Index as set forth in subparagraph a above, from time to time, by the action of Employer’s Board of Directors,
based upon Employee’s performance and other relevant factors and Employer’s Board of Directors will review Employee’s salary for the purposes of determining any appropriate increase in the base salary of employee at least annually. In
addition, Employer may, from time to time, enter into supplemental agreements or memoranda in writing with Employee for the award and payment to him of additional compensation or bonuses upon such terms and conditions as Employer shall deem to be in
its best interest and in the event of the execution by Employer of any such agreement or memorandum, the right of Employee to additional compensation or bonuses shall be determined in accordance with the applicable provisions thereof. In the absence
of any such supplemental agreements or memoranda, Employer shall not be obligated to pay to Employee any additional compensation or bonus whatsoever, irrespective of the payments of additional compensation or bonus to Employee in any past or
succeeding year, or the payment of additional compensation or bonus to other employees of Employer at the end of the year, but may do so in the sole discretion of the Employer’s Board of Directors, and the termination of Employer’s Board
of Directors, in the exercise of such discretion, with respect to the payment and amount of any additional compensation or bonus to Employee for any fiscal year of Employer if made, shall be final and conclusive. 
  

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 5. GRANTING OF STOCK OPTIONS. As an additional inducement to Employee to enter into this Agreement
with Employer and to render his services to Employer under a long-term basis and as additional compensation to him for services to be rendered under the provisions of this Agreement, Employer has agreed to grant to Employee certain stock options to
acquire Employer’s Common Stock on or before June 1, 1999. The stock options have been granted by Employer to Employee pursuant to that certain Gulfport Energy Corporation Stock Option Plan (“Plan”) to be enacted by Employer. In
order to evidence these stock options, the Employer has also prepared and will execute and enter into with Employee, contemporaneously with this Agreement, that certain Gulfport Energy Corporation Stock Option Agreement (“Stock Option
Agreement”), which will set forth the terms and conditions of the successive stock options to be granted to Employee by Employer in accordance herewith and the manner and method of exercising such options and acquiring such stock by Employee.
Attached as Exhibit “A” to this Agreement, and by this reference made a part hereof, is an executed copy of the Stock Option Agreement entered into by and between Employer and Employee this same date in fulfillment of the contractual
obligations of Employer. 
 6. ADDITIONAL EMPLOYEE BENEFITS. In addition to the annual base salary, as adjusted,
provided above, Employer agrees to provide to employee, or reimburse Employee for, the following additional benefits and expenses: 
 a.
During the term of this Agreement, Employer shall furnish and provide to Employee, at its sole cost and expense, the following described employee benefits, upon the same basis that Employer accords these same benefits to its other executive
employees. In the event Employer does not provide any of the following benefits to its executive level employees, it shall not be required to initiate a program solely to provide such benefits to Employee. However, if Employer should at any time in
the future provide such benefits to its employees, any such benefits shall also be provided to Employee upon the same basis that it is provided to such other employees of Employer, whether or not such benefit is listed below: 
 (i) Hospitalization, Dental, Accident and Major Medical Insurance Benefits to Employee and all members of Employee’s immediate
family. The opportunity to participate in any group life insurance program on a basis comparable to the participation provided under any plans of such kind to other executive officers of Employer. In any case, Employer will be expected to make
contributions toward the cost of such plans for Employee at the same rate and in the same manner as it makes for its other employees of like status who participate therein. 
 (ii) The right and opportunity to participate in and become vested under and pursuant to the 401 (k) pension and profit sharing plan
maintained by Employer or any other qualified pension and profit sharing plans hereafter maintained by Employer upon the same basis accorded to other full-time employees of Employer. The right to participate in the incentive bonus plan maintained by
Employer on the same basis provided to any other full-time employee of Employer. In addition, Employer shall provide to Employee such other fringe benefits as may be provided by Employer to its executives, or its other employees, in accordance with
the policies heretofore or hereafter adopted by Employer. 
  

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 b. In addition to the compensation above set forth, Employee shall also be entitled to reimbursement by
Employer for his actual out-of-pocket expenses incurred in the conduct of Employer’s business, which shall be limited to ordinary and necessary items and such other valid expenditures as may be determined to be appropriate expenditures on
behalf of Employer by its Board of Directors, from time to time. The reimbursement of said expenses and the amounts and the extent to which they shall be reimbursed shall be decided on a case-by-case basis by the Board of Directors of Employer, as
the case may be; provided, however, the Board of Directors of Employer may, at any time, and from time to time, establish a policy or policies for allowing certain amounts for reimbursements of certain types of specified business expenses, incurred
by Employee. Employee shall, in every instance, wherever practical, support any claims for reimbursement for expenses by adequate proof of such expenditures in the form of cancelled checks, vouchers, bills or in any other forms satisfactory to the
Board of Directors of Employer. 
 c. Employee shall be entitled to such period of vacation as may be permitted by the Board of Directors of
Employer on a case-by-case basis, in its sole discretion, or pursuant to any policy established by the Board of Directors of the Employer for the benefit of its executive employees, from time to time, with pay during any one (1) year of the
term of this Agreement. Employee agrees that he will take vacation days only at such times that will not unduly interfere with or hamper the operation of Employer’s business. 
 7. DISABILITY. 
 a. For purposes of this Agreement, the Employee
shall be deemed to be “disabled” or have a “disability” if the Employee shall have an illness, injury or other physical or mental condition which results in the Employee’s inability to perform substantially the duties he
performed in his employment capacity for Employer under this Agreement to the extent he was performing such duties immediately prior to the commencement of such condition. 
 b. If the Employee shall be disabled for not more than ninety (90) days during any twelve (12) month period of the term of this Agreement, then
the Employee, during the continuance of such disability, shall remain employed by the Employer hereunder, shall continue to receive his base salary and other compensation pursuant to this Agreement and otherwise shall continue to have all of the
rights and be subject to all of the Employee’s obligations and duties under this Agreement other than the obligation and duty to render services to Employer otherwise in accordance with this Agreement during the period of such disability.

 c. If the Employee shall be disabled for more than ninety (90) days during any twelve (12) month period during the term of this
Agreement, but not more than one hundred twenty (120) days during any twelve (12) month period, then, from and after the expiration of the ninetieth (90) day of disability and during the continuance of such disability up to and
including the day immediately preceding the one hundred twentieth (120th) day, the Employee shall be deemed to have taken a leave of absence from Employer commencing on the ninetieth (90th) day of such disability and, during the
continuance of such disability, the following provisions shall apply: 
 (i) Employee’s base salary shall be apportioned
up to and including the ninetieth (90th) day of such disability and from and after the ninetieth (90th) day of such disability and up to and including the day immediately preceding the one hundred twentieth (120th) day of such
disability, the Employer shall pay no salary to the Employee and the Employee shall receive no salary from the Employer. 
  

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 (ii) The Employer, in the sole discretion of its Board of Directors, shall have the right
and power to remove the Employee from the position of Chief Executive Officer of the Employer, or to delegate all or any portion of the Employee’s duties, as Chief Executive Officer of the Employer, to one or more other employees of the
Employer. 
 (iii) The Employee shall otherwise have all of the rights and be subject to all of the Employee’s
obligations and duties under this Agreement, except that the Employee shall have no obligation or duty to render services to the Employer otherwise in accordance with this Agreement during such period of time; provided that Employer shall be excused
from providing any insurance coverage or benefits which by reason of the Employee’s disability, the Employer shall not be able to obtain, continue or maintain at substantially the same cost or expense or substantially the same terms and
conditions that the Employer was able to obtain, continue or maintain immediately prior to the commencement of the Employee’s disability. 
 d. If the Employee shall be disabled for more than one hundred twenty (120) days in any twelve (12) month period during the term of this Agreement, the employment of the Employee hereunder shall cease and terminate pursuant to the
provisions of Paragraph 9 below. 
 e. If Employer and Employee are unable to agree whether the Employee is disabled within the meaning of
this Paragraph 7, then this issue shall be submitted to arbitration in the manner provided for in Paragraph 12 of this Agreement below. 
 8.
CONFIDENTIAL INFORMATION. 
 a. Employee acknowledges that in the Employee’s employment hereunder,
the Employee will be making use of, acquiring and adding to the Employer’s trade secrets and its confidential and proprietary information of a special and unique nature and value relating to such matters as, but not limited to, the
employer’s business operations, internal structure, financial affairs, programs, software, systems procedures, manuals, confidential reports, list of investors, all of which shall be deemed to be confidential information. The Employee
acknowledges that such confidential information has been and will continue to be of central importance to the business of Employer and that disclosure of it to or its use by others could cause substantial loss to Employer. Accordingly, during the
initial term and any renewal term of this Agreement and for a period of five (5) years from and after leaving the employ of Employer for any reason whatsoever, the Employee shall not, for any purpose whatsoever, directly or indirectly, divulge
or disclose to any person or entity any of such confidential information which was obtained by Employee as a result of Employee’s employment with Employer or any trade secrets of the Employer, but shall hold all of the same confidential and
inviolate. 
  

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 b. All contracts, agreements, financial books, records, instruments and documents, investor lists,
memoranda, data, reports, programs, software, tapes, rolodexes, telephone and address books, letters, research, cardex, listings, programming, and any other instruments, records or documents relating or pertaining to the business of the Employer
(collectively the “Records”) shall at all times be and remain the property of Employer. Upon termination of this Agreement and the Employee’s employment under this Agreement for any reason whatsoever, the Employee shall return to
employer all Records (whether furnished by Employer or prepared by Employee). 
 c. All inventions and other creations, whether or not
patented or copyrightable, and all ideas, reports and other creative works, including, without limitation, computer programs, manuals and related materials, made or conceived in whole or in part by the Employee while employed by the Employer which
relate in any manner whatsoever to the business, existing or proposed, of Employer or any other business or research or development effort in which Employer or any of its subsidiaries or affiliates engages in during Employee’s employment by
Employer will be disclosed promptly by the Employee to the Employer and shall be the sole and exclusive property of Employer. 
 9. TERMINATION OF
EMPLOYMENT. 
 In addition to the option and right of Employer and Employee to elect not to renew the term of
this Agreement in accordance with the procedures set forth in Paragraph 2 above, this Employment Agreement shall be terminated only upon the happening of one or more of the following events: 
 a. Employer shall be entitled to terminate the Employee’s employment hereunder for cause upon the occurrence of any one or more of the
following events: 
 (i) the voluntary or involuntary dissolution of Employer; 
 (ii) the voluntary or involuntary liquidation of winding-up of Employer; 
 (iii) the death of Employee, or the disability of Employee for more than one hundred twenty (120) days in any twelve (12) month
period of time during the term of this Agreement pursuant to the provisions of Paragraph 7 of this Agreement above; 
 (iv)
the conviction of Employee for a felony or other crime involving moral turpitude, or which otherwise results in material injury to Employer; 
 (v) the deliberate and intentional refusal (except by reason of disability) by Employee to devote the amount of business time required to perform his duties, after failure to cure such refusal or problem within thirty
(30) days after receiving written notice detailing the alleged refusal or cause for such dismissal under this subparagraph from Employer. 
  

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 (vi) if Employee is placed in bankruptcy, whether voluntary or involuntary (if
involuntary only if the petition is not discharged within a period of 90 days after filed), or Employee makes an assignment for the benefit of his creditors. 
 If Employee dies during the term of this Agreement, any monthly salary due Employee under this Agreement shall be paid to the person or entity designated by Employee, or in the absence of such written designation to
the person or entity designated in Employee’s Last Will and Testament, or, in absence thereof, to his surviving spouse or, if none, to his estate. 
 b. Employer may terminate the employment of Employee under this Agreement, without cause at any time during the term of this Agreement, to be effective not less than sixty (60) days from delivery of
written notice of such termination without cause by Employer to Employee. 
 c. Employee may voluntarily terminate his employment
under this Agreement with Employer, with or without cause, effective not less than sixty (60) days from delivery of written notice of such termination by Employee to Employer. 
 d. Upon termination of the Employee’s employment under this Agreement pursuant to this Paragraph 9, neither party shall thereafter have any further
rights, duties or obligations under this Agreement, except as otherwise specifically provided hereunder, but each party shall remain liable and responsible to the other for all prior obligations and duties hereunder for all acts and omissions of
such party, its agents, servants and employees prior to such termination. 
 10. EMPLOYEE’S RIGHTS TO ADDITIONAL COMPENSATION AND BENEFITS UPON
TERMINATION OF HIS EMPLOYMENT BY EMPLOYER WITHOUT CAUSE. If Employee is terminated under this Agreement by Employer without cause pursuant to the provisions of Paragraph 9B of this Agreement, above, then and in
that sole event, Employee shall be entitled to the following additional rights and benefits by reason thereof. 
 a. Employer shall be
required to pay to Employee, within ten (10) days of the effective date of the termination of Employee’s employment under this Employment Agreement without cause pursuant to the provisions of Paragraph 9b above, an aggregate amount
equal to twelve (12) months of his then current base salary, as set forth and described in Paragraph 4 of this Agreement, above, or as it may have been increased pursuant to the provisions of that paragraph hereafter from time to time.

 b. Upon the effective date of the termination of Employee’s employment under this Agreement by Employer without cause pursuant
to Paragraph 9b of this Agreement, all portions of the Options which have been granted to Employee under the terms and conditions of the Stock Option Agreement in fulfillment of the requirements made in Paragraph 5 of this Agreement which are still
unexercisable shall become immediately exercisable by the Employee under the Stock Option Agreement, including all portions of the Options which, but for the provisions of this subparagraph 10c, would not yet be exercisable under the terms of the
Stock Option Agreement, and such exercisable Options shall expire on their respective expiration dates under the Stock Option Agreement, except as otherwise specifically provided therein. 
  

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 11. REIMBURSEMENT OF DISALLOWED EXPENSES. If any expenses paid by Employer for
Employee or any reimbursement of expenses by Employer to Employee shall, upon audit or other examination of the income tax returns of Employer, be determined to be not allowable deductions from the gross income of Employer and such determination
shall be acceded to by Employer, or such determination shall be made final by the appropriate state or federal taxing authority or a final judgment of a court of competent jurisdiction, and no appeal shall be taken therefrom, or the applicable
period for the filing of a notice of appeal shall have expired, then, and such event, Employee shall rebate to Employer the dollar amount of such disallowed expenses. Such repayment may not be waived by Employer. 
 12. BINDING ARBITRATION. Unless both Employer and Employee expressly agree otherwise in writing, all disputes relating to this
Agreement, or any breach thereof or the meaning and effect of any term and provisions hereof, shall be submitted to binding arbitration by Employer and employee pursuant to the Oklahoma Uniform Arbitration Act, 15 O.S. Section 801, et seq.
(the “Act”) and in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “Rules”). In the event a dispute arises which cannot be informally resolved by the parties hereto, a panel of
three (3) arbitrators shall be selected to settle the dispute. Within twenty (20) days following the demand by either party for arbitration of a dispute arising under this Agreement, Employer shall appoint an arbitrator knowledgeable and
experienced in the oil and gas business and Employee shall appoint an arbitrator knowledgeable and experienced in the oil and gas business. The two (2) arbitrators so appointed shall together appoint a third arbitrator, also knowledgeable and
experienced in the oil and gas business, within twenty (20) days following the appointment of the last arbitrator selected by Employer and Employee. In the event that the two (2) arbitrators selected by the parties hereto are unable to
mutually select a third arbitrator within the twenty (20) day period, the third arbitrator shall be selected by the then presiding judge of the Oklahoma County, Oklahoma District Court. If the presiding judge of the Oklahoma County, Oklahoma
District Court is unable or unwilling to make such selection, the parties will request that the Chief U.S. District Judge of the U.S. District Court for the Western District of Oklahoma make such selection. The panel of three (3) arbitrators
shall then determine a time and a place for the hearing and shall notify the parties in writing personally or by registered mail no less than twenty (20) days before the hearing. The arbitrators will hear the dispute in accordance with the Act
and the Rules. Each party shall be entitled to be represented by counsel. A majority of the arbitrators shall render a final award within twenty (20) days following the conclusion of the hearing which shall be final and binding upon the parties
hereto. The expenses and fees of the third arbitrator mutually selected by the first two (2) arbitrators shall be divided equally between the parties. Each party shall be solely responsible for the expenses and fees of the arbitrator whom it
selected. The arbitrators may include, as part of any award, for the recovery of attorney’s fees by the prevailing party. All other expenses incurred in the conduct of the arbitration shall be divided equally between the parties. Judgment upon
the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  

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 13. MISCELLANEOUS PROVISIONS. 
 a. This Agreement shall be binding upon and shall inure to the benefit of Employer and Employee, and their respective heirs, personal and legal
representatives, successors and assigns. 
 b. In view of the fact that the principal offices of Employer are located in the State of
Oklahoma, and the services to be rendered herein are to be substantially rendered in the State of Oklahoma, it is understood and agreed by the parties hereto that the construction and interpretation of this Agreement shall at all times and in all
respects be governed by the laws of the State of Oklahoma. 
 c. All notices required or permitted herein must be in writing and shall be
deemed to have been duly given on the date of service if served personally or by telecopier, telex or other similar communication to the party or parties to whom notice is to be given, on the next day if notice is effected by overnight mail service,
or on the third business day after mailing, if mailed to the party or parties to whom notice is to be given by registered or certified mail, return receipt requested, postage pre-paid, to the address of such party, as set forth in the first
paragraph of this Agreement, or to such other addresses as any party to this Agreement may designate to the other from time to time for this purpose. Any communication which is mailed by overnight mail or sent by telecopier or telex shall be
confirmed immediately, but failure to so confirm shall not affect the effectiveness of such notice from and after the day on which such notice is actually received. 
 d. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof and any prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 e. This Agreement contains the entire agreement and
understanding by and between Employer and Employee with respect to Employee’s employment by Employer as herein described, and supersedes all prior agreements and understandings between the parties to this Agreement, relating to the subject
matter of this Agreement. No change or modification of this Agreement shall be valid or binding unless the same is in writing and signed by the party intending to be so bound. No waiver of any provision of this Agreement shall be valid unless the
same is in writing and signed by the party against whom such waiver is sought to be enforced. Moreover, no valid waiver of any provision of this Employment Agreement, at any time, shall be deemed to be a waiver of any other provision of this
Employment Agreement at such time, or will be deemed a valid waiver of such provision at any other time. 
 f. This Agreement may be executed
in two (2) or more counterparts, each of which shall be deemed an original, but all of which shall constitute but one and the same instrument. 
 g. Time shall be of the essence with respect to the performance by the parties hereto of their respective obligations hereunder. 
  

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 IN WITNESS WHEREOF, Employer and Employee have duly executed this Employment Agreement as of the day and
year first above written to be effective as of the date stated in the first paragraph above. 
  

			
		 	 GULFPORT ENERGY CORPORATION,
 A Delaware
Corporation

		
		 	 “EMPLOYER”

		
	 By:
	 	/s/ David Houston
		 	 Chairman of the Compensation Committee

		
		 	 “EMPLOYEE”

		
		 	/s/ Mike Liddell
		 	 MIKE LIDDELL

 Employment Agreement Mike Liddell 
  

 11Employment Agreement With John R. Tuttle, dated April 1, 2006

 Exhibit 10.1 
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 Between 
 DayStar and 

John R. Tuttle 
 AMENDED AND
RESTATED EMPLOYMENT AGREEMENT (“Agreement”), executed as of April 1, 2006 (“Commencement Date”) between John R. Tuttle (“Executive”), having an address of 2 Lakeridge Road, Mechanicville, NY 12118,
and DayStar Technologies, Inc., a Delaware corporation (the “Company”), having its principal office at 13 Corporate Drive, Halfmoon, NY 12065. 
 WHEREAS, the Company and Executive have previously entered into an Employment Agreement, dated October 31, 2003, as amended (with such Employment Agreement and its Amendments being collectively referred to as
the “Prior Agreement”); 
 WHEREAS, the Company desires to obtain the services of Executive as its Chairman of the Board, Chief
Executive Officer, and President on terms modified from those reflected in the Prior Agreement, and to enter into an amended and restated employment agreement embodying the terms of such modified relationship; and 
 WHEREAS, Executive is willing to accept such employment by the Company upon the modified terms and conditions as hereinafter set forth; and 

WHEREAS, the Company and Executive desire to enter into this Agreement in order to reflect the modified terms and conditions of Executive’s
employment by the Company, and to supersede and replace with this Agreement the terms of all prior agreements, with respect to the employment of Executive by the Company; with the exception of Executive’s Employee Nondisclosure, Developments
and Non-solicitation Agreement which shall remain in full force and effect, and provided, that stock option agreements and the specific grants relating to specific prior option grants shall not be superseded, 
 NOW, THEREFORE, in consideration of the agreements and covenants contained herein, the Executive and the Company hereby agree as follows: 
 ARTICLE I Employment and Term 
 Section 1.01 Position; Responsibilities. 
 (a) The Company hereby employs Executive as its Chairman of the Board, Chief
Executive Officer, and President upon the terms and conditions hereinafter set forth. 
 (b) Executive shall at all time hold the
position of Chairman of the Board and Chief Executive Officer and perform the duties, responsibilities and authorities customarily associated with such position or other senior management level duties as determined by the Board or its designee, so
long as such other duties are consistent with the Executive’s skills and there is no reduction in Executive’s base pay and bonus target amount. Executive shall report directly and solely to the Board. 
  

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 Section 1.02 Performance of Duties/Other Commitments and Activities. 
 (a) Executive shall at all time endeavor to perform duly and faithfully all of his duties hereunder to the best of his abilities. 
 (b) Executive shall, subject to the direction and supervision of the Board of Directors or its designee, devote his full business time, best efforts and
business judgment, skill and knowledge to the advancement of the Company’s interests and to the discharge of his duties and responsibilities hereunder; provided, however, that nothing herein shall be construed as preventing Executive from
engaging in any of the activities described in clauses (i), (ii), (iii) and/or (iv) below so long as such activities do not violate any other agreements between Executive and the Company: 
 (i) investing his assets in such form or manner as shall not require any material services on his part in the operations or affairs of the
companies or the other entities in which such investments are made; 
 (ii) serving on the board of directors of any company;
provided that he obtains the prior written approval of a majority of the Board of Directors and shall not be required to render any material services with respect to the operations or affairs of any such company; 
 (iii) engaging in religious, charitable, educational or other community or nonprofit activities which do not impair his ability to fulfill
his duties and responsibilities under this Agreement; or 
 (iv) serving in such capacities as may be reasonably necessary for
Executive to maintain his active professional licensing as a member of any professional organization that reasonably relates to his employment with and the business of the Company, so long as such activities do not impair his ability to fulfill his
duties and responsibilities under this Agreement. 
 (c) Executive’s base of operations under this Agreement shall be the Company’s
offices which shall be located in the Albany metropolitan area, which includes Halfmoon, NY. 
 Section 1.03 Term. Executive’s
term of employment under this Agreement (the “Term”) shall commence on the Commencement Date and shall expire on the third anniversary of the Commencement Date; provided, however, that the Term shall be automatically extended for
additional one (1) year periods on the third anniversary of the Commencement Date, and annually thereafter, unless the Executive or the Company has received a written Notice of Non-Renewal delivered no later than ninety (90) days prior to the
anniversary date, pursuant to Section 6.01 below. 
 Section 1.04 Representations and Warranty of Executive. Executive hereby
represents and warrants to the Company that he is not aware of any presently existing fact, circumstance or event (including, but without limitation, any health condition or legal constraint) which would preclude or restrict him from providing to
the Company the services contemplated by this Agreement, or which would give rise to any breach of any term or provision hereof, or which could otherwise result in the termination of his employment hereunder for Cause or Good Reason (as such terms
are defined in Article 3). Any and all agreements between Executive and any prior employer as well as any agreements to which Executive is a party containing any restriction upon Executive’s ability to use or disclose confidential information
or engages in any business activity are listed in Appendix “A” and shall be promptly made available to the Company upon request. 
 Section 1.05 Representations and Warranty of Company. The Company hereby represents and warrants to Executive that it has received all authorizations and has taken all actions, necessary or appropriate for the due execution, delivery
and performance of this Agreement. 
 ARTICLE II Compensation 
 Section 2.01 General. The Company shall compensate Executive for all of his services under this Agreement, as set forth herein. 
  

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 Section 2.02 Basic Compensation. Executive’s initial salary (“Base Salary”) when
annualized shall be at the rate of $200,000 and shall be payable in bi-weekly or other installments in accordance with the Company’s normal payment schedule for senior management (but not less frequently than monthly). The Base Salary
shall be subject to annual review commencing on the anniversary of the Commencement Date and on or about each subsequent anniversary during the Term, and may be increased (but not decreased) by the Board in its sole discretion for subsequent years.

 Section 2.03 Incentive Compensation. Executive shall be eligible to participate in an annual Management Incentive Program for
senior management of the Company currently offered or as subsequently modified by the Board from time to time in its discretion (“Management Incentive Program”). The Executive and the Company agree that Executive’s performance goals
pursuant to the Management Incentive Program shall consist of the Company’s annual performance goals and other specific performance goals for the Executive, as determined by the Board in its discretion. The target incentive compensation payment
(the “Incentive Payment”) for meeting all such goals shall be a percentage of the Base Salary, as deemed appropriate by the Board. If such goals are met, and the Company is otherwise, unable or elects not to make the Management Incentive
Program award, though the Executive has otherwise met the target objectives, such award shall nevertheless accrue as an Incentive Payment to the Executive. 
 Section 2.04 Other Benefits. 
 (a) During the Term, Executive shall be entitled to participate in all
employee benefit plans, including retirement programs, if any, group health care plans, and all fringe benefit plans, of the Company. Such plans shall at all times be comparable to those made available to the senior-most management of the Company.

 (b) In addition, the Company shall provide Executive with the following benefits during the Term: (i) Reimbursement for travel
(including overnight accommodations as reasonably deemed necessary by Executive); (ii) Company paid cell phone and home office communication equipment (fax, internet access, etc.) (without any requirement to maintain records of specific use);
and (iii) Reimbursement for reasonable out-of-pocket home office expenses. 
 (c) During the Term, Executive shall be entitled to
20 days per year of paid vacation in 2006 (excluding amounts accrued for 2003 or 2004) in accordance with the Company’s Vacation Policy and calculations as set forth in the Company Employee Handbook. As of July 1, 2007 (representing
10 years of service to the Company), Executive shall be entitled to an additional 5 days of paid vacation in each calendar year. With respect to all unused vacation time, unless otherwise approved by the Board of Directors and the Compensation
Committee of such Board, Executive shall carry over unused vacation time for periods prior to calendar year in accordance with the Company’s Employee Handbook or supplemental written policies, as determined from time to time. 
 (d) Executive shall also be entitled to such paid holidays and paid sick leave as shall be authorized by the Company for its senior-most officers
pursuant to its written policies, as determined from time to time. 
 Section 2.05 Automobile. Employer will provide to
Executive, during the term of this agreement, reimbursement costs in association with the use of a motor vehicle of Executive’s choice in an amount not to exceed ten thousand ($10,000) dollars per year and will allow Executive to replace the
motor vehicle every two (2) years. This allowance is contingent on Employee’s choice of a gasoline-electric hybrid, or other equally “environmentally-friendly,” automobile. Should Executive choose to keep the same motor vehicle
for more than two (2) years, Employer agrees to replace the motor vehicle at any time subsequent to the expiration of the then current two (2) year term. Employer agrees to reimburse Executive to a maximum value of ten thousand ($10,000)
dollars each year, whether as a reimbursement for a purchase down payment, purchase or lease financing. Employer will pay all motor vehicle operating expenses incurred by Executive in the performance of Executive’s business duties through its
standard mileage reimbursement program. Employer will reimburse the Executive for the motor vehicle allowance in equal 

  

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and consecutive monthly payments of eight hundred and thirty three dollars and thirty-four cents ($833.34) per month. The Employer will procure and maintain
in force a motor vehicle liability policy for the motor vehicle with coverage, including Executive, in the minimum amount of one million ($1,000,000) dollars combined single limit on bodily injury and property damage. 
 Section 2.06 Expense Reimbursements. The Company shall reimburse Executive for all proper expenses incurred by him in the performance of his
duties hereunder in accordance with the policies and procedures of the Company as in effect from time to time. 
 Section 2.07 Excise
Tax. Notwithstanding any other provision of this Agreement, if the aggregate present value of the “parachute payments” to the Executive, determined under Section 280G(b) of the Internal Revenue Code of 1986, as amended (the
“Code”) would be, but for this Section 2.06, at least three times the “base amount” determined under such Section 280G, then the parachute payments otherwise payable under this Agreement (and any other amount payable hereunder or
any other severance plan, program, policy or obligation of the Company) shall be reduced so that the aggregate present value of the parachute payments to the Executive determined under Section 280G, does not exceed 2.99 times the base amount. In no
event, however, shall any benefit provided hereunder be reduced to the extent such benefit is specifically excluded from treatment under Section 280G of the Code as a “parachute payment” or as an “excess parachute payment”. Any
decisions regarding the requirement or implementation of such reductions shall be made by the tax counsel and accounting firm retained by the Company [at the time this Agreement is entered into]. 
 Section 2.08 Withholding. The Base Salary and all other payments to Executive for his services to the Company shall be subject to all withholding
and deductions required by federal, state or other law (including those authorized by Executive but not otherwise required by law), including but not limited to state, federal and local income taxes, unemployment tax, Medicare and FICA, together
with such deductions as Executive may from time to time specifically authorize under any employee benefit program which may be adopted by the Company for the benefit of its senior executives or Executive. 
 ARTICLE III Termination of Employment 
 Section 3.01 Right to Terminate. Executive’s employment hereunder shall be terminable by either party with or without Cause or Good Reason and any such termination shall not constitute a breach of this Agreement, provided the
notice or payment in lieu of notice set forth in subsection 3.02 is provided. 
 Section 3.02 Notice. Executive shall give the Company
at least sixty (60) days’ advance written notice prior to any termination by Executive other than for Good Reason. The Company shall give Executive either at least thirty (30) days’ advance written notice prior to any termination of
Executive by the Company without Cause or thirty (30) days of pay in lieu or such notice. 
 Section 3.03 Termination for Good Reason.
The Executive may terminate employment for Good Reason or without Good Reason. “Good Reason” means: 
 (i) the
assignment to the Executive of any duties or any other action by the Company that results in a material diminution in the Executive’s position or authority, duty, titles, or responsibilities, that is not permitted under Section 1.02(b) of this
Agreement (or in any respect, whether or not permitted under Section 1.02(b) of this Agreement, following a Change of Control) that is not remedied by the Company within sixty (60) days after receipt of written notice thereof from the Executive;

 (ii) any material failure (any failure, whether or not material, following a Change of Control, as defined below) by the
Company to comply with any provision of Section 2 of this Agreement that is not remedied by the Company within sixty (60) days after receipt of written notice thereof from the Executive; 
  

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 (iii) any relocation of the Executive’s principal business location to a location
other than the Halfmoon, New York area (within fifty (50) miles of Halfmoon, NY); or 
 (iv) a failure of the Company to use
its best efforts to maintain directors’ and officers’ liability insurance coverage for Executive. 
 Section 3.04 Procedure for
Termination for Good Reason. A termination of employment by the Executive for Good Reason shall be effectuated by giving the Company written notice (“Notice of Termination for Good Reason”) of the termination, setting forth in
reasonable detail the specific conduct of the Company that constitutes Good Reason and the specific provision(s) of this Agreement on which the Executive relies. A termination of employment by the Executive for Good Reason shall be effective on the
sixtieth (60th) day following the date when the Notice of Termination for Good Reason is given, unless the act or
admission that constitutes the Good Reason is cured prior to the expiration of said period and the Executive is given written notice thereof, the notice sets forth a later date or the Company accepts the Executive’s termination for Good Reason
on an earlier date. 
 Section 3.05 Termination for Cause. The Company shall have the right to terminate Executive’s employment
hereunder for Cause. For purposes hereof, “Cause” shall be defined as the Board’s good faith determination that the Executive has: (i) been convicted of or entered a plea of nolo contendere with respect to a criminal offense
constituting a felony; (ii) committed one or more acts or omissions constituting fraud, embezzlement or breach of a fiduciary duty to the Company; (iii) committed one or more acts constituting gross negligence or willful misconduct; (iv) habitually
abused alcohol or any controlled substance or reported to work under the influence of alcohol or any controlled substance (other than a controlled substance which Employee is properly taking under a current prescription), (v) engaged in harassment
of any employee or customer of the Company in violation of Company policy; (vii) committed a material violation of any Company policy; (viii) been insubordinate or dishonest; (ix) engaged in self-dealing or in any act constituting a conflict of
interest; (ix) exposed the Company to criminal liability through negligence or wrongdoing of any kind; (x) disclosed the Company’s confidential information in violation of his obligations under this Agreement; or (xi) failed, after written
warning from the Board specifying in reasonable detail the breach(es) complained of, to substantially perform his duties under this Agreement (excluding, however, any failure to meet any performance targets or to raise capital). 
 Notwithstanding the foregoing in the event of a Change of Control, a termination by the Company of the Executive for any reason during the twelve (12)
month period immediately following the Change of Control, other than an intentional and malicious act or omission resulting in material adverse consequences to the Company, shall be deemed to be a termination without Cause for all purposes of this
Agreement. 
 Section 3.06 Procedure for Termination for Cause. A termination of the Executive’s employment for Cause shall be
effected in accordance with the following procedures. The Company shall give the Executive written notice (“Notice of Termination for Cause”) of its intention to terminate the Executive’s employment for Cause, setting forth in
reasonable detail the specific conduct of the Executive that it considers to constitute Cause and the specific provision(s) of this Agreement on which it relies and stating the date, time and place of the Special Board Meeting. The “Special
Board Meeting” means a meeting of the Board called and held specifically for the purpose of considering the Executive’s termination for Cause that takes place not less than thirty (30) and not more than sixty (60) days after the Executive
receives the Notice of Termination for Cause. The Executive shall be given an opportunity, together with counsel, to be heard at the Special Board Meeting. The Executive’s termination for Cause shall be effective when and if a resolution is
duly adopted at the Special Board Meeting, stating that, in the good faith opinion of the Board, the Executive is guilty of the conduct described in the Notice of Termination for Cause, such conduct constitutes Cause under this Agreement and in the
case of a termination for Cause as defined in subsection 3.05, such conduct has not ceased or been cured between the date the Executive received the Notice of Termination for Cause and the date of the meeting. 
 Section 3.07 Death. In the event that the Executive dies while employed under this Agreement, the Company’s obligations to Executive under
this Agreement shall immediately cease. All benefits 

  

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accrued to the date of death, including vested securities, health and disability benefits shall inure to the benefit of Executive’s heirs and assigns.

 Section 3.08 Disability. In the event that the Board determines in its sole discretion that Executive has been disabled from
substantially performing his duties for any one hundred and twenty (120) days within any twelve (12) month period while employed under this Agreement, the Company may terminate Executive’s employment for Cause. 
 Section 3.09 Severance Package. 
 (a) Change of Control Severance Package. In the event Executive’s employment under this Agreement is terminated during the Term, after a Change of Control (as defined below) and prior to the thirty (30) day period immediately
following the first anniversary of the Change of Control, (x) by the Company other than for Cause or (y) by Executive for Good Reason, then: 
 (i) As and for a change of control severance package (“Change of Control Severance Package”) Executive shall receive two hundred seventy five percent (275%) of the aggregate of (x) Executive’s
annual Base Salary for the year in which such termination occurs, and (y) the maximum amount of any Incentive Payment payable to Executive for the year in which such termination occurs under the Management Incentive Program applicable to
Executive. Such amount shall be paid either in a single lump sum payment or ratably in accordance with the Company’s normal salary payment schedule for senior management (but not less frequently than monthly) over eighteen (18) months, at
the sole discretion of the Executive. During such 18 month period, the Company shall also provide to Executive under COBRA all Company-paid medical insurance benefits available to other senior executives of the Company, all costs of which shall be
paid by the Company; and 
 (ii) All unvested warrants, options or restricted stock then held by Executive, if any, shall vest
automatically on the of the termination of Executive’s employment. Executive shall in all events be paid all accrued but unpaid Base Salary, earned but unpaid Incentive Compensation for any prior years, reimbursable expenses and other accrued
benefits, if any, through the date of termination. 
 (b) Definition of Change in Control. 
 “Change in Control” shall mean the occurrence of any of the following events: (A) any consolidation or merger of the Company in which the
Company is not the continuing or surviving corporation or which contemplates that all or substantially all of the business and/or assets of the Company shall be controlled by another corporation, in either case where the continuing, surviving or
other corporation both (i) is not directly or indirectly owned by holders of at least 50% of the combined voting power of the Company’s securities outstanding immediately prior to such consolidation or merger and (ii) does not have a board of
directors approved by or consisting of more than one-half of the Company’s Board members as the Board was constituted immediately prior to the transaction, (B) a recapitalization (including an exchange of Company equity securities by the
holders thereof), in either case, in which any “Person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities having the right to vote in the election of directors and the Company does not have a board of
directors approved by or consisting of more than one-half of the Company’s Board members as the Board was constituted immediately prior to the transaction; (C) any sale, lease, exchange or transfer (in one transaction or in a series of related
transactions) of all or substantially all of the assets of the Company and its subsidiaries; (D) approval by the shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company, unless such plan or proposal is
abandoned within 60 days following such approval; or (E) any “Person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act) shall become the beneficial owner (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities having the right to vote in the election of directors. 
  

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 (c) Regular Severance Package. 
 Subject to the conditions set forth in subsection 3.09(d), in the event Executive’s employment under this Agreement is terminated during the Term,
or upon Executive’s receipt of written Notice of Non-Renewal pursuant to paragraph 1.03, above, and prior to or in the absence of a Change of Control (as defined above) by the Company other than for Cause or by Executive for Good Reason, then:

 (i) as and for a severance package (“Regular Severance Package”), Executive shall receive one hundred percent
(100%) of the aggregate of (x) Executive’s annual Base Salary for the year in which such termination occurs, and (y) the amount of any Incentive Payment paid to Executive for the prior year under the Management Incentive Program applicable to
Executive. Such amount shall be paid either in a single lump sum payment or ratably in accordance with the Company’s normal salary payment schedule for senior management (but not less frequently than monthly) over eighteen (18) months, at the
sole discretion of the Company. During such 18 month period, the Company shall also provide to Executive under COBRA all Company-paid medical insurance benefits available to other senior executives of the Company, all costs of which shall be paid by
the Company; and 
 (ii) All unvested warrants, options or restricted stock then held by Executive, if any, that would vest in
the twelve (12) month period immediately following the cessation of Executive’s employment shall vest automatically on the date three (3) months following the termination of Executive’s employment. All other unvested Options or restricted
stock shall immediately be forfeited (subject, however, to any contrary determination of the Board in its sole discretion). 
 (d)
Conditions for Regular Severance Package. 
 Executive shall receive the payments, benefits and vesting of unvested warrants, options or
restricted stock described in subsection 3.09(c), if and only if (i) Executive duly executes, returns to the Company (and does not revoke if a revocation period is included in the sole discretion of the Company) a termination agreement
(“Termination Agreement”) satisfactory to the Company in its sole discretion, which shall include a general release of any and all claims arising our of Executive’s employment or cessation of employment against the Company and any
other persons or entities designated by the Company, other than for payments and benefits set forth in this section 3 and, in the Company’s sole discretion, provisions requiring the Executive not to disparage the Company, not use or disclose
information deemed confidential by the Company, to reasonably cooperate with the Company in transitioning business matters and handling claims and litigation; and (ii) Executive complies with his obligations under this Agreement and the Termination
Agreement. 
 Section 3.10 Accrued Payments. In the event Executive’s employment under this Agreement is terminated during the
Term, by the Company other than for Cause or by Executive for Good Reason, Executive shall in all events be paid all accrued but unpaid Base Salary, earned but unpaid Incentive Compensation for any prior year, reimbursable expenses and other accrued
benefits, if any, through the date of termination. 
 Section 3.11 No Additional Payment or Reduction Due to Mitigation. The parties
agree that the foregoing shall be Executive’s sole and exclusive entitlement under this Agreement by reason of termination by Executive for Good Reason or by the Company other than for Cause. Such payments shall not be reduced or limited by
amounts Executive might earn or be able to earn from other employment or ventures. 
 Section 3.12 Rights on Termination for Cause or
Without Good Reason. No Regular Severance Package or Change of Control Severance Package shall be due or owing to Executive in the event that the Company shall duly terminate Executive’s employment for Cause or in the event that Executive
shall terminate his employment with the Company for reasons other than Good Reason; provided, however, that Executive shall in all events be paid all accrued but unpaid Base Salary, earned but unpaid Incentive Compensation for any prior year,
reimbursable expenses and other accrued benefits, if any, through the date of termination. In addition, in the event that the Company shall terminate Executive’s 

  

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employment for Cause or in the event that Executive shall terminate his employment with the Company for reasons other than Good Reason, then all unvested
Options or restricted stock then held by Executive, if any, shall automatically be forfeited (subject, however, to any contrary determination of the Board in its sole discretion). The parties agree that the foregoing shall be Executive’s sole
and exclusive entitlement under this Agreement by reason of termination by Executive for other than Good Reason or by the Company for Cause. Such payments shall not be reduced or limited by amounts Executive might earn or be able to earn from other
employment or ventures. 
 ARTICLE IV Confidential Information; 
 Inducing Company Employees; Non-Competition 
 Section 4.01 Confidential
Information. Except in the course of his employment with the Company, or as he may be required pursuant to any law or court order or similar process, Executive shall not at any time, either during or after the termination of his employment
hereunder, directly or indirectly disclose or use any secret, proprietary or confidential information or data of the Company or any of its subsidiaries or affiliates without the written consent of the Company; provided, however, that after the
expiration of eighteen (18) months from such termination of employment, the Company’s sole remedy shall be to seek and procure appropriate equitable remedies. In the event of any dispute between Executive and the Company or between Executive or
the Company and others, Executive shall cooperate with the Company as to redaction or other protective measures with respect to any unnecessary public disclosure of any such confidential information or proprietary data. 
 Section 4.02 Noncompetition, Nonsolicitation, etc. 
 (a) During Executive’s employment with the Company and for the periods set forth below after the termination of his employment with Company for any reason whatsoever, Executive shall not, directly or indirectly,
without the Company’s prior written consent, and at the Company’s sole and absolute discretion: 
 (i) for a period
of eighteen (128) months after such termination, on his own behalf or in the service or on behalf of others, solicit, encourage, recruit or attempt to persuade any person to terminate such person’s employment with the Company, whether or
not such person is a full-time employee or whether or not such employment is pursuant to a written agreement or is at-will. 
 (ii) for a period of eighteen (18) months after such termination, employ or establish a business relationship with, or encourage or assist any person or entity to employ or establish a business relationship with, any individual who was
employed by the Company during the preceding twelve (12) month period; or 
 (iii) for a period of eighteen
(18) months after such termination, direct or do any act or thing which may interfere with or adversely affect the relationship (contractual or otherwise) of the Company with any person or entity that is a Customer, Prospective Customer, vendor
or contractor of the Company, or otherwise induce or attempt to induce any such person or entity to cease doing business, reduce or otherwise limit its business with the Company. 
 (iv) for a period of eighteen (18) months from such termination, solicit business from any Customer or Prospective Customer, or do
business with any Customer or Prospective Customer of the Company. 
 (v) for a period of eighteen (18) months after such
termination, directly or indirectly, engage in or be associated with (as a principal, agent, consultant, partner, director, officer, employee, stockholder, investor or otherwise) any person or entity that directly or indirectly, engages in or plans
to engage in, the design, development, invention, implementation, application, manufacture, production, marketing, sale or license of any product or service in direct competition with the Company’s products or services. For purposes of this
Agreement, “Company’s products or services” shall be defined as 

  

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CIGS- based PV products manufactured by a continuous process and/or on a flexible media. Executive is prohibited from engaging in or being associated with
(as described above) any person or entity that engages in or plans to engage in the activities described in this subsection (v) worldwide, including near-space and space markets. Notwithstanding the foregoing, this restriction shall not prevent
Executive from owning up to five percent (5.0%) of the outstanding voting stock of any publicly-traded company. 
 (b) For purposes of
subparagraph (a) above, (i) “Customer” shall mean those persons or entities for whom or which the Company performed services or to whom or which the Company sold or licensed its products, during the twelve months preceding the
cessation of Executive’s employment, and (ii) “Prospective Customer” shall mean persons or entities whose business was solicited by the Company during the twelve months preceding the cessation of Executive’s employment.

 (c) Executive acknowledges and agrees that (i) the Company does business and/or plans to conduct business worldwide, including
near-space and space markets, (ii) the Confidential Information that Executive learns of, obtains, or that is disclosed to him during the course of his employment, is capable of being used anywhere in the world to compete against the Company in
the markets in which it does business and/or plans to conduct business; (iii) the covenants set forth in Sections 4.01, 4.02 and 4.03 of this Agreement are reasonable and necessary in order to protect the legitimate interests of the Company and
Executive is receiving adequate consideration hereunder; (iv) the Company will not have any adequate remedy at law if Executive violates the terms hereof or fails to perform any of my obligations under Sections 4.01, 4.02 and 4.03 of this
Agreement; and (v) the Company shall have the right, in addition to any other rights either may have under applicable law, to obtain from any court of competent jurisdiction preliminary and permanent injunctive relief to restrain any breach or
threatened breach of, or otherwise to specifically enforce any such covenant or any other obligations of Executive under Sections 4.01, 4.02 and 4.03 of this Agreement, as well as to obtain damages and an equitable accounting of all earnings,
profits and other benefits arising from such violation, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. 
 (d) If the period of time or scope of any restriction set forth in this Agreement should be adjudged unreasonable in any proceeding, then the period of
time shall be reduced by such number of months or the scope of the restriction shall be modified, or both, by a court of competent jurisdiction so that such restrictions may be enforceable for such time and in the manner to the fullest extent
adjudged to be reasonable. If Executive violates any of the restrictions contained in subparagraph (a) above, then the restrictive period shall not run in Executive’s favor from the time of the commencement of any such violation until such
time as such violation shall be cured by Executive. 
 Section 4.03 Returning Company Documents and Property. 
 Executive agrees that, at the time of leaving the employ of the Company, or earlier upon request, he shall deliver to the Company (and will not keep in
his possession or control or deliver to anyone else) any and all records, data, notes, reports, information, proposals, lists, correspondence, emails, specifications, drawings, blueprints, sketches, materials, other documents (including but not
limited to on computer discs or drives) of any aforementioned items either developed by Executive pursuant to his employment with the Company or otherwise relating to the business of the Company, retaining neither copies nor excerpts thereof.
Executive also agrees that, at the time of leaving the employ of the Company, or earlier upon request, he shall deliver to the Company all Company property in his possession, including cell phones, computers, computer discs, drives and other
equipment. 
 ARTICLE V Arbitration 
 Section 5.01 Arbitration. In order to obtain the many benefits of arbitration over court proceedings, including speed of resolution, lower costs and fees and more flexible rules of evidence, all disputes
(except those relating to unemployment compensation or workers compensation, and except as provided in Section 5.04(b) below) arising out of Executive’s employment or concerning the interpretation or application of this Agreement or its subject
matter (including without limitation those relating to workplace discrimination and/or harassment on any basis, whatsoever, including but not limited to age, 

  

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race, sex, religion, national origin, disability or perceived disability, as well as any claimed violation of any federal, state or local law, regulation or
ordinance, such as Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Americans with Disabilities Act and their state and local counterparts, if any, including but not limited to any claims of retaliation thereunder)
shall be resolved exclusively by binding arbitration at a location in reasonable proximity to Executive’s last place of employment with the Company, pursuant to the National Rules for the Resolution of Employment Disputes of the American
Arbitration Association. The parties expressly waive their rights to have any such claim resolved by jury trial. The Company shall bear the cost of the Arbitrator’s fee. The Company shall initially bear its filing fees, as well as
Executive’s filing fees in excess of $75.00 upon Executive’s written request to the Company’s Board. The decision, in the Arbitrator’s discretion, may award all or some of Executive’s or the Company’s attorney’s
fees and costs, including filing fees, in addition to any such awards required by law. Arbitration must be demanded within three hundred (300) days of the time when the demanding party knows or should know of the events giving rise to the claim. The
decision of the Arbitrator shall be in writing and set forth the findings and conclusions upon which the decision is based. Notwithstanding the foregoing, the requirement to arbitrate does not apply to the filing of a claim with a federal, state or
local administrative agency. The decision of the Arbitrator shall be final and binding and may be enforced under the terms of the Federal Arbitration Act (9 U.S.C. Section 1 et seq.), but may in addition be set aside or modified by a reviewing court
in the event of a material error of law. Judgment upon the award may be entered, confirmed and enforced in any federal or state court of competent jurisdiction. 
 Section 5.02 Equitable Remedies. Executive agrees that it would be impossible or inadequate to measure and calculate the Company’s damages from any breach of the covenants set forth in Section 4 of this
Agreement. Accordingly, Executive agrees that if he breaches or threatens to breach any of such covenants, the Company will have available, in addition to any other right or remedy available, the right to obtain injunctive and equitable relief of
any type from a court of competent jurisdiction, including but not limited to restraining such breach or threatened breach and to specific performance of any such provision of this Agreement. Executive further agrees that no bond or other security
shall be required in obtaining such equitable relief and Executive hereby consents to the issuance of such injunction and to the ordering of specific performance. 
 ARTICLE VI Miscellaneous 
 Section 6.01 Notices. All notices, requests or other communications
provided for in this Agreement shall be made, if to the Company, to the Secretary of the Company at the Company’s principal executive office, and if to Executive, to his address on the books of the Company (or to such other address as the
Company or Executive may give to the other for purposes of notice hereunder). Copies of all notices given to Executive shall be sent to such person as Executive may designate by written notice to the Company. All notices, requests or other
communications required or permitted by this Agreement shall be made in writing either (a) by personal delivery to the party entitled thereto, (b) by mailing via certified mail, postage prepaid, return receipt requested, in the United States mails
to the last known address of the party entitled thereto, (c) by reputable overnight courier service, or (d) by facsimile with confirmation of receipt. The notice, request or other communication shall be deemed to be received upon actual receipt by
the party entitled thereto; provided, however, that if a notice, request or other communication is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of the Company. 
 Section 6.02 Assignment and Succession. The Company may assign this Agreement in connection with any sale or merger (whether a sale or merger of
stock or assets or otherwise) of the Company or the business of the Company. Executive expressly consents to the assignment of the Agreement, including, but not limited to the restrictions which apply subsequent to the termination of
Executive’s employment, to any new owner of the Company’s business or purchaser of the Company. Executive’s rights and obligations hereunder are personal and may not be assigned, provided, however, in the event of the Executive’s
death or permanent disability, the Executive’s representative may exercise any unexercised Options, and any benefits accrued to the date of death or permanent disability, if any, to the extent permitted by the relevant Option plan agreement or
this Agreement. This Agreement shall inure to the benefit of and be enforceable by Executive’s heirs, beneficiaries and/or legal representatives. 
  

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 Section 6.03 Headings. The Article, Section, paragraph and subparagraph headings in this Agreement
are for convenience of reference only and shall not define or limit the provisions hereof. 
 Section 6.04 Invalidity. If any
provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality or enforceability of the remaining provisions hereof shall not in any way be affected or impaired. 
 Section 6.05 Waivers. No omission or delay by either party hereto in exercising any right, power or privilege hereunder shall impair such right,
power or privilege, nor shall any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof~ or the exercise of any other right, power or privilege. 
 Section 6.06 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. 
 Section 6.07 Entire Agreement. Except as otherwise provided or referred to
herein, this Agreement contains the entire understanding of the parties and supersedes all prior agreements and understandings relating to the subject matter hereof,. Without in any way limiting the extent of this Section 6.07, the terms and
conditions of this Agreement specifically replace and supersede the Prior Agreement in its entirety. This Agreement may not be amended, except by a written instrument hereafter signed by each of the parties hereto. 
 Section 6.08 Interpretation. The parties hereto acknowledge and agree that each party and its or his counsel reviewed and negotiated the terms and
provisions of this Agreement and have contributed to its drafting. Accordingly, (a) the rules of construction to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement,
and (b) the terms and provisions of this Agreement shall be construed fairly as to all parties hereto and not in favor of or against any party regardless of which party was generally responsible for the preparation of this Agreement. Except where
the context requires otherwise, all references herein to Sections, paragraphs and clauses shall be deemed to be reference to Sections, paragraphs and clauses of this Agreement. The words “include”, “including” and
“includes” shall be deemed in each case to be followed by the phrase “without limitation.” 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. 
 Section 6.09 Governing Law. This
Agreement and the performance hereof shall be construed and governed in accordance with the internal laws of the State of New York without reference to principles of conflict of laws. Any court action instituted by Executive or on his behalf
relating in any way to this Agreement or his employment with the Company shall be filed exclusively in federal or state court in the County of Albany, New York and he consents to the jurisdiction and venue of these courts in any action instituted by
the Company against him. 
 Section 6.10 Indemnification. In addition to any additional benefits provided under applicable state law
to Executive as a director and officer of the Company, Executive shall be entitled to the benefits of: (a) those provisions of the Restated Articles of Incorporation and By-Laws of the Company, as amended, which provide for indemnification of
directors and officers of the Company (and no such provision shall be amended in any way to limit or reduce the extent of indemnification available to Executive as a director or officer of the Company), and (b) any Indemnification Agreement between
the Company and Executive. The rights of Executive under such indemnification obligations shall survive the termination of this Agreement and be applicable for so long as Executive may be subject to any claim, demand, liability, cost or expense,
which the indemnification obligations referred to in this Section are intended to protect and indemnify him against. 
 The Company shall, at
no cost to Executive, use its best efforts to at all times include Executive, during the term of Executive’s employment hereunder and for so long thereafter as Executive may be subject to any such claim, as an insured under any directors’
and officers’ liability insurance policy 

  

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maintained by the Company, which policy shall provide such coverage in such amounts as the Board shall deem appropriate for coverage of all directors and
officers of the Company. 
 Section 6.11 Severability. If any provision of this Agreement or application thereof to anyone or under
any circumstances is adjudicated to be invalid or unenforceable by an arbitrator or court of competent jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect
without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. 
 Section 6.12 Executive Acknowledgement. Executive acknowledges and agrees (i) that he has had the opportunity to consult with independent counsel of his own choice concerning this Agreement and has been advised
to do so by the Company, and (ii) that he has read and understands the Agreement, is fully aware of its legal effect, and has entered into it freely based on his own judgment. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by its duly authorized officer and the Executive has signed this Agreement as of
the day and year first above written. 
  

									
	DayStar Technologies, Inc.	 		 	Executive
			
	By: /s/ Stephen A. Aanderud	 		 	By: /s/ John R. Tuttle
	 Name:
	 		 		 	 Name:
	 	
	 Title:
	 		 		 	 Title: Chief Executive Officer, and President

			
	Date: April 3, 2006	 		 	Date: April 3, 2006

  

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