Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
 $650,000,000

 GULFPORT ENERGY CORPORATION 

6.000% Senior Notes due 2024 

REGISTRATION RIGHTS AGREEMENT 

October 14, 2016 
 Credit Suisse Securities (USA)
LLC 
 Scotia Capital (USA) Inc. 
 c/o Credit Suisse Securities
(USA) LLC 
 Eleven Madison Avenue 

New York, New York 10010-3629 
 Dear Sirs: 

Gulfport Energy Corporation, a Delaware corporation (the “Issuer”), proposes to issue and sell to Credit Suisse Securities
(USA) LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., KeyBanc Capital Markets Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., BBVA Securities Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., IBERIA Capital
Partners L.L.C. and Samuel A. Ramirez & Company, Inc., (collectively, the “Initial Purchasers”), upon the terms set forth in a purchase agreement dated October 6, 2016 (the “Purchase Agreement”), $650,000,000
aggregate principal amount of its 6.000% Senior Notes due 2024 (the “Initial Securities”) to be unconditionally guaranteed (the “Guaranties”) by each subsidiary listed on Schedule A hereto (the
“Guarantors” and together with the Issuer, the “Company”). The Initial Securities will be issued pursuant to an Indenture, dated as of October 14, 2016 (the “Indenture”), among the Issuer, the
Guarantors and Wells Fargo Bank, National Association (the “Trustee”). As an inducement to the Initial Purchasers, the Company agrees with the Initial Purchasers, for the benefit of the holders of the Initial Securities
(including, without limitation, the Initial Purchasers), the Exchange Securities (as defined below) and the Private Exchange Securities (as defined below) (collectively the “Holders”), as follows: 

1. Registered Exchange Offer. The Company shall, at its own cost, prepare and file with the Securities and Exchange
Commission (the “Commission”) a registration statement (along with any document or information incorporated by reference therein, the “Exchange Offer Registration Statement”) on an appropriate form under the
Securities Act of 1933, as amended (the “Securities Act”), with respect to a proposed offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof),
who are not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt securities
(the “Exchange Securities”) of the Issuer issued under the Indenture and identical in all material respects to the Initial Securities (except for the transfer restrictions relating to the Initial Securities and the provisions
relating to the matters described in Section 6 hereof) that would be registered under the Securities Act. The Company shall use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective under
the Securities Act within 330 days (or if the 330th day is not a business day, the first business day thereafter) after the date of original issue of the Initial Securities (the “Issue Date”) and shall keep the Exchange Offer
Registration Statement effective for not less than 30 days (or longer, if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the “Exchange Offer
Registration Period”). For purposes of this Agreement, “business day” shall mean a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City. 

 If the Company effects the Registered Exchange Offer, the Company will be entitled to close the
Registered Exchange Offer 30 days after the commencement thereof (or longer, if required by applicable law, or if the 30th day is not a business day, the first business day thereafter) provided
that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer. 

Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the
Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in Section 6 hereof) electing to exchange the Initial Securities for Exchange Securities
(assuming that such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the Company, acquires the Exchange Securities in the ordinary course of such Holder’s business and at the time of the commencement of
the Registered Exchange Offer it has no arrangements or understandings with any person to participate in the distribution of the Exchange Securities within the meaning of the Securities Act and is not prohibited by any law or policy of the
Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities Act and without material restrictions under the securities
laws of the several states of the United States; provided, however, that Participating Broker-Dealers (as defined below) receiving Exchange Securities in the Registered Exchange Offer will have a prospectus
delivery requirement with respect to the resale of such Exchange Securities. 
 The Company acknowledges that, pursuant to current
interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, (i) each Holder that is a broker-dealer electing to exchange Initial Securities, acquired for its own account as
a result of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover,
(b) Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section, and (c) Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with
a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell Exchange Securities acquired in exchange for Initial Securities constituting any
portion of an unsold allotment is required to deliver a prospectus containing the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in connection with such sale. 

The Company shall use its commercially reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and
supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such persons must comply with
such requirements in order to resell the Exchange Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such period
shall be the lesser of 180 days following the consummation of the Registered Exchange Offer and the date on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such period is extended
pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or supplement thereto available upon request to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not
less than 90 days after the consummation of the Registered Exchange Offer (or such shorter period in which such persons are required by applicable law to deliver such prospectus). 

If, upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial
distribution, the Company, simultaneously with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange (the
“Private Exchange”) for the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of the Issuer issued under the Indenture and identical in all material respects (including the existence of
restrictions on transfer under the Securities Act and the securities laws of the several states of the United States, but excluding provisions relating to the matters described in Section 6 hereof) to the Initial Securities (the “Private
Exchange Securities”). The Initial Securities, the Exchange Securities and the Private Exchange Securities are herein collectively called the “Securities”. 

 In connection with the Registered Exchange Offer, the Company shall: 

(a) mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with
an appropriate letter of transmittal and related documents; 
 (b) keep the Registered Exchange Offer open for not less
than 30 days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; 

(c) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan,
The City of New York, which may be the Trustee or an affiliate of the Trustee; 
 (d) permit Holders to withdraw
tendered Initial Securities at any time prior to the close of business, New York time, on the last business day on which the Registered Exchange Offer shall remain open; and 

(e) otherwise comply with all applicable laws. 

As soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the Company shall: 

(x) accept for exchange all the Initial Securities validly tendered and not withdrawn pursuant to the Registered Exchange
Offer or the Private Exchange, as the case may be; 
 (y) deliver to the Trustee for cancellation all the Initial
Securities so accepted for exchange; and 
 (z) cause the Trustee to authenticate and deliver promptly to each Holder of
the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 

The Indenture will provide that the Exchange Securities will not be subject to the transfer restrictions set forth in the Indenture and,
except as set forth in Section 9.07 of the Indenture, that all the Securities will vote and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one another
on any matter. 
 Interest on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in
the Private Exchange, respectively, will accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the Issue
Date. 
 Each Holder participating in the Registered Exchange Offer shall be required to represent in writing to the Company that at the
time of the consummation of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with any person
to participate in the distribution of the Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the Company or if it
is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to
engage in, the distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

 Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange Offer
Registration Statement and any amendment thereto and any prospectus forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer
Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

2. Shelf Registration. If, (i) because of any change in law or in applicable interpretations thereof by the staff of the
Commission, the Company is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the Registered Exchange Offer is not consummated within 365 days of the Issue Date, (iii) any Initial Purchaser so requests
with respect to the Initial Securities (or the Private Exchange Securities) not eligible to be exchanged for Exchange Securities in the Registered Exchange Offer and held by it following consummation of the Registered Exchange Offer or (iv) any
Holder (other than an Exchanging Dealer) notifies the Company that (x) it is prohibited by law or SEC policy from participating in the Registered Exchange Offer or (y) may not resell the Exchange Securities acquired by them in the Registered
Exchange Offer to the public without delivering a prospectus, then, upon written request, the Company shall take the following actions: 

(a) The Company shall, at its cost, as promptly as practicable (but in no event more than 30 days after so requested
pursuant to this Section 2) (such 30th day being a “Shelf Registration Statement Filing Deadline”) file with the Commission and thereafter shall use its commercially reasonable efforts to cause to be declared effective (unless
it becomes effective automatically upon filing) a registration statement (the “Shelf Registration Statement” and, together with the Exchange Offer Registration Statement, a “Registration Statement”) on an
appropriate form under the Securities Act relating to the offer and sale of the Transfer Restricted Securities (as defined in Section 6 hereof) by the Holders thereof from time to time in accordance with the methods of distribution set forth in the
Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, along with any document or information incorporated by reference therein, the “Shelf Registration”) in the case of clause (i) above on or prior to
the later to occur of (A) the 365th day following the Issue Date and (B) the 180th day after the date of the event described in clause (i) above, and on or prior to the 90th day after the date on which the Shelf Registration Statement
is required to be filed in the case of clauses (ii), (iii) and (iv) above; provided, however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless
such Holder agrees in writing to be bound by all the provisions of this Agreement applicable to such Holder. 
 (b) The
Company shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, until the
earlier of (i) two years (or for such longer period if extended pursuant to Section 3(j) below) from the Issue Date and (ii) the date on which no Securities are Transfer Restricted Securities (the “Shelf Registration
Period”).
 (c) Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause
the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable
requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. 

 3. Registration Procedures. In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 

(a) The Company shall: (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a copy
of the Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the original offering) is
participating in the Registered Exchange Offer or the Shelf Registration Statement, the Company shall use its commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as such Initial
Purchaser reasonably may propose; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section and in
Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information set forth in Annex D hereto in the Letter of Transmittal delivered pursuant
to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser, include the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer
Registration Statement; (iv) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a
summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential “underwriter” status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a “Participating Broker-Dealer”), whether such positions or policies
have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial Purchasers based upon advice of counsel (which may be in-house counsel), represent the prevailing views of the
staff of the Commission; and (v) in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration Statement (or, if permitted by Commission Rule 430B(b), in a prospectus supplement that becomes a part
thereof pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section 3(d) and Section 3(f) hereof, the names of the Holders, who propose to sell Securities pursuant to the Shelf Registration Statement, as
selling security holders. 
 (b) The Company shall give written notice to the Initial Purchasers, the Holders and any
Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an
instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i) when the
Registration Statement or any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto has become effective; 

(ii) of any request by the Commission for amendments or supplements to the Registration Statement or the prospectus
included therein or for additional information; 
 (iii) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, of the issuance by the Commission of a notification of objection to the use of the form on which the Registration Statement has been filed, and of
the happening of any event that causes the Company to become an “ineligible issuer,” as defined in Commission Rule 405; 

 (iv) of the receipt by the Company or its legal counsel of any notification
with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(v) of the happening of any event during the period that the Registration Statement is effective that requires the
Company to make changes in the Registration Statement or the prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of the prospectus, in the light of the circumstances under which they were made) not misleading. 

(c) The Company shall make every commercially reasonable effort to obtain the withdrawal, at the earliest possible time,
of any order suspending the effectiveness of the Registration Statement. 
 (d) The Company shall furnish to each Holder
of Securities included within the coverage of the Shelf Registration who so requests in writing, without charge, at least one copy of the Shelf Registration Statement and any post-effective amendment or supplement thereto, including financial
statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). The Company shall not, without the prior consent of the Initial Purchasers, such consent not to be
unreasonably withheld, delayed or conditioned, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Commission Rule 405. 

(e) The Company shall upon request deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder
who so requests in writing, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder
requests, all exhibits thereto (including those incorporated by reference). 
 (f) The Company shall, during the Shelf
Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement
and any amendment or supplement thereto as such person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders in
connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

(g) The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and such
other persons required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such
persons may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer and
such other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such
Exchange Offer Registration Statement. 
 (h) Prior to any public offering of the Securities, pursuant to any
Registration Statement, the Company shall use commercially reasonable efforts to register or qualify or cooperate with the Holders included therein and their respective counsel in connection with the registration or qualification of the Securities
for offer and sale under the securities or “blue sky” laws of such states of the United States as any Holder reasonably requests in writing and do any and all other 

 
acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the Securities covered by such Registration Statement; provided, however, that the Company shall not be
required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject.

 (i) Unless the Securities are in book entry form, the Company shall cooperate with the Holders to facilitate the
timely preparation and delivery of certificates representing the Securities to be sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request a
reasonable period of time prior to sales of the Securities pursuant to such Registration Statement. 
 (j) Upon the
occurrence of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a
post-effective amendment to the Registration Statement or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders or purchasers of Securities, the prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial
Purchasers, the Holders and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the
Initial Purchasers, the Holders and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer
Registration Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the Holders and any known
Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). During the period during which the Company is required to maintain an effective Shelf Registration Statement pursuant to this
Agreement, the Company will prior to the three-year expiration of that Shelf Registration Statement file, and use its commercially reasonable efforts to cause to be declared effective (unless it becomes
effective automatically upon filing) within a period that avoids any interruption in the ability of Holders of Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new registration statement relating to
the Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this Agreement. 

(k) Not later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number
for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities, the Exchange Securities or the Private Exchange
Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company unless such Securities are in book entry form. 

(l) The Company will comply with all rules and regulations of the Commission to the extent and so long as they are
applicable to the Registered Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act and Rule 158 thereunder) an earnings
statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the
Company’s first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period. 

(m) The Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended, in a timely
manner as required by the rules and regulations of the Commission and containing such changes, if any, as shall be necessary for such qualification. In 

 
the event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of
the Indenture. 
 (n) The Company may require each Holder of Securities to be sold pursuant to the Shelf Registration
Statement to furnish to the Company such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude
from such registration the Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 

(o) The Company shall enter into such customary agreements (including, if requested, an underwriting agreement in
customary form) and take all such other action, if any, as any Holder shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 

(p) In the case of any Shelf Registration, if requested by the Company subject to the delivery of customary
confidentiality agreements (with customary exceptions) by all parties prior to review of such information, the Company shall (i) make reasonably available for inspection by the Holders, any underwriter participating in any disposition pursuant to
the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders or any such underwriter, at reasonable times and in a reasonable manner, all relevant financial and other records, pertinent corporate documents and
properties of the Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by the Holders or any such underwriter, attorney, accountant or agent in
connection with the Shelf Registration Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the
foregoing inspection and information gathering shall be coordinated on behalf of the Initial Purchasers by you and on behalf of the other parties, by one counsel designated by and on behalf of such other parties as described in Section 4 hereof, and
the Company shall have no obligation to pay the fees and expenses of such persons or entities other than as contemplated by Section 4. 

(q) In the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered thereby, shall
cause: (i) its counsel to deliver an opinion and negative assurance letter and updates thereof relating to the Securities addressed to such Holders and the Managing Underwriters (as defined in Section 8 hereof), if any, in form, scope and
substance reasonably satisfactory to the Managing Underwriters, covering the matters customarily covered in opinions and negative assurance letters, reasonably requested in underwritten offerings, and dated, in the case of the initial opinion and
negative assurance letter, the effective date of such Shelf Registration Statement; (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters of the applicable
Securities; (iii) its independent public accountants to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type customarily covered in comfort
letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No. 72 (or any successor bulletins); and (iv) its independent
reserve engineers to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type customarily covered in comfort letters in connection with primary
underwritten offerings, subject to receipt of appropriate documentation as contemplated. 
 (r) In the case of the
Registered Exchange Offer, if requested by any Initial Purchaser or any known Participating Broker-Dealer, the Company shall cause (i) its counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion in the form
set forth in Schedule E of the Purchase Agreement with such changes as are customary in connection with the 

 
preparation of a Registration Statement, (ii) its independent public accountants to deliver to such Initial Purchaser or such Participating Broker-Dealer a comfort letter, in customary form,
meeting the requirements as to the substance thereof as set forth in Schedule C of the Purchase Agreement, with appropriate date changes, and (iii) its independent reserve engineers to deliver to such Initial Purchaser or such Participating
Broker-Dealer a comfort letter, in customary form, meeting the requirements as to the substance thereof as set forth in Schedule F of the Purchase Agreement, with appropriate date changes, with appropriate date changes. 

(s) If a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Initial Securities by
Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or cause to be marked, on the Initial Securities so
exchanged that such Initial Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid or otherwise satisfied. 

(t) If so requested by Holders of a majority in aggregate principal amount of Securities covered by such Registration
Statement, or by the managing underwriters, if any, the Company will use its commercially reasonable efforts to (a) if the Initial Securities have been rated prior to the initial sale of such Initial Securities, confirm such ratings will apply to
the Securities covered by a Registration Statement, or (b) if the Initial Securities were not previously rated, cause the Securities covered by a Registration Statement to be rated with the appropriate rating agencies. 

(u) In the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities or participate
as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the Financial Industry Regulatory Authority, Inc.
(“FINRA”)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the
requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 5121, shall so require, engaging a “qualified independent underwriter” (as defined in Rule 5121) to participate in the preparation of the
Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a
placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing
such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 

(v) The Company shall use its commercially reasonable efforts to take all other steps necessary to effect the registration
of the Securities covered by a Registration Statement contemplated hereby. 
 4. Registration Expenses. The Company shall
bear all fees and expenses incurred in connection with the performance of its obligations under Sections 1 through 3 hereof (including the reasonable fees and expenses, if any, of Cravath, Swaine & Moore LLP, counsel for the Initial Purchasers,
incurred in connection with the Registered Exchange Offer), whether or not the Registered Exchange Offer is consummated or a Registration Statement is filed or becomes effective, and, in the event of a Shelf Registration, shall bear or reimburse the
Holders of the Securities covered thereby for the reasonable fees and disbursements of one firm of counsel designated by the Holders of a majority in principal amount of the Initial Securities covered thereby to act as counsel for the Holders of the
Initial Securities in connection therewith. 
 5. Indemnification. (a) The Company agrees to indemnify and hold
harmless each Holder, any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any

 
Participating Broker-Dealer and such controlling persons are referred to collectively as the “Indemnified Parties”) from and against any losses, claims, damages or liabilities,
joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement
or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer FWP”), relating to a Shelf Registration, or
arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties
for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that (i) the Company shall not be liable in any
such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder
specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement
contained in this subsection (a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a
prospectus relating to such Securities was required to be delivered (including through satisfaction of the conditions of Commission Rule 172) by such Holder or Participating Broker-Dealer under the Securities Act in connection with such
purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was not conveyed to such person, at or prior to the time of the sale of such Securities to such person, an amended
or supplemented prospectus or, if permitted by Section 3(d), an Issuer FWP correcting such untrue statement or omission or alleged untrue statement or omission if the Company had previously furnished copies thereof to such Holder or
Participating Broker-Dealer; provided further, however, that this indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, their
officers and directors and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders if requested by such Holders.

 (b) Each Holder, severally and not jointly, will indemnify and hold harmless the Company and each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such controlling person may become subject
under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration
Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon the omission or alleged omission to state therein a material fact
necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written information
pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company for any
legal or other expenses reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in
addition to any liability which such Holder may otherwise have to the Company or any of its controlling persons. 

(c) Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of any action or
proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, 

 
notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have under
Section 5(a) or Section 5(b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall
not relieve it from any liability that it may have to an indemnified party otherwise than under Section 5(a) or Section 5(b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection
with the defense thereof. No indemnifying party shall, without the prior written consent of the indemnified party effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party
and indemnity could have been sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and (ii)
does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 

(d) If the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified
party under Section 5(a) or Section 5(b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred
to in Section 5(a) or Section 5(b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the exchange of the
Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or
actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this
subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding
any other provision of this Section 5(d), the Holders shall not be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of the Securities pursuant to a Registration Statement
exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this subsection (d), each person, if any, who controls such indemnified party within
the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the
same rights to contribution as the Company. 
 (e) The agreements contained in this Section 5 shall survive the sale of
the Securities pursuant to a Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

 6. Additional Interest Under Certain Circumstances. (a) Additional interest
(the “Additional Interest”) with respect to the Initial Securities shall be assessed as follows if any of the following events occur (each such event in clauses (i) through (iv) below a “Registration Default”):

 (i) If the Shelf Registration Statement required by this Agreement is not filed with the Commission on or prior to the
Shelf Registration Filing Deadline (other than a failure to file the Exchange Offer Registration Statement if the Issuer has become obligated to file a Shelf Registration Statement); 

(ii) If on or prior to the 365th day following the Issue Date, the Registered Exchange Offer has not been consummated and the
Shelf Registration Statement has not been declared effective by the Commission; 
 (iii) If the Shelf Registration
Statement (if required in lieu of the Registered Exchange Offer) has not been declared effective by the Commission on or prior to the applicable date specified in Section 2(a) hereof; or 

(iv) If after either the Exchange Offer Registration Statement or the Shelf Registration Statement is declared (or becomes
automatically) effective (A) such Registration Statement thereafter ceases to be effective; or (B) such Registration Statement or the related prospectus ceases to be usable (except as permitted in Section 6(b) hereof) in connection with resales
of Transfer Restricted Securities during the periods specified herein, and in either case such failure to remain effective or usable, as the case may be, continues for 30 consecutive days or exists for more than an aggregate of 60 days in any
12-month period, because either (1) any event occurs as a result of which the related prospectus forming part of such Registration Statement would include any untrue statement of a material fact or omit to state any material fact necessary to
make the statements therein in the light of the circumstances under which they were made not misleading, (2) it shall be necessary to amend such Registration Statement or supplement the related prospectus, to comply with the Securities Act or
the Exchange Act or the respective rules thereunder, or (3) such Registration Statement is a Shelf Registration Statement that has expired before a replacement Shelf Registration Statement has become effective. 

Additional Interest shall accrue on the principal amount of the Initial Securities over and above the interest set forth in the title of the Securities from
and including the date on which any such Registration Default shall occur to but excluding the earlier of (y) the date on which all such Registration Defaults have been cured and (z) the date on which no Initial Securities are Transfer Restricted
Securities, at a rate of 0.25% per annum for the first 90-day period immediately following the occurrence of such Registration Default. The Additional Interest rate shall increase by an additional 0.25% per annum with respect to each subsequent
90-day period until all Registration Defaults have been cured, up to a maximum Additional Interest rate of 0.5% per annum.

(b) A Registration Default referred to in Section 6(a)(iii) hereof shall be deemed not to have occurred and be
continuing in relation to a Shelf Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement to
incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus or (y) other material events,
with respect to the Company that would need to be described in such Shelf Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such Shelf
Registration Statement and related prospectus to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable in accordance with the
above paragraph from the day such Registration Default occurs until such Registration Default is cured. 
 (c) The
remedy set forth in Section 6(a) hereof shall constitute liquidated damages and shall be the sole and exclusive remedy of the Holders for each and any Registration Default. 

 (d) Any amounts of Additional Interest due pursuant to Section 6(a) above
will be payable in cash on the regular interest payment dates with respect to the Transfer Restricted Securities. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of
the Transfer Restricted Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months),
and the denominator of which is 360. 
 (e) “Transfer Restricted Securities” means each Security until
the earliest of (i) the date on which such Transfer Restricted Security has been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a
broker-dealer in the Registered Exchange Offer of an Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the
prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement; and (iv)
the date on which such Security is disposed of to the public in accordance with Rule 144 under the Securities Act. 

(f) Notwithstanding the foregoing in this Section 6: (i) the amount of Additional Interest payable shall not increase
because more than one Registration Default has occurred and is pending; (ii) a Holder of a Transfer Restricted Security who is not entitled to the benefits of the Shelf Registration Statement (i.e., such Holder has not elected to furnish information
to the Company in accordance with Section 3(n) hereof) shall not be entitled to Additional Interest with respect to a Registration Default relating to the Shelf Registration Statement; and (iii) no Holder who (x) was eligible to exchange such
Holder’s outstanding Securities at the time the Exchange Offer was pending and consummated and (y) failed to validly tender such Securities for exchange pursuant to the Exchange Offer shall be entitled to receive any Additional Interest that
would otherwise accrue subsequent to the date the Exchange Offer is consummated.
 7. Rules 144 and 144A. The Company shall
use its commercially reasonable efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request
of any Holder of Initial Securities, make publicly available other information so long as necessary to permit sales of their Securities pursuant to Rules 144 and 144A. The Company covenants that it will take such further action as any
Holder of Initial Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Initial Securities without registration under the Securities Act within the limitation of the exemptions provided by
Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). To the extent not available on EDGAR, the Company will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Company by
the Initial Purchasers upon request. Upon the request of any Holder of Initial Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing
in this Section 7 shall be deemed to require the Company to register any of its securities pursuant to the Exchange Act. 

8. Underwritten Registrations. Notwithstanding anything herein to the contrary, no Securities covered by a Shelf Registration
Statement may be sold in an underwritten offering under the Shelf Registration Statement without the prior written consent of the Company. If any of the Transfer Restricted Securities covered by any Shelf Registration are to be sold in an
underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering (“Managing Underwriters”) will be selected by the Holders of a majority in aggregate principal amount of
such Transfer Restricted Securities to be included in such offering, subject to the Company’s consent (which consent shall not be unreasonably withheld, conditioned or delayed). 

No person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person’s Transfer
Restricted Securities on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

 9. Miscellaneous. 

(a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the Securities affected by such amendment, modification, supplement,
waiver or consents. 
 (b) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 

(1) if to a Holder, at the most current address given by such Holder to the Company. 

(2) if to the Initial Purchasers: 

Credit Suisse Securities (USA) LLC 

Eleven Madison Avenue 
 New
York, NY 10010-3629 
 Fax No.: (212) 325-4296 

Attention: LCD-IBD 
 and

 Scotia Capital (USA) Inc. 

250 Vesey Street 
 New York, NY
10281 
 Attention: Debt Capital Markets 

with a copy to, which shall not constitute notice: 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: William J. Whelan, III 

(3) if to the Company, at its address as follows: 

Gulfport Energy Corporation 

14313 North May Avenue, Suite 100 

Oklahoma City, OK 73134 

Fax: (405) 848-8816 

Attention: Chief Financial Officer 

with a copy to, which shall not constitute notice: 

Akin Gump Strauss Hauer & Feld, LLP 

1700 Pacific Avenue, Suite 4100 

Dallas, TX 75201 

Attention: Seth R. Molay, P.C. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered;
three business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air
courier guaranteeing next day delivery. 

 (c) No Inconsistent Agreements. The Company has not, as of the
date hereof, entered into, nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 

(d) Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns.

 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto
in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

(h) Severability. If any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

(i) Securities Held by the Company. Whenever the consent or approval of Holders of a specified percentage of
principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders if such subsequent Holders are deemed to be affiliates solely by reason of their holdings of such Securities) shall
not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Issuer a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers, the Issuer and the Guarantors in accordance with its terms. 

 

							
	Very truly yours,
	
	GULFPORT ENERGY CORPORATION
		
	By:	 	 /s/ Michael G. Moore

		 	 Name:
	 	 Michael G. Moore

		 	Title:	 	Chief Executive Officer and President
		
		 	JAGUAR RESOURCES LLC
				
		 		 	By:	 	 /s/ Michael G. Moore

		 		 		 	Name: Michael G. Moore
		 		 		 	Title:   Chief Executive Officer
		
		 	PUMA RESOURCES, INC.
				
		 		 	By:	 	 /s/ Michael G. Moore

		 		 		 	Name: Michael G. Moore
		 		 		 	Title:   Chief Executive Officer
		
		 	GATOR MARINE, INC.
				
		 		 	By:	 	 /s/ Michael G. Moore

		 		 		 	Name: Michael G. Moore
		 		 		 	Title:   Chief Executive Officer
		
		 	GATOR MARINE IVANHOE, INC.
				
		 		 	By:	 	 /s/ Michael G. Moore

		 		 		 	Name: Michael G. Moore
		 		 		 	Title:   Chief Executive Officer
		
		 	WESTHAWK MINERALS LLC
				
		 		 	By:	 	 /s/ Michael G. Moore

		 		 		 	Name: Michael G. Moore
		 		 		 	Title:   Chief Executive Officer

 [Signature page to 2016 Registration Rights Agreement] 

 
									
		 	GULFPORT BUCKEYE LLC
				
		 		 	By:	 	 /s/ Michael G. Moore

		 		 		 	Name:	 	Michael G. Moore
		 		 		 	Title:	 	Chief Executive Officer
		
		 	GULFPORT MIDSTREAM HOLDINGS, LLC
				
		 		 	By:	 	 /s/ Michael G. Moore

		 		 		 	Name:	 	Michael G. Moore
		 		 		 	Title:	 	Chief Executive Officer

 [Signature page to 2016 Registration Rights Agreement] 

													
	 The foregoing Registration
 Rights
Agreement is hereby confirmed
 and accepted as of the date first

above written.

	
	CREDIT SUISSE SECURITIES (USA) LLC
	SCOTIA CAPITAL (USA) INC.
		
		 	Acting on behalf of themselves and as the Representatives of the several Purchasers
				
		 		 	BY	 	CREDIT SUISSE SECURITIES (USA) LLC
						
		 		 		 		 	By:	 	 /s/ Timothy Perry

		 		 		 		 		 	Name:	 	Timothy Perry
		 		 		 		 		 	Title:	 	M.D.
				
		 		 	BY	 	SCOTIA CAPITAL (USA) INC.
						
		 		 		 		 	By:	 	 /s/ Richard Agata

		 		 		 		 		 	Name:	 	Richard Agata
		 		 		 		 		 	Title:	 	Chief Compliance Officer

 ANNEX A 

Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter”
within the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities
where such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will
make this Prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 

 ANNEX B 

Each broker-dealer that receives Exchange Securities for its own account in exchange for Securities, where such Initial Securities were
acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of
Distribution.” 

 ANNEX C 

PLAN OF DISTRIBUTION 
 Each
broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other
trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition,
until             , 20    , all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus.(1) 

The Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by
broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or
dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange Securities
that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the Securities
Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by
acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 

For a period of 180 days after the Expiration Date the Company will promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the Holders)
other than commissions or concessions of any brokers or dealers and will indemnify the Holders (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act. 

 

	(1) 	In addition, the legend required by Item 502(b) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus. 

 ANNEX D 

☐ CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
THERETO. 
  

							
		 	Name:	 	  
	  	
		 	Address:	 	  
	  	
		 		 	  
	  	

 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage
in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other
trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. 

 SCHEDULE A 
  

			
	 Subsidiary
	  	 Jurisdiction of Incorporation or
Formation

		
	Jaguar Resources LLC	  	Delaware
	Puma Resources, Inc.	  	Delaware
	Gator Marine, Inc.	  	Delaware
	Gator Marine Ivanhoe, Inc.	  	Delaware
	Westhawk Minerals LLC	  	Delaware
	Gulfport Buckeye LLC	  	Delaware
	Gulfport Midstream Holdings, LLC	  	DelawareCarolina Trust BancShares, Inc. 8-K 

Exhibit 4.1

SUBORDINATED NOTE

CAROLINA TRUST BANCSHARES, INC.

6.900%
FIXED TO FLOATING Subordinated Note due 2026

THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED
NOTE IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO SENIOR INDEBTEDNESS (AS DEFINED IN SECTION 3 OF THIS SUBORDINATED
NOTE) OF CAROLINA TRUST BANCSHARES, INC., A NORTH CAROLINA CORPORATION (THE “COMPANY”), INCLUDING OBLIGATIONS
OF THE COMPANY TO ITS GENERAL AND SECURED CREDITORS AND IS UNSECURED. IT IS INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT
BY THE COMPANY OR ANY OF ITS SUBSIDIARIES. IN THE EVENT OF LIQUIDATION ALL HOLDERS OF SENIOR INDEBTEDNESS OF THE COMPANY SHALL
BE ENTITLED TO BE PAID IN FULL WITH SUCH INTEREST AS MAY BE PROVIDED BY LAW BEFORE ANY PAYMENT SHALL BE MADE ON ACCOUNT OF PRINCIPAL
OF OR INTEREST ON THIS SUBORDINATED NOTE. AFTER PAYMENT IN FULL OF ALL SUMS OWING TO SUCH HOLDERS OF SENIOR INDEBTEDNESS, THE HOLDER
OF THIS SUBORDINATED NOTE, TOGETHER WITH THE HOLDERS OF ANY OBLIGATIONS OF THE COMPANY RANKING ON A PARITY WITH THE SUBORDINATED
NOTES, SHALL BE ENTITLED TO BE PAID FROM THE REMAINING ASSETS OF THE COMPANY THE UNPAID PRINCIPAL AMOUNT OF THIS SUBORDINATED NOTE
PLUS ACCRUED AND UNPAID INTEREST THEREON BEFORE ANY PAYMENT OR OTHER DISTRIBUTION, WHETHER IN CASH, PROPERTY OR OTHERWISE, SHALL
BE MADE (i) with respect to any obligation that by its terms expressly is junior to in
the right of payment to the Subordinated Notes, (ii) any indebtedness between the Company and any of its subsidiaries or affiliates
or (iii) on account OF ANY SHARES OF CAPITAL STOCK OF THE COMPANY.

THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED
NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”) OR ANY OTHER
GOVERNMENT AGENCY OR FUND.

THIS SUBORDINATED NOTE WILL BE ISSUED
AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER
OF THIS SUBORDINATED NOTE IN A DENOMINATION OF LESS THAN $1,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY
SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SUBORDINATED NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED
TO, THE RECEIPT OF PAYMENTS ON THIS SUBORDINATED NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER
IN THIS SUBORDINATED NOTE.

    	A-1 

    	 

    

 

THIS SUBORDINATED NOTE MAY BE SOLD ONLY
IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THIS SUBORDINATED NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS OR ANY OTHER APPLICABLE
SECURITIES LAWS. NEITHER THIS SUBORDINATED NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

CERTAIN ERISA CONSIDERATIONS:

THE HOLDER OF THIS SUBORDINATED NOTE,
OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT
PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
(EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S
INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SUBORDINATED NOTE
OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF
LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE
AND HOLDING OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN WILL BE
DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER: (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN
TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE
BENEFIT PLAN OR PLANS, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLANS
TO FINANCE SUCH PURCHASE OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA
OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING
THE ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING
THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN.

    	A-2 

    	 

    

 

	No. 2026-[•]	CUSIP: [•]
	 	QIB CUSIP: [•]

 

CAROLINA TRUST BANCSHARES, INC.

6.900%
FIXED TO FLOATING Subordinated Note due 2026

1. 

Subordinated Notes.
This Subordinated Note is one of an issue of notes of Carolina Trust BancShares, Inc., a North Carolina corporation (the “Company”)
designated as the “6.900% Fixed to Floating Rate Subordinated Notes due 2026” (the “Subordinated Notes”).

2. 

Payment. The
Company, for value received, promises to pay to [•], or its registered assigns, the principal sum of [•] Dollars (U.S.)
($[•]), plus accrued but unpaid interest on October 15, 2026 (“Stated
Maturity”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but
excluding October 15, 2021 or the earlier redemption date contemplated by Section 4 of this Subordinated Note, at the rate
of 6.900% per annum, computed on the basis of a 360-day year consisting of twelve
30-day months and payable semi-annually in arrears on April 15 and October 15 of
each year (each, a “Fixed Interest Payment Date”), beginning April 15, 2017, and (ii) from and including October
15, 2021 to but excluding the Stated Maturity or the earlier redemption date contemplated
by Section 4 of this Subordinated Note, at the rate per annum, reset quarterly, equal to LIBOR determined on the determination
date of the applicable interest period plus 571.8 basis points, computed on the
basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears on April 15, July 15, October 15
and January 15 of each year (each, a “Floating Interest Payment
Date”). An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment
Date, as applicable. “LIBOR” means the 3-month USD LIBOR, which will be the offered rate for 3-month deposits in U.S.
dollars, as that rate appears on the Reuters Screen LIBOR01 Page (or any successor page thereto) as of 11:00 a.m., London time,
as observed two London banking days prior to the first day of the applicable floating rate interest period. If 3-month USD LIBOR
is not displayed as of such time with respect to any applicable floating rate interest period, then the Company will request the
principal London offices of at least two banks to provide a quotation of their rates for deposits in U.S. dollars for a period
comparable to the applicable floating rate interest period and the 3-month USD LIBOR for such floating rate interest period shall
be the arithmetic mean of such quotations. A London banking day is a day on which commercial banks and foreign currency markets
settle payments and are open for general business in London.

Any payment of principal
of or interest on this Subordinated Note that would otherwise become due and payable on a day which is not a Business Day shall
become due and payable on the next succeeding Business Day, with the same force and effect as if made on the date for payment of
such principal or interest, and no interest will accrue in respect of such payment for the period after such day. The term “Business
Day” means any day that is not a Saturday or Sunday and that is not a day on which banks in the State of North Carolina
are generally authorized or required by law or executive order to be closed.

    	A-3 

    	 

    

 

3. 

Subordination.

(a) 

The indebtedness of
the Company evidenced by this Subordinated Note, including the principal and interest on this Subordinated Note, shall be subordinate
and junior in right of payment to the prior payment in full of all existing claims of creditors of the Company and depositors of
Carolina Trust Bank, a North Carolina-chartered commercial bank (the “Bank”) whether now outstanding or subsequently
created, assumed, guaranteed or incurred (collectively, “Senior Indebtedness”), which shall consist of principal
of (and premium, if any) and interest, if any, on: (i) all indebtedness and obligations of, or guaranteed or assumed by, the Company
for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other similar instruments, and including,
but not limited to, deposits of the Bank, and all obligations to the Company’s general and secured creditors; (ii) any deferred
obligations of the Company for the payment of the purchase price of property or assets acquired other than in the ordinary course
of business; (iii) all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’
acceptances, security purchase facilities and similar direct credit substitutes; (iv) any capital lease obligations of the Company;
(v) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts,
currency swap agreements, currency future or option contracts, commodity contracts and other similar arrangements or derivative
products; (vi) all obligations that are similar to those in clauses (i) through (v) of other persons for the payment of which the
Company is responsible or liable as obligor, guarantor or otherwise arising from an off-balance sheet guarantee; and (vii) all
obligations of the types referred to in clauses (i) through (vi) of other persons secured by a lien on any property or asset of
the Company, and (viii) in the case of (i) through (vii) above, all amendments, renewals, extensions, modifications and refunding’s
of such indebtedness and obligations; except “Senior Indebtedness” does not include (A) the Subordinated Notes,
(B) any obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Subordinated Notes,
or (C) any indebtedness between the Company and any of its subsidiaries or Affiliates. This Subordinated Note is not secured by
any assets of the Company. The term “Affiliate(s)” means, with respect to any Person, such Person’s immediate
family members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly controlling,
controlled by, or under common control with said Person and their respective Affiliates.

(b) 

In the event of liquidation
of the Company, holders of Senior Indebtedness of the Company shall be entitled to be paid in full with such interest as may be
provided by law before any payment shall be made on account of principal of or interest on this Subordinated Note. Additionally,
in the event of any insolvency, dissolution, assignment for the benefit of creditors or any liquidation or winding up of or relating
to the Company, whether voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full before any
payment shall be made on account of the principal of or interest on the Subordinated Notes, including this Subordinated Note. In
the event of any such proceeding, after payment in full of all sums owing with respect to the Senior Indebtedness, the registered
holders of the Subordinated Notes from time to time (each a “Noteholder” and, collectively, the “Noteholders”),
together with the holders of any obligations of the Company ranking on a parity with the Subordinated Notes, shall be entitled
to be paid from the remaining assets of the Company the unpaid principal thereof, and the unpaid interest thereon before any payment
or other distribution, whether in cash, property or otherwise, shall be made (i) with respect to any obligation that by its terms
expressly is junior to in the right of payment to the Subordinated Notes, (ii) any indebtedness between the Company and any of
its subsidiaries or affiliates or (iii) on account of any capital stock.

    	A-4 

    	 

    

 

(c) 

If there shall have
occurred and be continuing (i) a default in any payment with respect to any Senior Indebtedness or (ii) an event of default with
respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default
or event of default shall have been cured or waived or shall have ceased to exist, no payments shall be made by the Company with
respect to the Subordinated Notes. The provisions of this paragraph shall not apply to any payment with respect to which the immediately
preceding paragraph of this Section 3 would be applicable.

(d) 

Nothing herein shall
act to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the Subordinated
Notes or which may be junior or senior in rank to the Subordinated Notes.

4. 

Redemption.

(a) 

Redemption Prior
to Fifth Anniversary. This Subordinated Note shall not be redeemable by the Company in whole or in part prior to the fifth
anniversary of the date upon which this Subordinated Note was originally issued (the “Issue Date”), except in
the event of a: (i) Tier 2 Capital Event (as defined below); (ii) Tax Event (as defined below); or (iii) Investment Company Event
(as defined below). Upon the occurrence of a Tier 2 Capital Event, a Tax Event or an Investment Company Event, the Company may
redeem this Subordinated Note in whole or in part at any time, upon giving not less than 10 days’ notice to the holder of
this Subordinated Note at an amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest,
to but excluding the redemption date. “Tier 2 Capital Event” means the receipt by the Company of an opinion
of counsel to the Company to the effect that there is, or within 120 days after the receipt of such opinion there will be, a material
risk that this Subordinated Note no longer qualifies as “Tier 2” Capital (as defined by the Board of Governors of the
Federal Reserve System (the “Federal Reserve”)) (or its then equivalent) as a result of a change in interpretation
or application of law or regulation by any judicial, legislative or regulatory authority that becomes effective after the date
of issuance of this Subordinated Note. “Tax Event” means the receipt by the Company of an opinion of counsel
to the Company that as a result of any amendment to, or change (including any final and adopted (or enacted) prospective change)
in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein,
or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations,
there exists a material risk that interest payable by the Company on the Subordinated Notes is not, or within 120 days after the
receipt of such opinion will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes.
“Investment Company Event” means the receipt by the Company of an opinion of counsel to the Company to the effect
that there is a material risk that the Company is or, within 120 days after the receipt of such opinion will be, required to register
as an investment company pursuant to the Investment Company Act of 1940, as amended.

    	A-5 

    	 

    

 

(b) 

Redemption on or
after Fifth Anniversary. On or after the fifth anniversary of the Issue Date, this Subordinated Note shall be redeemable at
the option of and by the Company, in whole or in part at any time and from time to time upon any Interest Payment Date, at an amount
equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest, to but excluding the redemption
date, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company may redeem all or a portion
of the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event.

(c) 

Partial Redemption.
If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new Subordinated Note shall be
issued representing the unredeemed portion without charge to the holder thereof and (ii) such redemption shall be effected on a
pro rata basis as to the Noteholders. For purposes of clarity, upon a partial redemption, a like percentage of the principal amount
of every Subordinated Note held by every Noteholder shall be redeemed.

(d) 

No Redemption at
Option of Noteholder. This Subordinated Note is not subject to redemption at the option of the holder of this Subordinated
Note.

(e) 

Effectiveness of
Redemption. If notice of redemption has been duly given and notwithstanding that this Subordinated Note has been called for
redemption but has not yet been surrendered for cancellation, on and after the date fixed for redemption interest shall cease to
accrue on the portion of this Subordinated Note called for redemption, this Subordinated Note shall no longer be deemed outstanding
with respect to the portion called for redemption and all rights with respect to the portion of this Subordinated Note called for
redemption shall forthwith on such date fixed for redemption cease and terminate unless the Company shall default in the payment
of the redemption price, except only the right of the holder hereof to receive the amount payable on such redemption, without interest.

(f) 

Regulatory Approvals.
Any such redemption shall be subject to receipt of any and all required federal and state regulatory approvals, including, but
not limited to, the consent of the Federal Reserve. In the case of any redemption of this Subordinated Note pursuant to paragraph
(b) of this Section 4, the Company will give the holder hereof notice of redemption, which notice shall indicate the aggregate
principal amount of Subordinated Notes to be redeemed, not less than 30 nor more than 60 calendar days prior to the redemption
date.

(g) 

Purchase and Resale
of the Subordinated Notes. Subject to any required federal and state regulatory approvals and the provisions of this Subordinated
Note, the Company shall have the right to purchase any of the Subordinated Notes at any time in the open market, private transactions
or otherwise. If the Company purchases any Subordinated Notes, it may, in its discretion, hold, resell or cancel any of the purchased
Subordinated Notes.

5. 

Events of Default;
Acceleration; Compliance Certificate. Each of the following events shall constitute an “Event of Default”:

(a) 

the entry of a decree
or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case or proceeding
under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States or any political
subdivision thereof, and such decree or order will have continued unstayed and in effect for a period of 60 consecutive days;

    	A-6 

    	 

    

 

(b) 

the commencement by
the Company of a voluntary case under any applicable bankruptcy, insolvency or reorganization law, now or hereafter in effect of
the United States or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief
in an involuntary case or proceeding under any such law;

(c) 

the Company (i) becomes
insolvent or is unable to pay its debts as they mature, (ii) makes an assignment for the benefit of creditors, (iii) admits in
writing its inability to pay its debts as they mature, or (iv) ceases to be a bank holding company or financial holding company
under the Bank Holding Company Act of 1956, as amended;

(d) 

the failure of the
Company to pay any installment of interest on any of the Subordinated Notes as and when the same will become due and payable, and
the continuation of such failure for a period of 15 days;

(e) 

the failure of the
Company to pay all or any part of the principal of any of the Subordinated Notes as and when the same will become due and payable;

(f) 

the liquidation of
the Company (for avoidance of doubt, “liquidation” does not include any merger, consolidation, sale of equity or assets
or reorganization (exclusive of a reorganization in bankruptcy) of the Company or any of its subsidiaries);

(g) 

the failure of the
Company to perform any other covenant or agreement on the part of the Company contained in this Subordinated Note, and the continuation
of such failure for a period of 30 days after the date on which notice specifying such failure, stating that such notice is a “Notice
of Default” hereunder and demanding that the Company remedy the same, will have been given, in the manner set forth in Section
21, to the Company by a Noteholder; or

(h) 

the default by the
Company under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company having an aggregate
principal amount outstanding of at least $5,000,000.00, whether such indebtedness now exists or is created or incurred in the future,
which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when due and payable after the
expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable prior
to the date on which it otherwise would have become due and payable without, in the case of clause (i), such indebtedness having
been discharged or, in the case of clause (ii), without such indebtedness having been discharged or such acceleration having been
rescinded or annulled.

    	A-7 

    	 

    

 

If an Event of Default
described in Section 5(a) or Section 5(b) occurs, then the principal amount of all of the outstanding Subordinated
Notes, and accrued and unpaid interest, if any, on all outstanding Subordinated Notes will become and be immediately due and payable
without any declaration or other act on the part of any Noteholder, and the Company waives demand, presentment for payment, notice
of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated
Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in Section 5(a)
or Section 5(b), no Noteholder may accelerate the Stated Maturity of the Subordinated Notes and make the principal
of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable. The Company, within 45
calendar days after the receipt of written notice from any Noteholder of the occurrence of an Event of Default with respect to
this Subordinated Note, shall mail to all Noteholders, at their addresses shown on the Security Register (as defined in Section
14 below), such written notice of Event of Default, unless such Event of Default shall have been cured or waived before the
giving of such notice as certified by the Company in writing.

6. 

Failure to Make
Payments. In the event of an Event of Default under Section 5(d) or Section 5(e) above, the Company will, upon
demand of the holder of this Subordinated Note, pay to the holder of this Subordinated Note the amount then due and payable on
this Subordinated Note for principal and interest (without acceleration of the Subordinated Note in any manner), with interest
on the overdue principal and interest at the rate borne by this Subordinated Note, to the extent permitted by applicable law. If
the Company fails to pay such amount upon such demand, the holder of this Subordinated Note may, among other things, institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company and collect the amounts adjudged or decreed to be payable in the manner provided by
law out of the property of the Company.

Upon the occurrence
of a failure by the Company to make any required payment of principal or interest on this Subordinated Note, or an Event of Default
until such Event of Default is cured by the Company, the Company shall not: (a) declare or pay any dividends or distributions on,
or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock; (b) make
any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any indebtedness of the Company that
ranks equal with or junior to the Subordinated Notes; or (c) make any payments under any guarantee that ranks equal with or junior
to the Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe
for or purchase shares of, any class of the Company’s common stock; (ii) any declaration of a non-cash dividend in connection
with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the
redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of the Company’s capital
stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of
the Company’s capital stock; (iv) the purchase of fractional interests in shares of the Company’s capital stock pursuant
to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of
any class of the Company’s common stock related to the issuance of common stock or rights under any benefit plans for the
Company’s directors, officers or employees or any of the Company’s dividend reinvestment plans.

    	A-8 

    	 

    

 

7. 

Affirmative Covenants
of the Company.

(a) 

Notice of Certain
Events. To the extent permitted by applicable statute, rule or regulation, the Company shall provide written notice to the
Holder of the occurrence of any of the following events as soon as practicable, but in no event later than fifteen (15) Business
Days following the Company becoming aware of the occurrence of such event:

(i) 

The Company, or any
officer of the Company, becomes subject to any formal, written regulatory enforcement action (as defined by the applicable Regulatory
Agency);

(ii) 

The appointment,
resignation, removal or termination of the chief executive officer, president, chief operating officer, chief financial officer,
chief credit officer, chief lending officer or any director of the Company; or

(iii) 

There is a change
in ownership of 25% or more of the outstanding securities of the Company entitled to vote for the election of directors.

(b) 

Payment of Principal
and Interest. The Company covenants and agrees for the benefit of the holder of this Subordinated Note that it will duly and
punctually pay the principal of, and interest on, this Subordinated Note, in accordance with the terms hereof.

(c) 

Maintenance of Office.
The Company will maintain an office or agency in the city of Lincolnton, North Carolina where Subordinated Notes may be surrendered
for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Subordinated
Notes may be served. The Company may also from time to time designate one or more other offices or agencies where the Subordinated
Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided
that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency
in the city of Lincolnton, North Carolina. The Company will give prompt written notice to the Noteholders of any such designation
or rescission and of any change in the location of any such other office or agency.

(d) 

Corporate Existence.
The Company will do or cause to be done all things necessary to preserve and keep in full force and effect: (i) the corporate existence
of the Company; (ii) the existence (corporate or other) of each subsidiary; and (iii) the rights (charter and statutory), licenses
and franchises of the Company and each of its subsidiaries; provided, however, that the Company will not be required to preserve
the existence (corporate or other) of any of its subsidiaries or any such right, license or franchise of the Company or any of
its subsidiaries if the Board of Directors of the Company determines that the preservation thereof is no longer desirable in the
conduct of the business of the Company and its subsidiaries taken as a whole and that the loss thereof will not be disadvantageous
in any material respect to the Noteholders.

(e) 

Maintenance of Properties.
The Company will, and will cause each subsidiary to, cause all its properties used or useful in the conduct of its business to
be maintained and kept in good condition, repair and working order, ordinary wear and tear excepted, and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as
in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously
conducted at all times; provided, however, that nothing in this Section will prevent the Company or any subsidiary from discontinuing
the operation and maintenance of any of their respective properties if such discontinuance is, in the judgment of the Board of
Directors of the Company or of any subsidiary, as the case may be desirable in the conduct of its business.

    	A-9 

    	 

    

 

(f) 

Waiver of Certain
Covenants. The Company may omit in any particular instance to comply with any term, provision or condition set forth in Section
7(b), Section 7(c), Section 7(d) or Section 7(e) above, with respect to this Subordinated Note if before
the time for such compliance the Noteholders of at least a majority in principal amount of the outstanding Subordinated Notes,
by act of such Noteholders, either will waive such compliance in such instance or generally will have waived compliance with such
term, provision or condition, but no such waiver will extend to or affect such term, provision or condition except to the extent
so expressly waived, and, until such waiver will become effective, the obligations of the Company in respect of any such term,
provision or condition will remain in full force and effect.

(g) 

Company Statement
as to Compliance. The Company will deliver to the Noteholders, within 120 days after the end of each fiscal year, an Officer’s
Certificate covering the preceding calendar year, stating whether or not, to the best of his or her knowledge, the Company is in
default in the performance and observance of any of the terms, provisions and conditions of this Subordinated Note (without regard
to notice requirements or periods of grace) and if the Company will be in default, specifying all such defaults and the nature
and status thereof of which he or she may have knowledge.

(h) 

Tier 2 Capital.
If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed
on the capital treatment of subordinated debt during the five years immediately preceding the Stated Maturity of the Subordinated
Notes, the Company will immediately notify the Noteholders and thereafter the Company and the Noteholders will work together in
good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the
obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however, that nothing contained
in this Section 7(h) shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier
2 Capital Event pursuant to Section 4(a) or Section 4(b).

(i) 

Compliance with
Laws. The Company shall comply with the requirements of all laws, regulations, orders and decrees applicable to it or its properties,
except for such noncompliance that would not reasonably be expected to result in a material adverse effect (i) in the condition
(financial or otherwise), or in the earnings of the Company, whether or not arising in the ordinary course of business, or (ii)
on the ability of the Company to perform its obligations under this Subordinated Note.

(j) 

Taxes and Assessments.
The Company shall punctually pay and discharge all material taxes, assessments, and other governmental charges or levies imposed
upon it or upon its income or upon any of its properties; provided, that no such taxes, assessments or other governmental charges
need be paid if they are being contested in good faith by the Company.

    	A-10 

    	 

    

 

8. 

Negative Covenants
of the Company.

(a) 

Limitation on Dividends.
The Company shall not declare or pay any dividend or make any distribution on capital stock or other equity securities of any kind
of the Company if the Company is not “well capitalized” for regulatory purposes immediately prior to the declaration
of such dividend or distribution, except for dividends payable solely in shares of common stock of the Company.

(b) 

Merger or Sale of
Assets. The Company shall not merge into another entity or convey, transfer or lease substantially all of its properties and
assets to any person, unless:

(i) 

the continuing entity
into which the Company is merged or the person which acquires by conveyance or transfer or which leases substantially all of the
properties and assets of the Company shall be a corporation, association or other legal entity organized and existing under the
laws of the United States of America, any State thereof or the District of Columbia and expressly assumes the due and punctual
payment of the principal of and any premium and interest on the Subordinated Notes according to their terms, and the due and punctual
performance of all covenants and conditions hereof on the part of the Company to be performed or observed; and

(ii) 

immediately after
giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become
an Event of Default, shall have happened and be continuing.

9. 

Global Subordinated
Notes.

(a) 

Provided that applicable
depository eligibility requirements are met, upon the written election of any Noteholder that is a Qualified Institutional Buyer,
as defined in Rule 144A under the Securities Act, the Company shall use its commercially reasonable efforts to provide that the
Subordinated Notes owned by Noteholders that are Qualified Institutional Buyers shall be issued in the form of one or more Global
Subordinated Notes (each a “Global Subordinated Note”) registered in the name of The Depository Trust Company
or another organization registered as a clearing agency under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and designated as Depositary by the Company or any successor thereto (the “Depositary”) or
a nominee thereof and delivered to such Depositary or a nominee thereof.

(b) 

Notwithstanding any
other provision herein, no Global Subordinated Note may be exchanged in whole or in part for Subordinated Notes registered, and
no transfer of a Global Subordinated Note in whole or in part may be registered, in the name of any person other than the Depositary
for such Global Subordinated Note or a nominee thereof unless (i) such Depositary advises the Company in writing that such Depositary
is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Global Subordinated
Note, and no qualified successor is appointed by the Company within 90 days of receipt by the Company of such notice, (ii) such
Depositary ceases to be a clearing agency registered under the Exchange Act and no successor is appointed by the Company within
90 days after obtaining knowledge of such event, (iii) the Company elects to terminate the book-entry system through the Depositary
or (iv) an Event of Default shall have occurred and be continuing. Upon the occurrence of any event specified in clause (i), (ii),
(iii) or (iv) of this Section 9(b) above, the Company or its agent shall notify the Depositary and instruct the Depositary
to notify all owners of beneficial interests in such Global Subordinated Note of the occurrence of such event and of the availability
of Subordinated Notes to such owners of beneficial interests requesting the same.

    	A-11 

    	 

    

 

(c) 

If any Global Subordinated
Note is to be exchanged for other Subordinated Notes or canceled in part, or if another Subordinated Note is to be exchanged in
whole or in part for a beneficial interest in any Global Subordinated Note, then either (i) such Global Subordinated Note shall
be so surrendered for exchange or cancellation as provided in this Section 9 or (ii) the principal amount thereof shall
be reduced or increased by an amount equal to the portion thereof to be so exchanged or canceled, or equal to the principal amount
of such other Subordinated Note to be so exchanged for a beneficial interest therein, as the case may be, by means of an appropriate
adjustment made on the records of the Company or, if applicable, the Company’s registrar and transfer agent (“Registrar”),
whereupon the Company or, if applicable, the Registrar, in accordance with the applicable rules and procedures of the Depositary
(“Applicable Depositary Procedures”), shall instruct the Depositary or its authorized representative to make
a corresponding adjustment to its records. Upon any such surrender or adjustment of a Global Subordinated Note by the Depositary,
accompanied by registration instructions, the Company shall execute and deliver any Subordinated Notes issuable in exchange for
such Global Subordinated Note (or any portion thereof) in accordance with the instructions of the Depositary.

(d) 

Every Subordinated
Note executed and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Subordinated Note or any
portion thereof shall be executed and delivered in the form of, and shall be, a Global Subordinated Note, unless such Subordinated
Note is registered in the name of a person other than the Depositary for such Global Subordinated Note or a nominee thereof.

(e) 

The Depositary or its
nominee, as the registered owner of a Global Subordinated Note, shall be the holder of such Global Subordinated Note for all purposes
under this Subordinated Note, and owners of beneficial interests in a Global Subordinated Note shall hold such interests pursuant
to Applicable Depositary Procedures. Accordingly, any such owner’s beneficial interest in a Global Subordinated Note shall
be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its
nominee or its Depositary participants. If applicable, the Registrar shall be entitled to deal with the Depositary for all purposes
relating to a Global Subordinated Note (including the payment of principal and interest thereon and the giving of instructions
or directions by owners of beneficial interests therein and the giving of notices) as the sole holder of the Subordinated Note
and shall have no obligations to the owners of beneficial interests therein. The Registrar shall have no liability in respect of
any transfers affected by the Depositary.

(f) 

The rights of owners
of beneficial interests in a Global Subordinated Note shall be exercised only through the Depositary and shall be limited to those
established by law and agreements between such owners and the Depositary and/or its participants.

    	A-12 

    	 

    

 

(g) 

No holder of any beneficial
interest in any Global Subordinated Note held on its behalf by a Depositary shall have any rights with respect to such Global Subordinated
Note, and such Depositary may be treated by the Company and any agent of the Company as the owner of such Global Subordinated Note
for all purposes whatsoever. Neither the Company nor any agent of the Company will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Subordinated Note or
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing,
nothing herein shall prevent the Company or any agent of the Company from giving effect to any written certification, proxy or
other authorization furnished by a Depositary or impair, as between a Depositary and such holders of beneficial interests, the
operation of customary practices governing the exercise of the rights of the Depositary (or its nominee) as holder of any Subordinated
Note.

(h) 

Company, within 30 calendar
days after the receipt of written notice from the Noteholder or any other holder of the Subordinated Notes of the occurrence of
an Event of Default with respect to this Note, shall mail to all the Noteholders, at their addresses shown on the Security Register
(as defined in Section 14 below), such written notice of Event of Default, unless such Event of Default shall have
been cured or waived before the giving of such notice as certified by Company in writing.

10. 

Denominations.
The Subordinated Notes are issuable only in registered form without interest coupons in minimum denominations of $1,000 and integral
multiples of $1,000 in excess thereof.

11. 

Charges and Transfer
Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note, or any redemption
or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities or
property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that
may be imposed in connection with the transfer or exchange of this Subordinated Note from the Noteholder requesting such transfer
or exchange.

12. 

Payment Procedures.
Payment of the principal and interest payable on the Stated Maturity will be made by check, or by wire transfer in immediately
available funds to a bank account in the United States designated by the Noteholder of this Subordinated Note if such Noteholder
shall have previously provided wire instructions to the Company, upon presentation and surrender of this Subordinated Note at the
Payment Office (as defined in Section 21 below) or at such other place or places as the Company shall designate by notice
to the Noteholders as the Payment Office, provided that this Subordinated Note is presented to the Company in time for the Company
to make such payments in such funds in accordance with its normal procedures. Payments of interest (other than interest payable
on the Stated Maturity) shall be made by wire transfer in immediately available funds or check mailed to the registered Noteholder
of this Subordinated Note, as such person’s address appears on the Security Register (as defined below). Interest payable
on any Interest Payment Date shall be payable to the Noteholder in whose name this Subordinated Note is registered at the close
of business on the fifteenth calendar day prior to the applicable Interest Payment Date, without regard to whether such date is
a Business Day (such date being referred to herein as the “Regular Record Date”), except that interest not paid
on the Interest Payment Date, if any, will be paid to the Noteholder in whose name this Subordinated Note is registered at the
close of business on a special record date fixed by the Company (a “Special Record Date”), notice of which shall
be given to the Noteholder of this Subordinated Note not less than 10 calendar days prior to such Special Record Date. (The Regular
Record Date and Special Record Date are referred to herein collectively as the “Record Dates”). To the extent
permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Subordinated
Note, on any amount of principal or interest on this Subordinated Note not paid when due. All payments on this Subordinated Note
shall be applied first against interest due hereunder; and then against principal due hereunder. The Noteholder of this Subordinated
Note acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Subordinated Note
and all interest hereon shall be pari passu in right of payment and in all other respects to the other Subordinated Notes.
In the event that the Noteholder of this Subordinated Note receives payments in excess of its pro rata share of the Company’s
payments to the Noteholders of all of the Subordinated Notes, then the Noteholder of this Subordinated Note shall hold in trust
all such excess payments for the benefit of the Noteholders of the other Subordinated Notes and shall pay such amounts held in
trust to such other Noteholders upon demand by such Noteholders.

    	A-13 

    	 

    

 

13. 

Form of Payment.
Payments of principal and interest on this Subordinated Note shall be made in such coin or currency of the United States of America
as at the time of payment shall be legal tender for the payment of public and private debts.

14. 

Registration of
Transfer, Security Register. Except as otherwise provided herein, this Subordinated Note is transferable in whole or in part,
and may be exchanged for a like aggregate principal amount of Subordinated Notes of other authorized denominations, by the holder
of this Subordinated Note in person, or by his attorney duly authorized in writing, at the Payment Office. The Company shall maintain
a register providing for the registration of the Subordinated Notes and any exchange or transfer thereof (the “Security
Register”). Upon surrender or presentation of this Subordinated Note for exchange or registration of transfer, the Company
shall execute and deliver in exchange therefor a Subordinated Note or Subordinated Notes of like aggregate principal amount, each
in a minimum denomination of $1,000 or any amount in excess thereof which is an integral multiple of $1,000 (and, in the absence
of an opinion of counsel satisfactory to the Company to the contrary, bearing the restrictive legend(s) set forth hereinabove)
and that is or are registered in such name or names requested by the Noteholder. Any Subordinated Note presented or surrendered
for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such
form as is attached hereto and incorporated herein, duly executed by the holder of this Subordinated Note or his attorney duly
authorized in writing, with such tax identification number or other information for each person in whose name a Subordinated Note
is to be issued, and accompanied by evidence of compliance with any restrictive legend(s) appearing on such Subordinated Note or
Subordinated Notes as the Company may reasonably request to comply with applicable law. No exchange or registration of transfer
of this Subordinated Note shall be made on or after (i) the fifteenth day immediately preceding the Stated Maturity or (ii) the
due delivery of notice of redemption.

15. 

Priority. The
Subordinated Notes rank pari passu among themselves and pari passu, in the event of any insolvency proceeding, dissolution,
assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar
proceeding or any liquidation or winding up of the Company, with all other present or future unsecured subordinated debt obligations
of the Company, except any unsecured subordinated debt that, pursuant to its express terms, is senior or subordinate in right of
payment to the Subordinated Notes.

    	A-14 

    	 

    

 

16. 

Ownership. Prior
to due presentment of this Subordinated Note for registration of transfer, the Company may treat the Noteholder in whose name this
Subordinated Note is registered in the Security Register as the absolute owner of this Subordinated Note for receiving payments
of principal and interest on this Subordinated Note and for all other purposes whatsoever, whether or not this Subordinated Note
be overdue, and the Company shall not be affected by any notice to the contrary.

17. 

Waiver and Consent.

(a) 

Any consent or waiver
given by the Noteholder of this Subordinated Note shall be conclusive and binding upon such Noteholder and upon all future Noteholders
of this Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange therefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note. No delay or omission
of the holder of this Subordinated Note to exercise any right or remedy accruing upon any Event of Default shall impair such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Any insured depository institution which
shall be a holder of this Subordinated Note or which otherwise shall have any beneficial ownership interest in this Subordinated
Note shall, by its acceptance of such Subordinated Note (or beneficial interest therein), be deemed to have waived any right of
offset with respect to the indebtedness evidenced thereby.

(b) 

No waiver or amendment
of any term, provision, condition, covenant or agreement in the Subordinated Notes shall be effective except with the consent of
the holders of more than fifty percent (50%) in aggregate principal amount (excluding any Subordinated Notes held by Company or
any of its Affiliates) of the Subordinated Notes at the time outstanding; provided, however, that without the consent
of each Noteholder of an affected Subordinated Note, no such amendment or waiver may: (i) reduce the principal amount of any Subordinated
Note; (ii) reduce the rate of or change the time for payment of interest on any Subordinated Note; (iii) extend the maturity of
any Subordinated Note, (iv) change the currency in which payment of the obligations of Company under the Subordinated Notes are
to be made; (v) lower the percentage of aggregate principal amount of outstanding Subordinated Notes required to approve any amendment
of the Subordinated Notes, (vi) make any changes to Section 6 (Failure to Make Payments) of the Subordinated Notes
that adversely affects the rights of any Noteholder; or (vii) disproportionately affect any of the Noteholders of the then outstanding
Subordinated Notes. Notwithstanding the foregoing, Company may amend or supplement the Subordinated Notes without the consent of
the Noteholders of the Subordinated Notes to cure any ambiguity, defect or inconsistency or to provide for uncertificated Subordinated
Notes in addition to or in place of certificated Subordinated Notes, or to make any change that does not adversely affect the rights
of any Noteholder of any of the Subordinated Notes. No failure to exercise or delay in exercising, by any Noteholder of the Subordinated
Notes, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided
by law. The rights and remedies provided in this Subordinated Note are cumulative and not exclusive of any right or remedy provided
by law or equity. No notice or demand on Company in any case shall, in itself, entitle Company to any other or further notice or
demand in similar or other circumstances or constitute a waiver of the rights of Noteholders to any other or further action in
any circumstances without notice or demand. No consent or waiver, expressed or implied, by Noteholders to or of any breach or default
by Company in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any
other breach or default in the performance of the same or any other obligations of Company hereunder. Failure on the part of the
Noteholders to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure
continues, shall not constitute a waiver by the Noteholders of their rights hereunder or impair any rights, powers or remedies
on account of any breach or default by Company.

    	A-15 

    	 

    

 

18. 

Absolute and Unconditional
Obligation of the Company. No provisions of this Subordinated Note shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal and interest on this Subordinated Note at the times, places and rate, and in
the coin or currency, herein prescribed.

19. 

No Sinking Fund;
Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note is not convertible
into or exchangeable for any of the equity securities, other securities or assets of the Company or any subsidiary.

20. 

No Recourse Against
Others. No recourse under or upon any obligation, covenant or agreement contained in this Subordinated Note, or for any claim
based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder, employee, officer,
or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or any predecessor
or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated
Note by the holder of this Subordinated Note and as part of the consideration for the issuance of this Subordinated Note.

21. 

Notices. All
notices to the Company under this Subordinated Note shall be in writing and addressed to the Company at Carolina Trust BancShares,
Inc., 901 East Main Street, Lincolnton, North Carolina 28092, Attention: Jerry L. Ocheltree, President, or to such other address
as the Company may notify to the Holder (the “Payment Office”). All notices to the Noteholders shall be in writing
and sent by first-class mail to each Noteholder at his or its address as set forth in the Security Register.

22. 

Further Issues.
The Company may, without the consent of the Noteholders of the Subordinated Notes, create and issue additional notes having the
same terms and conditions of the Subordinated Notes (except for the Issue Date) so that such further notes shall be consolidated
and form a single series with the Subordinated Notes.

    	A-16 

    	 

    

 

23. 

Governing Law; Interpretation.
THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF (EXCEPT SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). THIS SUBORDINATED NOTE IS INTENDED TO MEET THE CRITERIA FOR QUALIFICATION
OF THE OUTSTANDING PRINCIPAL AS TIER 2 CAPITAL UNDER THE REGULATORY GUIDELINES OF THE FEDERAL RESERVE, AND THE TERMS HEREOF SHALL
BE INTERPRETED IN A MANNER TO SATISFY SUCH INTENT.

[Signature Page Follows]

    	A-17 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Subordinated Note to be duly executed and attested.

	 	CAROLINA
    TRUST BANCSHARES, INC.
	 	 	 	 
	 	By:	 
	 	 	Name:	Jerry L. Ocheltree
	 	 	Title:	President & Chief
    Executive Officer 

 

	ATTEST:	 
	 	 
	 	 
	Name: Sue S. Stamey	 
	Title:   Corporate
    Secretary	 

 

    	[Signature Page to Subordinated Note]

    	 

    

 

ASSIGNMENT FORM

To assign this Subordinated Note, fill
in the form below: (I) or (we) assign and transfer this Subordinated Note to:

 

 

(Print or type assignee’s name,
address and zip code)

 

 

(Insert assignee’s social security
or tax I.D. No.)

and irrevocably appoint _______________________
agent to transfer this Subordinated Note on the books of the Company. The agent may substitute another to act for him.

	Date:	 	 	Your signature:	 
	 	 	 	 	 
	 	 	 	(Sign
    exactly as your name appears on the face of this Subordinated Note)
	 	 	 	 
	 	 	 	Tax Identification
    No:  	 

 

	Signature
    Guarantee:  	 

(Signatures must be guaranteed by
an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)).

The undersigned
certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an
Affiliate of the Company.

In connection
with any transfer or exchange of this Subordinated Note occurring prior to the date that is one year after the later of the date
of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company
or any Affiliate of the Company, the undersigned confirms that this Subordinated Note is being:

CHECK ONE BOX BELOW:

	☐	(1)	acquired for the undersigned’s own account,
    without transfer;
	 	 	 
	☐	(2)	transferred to the Company;
	 	 	 
	☐	(3)	transferred in accordance and in compliance with Rule 144A under
    the Securities Act of 1933, as amended (the “Securities Act”);
	 	 	 
	☐	(4)	transferred under an effective registration statement under
    the Securities Act;
	 	 	 
	☐	(5)	transferred in accordance with and in compliance with Regulation
    S under the Securities Act;
	 	 	 

    	 

    	 

    

 

	☐	(6)	transferred to an institutional “accredited
    investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor”
    (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain representations
    and agreements; or
	 	 	 
	☐ 	(7)	transferred in accordance with another available exemption from
    the registration requirements of the Securities Act.

Unless one of the boxes is checked, the
Company will refuse to register this Subordinated Note in the name of any person other than the registered holder thereof; provided,
however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such transfer of this Subordinated
Note, in its sole discretion, such legal opinions, certifications and other information as the Company may reasonably request to
confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act such as the exemption provided by Rule 144 under such Act.

	 	Signature:  	 

 

	Signature Guarantee:  	 

(Signatures must be guaranteed by
an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-l5).

TO BE COMPLETED BY PURCHASER IF BOX (1)
OR (3) ABOVE IS CHECKED.

The undersigned
represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the
meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.

	Date:	 	 	Signature:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]