Common use of GRANTING OF STOCK OPTIONS Clause in Contracts

GRANTING OF STOCK OPTIONS. As an additional inducement to Employee to enter into this Agreement with Employer and to render his services to Employer under a long-term basis and as additional compensation to him for services to be rendered under the provisions of this Agreement, Employer has agreed to grant to Employee certain stock options to acquire Employer’s Common Stock on or before June 1, 1999. The stock options have been granted by Employer to Employee pursuant to that certain Gulfport Energy Corporation Stock Option Plan (“Plan”) to be enacted by Employer. In order to evidence these stock options, the Employer has also prepared and will execute and enter into with Employee, contemporaneously with this Agreement, that certain Gulfport Energy Corporation Stock Option Agreement (“Stock Option Agreement”), which will set forth the terms and conditions of the successive stock options to be granted to Employee by Employer in accordance herewith and the manner and method of exercising such options and acquiring such stock by Employee. Attached as Exhibit “A” to this Agreement, and by this reference made a part hereof, is an executed copy of the Stock Option Agreement entered into by and between Employer and Employee this same date in fulfillment of the contractual obligations of Employer.