Southport Acquisition Corp
EXHIBIT 10.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SOUTHPORT ACQUISITION CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CLAWBACK POLICY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Introduction</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors (the &ldquo;<B>Board</B>&rdquo;) of Southport
Acquisition Corporation (the &ldquo;<B>Company</B>&rdquo;) believes that it is in the best interests of the Company and its stockholders
to maintain and enforce a culture of integrity and accountability. In accordance with the applicable rules (the &ldquo;<B>NYSE Rules</B>&rdquo;)
of the New York Stock Exchange (the &ldquo;<B>NYSE</B>&rdquo;) and Section 10D (&ldquo;<B>Section 10D</B>&rdquo;) and Rule 10D-1 (&ldquo;<B>Rule
10D-1</B>&rdquo;) of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), the Board has adopted this
policy (this &ldquo;<B>Policy</B>&rdquo;) to provide for the recoupment of incentive-based compensation erroneously awarded to executive
officers of the Company and all other employees whose award agreements are subject to this Policy. The purpose of this Policy is to document
the Company&rsquo;s right to recover compensation that the Company determines, in its sole discretion, was unjustly paid to any Executive
Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Effective Date</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Policy applies to all Incentive Compensation received by a person:
(a) after beginning service as an Executive Officer; (b) who served as an Executive Officer at any time during the applicable performance
period relating to any Incentive Compensation; (c) while the Company has a class of securities listed on a national securities exchange
or a national securities association; and (d) during the applicable Recoupment Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Definitions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized terms used in this Policy have the
following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Committee</B>&rdquo; shall mean the
Board or such committee of the Board as may be appointed by the Board to administer the Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Executive Officer</B>&rdquo; shall mean
the Company&rsquo;s president or chief executive officer, principal financial officer, principal accounting officer (or if there is no
such accounting officer, the controller), any vice-president in charge of a principal business unit, division, or function (such as sales,
administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policymaking
functions for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Financial Reporting Measure</B>&rdquo;
shall mean measures that are determined and presented in accordance with the accounting principles used in preparing the Company&rsquo;s
financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return
are also Financial Reporting Measures. A Financial Reporting Measure need not be presented within the financial statements or included
in a filing with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Incentive Compensation</B>&rdquo; shall
mean all cash compensation or equity-based compensation that is granted, earned or vested based in whole or in part upon the attainment
of a Financial Reporting Measure. Incentive Compensation does not include any of the following: (i) annual base salary, (ii) compensation
that is awarded based solely on service (e.g., a time-vesting equity award), (iii) bonuses paid solely in the discretion of the Committee,
or (iv) compensation that is awarded based on subjective standards, strategic or operational measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Received</B>&rdquo; shall mean the deemed
receipt of Incentive Compensation. Incentive Compensation is deemed &ldquo;Received&rdquo; for purposes of this Policy in the fiscal period
during which the Financial Reporting Measure specified in the applicable award is attained, even if the payment or grant of such Incentive
Compensation occurs after the end of that period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Recoupment Period</B>&rdquo; shall mean
the three (3) completed fiscal year period preceding the date of a Triggering Event, and if the Company changes its fiscal year, any transition
period of less than nine (9) months within or immediately following those three (3) completed fiscal years. A transition period between
the last day of the Company&rsquo;s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine
(9) to 12 months would be deemed a completed fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>SEC</B>&rdquo; shall mean the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Triggering Event</B>&rdquo; shall mean<FONT STYLE="color: red">&nbsp;</FONT>the
earlier to occur of a decision by (a) the Committee to effect an accounting restatement of the Company&rsquo;s previously published financial
statements caused by material noncompliance by the Company with any applicable financial reporting requirement under the federal securities
laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to
the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current
period or left uncorrected in the current period, or (b) a court, regulator or other legally authorized body to direct the Company to
prepare an accounting restatement as described in clause (a). &ldquo;Triggering Event&rdquo; does not include any restatement required
due to changes in accounting rules or standards or changes in applicable law, including as a result of: (i) retrospective application
of a change in accounting principles&#894; (ii) retrospective revision to reportable segment information due to a change in the structure
of the Company&rsquo;s internal organization&#894; (iii) retrospective reclassification due to a discontinued operation&#894; (iv) retrospective
application of a change in reporting entity, such as from a reorganization of entities under common control&#894; (v) retrospective adjustment
to provisional amounts in connection with a prior business combination&#894; or (vi) retrospective revision for stock splits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Application of the Policy</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following a Triggering Event, in accordance with
NYSE Rules and Rule 10D-1, the Company will promptly recoup from any Executive Officer any Incentive Compensation paid or granted during
the Recoupment Period that was in excess of what would have been paid or granted to such Executive Officer after giving effect, as applicable,
to the accounting restatement that resulted from the Triggering Event, as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For Incentive Compensation where the Financial
Reporting Measure is derived wholly or in part from the stock price or total shareholder return measures and the recoupment amount is
not subject to mathematical recalculation directly from the information in the applicable accounting restatement, the amount that may
be forfeited and/or reimbursed to the Company shall be determined by the Committee based on its reasonable estimate of the effect of the
Triggering Event on the stock price or total shareholder return on which the Incentive Compensation was received. The Company shall maintain
documentation of the determination of that reasonable estimate and provide such documentation as required to the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Misconduct on the part of any Executive Officer
is not required for recoupment of Incentive Compensation under this Policy. Recoupment of Incentive Compensation pursuant to this Policy
shall not in any way limit or affect the rights of the Company to pursue disciplinary, legal or other action or pursue any other remedies
available to it. The Company will not be bound by the Recoupment Period in the event of fraud or intentional misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Policy shall be administered by the Committee.
The interpretation and construction by the Committee of any provision of this Policy or any acknowledgment and agreement shall be final,
binding and conclusive. The Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate,
or advisable for the administration of this Policy and for the Company&rsquo;s compliance with the NYSE Rules, Section 10D, Rule 10D-1
and any other applicable law, regulation, rule or interpretation of the SEC or NYSE promulgated or issued in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Independent Directors shall recover any excess
Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Committee in accordance
with Rule 10D-1 and Section 303A.14 of the NYSE Listed Company Manual. If the Committee determines to enforce recoupment, (i) the Committee
shall provide the Executive Officer with written notice of its intent to recoup Incentive Compensation under this Policy, along with the
timeline within which the Executive Officer must respond, (ii) to the extent the Executive Officer does not intend to comply with such
recoupment efforts, the Executive Officer must respond to the Committee in writing detailing the reasons why noncompliance is warranted
and such response must be provided to the Committee within 15 business days following the Executive Officer&rsquo;s receipt of the Committee&rsquo;s
initial notice, and (iii) if the Committee disagrees with the Executive Officer&rsquo;s assertions, then the Committee must respond to
the Executive Officer in writing detailing such reasons within the 15 business days following the Committee&rsquo;s receipt of the Executive
Officer&rsquo;s written response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee will determine, in its sole discretion,
the method for recouping the erroneously awarded Incentive Compensation pursuant to this Policy, and subject to the requirement that recovery
be made reasonably promptly, the Committee will determine the appropriate means of recovery, which may vary, without limitation, between
Executive Officer or based on the nature of the applicable Incentive Compensation, and which may involve, without limitation: establishing
a deferred repayment plan or set-off against current or future compensation otherwise payable to the Executive Officer; cancelling outstanding
vested or unvested equity awards made to the Executive Officer; and taking any other remedial and recovery action permitted by law, as
determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>No Indemnification</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the terms of the Amended and Restated
Certificate of Incorporation of the Company or the Amended and Restated Bylaws of the Company, as the same may be amended, supplemented
or restated from time to time, or any indemnification agreement between the Company and any Executive Officer, in no event shall the Company
indemnify any Executive Officer against any loss of compensation under this Policy or any claims relating to the Company&rsquo;s enforcement
of its rights under this Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Successors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Policy shall be binding and enforceable against all Executive
Officers and their beneficiaries, heirs, executors, administrators or other legal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>As adopted by the Board on January 23, 2024</I></P>
<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B></B></P>

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