Document:

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Exhibit 10.1

FENTURA FINANCIAL, INC.

2006 EXECUTIVE STOCK BONUS PLAN

     Section 1. Title. This plan shall be known as the “Fentura Financial, Inc. 2006 Executive
Stock Bonus Plan” and is referenced to herein as the “Plan.”

     Section 2. Adoption of the Plan. The Plan was approved by the Board of Directors (“Board”) of
Fentura Financial, Inc. (the “Company”) on November 30, 2006.

     Section 3. Administration. The Plan shall be administered by the Board, or if the Board so
directs, the Compensation Committee of the Board. The Board shall designate a plan administrator
who shall have the power to devise and implement rules and procedures for the operation of the
Plan, and to interpret and otherwise implement the Plan in all respects.

     Section 4. Eligible Employees. Any executive or managerial level employees of the Company or
any of its subsidiaries at the time of a grant hereunder is automatically eligible to receive
grants under this Plan.

     Section 5. Grants. The administrator of the Plan shall have the authority to, from time to
time as it deems advisable, make grants of shares of the Company’s Common Stock to Eligible
Employees for compensatory purposes. In so doing, the administrator will have full latitude and
discretion as to whether or when, if ever, to make grants and as to any and all matters incident to
such grants, including (a) the selection of Eligible Employees to receive grants, (b) the criteria,
objective or subjective, to be used in deciding whether, when or to what extent to make grants, (c)
restrictive terms of grants (such as vesting periods, restrictions on resale abilities, etc), and
(d) any and all other terms of grants. No prior action by the administrator shall serve as binding
precedent or custom in respect of any future decisions under
this Plan, and the administrator shall have full latitude to change its means of administering
this

 

 

Plan in any respect as it deems advisable, subject to approval by the Board or Compensation
Committee. Neither the existence of this Plan nor the fact that any shares may have (at any time)
been granted hereunder, will create any entitlement or expectation in any person that he/she will
receive any (or any further) grants hereunder.

     Section 6. Withholding. The recipient of a grant shall be fully responsible for all federal,
state and local withholding or similar tax obligations in respect of the grant. The administrator
may, if it deems it advisable and to the extent legally permissible, allow a recipient to meet
withholding obligations with shares of the Common Stock being granted valued at the “Fair Market
Value” of such shares. “Fair Market Value” means, on any given date, (a) if the Company Common
Stock is, on the given date, listed on a national securities exchange, Fair Market Value shall be
the average of the highest and lowest selling price for the given date, or the most recent date
upon which sales occurred, (b) if (a) does not apply, then Fair Market Value shall be the average
of the highest and lowest selling price for the Company Common Stock as reported on the Nasdaq
Stock Market for the given date, or the most recent date upon which sales were reported, (c) if
neither (a) nor (b) applies, Fair Market Value shall be the average of the final bid and asked
prices for the Company Common Stock as quoted for the given date in whatever medium then issues
such quotes, or the most recent date upon which such quotes were published, (d) if none of (a),
(b), or (c) applies, then Fair Market Value shall be determined by the Board based on such
valuation methods and/or indicia of value as the Board deems advisable at the time of such
determination. The use by the Board of any method or indicia of value to determine Fair Market
Value on any valuation date will not, of itself, preclude the Board from use of a different method
or indicia on a subsequent valuation date.

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     Section 7. Securities Laws. The recipient of a grant will, as a condition of such grant,
agree to any and all applicable procedures and restrictions associated with the grant or a
subsequent resale of the shares as may be imposed under the state and federal securities laws.
This Plan contemplates that grants under this Plan will not be registered under the Act, but will
be made pursuant to a claim of exemption from such registration requirements. Accordingly, shares
acquired under this Plan will be “restricted securities” within the meaning of the Act and
generally may not be resold prior to one year after the date of issuance, and then only in
compliance with the requirements of Rule 144 promulgated under the Act.

     Section 8. Amendment. The Board shall have complete power and authority to amend the Plan at
any time and no approval by the Company’s shareholders or any other person shall be required to
make any amendment.

     Section 9. Suspension or Termination. The Board shall have the right and power to suspend the
operation of or terminate the Plan at any time. If not earlier terminated, the Plan will terminate
on December 31, 2016. No shares of Common Stock will be issuable under the Plan while it is
suspended or after the termination date.

     Section 10. Records. The Administrator shall maintain and the Board periodically review
records of all actions and activities in connection with administering the Plans.

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Exhibit 10.1

AMENDMENT TO THE

WILLIAMS PARTNERS GP LLC

LONG-TERM INCENTIVE PLAN

     WHEREAS, in accordance with Section 7 of the Williams Partners GP LLC, Long-Term Incentive
Plan (the “Plan”), the Board of Directors of Williams Partners GP LLC may amend the Plan;

     WHEREAS, the Board of Directors of Williams Partners GP LLC, acting in its settlor capacity,
now desires to amend the Plan;

     NOW, THEREFORE, in consideration of the premises, the Plan shall be, and hereby is amended in
the following respects, effective November 28, 2006:

I.

     The definition of “Committee” in Section 2 of the Plan is hereby deleted in its entirety and
replaced with the following:

     “Committee’ means the Board or such other committee of the Board appointed by the Board to
administer the Plan.”

II.

     The first sentence of Section 3 of the Plan is hereby deleted in its entirety and replaced
with the following:

     “The Plan shall be administered by the Committee.”

III.

     Except as modified herein, the Plan shall remain in full force and effect.exv10w1

 

Exhibit 10.1

SHARE LENDING AGREEMENT

Dated as of November 30, 2006

Among

GOODRICH PETROLEUM CORPORATION (“Lender”),

and

     BEAR, STEARNS INTERNATIONAL LIMITED (“Borrower”), through BEAR, STEARNS & CO. INC., as
agent for Borrower (“Borrowing Agent”),

and

          BEAR, STEARNS & CO. INC., in its capacity as Collateral Agent (as hereinafter defined).

          This Agreement sets forth the terms and conditions under which Borrower may borrow from Lender
shares of Common Stock.

          The parties hereto agree as follows:

                              Section 1. Certain Definitions. The following capitalized terms shall have the following meanings:

          “Business Day” means, with respect to any Loan hereunder, a day on which regular
trading occurs in the principal trading market for the Common Stock.

          “Cash” means any coin or currency of the United States as at the time shall be legal
tender for payment of public and private debts.

          “Clearing Organization” means The Depository Trust Company, or, if agreed to by
Borrower and Lender, such other Securities Intermediary at which Borrower (or Borrowing Agent) and
Lender maintain accounts.

          “Closing Price” on any day means, with respect to the Common Stock (i) if the Common
Stock is listed or admitted to trading on a U.S. securities exchange registered under the Exchange
Act or is included in the OTC Bulletin Board Service (operated by the National Association of
Securities Dealers, Inc.), the last reported sale price, regular way, in the principal trading
session on such day on such market on which the Common Stock is then listed or is admitted to
trading (or, if the day of determination is not a Business Day, the last preceding Business Day)
and (ii) if the Common Stock is not so listed or admitted to trading or if the last reported sale
price is not obtainable (even if the Common Stock is listed or admitted to trading on such market),
the average of the bid prices for the Common Stock obtained from as many dealers in the Common
Stock (which may include Borrower or its affiliates), but not exceeding three, as shall furnish bid
prices available to the Lender.

          “Collateral” means any Cash or Non-Cash Collateral. Each of the parties to this
Agreement hereby agree that Cash and each item within the definition of Non-Cash Collateral shall
be treated as a “financial asset” as defined by Section 8-102(a)(9) of the UCC.

          “Collateral Account” means the securities account of the Collateral Agent maintained
on the books of Bear, Stearns & Co. Inc., as securities intermediary, and designated “Bear, Stearns
& Co. Inc., as Collateral Agent of Goodrich Petroleum Corporation, as pledgee of Bear, Stearns
International Limited, as Borrower of Loaned Shares.” Any Collateral deposited in the Collateral
Account shall be segregated from all other assets and property of the Collateral Agent, which such
segregation may be accomplished by appropriate identification on the books and records of
Collateral Agent, as a “securities intermediary”

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within the meaning of the UCC. The Securities Intermediary acknowledges that the Collateral Account
is maintained for the Collateral Agent and
undertakes to treat the Collateral Agent as entitled to exercise the rights that comprise the
Collateral credited to the Collateral Account.

          “Collateral Agent” means Bear, Stearns & Co. Inc., in its capacity as collateral agent
for Lender hereunder, or any successor thereto under Section 20.

          “Collateral Percentage” means 100%.

          “Convertible Notes” means the $125,000,000 aggregate principal amount of Convertible
Senior Notes due 2026 issued by Lender, or up to $175,000,000 aggregate principal amount to the
extent the option to purchase additional Convertible Notes (the “Option”) is exercised in full as
set forth in the purchase agreement relating to the initial purchase of the Convertible Notes.

          “Common Stock” means shares of Common Stock, par value $0.20 per share, of Lender, or
any other security into which the Common Stock shall be exchanged or converted as the result of any
merger, consolidation, other business combination, reorganization, reclassification,
recapitalization or other corporate action (including, without limitation, a reorganization in
bankruptcy).

          “Credit Downgrade” occurs when the Borrower receives a rating for its long term,
unsecured and unsubordinated indebtedness that is below A- by Standard and Poor’s Ratings Group, or
its successor (“S&P”), or below A3 by Moody’s Investors Service, Inc., or its successor
(“Moody’s”), or, if either S&P or Moody’s ceases to rate such debt, an equivalent or lower rating
by a substitute rating agency mutually agreed upon by the Lender and the Borrower.

          “Credit Upgrade” occurs when the Borrower receives a rating for its long term,
unsecured and unsubordinated indebtedness that is A- or better by S&P or A3 or better by Moody’s
and the other rating agency has not assigned a rating for such debt that is below A- (in the case
of S&P) or A3 (in the case of Moody’s).

          “Cutoff Time” shall mean 10:00 a.m. in the jurisdiction of the Clearing Organization,
or such other time on a Business Day by which a transfer of Loaned Shares must be made by Borrower
or Lender to the other, as shall be determined in accordance with market practice.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          “Lender’s Designated Account” means the securities account of the Lender maintained on
the books of the Borrower, as securities intermediary, and designated “Goodrich Petroleum
Corporation” (account number 353-06280-1-9), established simultaneously with the execution of this
Agreement.

          “Loan Availability Period” means the period beginning with the date of issuance of the
Convertible Notes and ending on the earlier of (i) December 1, 2026, (ii) the date as of which the
Lender has notified the Borrower in writing of its intention to terminate this Agreement at any
time after the entire principal amount of Convertible Notes ceases to be outstanding, whether as a
result of conversion, redemption, repurchase, cancellation or otherwise and (iii) the date on which
this Agreement shall terminate in accordance with the terms of this Agreement.

          “Loaned Shares” means shares of Common Stock initially transferred to the Borrower in
a Loan hereunder until such Loan or portion thereof is terminated and a corresponding number of
Loaned Shares is transferred to Lender pursuant to this Agreement; provided that in respect of any
such share of Common Stock initially transferred to the Borrower by Lender and subsequently
transferred by the Borrower to another transferee, “Loaned Share” means an equivalent number of
shares of identical Common Stock. If, as the result of a stock dividend, stock split or reverse
stock split, the number of outstanding shares of Common Stock is increased or decreased, then the
number of outstanding Loaned Shares shall be proportionately increased or decreased, as the case
may be. If any new or different security (or two or more securities) shall be exchanged for the
outstanding shares of Common Stock as the result of any

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reorganization, merger, consolidation,
reclassification, recapitalization or other corporate action (including, without limitation, a
reorganization in bankruptcy), such new or different security (or such two or more securities
collectively) shall, effective upon such exchange, be deemed to become a Loaned Share in
substitution for the former Loaned Share for which such exchange is made.

          “Market Value” on any day means (i) with respect to Common Stock, the most recent
Closing Price of the Common Stock prior to such day and (ii) with respect to any Collateral that is
(a) Cash, the face amount thereof, (b) a letter of credit, the undrawn amount thereof and (c) any
other security or property, the market value thereof, as determined by the Collateral Agent, in
accordance with market practice for such securities or property, based on the price for such
security or property as of the most recent close of trading obtained from a generally recognized
source or the closing bid quotation at the most recent close of trading obtained from such source,
plus accrued interest to the extent not included therein, unless market practice with respect to
the valuation of such securities or property in connection is to the contrary.

          “Maximum Number of Shares” means 3,300,000 shares of Common Stock, subject to the
following adjustments:

                    (a) If, as the result of a stock dividend, stock split or reverse stock
split, the number of outstanding shares of Common Stock is increased or decreased, the Maximum
Number of Shares shall, effective as of the payment or delivery date of any such event, be
proportionally increased or decreased, as the case may be.

                    (b) If, pursuant to a merger, consolidation, other business combination,
reorganization, reclassification, recapitalization or other corporate action (including, without
limitation, a reorganization in bankruptcy), in each case involving an Unaffiliated Third Party,
the Common Stock is exchanged for or converted into cash, securities or other property, the Maximum
Number of Shares shall be reduced to zero on the effective date of such event.

                    (c) If any Convertible Notes are tendered for conversion to the Lender in accordance with
the terms of such Convertible Notes, the Maximum Number of Shares shall, effective as of the date
Lender delivers cash and/or shares of Common Stock in satisfaction of the related conversion
obligation, be reduced by a number of shares of Common Stock equal to, for each $1,000 principal
amount of Convertible Notes so converted, the Base Conversion Rate plus the Incremental Share
Factor (as such terms are defined in the indenture relating to the Convertible Notes).

                    (d) Upon the termination of any Loan pursuant to Section 6(a) the Maximum
Number of Shares shall be reduced by the number of Loaned Shares surrendered by Borrower to Lender.

                    (e) Notwithstanding the foregoing, if on December 19, 2006, the Option is not closed in whole
or in a part, the Maximum Number of Shares shall be reduced by an amount of shares of Common Stock
equal to the product of (i) the aggregate principal amount of Notes subject to the unexercised
portion of the Option, divided by $1,000 and (ii) the sum of the Base Conversion Rate and the
Incremental Share Factor (as such terms are used in the indenture relating to the Convertible
Notes);

                    (f) Notwithstanding the foregoing, if following the execution of the purchase agreement
related to the Convertible Notes, the Maximum Number of Shares at such time exceeds the product of
(i) the aggregate principal amount of Convertible Notes to be issued (including any Convertible
Notes that may be issued pursuant to the Option) under such purchase agreement, divided by
$1,000, and (ii) the sum of the Base Conversion Rate and the Incremental Share Factor (as such
terms are used in the indenture relating to the Convertible Notes), then, effective on the date of
such purchase agreement, the Maximum Number of Shares shall be reduced by such excess.

                    (g) Notwithstanding the foregoing, if on December 6, 2006, the initial offering by the Lender
of the Convertible Notes is not closed, or the Lender does not otherwise issue the Convertible

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Notes, in each case pursuant to the terms of the purchase agreement and indenture relating thereto,
the Maximum Number of Shares shall be reduced to zero.

          “Non-Cash Collateral” means (i) any evidence of indebtedness issued, or directly and
fully guaranteed or insured, by the United States of America or any agency or instrumentality
thereof; (ii) any deposits, certificates of deposit or acceptances of any institution which is a
member of the Federal Reserve System having combined capital and surplus and undivided profits of
not less than $500 million at the time of deposit (and which may include the Collateral Agent or
any affiliate of the Collateral Agent so long as the Collateral Agent is other than Borrower or an
affiliate of Borrower); (iii) any investments of any Person that is fully and unconditionally
guaranteed by a bank referred to in clause (ii); (iv) any repurchase agreements and reverse
repurchase agreements relating to marketable direct obligations issued or unconditionally
guaranteed by the United States of America or issued by any agency thereof and backed as to timely
payment by the full faith and credit of the United States of America; (v) commercial paper of any
corporation incorporated under the laws of the United States or any State thereof that is rated
“investment grade” A-1 by Standard & Poor’s Rating Group, a division of McGraw Hill Inc., or any
successor thereto, or P-1 by Moody’s Investors Services, Inc., or any successor thereto; (vi) any
money market funds (including, but not limited to, money market funds managed by the Collateral
Agent or an affiliate of the Collateral Agent) registered under the Investment Company Act of 1940,
as amended; (vii) any letter of credit issued by a bank referred to in clause (ii); and (viii) all
proceeds of the foregoing; provided that in no event shall Non-Cash Collateral include “margin
stock” as defined by Regulation U of the Board of Governors of the Federal Reserve System.

          “Pledge Period” means any period beginning on a Pledge Date and to the extent such
Pledge Date occurred as a result of a Credit Downgrade ending on the earlier of (i) the Business
Day immediately following the day on which Borrower notifies Lender and Collateral Agent that a
Credit Upgrade has occurred and (ii) the date on which this Agreement shall terminate in accordance
with the terms of this Agreement.

          “UCC” means the Uniform Commercial Code as in effect in the State of New York on the
date hereof and as it may be amended from time to time.

          “Unaffiliated Third Party” shall mean, with respect to any transaction by the Lender,
any person that the Lender does not “control” (as that term is defined by Rule 12b-2 under the
Exchange Act) immediately prior to the transaction.

          “Securities Intermediary” means a “securities intermediary” as defined by Section
8-102(a)(14) of the UCC.

                              Section 2. Loans of Shares; Transfers of Loaned Shares.

                    (a) Subject to the terms and conditions of this Agreement, Lender hereby
agrees to make available for borrowing by Borrower on or prior to December 6, 2006, 3,300,000
shares of Common Stock.

                    (b) Subject to the terms and conditions of this Agreement, Borrower may
by written notice to Lender on or prior to December 6, 2006 (a “Borrowing Notice”), seek to
initiate a transaction in which Lender will lend Loaned Shares to Borrower through the issuance by
Lender of such Loaned Shares to Borrower upon the terms, and subject to the conditions, set forth
in this Agreement (each such issuance and loan, a “Loan”). Such Loan shall be confirmed by
a schedule and receipt listing the Loaned Shares provided by Lender to Borrower (the
“Confirmation”). Such Confirmation shall constitute conclusive evidence with respect to
the Loan, including the number of shares of Common Stock that are the subject of the Loan, to which
the Confirmation relates, unless a written objection to the Confirmation specifying the reasons for
the objection is received by Borrower within five Business Days after the delivery of the
Confirmation to Borrower; provided that in no event shall the delivery of the Confirmation or any
such objection thereto delay the transfer of Loaned Shares to which a Borrowing Notice relates
pursuant to clause (d) below.

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                    (c) Notwithstanding anything to the contrary in this Agreement, Borrower
shall not be permitted to borrow, and may not initiate a Loan hereunder with respect to, any shares
of Common Stock at any time to the extent that Borrower determines that any Loan of such shares of
Common Stock shall cause Borrower to become, directly or indirectly, a “beneficial owner” (within
the meaning of Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, a “Beneficial Owner”) of more than 9.9% of the shares of Common Stock outstanding at
such time. Under no circumstances shall Lender be liable to Borrower for any Loan in contravention
of this Section 2(c).

                    (d) Lender shall transfer Loaned Shares to Borrower on or before the
Cutoff Time on December 6, 2006. Delivery of the Loaned Shares to Borrower shall be made in the
manner set forth under Section 13 below.

                              Section 3. Collateral.

                    (a) Unless otherwise agreed by Borrower and Lender, Borrower shall, no
later than 10:00 a.m. New York time on the second Business Day immediately following any day on
which a Credit Downgrade has occurred, transfer to Collateral Agent, for deposit to the Collateral
Account, Collateral with a Market Value at least equal to the Collateral Percentage of the Market
Value of the Loaned Shares as of the close of business on the Business Day immediately preceding
such transfer (any such date, a “Pledge Date”).

                    (b) During any Pledge Period, any Collateral transferred by Borrower
to Collateral Agent shall be security for Borrower’s obligations in respect of the Loaned Shares
and for any other obligations of Borrower to Lender hereunder. Borrower on the Pledge Date pledges
with, assigns to, and grants Collateral Agent for the benefit of Lender a continuing first priority
security interest in, and a lien upon, the Collateral, which shall attach upon the transfer of the
Loaned Shares by Lender to Borrower and which shall cease upon the transfer of the Loaned Shares by
Borrower to Lender, a Credit Upgrade or upon the transfer of any such Collateral to Borrower in
accordance with the terms of this Agreement. In addition to the rights and remedies given to
Lender hereunder, Lender shall have all the rights and remedies of a secured party under the UCC.
To provide for the effectiveness, validity, perfection and priority of Lender’s rights as a secured
party, Borrower acknowledges that Collateral Agent has obtained control of any financial assets
included in the Collateral (or shall have obtained control upon posting of such Collateral pursuant
to the terms contained herein) within the meaning of Sections 8-106 and 9-106 of the UCC.
Collateral Agent acknowledges that it has control of the Collateral (or shall have control upon
posting of such collateral pursuant to the terms contained herein) on behalf of Lender within the
meaning of Section 8-106(d)(1) of the UCC. Notwithstanding anything to the contrary herein, Lender
may not use or invest the Collateral and Collateral Agent shall take no instruction from Lender
regarding the use or investment of Collateral. Promptly upon the termination of any Pledge Period,
the Collateral Agent shall release to the Borrower all of the Collateral.

                    (c) Except as otherwise provided herein, upon the transfer to Lender of
Loaned Shares pursuant to Section 6, Collateral Agent shall release to Borrower Collateral with a
Market Value equal to the Collateral Percentage of the Market Value of the Loaned Shares so transferred but
only to the extent that immediately following such transfer of Collateral, no Collateral Deficit
would exist. Such transfer of Collateral shall be made no later than the Cutoff Time on the day
the Loaned Shares are transferred, or if such day is not a day on which a transfer of such
Collateral may be effected under Section 13, or if the transfer of Loaned Shares by Lender to
Borrower occurs after the Cutoff Time on such day, then in each case the next day on which such a
transfer may be effected.

                    (d) If Borrower transfers Collateral to Collateral Agent, as provided in
this Section 3, and Lender does not transfer the Loaned Shares to Borrower, Borrower shall have the
absolute right to the return of the Collateral; and if Lender transfers Loaned Shares to Borrower
and Borrower does not transfer Collateral to Collateral Agent as provided in this Section 3, Lender
shall have the absolute right to the return of the Loaned Shares.

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                    (e) Borrower may, upon notice to Lender and Collateral Agent, substitute
Collateral for Collateral securing any Loan or Loans; provided that such substituted Collateral
shall have a Market Value such that the aggregate Market Value of such substituted Collateral,
together with all other Collateral, shall equal or exceed the Collateral Percentage of the Market
Value of the Loaned Shares as of the date of such substitution.

                              Section 4. Mark To Market.

                    (a) During any Pledge Period, if at the close of trading on any Business
Day during the Loan Availability Period the aggregate Market Value of all Collateral shall be less
than the Collateral Percentage of the Market Value of all the outstanding Loaned Shares (a
“Collateral Deficit”), Lender may, by notice to Borrower and Collateral Agent, demand that
Borrower transfer to Collateral Agent, for deposit to the Collateral Account, no later than the
following Business Day, additional Collateral so that the Market Value of such additional
Collateral, when added to the Market Value of all other Collateral, shall equal or exceed the
Collateral Percentage of the Market Value of the Loaned Shares on such Business Day of
determination.

                    (b) During any Pledge Period, if at the close of trading on any Business
Day during the Loan Availability Period the aggregate Market Value of all Collateral shall be
greater than the Collateral Percentage of the Market Value of all the outstanding Loaned Shares (a
“Collateral Excess”), Borrower may, by notice to Lender and Collateral Agent, demand that
Collateral Agent transfer to Borrower such amount of the Collateral selected by Borrower so that
the Market Value of the Collateral, after deduction of such amounts, shall thereupon be at least
equal to the Collateral Percentage of the Market Value of the Loaned Shares on such Business Day of
determination; provided however that with respect to clauses (a) and (b), the Collateral Agent will
promptly give Lender a statement setting forth the Market Value of all Collateral upon Lender’s
request and Lender shall have the right to audit the Market Value of all Collateral.

                    (c) Notwithstanding the foregoing, with respect to any outstanding Loans
secured by Collateral, the respective rights of Lender and Borrower under Section 4(a) and Section
4(b) may be exercised only where a Collateral Excess or Collateral Deficit exceeds 2% of the Market
Value of the Loaned Shares.

                              Section 5. Loan Fee. Borrower agrees to pay Lender a
single loan fee per Loan (a “Loan Fee”) equal to $0.20 per Loaned Share. The Loan Fee
shall be paid by Borrower on or before the time of transfer of the Loaned Shares pursuant to
Section 2(d) on a delivery-versus-payment basis through the facilities of the Clearing
Organization.

                              Section 6. Loan Terminations.

                    (a) Borrower may terminate all or any portion of a Loan on any Business
Day by giving written notice thereof to Lender and transferring the corresponding number of Loaned
Shares to Lender, without any consideration being payable in respect thereof by Lender to Borrower.

                    (b) All outstanding Loans, if any, on the last day of the Loan
Availability Period shall terminate on the first Business Day following the last day of the Loan
Availability Period (the “Facility Termination Date”) and all outstanding Loaned Shares
shall be delivered by Borrower to Lender, without any consideration being payable in respect
thereof by Lender to Borrower, no later than the fifth Business Day following the Facility
Termination Date.

                    (c) If on any date, the number of Loaned Shares exceeds the Maximum
Number of Shares, the number of Loaned Shares in excess of the Maximum Number of Shares shall be
delivered by Borrower to Lender, without any consideration being payable in respect thereof by
Lender to Borrower, no later than the third Business Day following such date (the “Delivery Due
Date”). Upon receipt of a conversion notice from any holder of Convertible Notes, Lender
shall notify Borrower within five Business Days of receipt of such conversion notice. If as a
result of complying with such Section 6(c), as promptly

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as reasonably practicable (but subject to
applicable law, regulation or policy), Borrower would become a Beneficial Owner of more than 9.9%
of the shares of Common Stock outstanding at such time, then Borrower shall be permitted to extend
the Delivery Due Date for all or a portion of the corresponding delivery obligation and in no event
no longer than such time to allow Borrower to return such Loaned Shares, through one transaction or
a series of transactions, without causing Borrower to become, directly or indirectly a Beneficial
Owner of more than 9.9% of the shares of Common Stock outstanding at such time.

                    (d) If a Loan is terminated upon the occurrence of a Default as set forth
in Section 11, the Loaned Shares shall be delivered by Borrower to Lender, without any
consideration being payable in respect thereof by Lender to Borrower, no later than the third
Business Day following the termination date of such Loan as provided in Section 11.

                              Section 7. Distributions.

                    (a) If at any time when there are Loaned Shares outstanding under this
Agreement, Lender pays a cash dividend or makes a cash distribution in respect of its outstanding
Common Stock to the then holder or holders of such Loaned Shares, Borrower shall pay to Lender
(whether or not Borrower is a holder of any or all of the outstanding Loan Shares), within one
Business Day after the payment of such dividend or distribution, an amount in cash equal to the
product of (i) the amount per share of such dividend or distribution and (ii) the number of Loaned
Shares on which the dividend or distribution was paid.

                    (b) If at any time when there are Loaned Shares outstanding under this
Agreement, Lender makes a distribution in respect of its outstanding Common Stock in property or
securities, including any options, warrants, rights or privileges in respect of securities (other
than a distribution of Common Stock, but including any options, warrants, rights or privileges
exercisable for, convertible into or exchangeable for Common Stock) to the then holder or holders
of such Loaned Shares (a “Non-Cash Distribution”), Borrower shall deliver to Lender
(whether or not Borrower is a holder of any or all of the outstanding Loan Shares) in kind, within
one Business Day after the date of such Non-Cash Distribution, the property or securities
distributed in an amount equal to the product of (i) the amount per share of Common Stock of such
Non-Cash Distribution and (ii) the number of Loaned Shares on which such Non-Cash Distribution was
made.

                    (c) Any interest, cash distribution or cash dividend made on or in
respect of any Collateral for any Loan hereunder, shall, subject to (e) below, be delivered by the
Collateral Agent to Borrower, on the date such interest, cash distribution or cash dividend is
received by the Collateral Agent.

                    (d) Any non-cash distributions or dividend made on or in respect of any
Collateral for any Loan hereunder shall, subject to (e) below, be delivered by the Collateral Agent
to Borrower on the date such non-cash distribution or dividend is received by the Collateral Agent.

                    (e) If the cash or other property received by the Collateral Agent under
the provisions of paragraph (c) or (d) of this Section 7 qualifies as Collateral, to the extent
that a transfer of such cash or other property to Borrower by the Collateral Agent would give rise
to a Collateral Deficit, the Collateral Agent shall (only to the extent of any such Collateral
Deficit) not make such transfer of cash or other property in accordance with this Section 7, but
shall in lieu of such transfer immediately credit the amounts that would have been transferable
under this Section 7 to the Collateral Account.

                              Section 8. Rights in Respect of Loaned Shares.

                    Subject to the terms of this Agreement, and except as otherwise agreed by Borrower and Lender,
Borrower, insofar as it is the record owner of Loaned Shares, shall have all of the incidents of
ownership in respect of any such Loaned Shares until such Loaned Shares are required to be
delivered to Lender in accordance with the terms of this Agreement, including the right to transfer
the Loaned Shares to others. Borrower agrees that it or any of its affiliates that are the record
owner of any Loaned Shares initially transferred to Borrower from Lender as a Loan hereunder and
offered pursuant to a registered

7

 

public offering on or about the date hereof will not vote such
Loaned Shares on any matter submitted to a vote of Lender’s shareholders but shall instead grant a
proxy to Lender to vote such Loaned Shares.

                              Section 9. Representations and Warranties.

                    (a) Each of Borrower and Lender represent and warrant to the other that:

          (i) it has full power to execute and deliver this
Agreement, to enter into the Loans contemplated hereby and to perform its
obligations hereunder;

          (ii) it has taken all necessary action to authorize such
execution, delivery and performance;

          (iii) this Agreement constitutes its legal, valid and
binding obligation enforceable against it in accordance with its terms; and

          (iv) the execution, delivery and performance of this
Agreement does not and will not violate, contravene, or constitute a default under,
(A) its certificate of incorporation, bylaws or other governing documents, (B) any
laws, rules or regulations of any governmental authority to which it is subject,
(C) any contracts, agreements or instrument to which it is a party or (D) any
judgment, injunction, order or decree by which it is bound.

                    (b) Lender represents and warrants to Borrower, as of the date hereof,
and as of the date any Loaned Shares are transferred to Borrower in respect of any Loan hereunder,
that the Loaned Shares and all other outstanding shares of Common Stock of the Lender have been
duly authorized and, upon the issuance and delivery of the Loaned Shares to Borrower in accordance
with the terms and conditions hereof, and subject to the contemporaneous or prior receipt of the
applicable Loan Fee by Lender, will be duly authorized, validly issued, fully paid nonassessible
shares of Common Stock; and the stockholders of Lender have no preemptive rights with respect to
the Loaned Shares.

                    (c) Lender represents and warrants to Borrower, as of the date hereof,
and as of the date any Loaned Shares are transferred to Borrower in respect of any Loan hereunder,
that the outstanding shares of Common Stock are listed on The New York Stock Exchange (the
“NYSE”) and the Loaned Shares have been approved for listing on the NYSE, subject to
official notice of issuance.

                    (d) Borrower represents to Lender that it has, or at the time of transfer
to the Collateral Agent shall have, the right to grant to Lender, and that Lender shall acquire, a
continuing first priority security interest in the Collateral, if any.

                    (e) The representations and warranties of Borrower and Lender under this
Section 9 shall remain in full force and effect at all times during the term of this Agreement and
shall survive the termination for any reason of this Agreement.

                              Section 10. Covenants.

                    (a) Borrower covenants and agrees with Lender that, in so far as it is
the record owner of any Loaned Shares initially transferred to Borrower by Lender as a Loan
hereunder and offered pursuant to a registered public offering on or about the date hereof, such
Loaned Shares will be used for the purpose of directly or indirectly facilitating the sale of the
Convertible Notes and the hedging of the Convertible Notes by the holders thereof.

                    (b) Borrower covenants and agrees with Lender that it will not transfer or dispose of any
Loaned Shares initially transferred to Borrower by Lender as a Loan hereunder of which it is the
record owner except pursuant to a registration statement that is effective under the Securities
Act; provided that Borrower may transfer any such Loaned Shares to any of its affiliates without a
registration statement so

8

 

long as such affiliate transferee does not transfer or dispose of such
Loaned Shares to any non-affiliated transferee except pursuant to a registration statement that is
effective under the Securities Act.

                    (c) The parties hereto acknowledge that Borrower has informed Lender that
Borrower is a “financial institution” within the meaning of Section 101(22) of Title 11 of the
United States Code (the “Bankruptcy Code”). The parties hereto further acknowledge and
agree that (i) each Loan hereunder is intended to be a “securities contract,” as such term is
defined in Section 741(7) of the Bankruptcy Code; (ii) each and every transfer of funds, securities
and other property under this Agreement is intended to be a “settlement payment” or a “margin
payment,” as such terms are used in Sections 362(b)(6) and 546(e) of the Bankruptcy Code; and (iii)
the rights given to Lender hereunder upon a Default by Borrower are intended to constitute the
rights to cause the liquidation of a securities contract and to set off mutual debts and claims in
connection with a securities contract, as such terms are used in Sections 555 and 362(b)(6) of the
Bankruptcy Code.

                              Section 11. Events of Default.

                    (a) All Loans, and any further obligation to make Loans under this
Agreement, may, at the option of Lender by a written notice to Borrower (which option shall be
deemed exercised, even if no notice is given, immediately on the occurrence of an event specified
in either Section 11(a)(iv) or Section 11(a)(v) below), be terminated (i) immediately on the
occurrence of any of the events set forth in Section 11(a)(iv) or Section 11(a)(v) below and (ii)
two Business Days following such notice on the occurrence of any of the other events set forth
below, (each, a “Default”):

          (i) Borrower fails to deliver Loaned Shares to Lender as
required by Section 6;

          (ii) Borrower fails to deliver or pay to Lender when due
any cash, securities or other property as required by Section 7;

          (iii) Borrower fails to transfer Collateral when due as
required by Section 3 and Section 4;

          (iv) the filing by or on behalf of Borrower of a voluntary
petition or an answer seeking reorganization, arrangement, readjustment of its
debts or for any other relief under any bankruptcy, reorganization, compromise,
arrangement, insolvency, readjustment of debt, dissolution, winding-up or
liquidation or similar act or law, of any state, federal or other applicable
foreign jurisdictions, now or hereafter existing (“Bankruptcy Law”), or any
action by Borrower for, or consent or acquiescence to, the appointment of a
receiver trustee or other custodian of Borrower, or of all or a substantial part of
its property; or the making by Borrower of a general assignment for the benefit of
creditors; or the admission by Borrower in writing of its inability to pay its
debts as they become due;

          (v) the filing of any involuntary petition against
Borrower in bankruptcy or seeking reorganization, arrangement, readjustment of its
debts or for any other relief under any Bankruptcy Law and an order for relief by a
court having jurisdiction in the premises shall have been issued or entered
therein; or any other similar relief shall be granted under any applicable federal
or state law or law of any other applicable foreign jurisdictions; or a decree or
order of a court having jurisdiction in the premises for the appointment of a
receiver, liquidator, sequestrator, trustee or other officer having similar powers
over Borrower or over all or a part of its property shall have been entered; or the
involuntary appointment of an interim receiver, trustee or other custodian of
Borrower or of all or a substantial part of its property; or the issuance of a
warrant of attachment, execution or similar process against any substantial part of
the property of Borrower; and continuance of any such event for 15 consecutive
calendar days unless dismissed, bonded to the satisfaction of the court having
jurisdiction in the premises or discharged;

9

 

          (vi) Borrower fails to provide any indemnity as required
by Section 14;

          (vii) Borrower notifies Lender of its inability to or
intention not to perform Borrower’s obligations hereunder or otherwise disaffirms,
rejects or repudiates any of its obligations hereunder; or

          (viii) Any representation made by Borrower under this
Agreement in connection with any Loan or Loans hereunder shall be incorrect or
untrue in any material respect during the term of any Loan hereunder or Borrower
fails to comply in any material respect with any of its covenants under this
Agreement.

                              Section 12. Lender’s Remedies.

                    (a) Upon the termination of any Loan by Lender under Section 11, Borrower
may, with the prior written consent of Lender (which consent may be withheld at Lender’s sole
discretion; provided however that, Lender shall not withhold such request if Borrower as a result
would unavoidably become, directly or indirectly, a Beneficial Owner of more than 9.9% of the
shares of Common Stock outstanding at such time), in lieu of the delivery of Loaned Shares to
Lender in accordance with Section 6(d), pay to Lender, no later than one Business Day following
notice of such Default to Borrower, an amount in immediately available funds (the “Replacement
Cash”) equal to the product of the Closing Price as of the date of such notice of Default and
the number of Loaned Shares otherwise required to be delivered; provided that if Lender consents to
the delivery of Replacement Cash, Borrower may direct the Collateral Agent to deliver to Lender any
Collateral held by the Collateral Agent in respect of the Loan so terminated and, to the extent the
Market Value of any such Collateral delivered to Lender is less than the required amount of
Replacement Cash, pay to Lender such difference in immediately available funds. Any Collateral in
respect of the Loan so terminated that is not so delivered to Lender pursuant to this clause shall,
upon payment in full of the Replacement Cash to Lender, be immediately delivered by Collateral
Agent to Borrower.

                    (b) Notwithstanding anything to the contrary herein, if, upon the
termination of any Loan by Lender under Section 11 and, at the time of such termination, the
purchase of Common Stock in an amount equal to the Loaned Shares to be delivered to Lender in
accordance with Section 6(d) shall (i) be prohibited by any law, rules or regulation of any
governmental authority to which it is or would be subject, (ii) violate, or would upon such
purchase likely violate, any order or prohibition of any court, tribunal or other governmental
authority or (iii) require the prior consent of any court, tribunal or governmental authority prior
to any such repurchase (each of (i), (ii) and (iii), a (“Legal Obstacle”), then, in each
case, Borrower shall immediately notify Lender of the Legal Obstacle and the basis therefor,
whereupon Borrower’s obligations under Section 6(d) shall be suspended until such time as no Legal
Obstacle with respect to such obligations shall exist (a “Repayment Suspension”). Upon
notification of a Repayment Suspension and for so long as the Repayment Suspension shall continue
during any Pledge Period, Lender shall have the right, exercisable in it sole discretion, to direct
the Collateral Agent to, and the Collateral Agent upon receipt of the written request of Lender
(with a copy to Borrower) shall, release to Lender an amount of Collateral with a Market Value
equal to the Market Value of all (or such fewer number as Lender may specify) of the Loaned Shares
that are the subject of the Repayment Suspension, whereupon the Borrower’s obligation to return the
specified number of Loaned Shares to the Lender shall be automatically extinguished. Following the
occurrence of and during the continuation of any Repayment Suspension, Borrower shall use its
reasonable best efforts to remove or cure the Legal Obstacle as soon as practicable; provided that
Lender shall promptly reimburse all reasonable costs and expenses (including legal counsel to
Borrower) incurred or, at Borrower’s election, provide reasonably adequate surety or guarantee for
any such costs and expenses that may be incurred by Borrower, in each case in removing or curing
such Legal Obstacle. If Borrower is unable to remove or cure the Legal Obstacle within a
reasonable period of time under the circumstances, Borrower shall pay to Lender, in lieu of the
delivery of Loaned Shares in accordance with Section 4(d), an amount in immediately available funds
equal to the Replacement Cash.

10

 

                    (c) If Borrower shall fail to deliver Loaned Shares to Lender pursuant to
Section 6(d) when due or shall fail to pay the Replacement Cash to Lender when due in accordance
with Section 12(a) or (b) above (to the extent Borrower is permitted and elects to pay Replacement
Cash), then, in either case, in addition to any other remedies available to Lender under this
Agreement or under applicable law, Lender shall have the right (without further notice to Borrower)
to (i) purchase a like amount of Loaned Shares (“Replacement Shares”) in the principal
market for such securities in a commercially reasonable manner, (ii) sell any Collateral in the
principal market for such Collateral in a commercially reasonable manner and (iii) apply and set
off the Collateral, if any, and any proceeds thereof (including any amounts drawn under a letter of
credit supporting any Loan) against the payment of the purchase price for such Replacement Shares
and any amounts due to Lender under this Agreement. To the extent Lender shall exercise such
right, Borrower’s obligation to return a like amount of Loaned Shares or to pay the Replacement
Cash, as applicable, shall terminate and Borrower shall be liable to Lender for the purchase price
of Replacement Shares (plus all other amounts, if any, due to Lender hereunder). In the
event that (i) the purchase price of Replacement Shares (plus all other amounts, if any, due to
Lender hereunder) exceeds (ii) the amount of the Collateral, if any, Borrower shall be liable to
Lender for the amount of such excess. The purchase price of Replacement Shares purchased under
this Section 12 shall include, and the proceeds of any sale of Collateral shall be determined after
deduction of, broker’s fees and commissions and all other reasonable costs, fees and expenses
related to such purchase and sale. In the event Lender exercises its rights under this Section 12,
Lender may elect in its sole discretion, in lieu of purchasing all or a portion of the Replacement
Shares or selling all or a portion of the Collateral, if any, to be deemed to have made,
respectively, such purchase of Replacement Shares or sale of Collateral for an amount equal to the
Closing Price of the Common Stock on the date Lender elects to exercise this remedy. Upon the
satisfaction of all Borrower’s obligations hereunder, any remaining Collateral shall be returned to
Borrower.

                              Section 13. Transfers.

                    (a) All transfers of Loaned Shares to Borrower hereunder shall be made by
the crediting by a Clearing Organization of such financial assets to the Borrower’s “securities
account” (within the meaning of Section 8-501 of the UCC) maintained with such Clearing
Organization, as Borrower shall
inform Lender. All transfers of Loaned Shares to Lender hereunder shall be made by the
crediting of such Loaned Shares to Lender’s Designated Account. All transfers of Collateral to
Collateral Agent by Borrower shall be made by crediting the Collateral Account. All transfers of
Collateral to Lender by Collateral Agent shall be made in the manner directed by Lender. In every
transfer of “financial assets” (within the meaning of Section 8-102 of the UCC) hereunder, the
transferor shall take all steps necessary (a) to effect a delivery to the transferee under Section
8-301 of the UCC, or to cause the creation of a security entitlement in favor of the transferee
under Section 8-501 of the UCC, (b) to enable the transferee to obtain “control” (within the
meaning of Section 8-106 of the UCC), and (c) to provide the transferee with comparable rights
under any applicable foreign law or regulation.

                    (b) All transfers of cash hereunder to Borrower or Lender shall be by
wire transfer in immediately available, freely transferable funds.

                    (c) A transfer of securities or cash may be effected under this Section
13 on any day except (i) a day on which the transferee is closed for business at its address set
forth in Section 17 or (ii) a day on which a Clearing Organization or wire transfer system is
closed, if the facilities of such Clearing Organization or wire transfer system are required to
effect such transfer.

                              Section 14. Indemnities.

                    (a) Lender hereby agrees to indemnify and hold harmless Borrower and its
affiliates and its former, present and future directors, officers, employees and other agents and
representatives from and against any and all liabilities, judgments, claims, settlements, losses,
damages, fees, liens, taxes, penalties, obligations and expenses incurred or suffered by any such
person or entity directly or indirectly arising from, by reason of, or in connection with, (i) any
breach by Lender of any of its representations or

11

 

warranties contained in Section 9 or (ii) any
breach by Lender of any of its covenants or agreements in this Agreement.

                    (b) Borrower hereby agrees to indemnify and hold harmless Lender and its
affiliates and its former, present and future directors, officers, employees and other agents
and representatives from and against any and all liabilities, judgments, claims,
settlements, losses, damages, fees, liens, taxes, penalties, obligations and expenses incurred or
suffered by any such person or entity directly or indirectly arising from, by reason of, or in
connection with (i) any breach by Borrower of any of its representations or warranties contained in
Section 9 or (ii) any breach by Borrower of any of its covenants or agreements in this Agreement.

                    (c) In case any claim or litigation which might give rise to any
obligation of a party under this Section 14 (each an “Indemnifying Party”) shall come to
the attention of the party seeking indemnification hereunder (the “Indemnified Party”), the
Indemnified Party shall promptly notify the Indemnifying Party in writing of the existence and
amount thereof; provided that the failure of the Indemnified Party to give such notice shall not
adversely affect the right of the Indemnified Party to indemnification under this Agreement, except
to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party
shall promptly notify the Indemnified Party in writing if it accepts such claim or litigation as
being within its indemnification obligations under this Section 14. Such response shall be
delivered no later than 30 days after the initial notification from the Indemnified Party; provided
that, if the Indemnifying Party reasonably cannot respond to such notice within 30 days, the
Indemnifying Party shall respond to the Indemnified Party as soon thereafter as reasonably
possible.

                    (d) An Indemnifying Party shall be entitled to participate in and, if (i)
in the judgment of the Indemnified Party such claim can properly be resolved by money damages alone
and the Indemnifying Party has the financial resources to pay such damages and (ii) the
Indemnifying Party admits that this indemnity fully covers the claim or litigation, the
Indemnifying Party shall be entitled to direct the defense of any claim at its expense, but such
defense shall be conducted by legal counsel reasonably
satisfactory to the Indemnified Party. An Indemnified Party shall not make any settlement of
any claim or litigation under this Section 14 without the written consent of the Indemnifying
Party.

                              Section 15. Termination of Agreement.

                    (a) This Agreement may be terminated (i) at any time by the written
agreement of Lender and Borrower, (ii) by Lender upon the occurrence of a Default or (iii) upon the
earlier of (A) December 1, 2026 and (B) the date on which the Lender has notified the Borrower in
writing of its intention to terminate this Agreement at any time after the entire principal amount
of Convertible Notes ceases to be outstanding, whether as a result of conversion, redemption,
repurchase, cancellation or otherwise.

                    (b) Unless otherwise agreed by Borrower and Lender, the provisions of
Section 14 shall survive the termination of this Agreement.

                              Section 17. Notices.

                    (a) All notices and other communications hereunder shall be in writing
and shall be deemed to have been duly given when received.

                    (b) All such notices and other communications shall be directed to the
following address:

                              (i) If to Borrower or Borrowing Agent to:

Bear, Stearns & Co. Inc.

383 Madison Avenue

New York, NY 10179

12

 

                              (ii) If to Collateral Agent to:

Bear, Stearns & Co. Inc., as Collateral Agent for

383 Madison Avenue

New York, NY 10179

                              (iii) If to Securities Intermediary to:

Bear, Stearns & Co. Inc.

383 Madison Avenue

New York, NY 10179

                              (iv) If to Lender to:

Goodrich Petroleum Corporation

808 Travis Street, Suite 1320

Houston, Texas 77002

Attention: Walter G. Goodrich

Facsimile: (713) 780-9254

                    (c) In the case of any party, at such other address as may be designated
by written notice to the other parties.

                              Section 18. Governing Law; Submission To Jurisdiction; Severability.

                    (a) This Agreement shall be governed by and construed in accordance with
the laws of the State of New York, but excluding any choice of law provisions that would require
the application of the laws of a jurisdiction other than New York.

                    (b) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY (A) SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK
CITY, AND ANY APPELLATE COURT FROM ANY SUCH COURT, SOLELY FOR THE PURPOSE OF ANY SUIT, ACTION OR
PROCEEDING BROUGHT TO ENFORCE ITS OBLIGATIONS HEREUNDER OR RELATING IN ANY WAY TO THIS AGREEMENT OR
ANY LOAN HEREUNDER AND (B) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY DEFENSE OF
AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND ANY
RIGHT OF JURISDICTION ON ACCOUNT OF ITS PLACE OF RESIDENCE OR DOMICILE.

                    (c) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY
HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

                    (d) To the extent permitted by law, the unenforceability or invalidity of
any provision or provisions of this Agreement shall not render any other provision or provisions
herein contained unenforceable or invalid.

                              Section 19. Counterparts. This Agreement may be executed in
any number of counterparts, and all such counterparts taken together shall be deemed to constitute
one and the same agreement.

                              Section 20. Designation of Replacement Collateral Agent. If
at any time while this Agreement is in effect (i) Bear, Stearns & Co. Inc. ceases to be a
Securities Intermediary or (ii) Lender shall determine, in its sole discretion, that any of the
relationships by or among the parties

13

 

hereto are reasonably likely to prevent Lender from
acquiring, or jeopardize the continuation of, Lender’s continuing first priority security interest
in the Collateral as contemplated under Section 3(b), Lender shall be entitled to designate a bank
or trust company reasonably satisfactory to Borrower as a successor Collateral Agent. In the event
of a designation of a successor Collateral Agent, each of the parties to this Agreement agrees to
take all such actions as are reasonably necessary to effect the transfer of rights and obligations
of Bear, Stearns & Co. Inc. as Collateral Agent hereunder to such successor Collateral Agent,
including the execution and delivery of amendments to this Agreement as shall be necessary to
effect such designation and transfer.

                              Section 21. Parent Guarantee. On or prior to the date of the initial transfer of
Loaned Shares to the Borrower in a Loan pursuant to this Agreement, Bear Stearns Companies Inc., a
Delaware corporation, will execute a parent guarantee in favor of the Lender substantially in the
form of Annex I hereto.

14

 

IN WITNESS WHEREOF, the parties hereto to have executed this Share Lending Agreement as of the date
and year first above written.

	 	 	 	 	 	 	 
	GOODRICH PETROLEUM CORPORATION
as Lender
 	 	BEAR, STEARNS INTERNATIONAL LIMITED
as Borrower
 	 
	By: 	/s/
David R. Looney 	 	By:  	/s/
James D. Kern
 	 
	 	Name: David R. Looney	 	 	Name: James D. Kern	 
	 	Title: Executive Vice President
& Chief Financial Officer	 	Title: Authorized Signatory	 
	 
	 	 	BEAR, STEARNS & CO. INC. as Collateral Agent

 	 
	 	 	 	By:  	/s/
Paul S. Rosica 	 
	 	 	 	 	Name: Paul S. Rosica	 
	 	 	 	Title: Senior Managing Director	 
	 
	 	BEAR, STEARNS & CO. INC.
as Borrowing Agent 	 
	 
	 	 	 	By:  	/s/
Paul S. Rosica 	 
	 	 	 	 	Name: Paul S. Rosica	 
	 	 	 	Title: Senior Managing Director	 

15

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