Document:

EX-10.8

 Exhibit 10.8 
 GREEN HUNTER ENERGY, INC. 
 2013 LONG-TERM INCENTIVE COMPENSATION PLAN

 This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.

 GREEN HUNTER ENERGY, INC. 

2013 LONG-TERM INCENTIVE COMPENSATION PLAN 
 Section 1. Purpose 
 Green Hunter Energy, Inc. (the
“Company”) has established this Green Hunter Energy, Inc. 2013 Long Term Incentive Plan, effective February 1, 2013. The primary purpose of the Plan is to promote the interests of the Company and its shareholders through the
(i) attraction and retention of executive officers, key employees, directors and consultants essential to the success of the Company; (ii) motivation of Participants using performance-related incentives linked to long-range performance
goals and the interests of Company shareholders; and (iii) enabling of such Persons to share in the long-term growth and success of the Company. The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, Bonus Stock, and any other Stock Unit Awards or stock-based forms of awards as the Committee, in its sole and complete discretion, may determine to
be appropriate in carrying out the intent and purposes of this Plan. 
 Section 2. Definitions 

When used in this Plan, the following terms shall have the meanings set forth below: 

2.1 “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 under the Exchange Act. 

2.2 “Agreement” means a written agreement between the Company and a Participant implementing an Award, and setting forth the
particular terms, conditions and restrictions of each Award. Each Award Agreement shall be subject to the provisions of this Plan (which shall be deemed to be incorporated in each Agreement) and shall contain such provisions as the Committee, in its
sole discretion, may authorize. With respect to the grant of an Option, the Agreement may be referred to herein as an “Option Agreement,” and with respect to any other Award hereunder, the Agreement may be referred to herein as an
“Award Agreement.” 
 2.3 “Award” or “Grant” means a grant under the Plan of Nonstatutory Stock
Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, Bonus Stock, or other Stock Unit Awards. 

2.4 “Award Date” or “Grant Date” means the date on which an Award is made by the Committee under the Plan.

 2.5 “Board” or “Board of Directors” means the Board of Directors of the Company. 

  
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 2.6 “Bonus Stock” means an Award granted pursuant to Section 10 of the Plan.

 2.7 “Cashless Exercise” means the exercise of an Option by the Participant through the use of a brokerage firm to
make payment to the Company of the Exercise Price either from the proceeds of a loan to the Participant from the brokerage firm or from the proceeds of the sale of Stock issued pursuant to the exercise of the Option, and upon receipt of such
payment, the Company delivers the exercised Shares to the brokerage firm. 
 2.8 “Change in Control” shall be deemed
to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied: 

(a) Any Person, corporation or other entity or group, including any “group” as defined in Section 13(d)(3)
of the Exchange Act, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Shares of the Company having 20% or more of the total number of votes that may be cast for the election of directors of the Company; or

 (b) As the result of, or in connection with, any tender or exchange offer, merger or other business
combination, sale of assets, sale of securities, contested election, or any combination of the foregoing (a “Transaction”), the persons who were directors of the Company immediately before the Transaction shall cease to constitute a
majority of the Board of Directors of the Company or any successor to the Company or its assets; or 
 (c) If at
any time: (i) the Company shall consolidate or merge with any other Person and the Company shall not be the continuing or surviving corporation; (ii) any Person shall consolidate or merge with the Company, and the Company shall be the
continuing or surviving corporation and in connection therewith, all or part of the outstanding Stock shall be converted into, or exchanged for, stock or other securities of any other Person or cash or any other property; (iii) the Company
shall be a party to a statutory share exchange with any other Person after which the Company is a Subsidiary of any other Person; or (iv) the Company shall sell or otherwise transfer 50% or more of the assets or earning power of the Company and
its Subsidiaries (taken as a whole) to any Person or Persons. 
 (d) Notwithstanding the foregoing, in the case
of a Restricted Stock Units, Performance Shares, Performance Units or other Awards hereunder that constitute deferred compensation under section 409A of the Code, a change of control shall be deemed to have occurred unless, in addition to facts and
circumstances that satisfy one or more of the foregoing requirements also constitute a change of control under Reg. § 1.409A-3(g)(5). It is understood that for such purposes a change of control will require a change in ownership of more
than 50 percent of the total fair market value or total voting power of the Stock, the acquisition during a 12-month period ending on the date of the most recent acquisition of Stock possessing 35 percent or more of the total voting power of the
stock of the Company, the replacement of a majority of the members of the Board during any 12-month period by directors whose appointment or election is not 

  
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endorsed by a majority of the members of the Board prior to the date of the appointment or election, or the acquisition during a 12-month period ending on the date of the most recent acquisition
by such person or persons) of assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company, determined without regard to any liabilities
associated with those assets. 
 2.9 “Code” means the Internal Revenue Code of 1986 and the rules and regulations
promulgated thereunder, or any successor law, as amended from time to time. 
 2.10 “Committee” means the Compensation
Committee of directors appointed by the Board (which may consist of a subcommittee of directors), which shall consist of not less than two members who shall be (i) “non-employee directors” within the meaning of Rule 16b-3 and
(ii) unless otherwise determined by the Board, “outside directors” within the meaning of Treasury Regulation Section 1.162-27(e)(3) under Section 162(m) of the Code. 

2.11 “Common Stock” or “Stock” means the Common Stock of the Company, or such other security or right or instrument
into which such Common Stock may be changed or converted in the future. 
 2.12 “Company” means Green Hunter Energy,
Inc., including all of its Subsidiaries, or any successor thereto. 
 2.13 “Covered Participant” means a Participant
who is a “covered employee” as defined in Code Section 162(m)(3) and the regulations promulgated thereunder, and generally understood to mean the chief executive officer of the Company (or a person acting in such capacity) and the
four most highly compensated officers of the Company (other than the chief executive officer) on the last day of the Company’s fiscal year, as determined pursuant to the executive compensation disclosure rules under the Exchange Act.

 2.14 “Designated Beneficiary” means the beneficiary designated by the Participant, pursuant to procedures
established by the Committee, to receive amounts due to the Participant in the event of the Participant’s death. If the Participant does not make an effective designation, then the Designated Beneficiary will be deemed to be the
Participant’s surviving spouse or , if none, the Participant’s estate. 
 2.15 “Disability” means
(i) inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12
months, or (ii) the receipt of income replacement benefits for a period of not less than 3 months under and accident and health plan covering employees of the Company by reason of any medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. All decisions by the Committee relating to a Participant’s Disability (including a decision that a Participant is not disabled)
shall be final and binding on all parties. 

  
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 2.16 “Employee” means an individual who is employed by the Company or a Subsidiary
in an employer-employee relationship as determined under Section 3401(c) of the Code and the regulations thereunder. Unless otherwise required by the Code, the status of an employee shall not be terminated by the grant of an authorized leave of
absence or by service in the military forces of the United States for a period of three (3) months or, if longer, during such time as his re-employment rights are protected by statute or contract, provided, in either instance, that such
employee returns to active service with the Company at the expiration of such authorized leave or military service 
 2.17
“Exchange Act” means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, or any successor law as amended from time to time. 
 2.18 “Executive Officer” means any employee considered by the Company to be an Executive Officer. 
 2.19 “Exercise Price” or “Option Price” means the amount that a Grantee must pay to exercise an Award made to him or her with respect to a Share of Stock under the Plan. 

2.20 “Fair Market Value” means, on any given date, the closing price of Stock as reported on the New York Stock Exchange
composite tape on such day or, if no Shares were traded on the New York Stock Exchange on such day, then on the next preceding day that Stock was traded on such exchange, all as reported by The Wall Street Journal or such other source as the
Committee may select. 
 2.21 “Grantee,” “Optionee,” or “Awardee” means a Person to whom an
Award is made under the Plan. 
 2.22 “Incentive Stock Option” or “ISO” means an option to purchase Stock,
granted under Section 6 herein, which is designated as an incentive stock option and is intended to meet the requirements of Code Section 422. 
 2.23 “Key Employee” means an Employee who is an officer or other key employee of the Company or its Subsidiaries as designated or determined by the Committee. 

2.24 “Nonstatutory Stock Option” or “NSO” means an option to purchase Stock, granted under Article 6 herein, which is
not intended to qualify as, or constitute an Incentive Stock Option. 
 2.25 “Option” means an Incentive Stock Option
or a Nonstatutory Stock Option. 

  
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 2.26 “Other Stock Unit Award” means awards of Stock or other Awards that are
valued in whole or in part by reference to, or are otherwise based on, the value of the Company’s Common Stock. 
 2.27
“Participant” means a Person who has been granted an Award under the Plan. 
 2.28 “Performance Award” means
a performance-based Award made under Section 9 herein, which may be in the form of either Performance Shares or Performance Units. 
 2.29 “Performance Criteria” means the objectives established under Section 12 by the Committee for a Performance Period, for the purpose of determining when an Award subject to such
objectives has been earned. 
 2.30 “Performance Period” means the time period designated by the Committee during
which performance goals must be met in order for a Participant to obtain a performance-based Award. 
 2.31 “Performance
Share” means an Award, designated as a Performance Share, granted to a Participant pursuant to Section 9 herein, the value of which is determined, in whole or in part, by the value of Company Stock in a manner deemed appropriate by the
Committee and described in the applicable Agreement. 
 2.32 “Performance Unit” means an Award, designated as a
Performance Unit, granted to a Participant pursuant to Section 9 herein, the value of which is determined, in whole or in part, by the attainment of pre-established Performance Criteria as deemed appropriate by the Committee and described in
the Agreement. 
 2.33 “Period of Restriction” means the period during which the transfer of Shares of Restricted
Stock is restricted, pursuant to Section 8 herein. 
 2.34 “Person” shall have the meaning ascribed to such term
in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d). 
 2.35 “Plan” means the Green Hunter Energy, Inc. 2013 Long-Term Incentive Compensation Plan as herein established and as hereafter amended from time to time. 

2.36 “Restricted Stock” means an Award of Stock granted to a Participant pursuant to Section 8 herein. 

2.37 “Restricted Stock Unit” means a fixed or variable dollar denominated right to acquire Stock or the value thereof, which
may or may not be subject to restrictions, contingently awarded under Section 8 of the Plan. 

  
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 2.38 “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act or
any successor rule as amended from time to time. 
 2.39 “Section 162(m)” means Section 162(m) of the Code, or
any successor section under the Code, as amended from time to time and as interpreted by final or proposed regulations promulgated thereunder from time to time. 
 2.40 “Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder, or any successor law, as amended from time to time. 

2.41 “Stock” or “Shares” means the Common Stock of the Company. 

2.42 “Stock Appreciation Right” means the right of a Grantee, without payment to the Company (except for applicable withholding
taxes), to receive the excess of the Fair Market Value per share of the Common Stock on the date on which a Stock Appreciation Right is exercised over the Exercise Price per share as provided in the Award Agreement. 

2.43 “Stock Unit Award” means an award of Common Stock or units granted under Section 11. 

2.44 “Subsidiary” means a corporation in which the Company owns, either directly or through one or more of its Subsidiaries, at
least 50% of the total combined voting power of all classes of stock. 
 Section 3. Administration 

3.1 The Committee. The Plan shall be administered and interpreted by the Committee which shall have full authority, discretion and
power necessary or desirable for such administration and interpretation. The express grant in this Plan of any specific power to the Committee shall not be construed as limiting any power or authority of the Committee. In its sole and complete
discretion the Committee may adopt, alter, suspend and repeal any such administrative rules, regulations, guidelines, and practices governing the operation of the Plan as it shall from time to time deem advisable. In addition to any other powers
and, subject to the provisions of the Plan, the Committee shall have the following specific powers: (i) to determine the terms and conditions upon which Awards may be made and exercised; (ii) to determine the Participants to which Awards
shall be made; (iii) to determine all terms and provisions of each Award Agreement, which need not be identical for types of Awards nor for the same type of Award to different Participants; (iv) to construe and interpret all terms,
conditions and provisions of the Plan and all Agreements; (v) to establish, amend, or waive rules or regulations for the Plan’s administration; (vi) to accelerate the exercisability of any Award (subject to any restrictions in the
Plan), the length of a Performance Period or the termination of any Period of Restriction; and (vii) to make all other determinations and take all other actions necessary or advisable for the administration or interpretation of the Plan. The
Committee may seek the assistance or advice of any persons it deems necessary to the proper administration of the Plan. 

  
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 3.2 Committee Decisions. Unless strictly and expressly prohibited by law, all
determinations and decisions made by the Committee pursuant to the provisions of this Plan shall be final, conclusive, and binding upon all persons, including Participants, Designated Beneficiaries, the Company, its shareholders and employees.

 3.3 Rule 16b-3 and Section 162(m) Requirements. Notwithstanding any other provision of the Plan, the Committee
may impose such conditions on any Award as it may deem to be advisable or required to satisfy the requirements of Rule 16b-3 or Section 162(m). 
 Section 4. Eligibility 
 4.1 Selection. The Committee shall have
sole and complete discretion in determining those Persons who shall participate in the Plan. Except as otherwise provided in the Plan, Participants may be Key Employees of the Company or a Subsidiary, directors of the Company or any Subsidiary,
consultants or other independent contractors or other providers of goods and services. The Committee may request recommendations for individual awards from the Company’s Chief Executive Officer and may delegate to the Chief Executive Officer
the authority to make Awards to Participants who are not Executive Officers of the Company. 
 4.2 Notification and
Acceptance of Grant. After the Committee approves the grant of an Award to a Participant, it shall promptly so notify the Participant and make a copy of the Plan available to the Participant. The Participant so notified must indicate his
acceptance of the Award by delivering to the Company an executed Award Agreement and such other documents and instruments as the Committee may require within 30 days after receipt of the documentation to be executed or such longer time as specified
by the Committee. The Award otherwise granted shall automatically lapse at the expiration of such period if the documents required by the Committee have not been executed and returned. 
 Section 5. Shares Subject to the Plan 
 5.1 Number of Shares.
Subject to adjustment as provided for in Section 5.4 below, the maximum aggregate number of Shares that may be issued pursuant to Awards made under the Plan shall not exceed 7,000,000 Shares of the Company’s common stock, $.001 par value,
which may be in any combination of Options, Restricted Stock, Restricted Stock Units, Performance Shares, Bonus Shares, or Other Stock Unit Award. Shares of Common Stock may be available from the authorized but unissued Shares, Shares issued and
reacquired by the Company or Shares purchased in the open market for purposes of the Plan. Except as provided in Sections 5.2 and 5.3 herein, the issuance of Shares in connection with the exercise of, or as other payment for, Awards under the Plan
shall reduce the number of Shares available for future Awards under the Plan. 
 5.2 Lapsed Awards or Forfeited Shares.
In the event that: (i) any Option or other Award granted under the Plan terminates, expires, or lapses for any reason without having been exercised in accordance with its terms; (ii) Shares issued pursuant to the Awards are canceled or
forfeited for any reason; or (iii) Awards are paid in cash, the Shares subject to such Award shall thereafter be again available for grant of an Award under the Plan. 

  
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 5.3 Delivery of Shares as Payment. In the event a Participant pays for any Option or
other Award granted under the Plan through the delivery of previously acquired shares of Common Stock, the number of shares of Common Stock available for Awards under the Plan shall be decreased only by the difference between the number of Shares
issued upon the exercise of such Option or Award and the number of shares surrendered by the Participant. Any increase in the number of shares issuable under the Plan as a result of such payment shall not apply to Incentive Stock Options.

 5.4 Capital Adjustments. The number and class of Shares subject to each outstanding Award, the Option Price and the
aggregate number, type and class of Shares for which Awards thereafter may be made shall be subject to adjustment, if any, as the Committee deems appropriate, based on the occurrence of a number of specified and non-specified events. Such specified
events are discussed in this Section 5.4, but such discussion is not intended to provide an exhaustive list of such events which may necessitate adjustments. 

(a) If the outstanding Shares are increased, decreased or exchanged through merger, consolidation, sale of all or
substantially all of the property of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other distribution in respect to such Shares, for a different number or type of Shares, or if
additional Shares or new or different Shares are distributed with respect to such Shares, an appropriate and proportionate adjustment shall be made in: (i) the maximum number of shares of Stock available for the Plan as provided in
Section 5.1 herein; (ii) the type of shares or other securities available for the Plan; (iii) the number of shares of Stock subject to any then outstanding Awards under the Plan; and (iv) the price (including Exercise Price) for
each share of Stock (or other kind of shares or securities) subject to then outstanding Awards, but without change in the aggregate purchase price as to which such Options remain exercisable or Restricted Stock releasable. 

(b) In the event other events not specified above in this Section 5.4, such as any extraordinary cash dividend,
split-up, reverse split, spin-off, combination, exchange of shares, warrants or rights offering to purchase Common Stock, or other similar corporate event, affect the Common Stock such that an adjustment is necessary to maintain the benefits or
potential benefits intended to be provided under this Plan, then the Committee in its discretion may make adjustments to any or all of: (i) the number and type of shares which thereafter may be optioned and sold or awarded or made subject to
Stock Appreciation Rights under the Plan; (ii) the grant, exercise or conversion price of any Award made under the Plan thereafter; and (iii) the number and price (including Exercise Price) of each share of Stock (or other kind of shares
or securities) subject to the then outstanding Awards. Any increase in the number of shares issuable under the Plan as a result of such adjustments shall not apply to Incentive Stock Options. 

  
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 (c) Any adjustment made by the Committee pursuant to the provisions of this
Section 5.4 shall be final, binding and conclusive. A notice of such adjustment, including identification of the event causing such adjustment, the calculation method of such adjustment, and the change in price and the number of shares of
Stock, or securities, cash or property purchasable subject to each Award shall be sent to each Participant. No fractional interests shall be issued under the Plan based on such adjustments. 
 Section 6. Stock Options 
 6.1 Grant of Stock Options. Subject
to the terms and provisions of the Plan and applicable law, the Committee, at any time and from time to time, may grant Options to Key Employees as it shall determine in its sole and complete discretion. Each Option granted hereunder shall have such
specified terms and conditions detailed in an Option Agreement. 
 6.2 Required Terms. Notwithstanding the foregoing, the
Option Agreement for each Award of an Option shall specify the following: 
 (a) Whether the Option is intended
to be an Incentive Stock Option or a Nonstatutory Stock Option. Any Option not designated as an Incentive Stock Option shall be treated as a Nonstatutory Stock Option, even if it otherwise meets the requirements of Section 6.4. A single Award
may include both Incentive Stock Options and Nonstatutory Stock Options. 
 (b) The number of shares to which the
Option pertains. 
 (c) The exercise price, which may not be less than the Fair Market Value per Share of Stock
on the date of grant. 
 (d) The term of the Option, which may not exceed 10 years from the date of grant. The
Agreement may provide for the Option to be terminated upon termination of employment, death or disability. 
 (e)
The time at which the Option may be exercised. 
 (f) Any conditions on vesting or exercisability, including but
not limited to service or Performance Criteria. 
 (g) Any other terms or conditions approved by the Committee.

 6.3 Employment, Noncompetition, etc. Without limiting the generality of paragraph 6.2(f), the grant or exercise of an
Option may be conditioned upon the Grantee’s agreement to remain in the employment or service of the Company or a Subsidiary, refrain from competing with the Company or a Subsidiary, not disclose trade secrets or other confidential information,
or other restrictions and covenants on the actions of the Grantee either prior to or after exercise of the Option as determined by the Board, so long as any such additional restrictions and conditions are consistent with the terms of this Plan.

  
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 6.4 Additional Terms Applicable to Incentive Stock Options 

(a) An Incentive Stock Option may be granted only to a person who at the time of grant is an Employee (including officers
and directors who are employees). 
 (b) If an Incentive Stock Option is to be granted to a person who,
immediately before an Option is granted, directly or indirectly (within the meaning of section 424 of the Code and the regulations promulgated thereunder) possesses more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or any Subsidiary, determined in accordance with sections 422 and 424 of the Code, or any successor provisions, and the regulations promulgated thereunder, then (i) the Exercise Price for the shares subject to such Award
shall be at least 110% of the Fair Market Value of the Common Stock subject to such Award on the date of the Award and (ii) such Award may not be exercised after the expiration of five (5) years from the date the Award is granted.

 (c) To the extent that the aggregate Fair Market Value (determined at the time the Option is granted) of
Common Stock with respect to which Incentive Stock Options are exercisable hereunder for the first time by any Grantee during any one calendar year (under this Plan and all other stock option plans of the Company or any Subsidiary corporation of the
Company) exceeds $100,000, such Options shall be treated as Options which are not Incentive Stock Options. For purposes of this paragraph, Options shall be taken into account in the order in which they were granted unless otherwise required by the
Code. 
 (d) Each Grantee of an Incentive Stock Option shall, if stock acquired upon exercise of an Option is
disposed of by a Grantee in a disqualifying disposition, within the meaning of Section 422 of the Code, notify the Company in writing of the date and terms of such disposition. Pursuant to Section 422 of the Code, in no event may an Option
be treated as an ISO if it is exercised more than three (3) months after the date of the Grantee’s termination of employment (other than for death or disability, as defined below). A disqualifying disposition by a Grantee shall not affect
the status of any other Option granted under the Plan as an Incentive Stock Option within the meaning of Section 422 of the Code. 
 (e) Options shall be nontransferable other than by will or the laws of descent and distribution and shall be exercisable during the lifetime of the Grantee only by the Grantee (or in the event of his
disability (as defined in section 22(e)(3) of the Code), by his guardian or legal representative) and after his death, only by the Grantee’s legal representatives, heirs, legatees, or distributees. 

  
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 6.5 Procedure for Exercise of Options. 

(a) Options shall be exercised by the delivery of a written notice from the Participant to the Company in a form
prescribed by the Committee setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment or provision for full payment for the Shares. The Option Price shall be payable to the Company in full in
cash, or its equivalent, or by delivery of Shares of Stock (not subject to any security interest or pledge) having a Fair Market Value at the time of exercise equal to the Exercise Price of the Shares, or by a combination of the foregoing. In
addition, at the request of the Participant, and subject to applicable laws and regulations, the Company may (but shall not be required to) cooperate in a Cashless Exercise of the Option. As soon as practicable, after receipt of written notice and
full payment of the Option Price, the Company shall deliver to the Participant a stock certificate or other evidence of Stock ownership evidencing the number of Shares with respect to which the Option was exercised. 

(b) The Committee may require that a minimum number of shares be exercised with respect to such partial exercise of Awards
granted under the Plan. Except as otherwise expressly provided in writing by the Committee, an Option may not be exercised for a fractional share of Common Stock. 

(c) If the Grantee has been granted both Incentive Stock Options and Nonstatutory Stock Options, the exercise must specify
which Options are being exercised. In the event that the exercise of an Option is treated in part as the exercise of an ISO and in part as the exercise of a Nonstatutory Stock Option, the Company shall issue a certificate evidencing the shares of
Common Stock treated as acquired upon the exercise of an ISO and a separate certificate evidencing the shares of Common Stock treated as acquired upon the exercise of a Nonstatutory Stock Option, and shall identify each such certificate accordingly
in its stock transfer records. If the shares are not certificated at the time of issuance of any shares, the Company shall cause the appropriate entries to be made on is stock records and provide evidence of ownership to the Optionee who has
exercised the Option. 
 (d) All shares of Common Stock issued under the Plan pursuant to any Award shall be
subject to such stock transfer orders and other restrictions as the Board may deem advisable under the rules, regulations and other requirements of any stock exchange upon which the Common Stock is then listed, and any applicable federal or state
securities laws or regulations. The Board may cause a legend or legends to be put on any certificates to include or make appropriate reference to such restrictions and may place similar restrictions on the records or documents evidence shares of
Stock for which no certificates are issued. 
 Section 7. Stock Appreciation Rights 

7.1 Grant of Stock Appreciation Rights. 
 (a) The Committee may grant Stock Appreciation Rights to Participants. The Committee is authorized to grant Stock Appreciation Rights either independently of an Option (“Stand-alone SARs”) or in
tandem with an Option (“Tandem SARs”). An 

  
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Award of Stock Appreciation Rights shall be reflected in an Award Agreement that contains all applicable provisions of Section 6. In the absence of any designation, Stock Appreciation Rights
shall be presumed to be Tandem SARs. 
 (b) A Tandem SAR shall pertain to, and be granted only at the same time
and in conjunction with, a related underlying Option granted under this Plan. The number of shares of Common Stock subject to the Tandem SAR may be all or part of the shares subject to the related Option, as determined by the Committee. The Tandem
SAR shall be exercisable only to the same extent and subject to the same conditions as the Option related thereto are exercisable under the Plan unless and until the Committee imposes additional conditions upon the grant or exercise of such Stock
Appreciation Rights. The exercise, lapse or forfeiture of a Tandem SAR shall cancel an equal number of Options and vice versa. 
 (c) A Stand-alone SAR may be exercisable upon such terms and conditions as the Committee shall establish but, unless specifically provided by the Award Agreement, will not be tied to any underlying
Option. The exercise, lapse or forfeiture of a Stand-alone SAR will not cancel any Options awarded to a Grantee nor will the exercise, lapse or forfeiture of an Option cancel any Stock Appreciation Rights. However, the exercise of a Stock
Appreciation Right will reduce the number of shares of Common Stock available for issuance under the Plan. 
 (d)
No Stock Appreciation Rights granted under the Plan may be exercisable after the expiration of ten years from the Grant Date. 

7.2 Exercise Price. The exercise price of each share subject to a Stock Appreciation Right shall be determined at the time of
grant by the Committee, subject to the limitation that the grant price shall not be less than 100% of Fair Market Value of a share of Common Stock on the Grant Date. 
 7.3 Exercise. Stock Appreciation Rights shall be exercised by the delivery of a written notice from the Participant to the Company in a form prescribed by the Committee. Upon such exercise, the
Participant shall be entitled to receive an amount equal to the excess of the Fair Market Value of a Share on the date of exercise of the Stock Appreciation Right over the Exercise Price thereof multiplied by the number of Shares for which the Stock
Appreciation Right was granted. 
 7.4 Payment. Payment upon exercise of the Stock Appreciation Right shall be in the
amount of the full Exercise Price therefore, and shall be made in the form of cash, cash installments, Shares of Common Stock, or a combination thereof, as determined in the sole and complete discretion of the Committee. However, if any payment in
the form of Shares results in a fractional share, such payment for the fractional share shall be made in cash. 

  
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 Section 8. Restricted Stock and Restricted Stock Units 

8.1 Grant of Restricted Stock. Subject to the terms and provisions of the Plan and applicable law, the Committee, at any time and
from time to time, may grant shares of Restricted Stock and Restricted Stock Units under the Plan to such Participants, and in such amounts and for such duration and/or consideration as it shall determine. 

8.2 Restricted Stock Award Agreement. Each Restricted Stock and Restricted Stock Unit granted hereunder shall be evidenced by an
Award Agreement that shall specify the Period of Restriction, the conditions which must be satisfied prior to removal of the restriction, the number of Shares of Restricted Stock or Restricted Stock Units granted, payment terms for each such Award
(e.g. whether the Award will be paid in shares of Stock, cash or a combination thereof, and whether payment will be in a lump sum or installments), and such other provisions as the Committee shall determine. The Committee may specify, but is not
limited to, the following types of restrictions in the Award Agreement: (i) continuation in employment or in a particular position with the Company or any Affiliate, (ii) restrictions on acceleration or achievement of terms or vesting
based on any Performance Criteria, including, but not limited to, absolute or relative increases in total shareholder return, revenues, sales, net income, or net worth of the Company, any of its Subsidiaries, divisions, business units or other areas
of the Company; and (iii) any other restrictions which the Committee may deem advisable, including requirements established pursuant to the Securities Act, the Exchange Act, the Code and any securities trading system or stock exchange upon
which such Shares under the Plan are listed. A Restricted Stock or Restricted Stock Unit granted hereunder shall be considered forfeitable until such conditions are satisfied or waived by the Committee. 

8.3 Nontransferability. Except as provided in this Section 8, the Shares of Restricted Stock or Restricted Stock Units
granted under the Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the termination of the applicable Period of Restriction or upon earlier satisfaction of other conditions as specified by the
Committee in its sole discretion and set forth in the applicable Award Agreement. All rights with respect to the Restricted Stock and Restricted Stock Units granted to a Participant under the Plan shall be exercisable during his or her lifetime only
by such Participant or his or her guardian or legal representative. 
 8.4 Removal of Restrictions. Except as otherwise
noted in this Section 8, Restricted Stock and Restricted Stock Units covered by each Award made under the Plan shall become freely transferable by the Participant after the last day of the Period of Restriction and/or upon the satisfaction of
other conditions as determined by the Committee. 
 8.5 Voting Rights. During the Period of Restriction, Participants in
whose name Restricted Stock is granted under the Plan may exercise full voting rights with respect to those shares. 
 8.6
Dividends and Other Distributions. During the Period of Restriction, Participants in whose name Restricted Stock is granted under the Plan shall be entitled to receive all dividends and other distributions paid with respect to those Shares.
If any such dividends or 

  
 13 

 
distributions are paid in Shares, the Shares shall be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect to which they were distributed.
No dividend or distribution shall be made with respect to Restricted Stock Units. 
 8.7 Additional
Restrictions on Restricted Stock Units. For purposes of Section 409A of the Code, a Participant shall have a legally binding right to a Restricted Stock Unit on the date that an Award Agreement signed by the Grantee covering such Award is
returned to the Company. Any amount payable upon exercise of the Restricted Stock Unit (whether paid in cash, shares of stock or a combination of cash and stock) shall be paid to the Grantee on a date selected by the Company but not later than 2 1/2 months after the close of the year in which the conditions to which the Restricted Stock Unit are subject are satisfied. Payment with respect to a Restricted Stock Unit may not be postponed or exchanged
for any other type of benefit. Payment with respect to a Restricted Stock Unit may not be accelerated except in the case of the death or Disability of the Participant or a Change of Control. 

Section 9. Performance Awards 
 9.1 Grant of Performance Awards. Subject to the terms and provisions of the Plan and applicable law, the Committee, at any time and from time to time, may issue Performance Awards in the form of
either Performance Units or Performance Shares to Participants subject to the Performance Criteria, Performance Period and other consideration or restrictions as it shall determine. The Committee shall have complete discretion in determining the
number and value of Performance Units or Performance Shares granted to each Participant. 
 9.2 Value of Performance
Awards. The Committee shall determine the number and value of Performance Units or Performance Shares granted to each Participant as a Performance Award. The Committee shall set Performance Criteria in its discretion for each Participant who is
granted a Performance Award. The extent to which such Performance Criteria are met will determine the value of the Performance Unit or Performance Share to the Participant. Such Performance Criteria may be particular to a Participant, may relate to
the performance of the Company or Subsidiary which employs him or her, may be based on the division or business unit which employs him or her, may be based on the performance of the Company and its Subsidiaries generally, or any combination of the
foregoing. The Performance Criteria may be based on achievement of balance sheet or income statement objectives, or any other objectives established by the Committee. The Performance Criteria may be absolute in their terms or measured against, or in
relationship to, other companies comparably, similarly or otherwise situated. The terms and conditions of each Performance Award will be set forth in an Award Agreement. 
 9.3 Settlement of Performance Awards. After a Performance Period has ended, the holder of a Performance Unit or Performance Share shall be entitled to receive the value thereof based on the degree
to which the Performance Criteria established by the Committee and set forth in the Award Agreement have been satisfied. 

  
 14 

 9.4 Form of Payment. Payment of the amount to which a Participant shall be entitled
upon the settlement of the Performance Award shall be made in cash, Stock, or a combination thereof and may be made in a lump sum or installments all as determined by the Committee and set forth in the related Award Agreement. 

9.5 Time of Settlement of Performance Units. For purposes of Section 409A of the Code, a Participant
shall have a legally binding right to the Performance Unit or Performance Share on the date that an Award Agreement signed by the Grantee covering such Award is returned to the Company. Any amount payable upon settlement of a Performance Unit or
Performance Share (whether paid in cash, shares of stock or a combination of cash and stock) shall be paid to the Grantee on a date selected by the Company but not later than 2 1/2 months after the close of the year in which the conditions to which the Performance Unit or Performance Share are subject are satisfied. Payment with respect to a Performance Unit or Performance Share
may not be postponed or exchanged for any other type of benefit. Payment with respect to a Performance Unit or performance Share may not be accelerated except in the case of the death or Disability of the Participant or a Change of Control

 Section 10. Bonus Stock 
 Subject to the terms and provisions of the Plan and applicable law, the Committee may, at any time and from time to time, award shares of Bonus Stock to Participants under the Plan without cash
consideration. The Committee shall determine and indicate in the related Award Agreement whether such shares of Bonus Stock shall be unencumbered of any restrictions (other than those which the Committee deems necessary or advisable to comply with
law) or shall be subject to restrictions and limitations similar to those referred to in Section 9. In the event the Committee assigns any restrictions on the shares of Bonus Stock, then such shares shall be subject to at least the following
restrictions: 
  

	 	(i)	No Shares of Bonus Stock may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated if such Shares are subject to restrictions which have not
lapsed or been satisfied. 

  

	 	(ii)	If any condition of vesting of the shares of Bonus Stock is not met, all such Shares subject to such vesting shall be delivered to the Company (in a manner determined
by the Committee) within 60 days of the failure to meet such conditions without any payment from the Company. 

Section 11. Other Stock Based Awards 
 11.1 Grant of Other Stock Based Awards. Subject to the terms and provisions of the Plan and applicable law, the Committee may, at any time and from time to time, issue to Participants, either alone
or in addition to other Awards made under the Plan, Stock Unit Awards which may be in the form of Common Stock or other securities. The value of each such Award shall be based, in whole or in part, on the value of the underlying Common Stock on the
Grant Date. The Committee, in its sole and complete discretion, may determine that an Award, either 

  
 15 

 
in the form of a Stock Unit Award under this Section 11 or as an Award granted pursuant to Sections 6 through 10, may provide to the Participant (i) dividends or dividend equivalents
(payable on a current or deferred basis) and (ii) cash payments in lieu of or in addition to an Award. Subject to the provisions of the Plan, the Committee, in its sole and complete discretion, shall determine the terms, restrictions,
conditions, vesting requirements, and payment rules of the Award. The Award Agreement shall specify the rules of each Award as determined by the Committee. However, each Stock Unit Award need not be subject to identical rules. No Stock Award may
contain any feature for the deferral of compensation unless the terms thereof are provided in the Agreement. 
 11.2
Rules. The Committee, in its sole and complete discretion, may grant a Stock Unit Award subject to the following rules: 
 (a) To the extent Stock Unit Awards are deemed to be derivative securities within the meaning of Rule 16b-3, the rights of a Participant who is subject to Section 16 of the Exchange Act with respect
to such Awards shall not vest or be exercisable until the expiration of at least six months from the Award Date. All rights with respect to such Stock Unit Awards granted to a Participant under the Plan shall be exercisable during his or her
lifetime only by such Participant or his or her guardian or legal representative. 
 (b) Stock Unit Awards may
require the payment of cash consideration by the Participant in receipt of the Award or provide that the Award, and any Common Stock or other securities issued in conjunction with the Award, be delivered without the payment of cash consideration.

 (c) The Committee, in its sole and complete discretion, may establish certain Performance Criteria that may
relate in whole or in part to receipt of Stock Unit Awards. 
 (d) Stock Unit Awards may be
subject to a deferred payment schedule and/or vesting over a specified period; provided, however, that unless specifically provided by the Agreement, no payment of a Stock Unit Award may be postponed beyond the 15th day of the third month of the calendar year following the year in
which such Stock Unit Award ceased to be subject to a substantial risk of forfeiture. 
 (e) The Committee, in
its sole and complete discretion, as a result of certain circumstances, may waive or otherwise remove, in whole or in part, any restriction or condition imposed on a Stock Unit Award. 

  
 16 

 Section 12. Special Provisions Applicable to Covered Participants 

12.1 Priority of this Section. Each Award to a Covered Participant shall be governed by the conditions of this Section 12 in
addition to the requirements for specific types of Awards provided in Sections 6 through 11 above. Should conditions set forth under this Section 12 conflict with the requirements of Sections 6 through 11, the conditions of this Section 12
shall prevail. 
 12.2 Performance Criteria. All Performance Criteria relating to Covered Participants for a relevant
Performance Period shall be established by the Committee in writing not less than 90 days prior to the beginning of the Performance Period, or by such other later date for the Performance Period as may be permitted under Section 162(m) of the
Code. The Performance Criteria to be used for purposes of such Awards may include any one or more of the following business criteria or such other criteria as established by the Committee: 

 

	 	(i)	Earnings either in the aggregate or on a per-share basis (basic or diluted), before or after taxes, before or after depreciation and amortization, and before or after
interest expense; 

  

	 	(ii)	Net income (before or after taxes); 

  

	 	(iii)	Operating income; 

  

	 	(iv)	Cash flow; 

  

	 	(v)	Working capital; 

  

	 	(vi)	Return on assets, invested capital, equity, or sales; 

  

	 	(vii)	Share price (including increases in price, total stockholder return, or attainment by the Shares of a specified value for a specified period of time);

  

	 	(viii)	Reductions in costs or expense levels; 

  

	 	(ix)	Net economic value; 

  

	 	(x)	Economic value added; 

  

	 	(xi)	Debt to capital ratio; 

  

	 	(xii)	Profit return and margins. 

12.3 Additional Requirements for Award Agreements for Covered Participants. Each Award Agreement for a Covered Participant shall
provide such terms and conditions as necessary to comply with Section 162(m). The compensation payable to a Covered Employee under an Award Agreement may not be increased subsequent to the Grant Date either pursuant to the terms of the Award
Agreement or by the exercise of any discretion by the Committee. 

  
 17 

 12.4 Without limiting the generality of the foregoing, all Awards to Covered Participants
shall be subject to the following restrictions. 
 (a) The Committee may measure any one or more of the
Performance Criteria based on the Company and a whole or on any one or more Subsidiaries or other business units. 
 (b) The Performance Criteria must be objective and must satisfy third party “objectivity” standards under Code Section 162(m), and the regulations promulgated thereunder. 

(c) The Performance Criteria shall not allow for any discretion by the Committee as to an increase in any Award, but
discretion to lower an Award is permissible. 
 (d) The Award and payment of any Award under this Plan to a
Covered Participant with respect to a relevant Performance Period shall be contingent upon the attainment of the Performance Criteria that are applicable to such Award. The Committee shall certify in writing prior to payment of any such Award that
such applicable Performance Criteria have been satisfied. Resolutions adopted by the Committee may be used for this purpose. 
 (e) The aggregate maximum Awards that may be paid (in cash or in shares of Stock or a combination thereof) to any Covered Participant under the Plan pursuant to Sections 8, 9, 10 and 11 during any
calendar year shall be an amount equivalent to the fair market value of 100,000 shares of Stock, such fair market value to be determined as of the first day of such calendar year. 

(f) All Awards to Covered Participants under this Plan shall be further subject to such other conditions, restrictions,
and requirements as the Committee may determine to be necessary to carry out the purposes of this Section 12. 
 Section 13. Change
In Control 
 Notwithstanding any other provision of this Plan, in the event of a Change in Control: (i) all outstanding
Options shall immediately become fully vested and exercisable; (ii) all Periods of Restriction shall be deemed to have been completed; (iii) all Performance Criteria shall be deemed to have been satisfied in full; and (iv) all other
restrictions of any kind applicable to all outstanding Awards shall be deemed to have lapsed or been satisfied in full; provided that none of the effects described in (i) - (iv) above shall
occur if the Change in Control, or the transaction, event or occurrence causing the Change in Control was duly and effectively approved in advance by the affirmative vote of a majority of the Company’s Board of Directors. 

  
 18 

 Section 14. General Provisions 

14.1 Plan Term. The Plan was adopted by the Board on February 1, 2013, subject to the approval of shareholders within one year
thereafter. For purposes of Section 422 of the Code, the date of approval of the Plan shall be the date of the Board’s approval. The Plan shall terminate ten (10) years after that date unless sooner terminated as provided herein;
however, all Awards made prior to, and which are outstanding on such date, shall remain valid in accordance with their terms and conditions. 
 14.2 Withholding. The Company shall have the right to deduct or withhold, or require a Participant to remit to the Company, any taxes required by law to be withheld from Awards made under this
Plan. In the event an Award is paid in the form of Common Stock, the Committee may require the Participant to remit to the Company the amount of any taxes required to be withheld from such payment in Common Stock, or, in lieu thereof, the Company
may withhold (or the Participant may be provided the opportunity to elect to tender) the number of shares of Common Stock equal in Fair Market Value to the amount required to be withheld. 

14.3 Nontransferability. Except with respect to Nonstatutory Stock Options, no Award granted under the Plan may be sold,
transferred, pledged, assigned or otherwise alienated or hypothecated, except by will or the laws of descent and distribution. Further, no lien, obligation, or liability of the Participant may be assigned to any right or interest of any Participant
in an Award under this Plan. 
 14.4 No Right to Employment. Neither the Plan, nor any Award made, or any other action
taken, hereunder shall be construed as giving any Participant or other person any right of employment or continued employment or service with the Company or any Subsidiary or Affiliate. 

14.5 Rights as Shareholder. Subject to the terms and conditions of each particular Award, no Participant or Designated Beneficiary
shall be deemed a shareholder of the Company nor have any rights as such with respect to any shares of Common Stock to be provided under the Plan until he or she has become the holder of such shares. 

14.6 Construction of the Plan. The Plan and all Agreements shall be governed, construed, interpreted and administered in
accordance with the laws of the State of Texas. In the event any provision of the Plan or any Agreement shall be held invalid, illegal or unenforceable, in whole or in part, for any reason, such determination shall not affect the validity, legality
or enforceability of any remaining provision, portion of provision or Plan overall, which shall remain in full force and effect as if the Plan had been absent the invalid, illegal or unenforceable provision or portion thereof. 

14.7 Amendment of Plan. The Committee or the Board of Directors may amend, suspend, or terminate the Plan or any portion thereof
at any time, provided such amendment is made with shareholder approval if and to the extent such approval is necessary to comply with any legal requirement, including for these purposes any approval requirement which is a requirement for the
performance-based compensation exception under Code Section 162(m). 

  
 19 

 14.8 Amendment of Award. In its sole and complete discretion, the Committee may at
any time amend any Award for the following reasons: (i) additions and/or changes are made to the Code, any federal or state securities law, or other law or regulations applicable to the Award; or (ii) any other event not described in
clause (i) occurs and the Participant gives his or her consent to such amendment. 
 14.9 Exemption from Computation of
Compensation for Other Purposes. By acceptance of an applicable Award under this Plan, subject to the conditions of such Award, each Participant shall be considered in agreement that all shares of Stock sold or awarded and all Options granted
under this Plan shall be considered extraordinary, special incentive compensation and will not be included as “earnings,” “wages,” “salary” or “compensation” in any pension, welfare, life insurance, or other
employee benefit arrangement of the Company unless expressly provided otherwise in one or more of such arrangements. 
 14.10
Legend. In its sole and complete discretion, the Committee may elect to legend certificates representing Shares sold or awarded under the Plan, to make appropriate references to the restrictions imposed on such Shares. 

14.11 Certain Participants. All Award Agreements for Participants subject to Section 16(b) of the Exchange Act shall be
deemed to include any such additional terms, conditions, limitations and provisions as Rule 16b-3 requires, unless the Committee in its discretion determines that any such Award should not be governed by Rule 16b-3. All performance-based Awards to
Covered Participants shall be deemed to include any such additional terms, conditions, limitations and provisions as are necessary to comply with the performance-based compensation exemption of Code Section 162(m), unless the Committee, in its
discretion, determines that any such Award is not intended to qualify for the exemption for performance-based compensation under Code Section 162(m). 
 14.12 Unfunded Plan. The Plan is not intended to be a plan of deferred compensation subject to ERISA. Except for Restricted Stock Units, Performance Units and Performance Shares, this Plan is not
intended to constitute to be a plan of deferred compensation for purposes of Section 409A of the Code. 
 EXECUTED effective as of the 1st day of February, 2013. 
  

			
	GREEN HUNTER ENERGY, INC.
		
	By:	 	/s/ Morgan F. Johnston
	Title:	 	Senior Vice President

  
 20EX-4.1

 Exhibit 4.1 
 DEPOSIT AGREEMENT 
 among 

GOODRICH PETROLEUM CORPORATION 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC 
 as Depositary

 and 
 THE HOLDERS FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED
HEREIN 
 Dated as of August 19, 2013 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE I	  			
		
	DEFINED TERMS	  			
		
	 Section 1.1 Definitions
	  	 	1	  
		
	ARTICLE II	  			
		
	FORM OF RECEIPTS, DEPOSIT OF SERIES D PREFERRED STOCK, EXECUTION	  			
	AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	  			
		
	 Section 2.1 Appointment of Depositary
	  	 	3	  
	 Section 2.2 Rights, Privileges and Preferences
	  	 	3	  
	 Section 2.3 Form and Transfer of Receipts
	  	 	3	  
	 Section 2.4 Deposit of Series D Preferred Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	4	  
	 Section 2.5 Registration of Transfer of Receipts
	  	 	5	  
	 Section 2.6 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series D Preferred
Stock
	  	 	5	  
	 Section 2.7 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	6	  
	 Section 2.8 Lost Receipts, etc.
	  	 	7	  
	 Section 2.9 Cancellation and Destruction of Surrendered Receipts
	  	 	7	  
	 Section 2.10 Conversion of Depositary Shares
	  	 	7	  
	 Section 2.11 Receipts Issuable in Global Registered Form
	  	 	8	  
		
	ARTICLE III	  			
		
	CERTAIN OBLIGATIONS OF HOLDERS OF	  			
	RECEIPTS, THE CORPORATION AND THE DEPOSITARY	  			
		
	 Section 3.1 Filing Proofs, Certificate of Designation and Other Information
	  	 	9	  
	 Section 3.2 Payment of Taxes or Other Governmental Charges
	  	 	9	  
	 Section 3.3 Warranty as to Series D Preferred Stock
	  	 	9	  
	 Section 3.4 Warranty as to Receipts
	  	 	10	  
	 Section 3.5 Corporate Existence and Authority of the Depositary
	  	 	10	  
	 Section 3.6 Listing.
	  	 	10	  
		
	ARTICLE IV	  			
		
	THE DEPOSITED SECURITIES; NOTICES	  			
		
	 Section 4.1 Cash Distributions
	  	 	10	  
	 Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	11	  
	 Section 4.3 Subscription Rights, Preferences or Privileges
	  	 	11	  
	 Section 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	12	  
	 Section 4.5 Voting Rights
	  	 	12	  
	 Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	13	  
	 Section 4.7 Delivery of Reports
	  	 	13	  
	 Section 4.8 Lists of Receipt Holders
	  	 	13	  

					
	ARTICLE V	  			
		
	THE DEPOSITARY, THE DEPOSITARY’S	  			
	AGENTS, THE REGISTRAR AND THE CORPORATION	  			
		
	 Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	 	14	  
	 Section 5.2  Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar
or the Corporation
	  	 	14	  
	 Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation
	  	 	15	  
	 Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	16	  
	 Section 5.5 Corporate Notices and Reports
	  	 	17	  
	 Section 5.6 Indemnification
	  	 	17	  
	 Section 5.7 Charges and Expenses
	  	 	18	  
	 Section 5.8 Tax Compliance
	  	 	18	  
		
	ARTICLE VI	  			
		
	AMENDMENT AND TERMINATION	  			
		
	 Section 6.1 Amendment
	  	 	19	  
	 Section 6.2 Termination
	  	 	19	  
		
	ARTICLE VII	  			
		
	MISCELLANEOUS	  			
		
	 Section 7.1 Counterparts
	  	 	19	  
	 Section 7.2 Exclusive Benefit of Parties
	  	 	20	  
	 Section 7.3 Invalidity of Provisions
	  	 	20	  
	 Section 7.4 Notices
	  	 	20	  
	 Section 7.5 Depositary’s Agents
	  	 	21	  
	 Section 7.6 Appointment of Registrar and Dividend Disbursing Agent in Respect of the Series D Preferred
Stock
	  	 	21	  
	 Section 7.7 Governing Law
	  	 	21	  
	 Section 7.8 Inspection of Deposit Agreement
	  	 	21	  
	 Section 7.9 Headings
	  	 	21	  
	 Section 7.10 Confidentiality
	  	 	21	  
	 Section 7.11 Further Assurances
	  	 	22	  
	 Section 7.12 Holders of Receipts Are Parties
	  	 	22	  

  
 ii 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of August 19, 2013, among (i) GOODRICH PETROLEUM CORPORATION, a Delaware corporation, and
(ii) AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company, as Depositary (as hereinafter defined), and the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series D Preferred
Stock of the Corporation (as hereinafter defined) from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series D Preferred
Stock so deposited; and 
 WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with
appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in
consideration of the promises contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINED TERMS 

Section 1.1 Definitions. 
 The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement: 

“Certificate of Designation” shall mean the relevant Certificate of Designation filed with the Secretary of State of the
State of Delaware establishing the Series D Preferred Stock as a series of preferred stock of the Corporation. 

“Common Stock” means the common stock, par value $0.20 per share, of the Corporation. 

“Corporation” shall mean Goodrich Petroleum Corporation, a Delaware corporation, and its successors. 

“Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time. 

“Depositary” shall mean American Stock Transfer & Trust Company, LLC and any successor as Depositary hereunder.

 “Depositary Shares” shall mean the depositary shares, each representing 1/1000th of a share of the Series D
Preferred Stock, evidenced by a Receipt. 
 “Depositary’s Agent” shall mean an agent appointed by the
Depositary pursuant to Section 7.5. 
 “Depositary’s Office” shall mean the principal office of the
Depositary in 6201 15th Avenue, Brooklyn, New York 11219, at which at any particular time its depositary receipt business shall be administered. 

 “DTC” shall mean the Depository Trust Company. 

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

(1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the
Corporation that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended, and
(B) the Corporation has not appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or 

(2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued
or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts. 
 “Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to
this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended. 

“Global Registered Receipt” shall mean a global registered Receipt registered in the name of a nominee of DTC.

 “Letter of Representations” shall mean any applicable agreement among the Corporation, the Depositary and a
Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any
successor agreement thereto. 
 “Officer’s Certificate” shall mean a certificate in substantially the form
set forth as Exhibit B hereto, which is signed by an officer of the Corporation and which attaches, as an annex thereto, the Certificate of Designation describing the terms and conditions of the Series D Preferred Stock to be issued by
the Corporation and deposited with the Depositary from time to time in accordance with the terms hereof. 

“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as
Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series D Preferred Stock held of record by the Record Holder of such Depositary Shares. 

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is
registered on the books of the Depositary maintained for such purpose. 
 “Registrar” shall mean the Depositary
or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and transfers of Receipts as herein provided, and if a successor Registrar shall be so appointed, references herein to “the
books” of or maintained by the Depository shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 

  
 2 

 “Series D Preferred Stock” shall mean the shares of the Corporation’s
9.75% Cumulative Preferred Stock, Series D, $1.00 par value per share, with a liquidation preference of $25,000.00 per preferred share, designated in the Certificate of Designation. 

“Underwriting Agreement” shall mean the Underwriting Agreement dated as of August 14, 2013, among the Corporation
and Morgan Stanley & Co. LLC and UBS Securities LLC, as representatives of the several underwriters named in Schedule 1 thereto. 
 ARTICLE II 
 FORM OF RECEIPTS, DEPOSIT OF SERIES D PREFERRED STOCK,
EXECUTION 
 AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 

Section 2.1 Appointment of Depositary. 
 The Corporation hereby appoints the Depositary, and the Depositary hereby accepts such appointment, as depositary for the Series D Preferred Stock, on the terms and conditions set forth in this Deposit
Agreement. 
 Section 2.2 Rights, Privileges and Preferences. 

Subject to the terms of this Deposit Agreement, each Record Holder of a Receipt is entitled, proportionately, to all the rights,
preferences and privileges of the Series D Preferred Stock represented by the Depositary Shares evidenced by such Receipt (including the conversion, dividend, voting, and liquidation rights contained in the Certificate of Designation) and the same
proportionate interest in any and all other property received by the Depositary in respect of such Series D Preferred Stock and held under this Deposit Agreement. 
 Section 2.3 Form and Transfer of Receipts. 
 The definitive
Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to
comply with applicable rules of the New York Stock Exchange, Inc. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation or any holder of Series D Preferred Stock, delivered in compliance with
Section 2.4, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will
cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described
in the penultimate paragraph of Section 2.4, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the
same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge to the Holder therefor. Until so exchanged, the temporary Receipts
shall in all respects be entitled to the same benefits under this Deposit Agreement as definitive Receipts. 

  
 3 

 Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly
authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile signature of a duly authorized
officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary. The Depositary shall record on its books each
Receipt so signed and delivered as hereinafter provided. 
 Receipts shall be in denominations of any number of whole Depositary
Shares. 
 Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not
inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any
securities exchange upon which the Series D Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts are subject. 
 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a
properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the
books of the Depositary as provided in Section 2.5, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to
distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
 The Corporation shall cause to be provided an opinion of counsel on the date hereof, which opinion shall state that: (1) the issuance of the Depositary Shares has been registered under the Securities
Act; and (2) when the Series D Preferred Stock is issued and delivered and the Depositary Shares are issued and delivered against payment therefor as provided in the Underwriting Agreement, such Series D Preferred Stock will be duly and validly
issued, fully paid and non-assessable. 
 Section 2.4 Deposit of Series D Preferred Stock; Execution and Delivery of
Receipts in Respect Thereof. 
 Subject to the terms and conditions of this Deposit Agreement, the Corporation may from
time to time deposit shares of Series D Preferred Stock under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for such shares of Series D Preferred Stock to be deposited, properly endorsed or accompanied, if
required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of
this Deposit Agreement including an executed Officer’s Certificate and (ii) a written order of the Corporation directing the Depositary to execute and deliver to, upon the written request of, the person or persons stated in the
Corporation’s order a Receipt or Receipts for the number of Depositary Shares representing such deposited Series D Preferred Stock. 

  
 4 

 The Series D Preferred Stock that is deposited shall be held by the Depositary at the
Depositary’s Office or at such other place or places as the Depositary shall determine. The Depositary shall not lend any Series D Preferred Stock deposited hereunder. 
 Upon receipt by the Depositary of a certificate or certificates for Series D Preferred Stock deposited in accordance with the provisions of this Section, together with the other documents required as
above specified, and upon recordation of the Series D Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this
Deposit Agreement, shall execute and deliver to, upon the written request of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts for the number of
Depositary Shares representing, in the aggregate, the Series D Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the
Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 

Section 2.5 Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing
the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 

Section 2.6 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series D Preferred Stock.

 Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may
designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or
denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so
surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series D Preferred Stock and all money and other property, if any, represented thereby by surrendering such Receipt or
Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by
such Holder as hereinafter provided, the number of whole shares of Series D Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of Series D
Preferred Stock will not thereafter be entitled to deposit such Series D Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in

  
 5 

 
connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series D Preferred Stock, the
Depositary shall at the same time, in addition to such number of whole shares of Series D Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.5 upon his order, a new
Receipt evidencing such excess number of Depositary Shares. 
 In no event will fractional shares of Series D Preferred Stock
(or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Series D Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other
instruments as the Depositary may deem appropriate in its reasonable judgment. 
 If the Series D Preferred Stock and the money
and other property, if any, being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Series D Preferred Stock, such Holder shall execute and
deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series D Preferred Stock be properly endorsed in blank or
accompanied by a properly executed instrument of transfer in blank. 
 Delivery of the Series D Preferred Stock and the money
and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for
the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder. 

Section 2.7 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. 

As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any
Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to
it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature (which evidence may include a signature
guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association), and may also require compliance with such regulations, if any, as the Depositary or the Corporation may
establish consistent with the provisions of this Deposit Agreement and/or applicable law. 
 The deposit of the Series D
Preferred Stock may be refused, the delivery of Receipts against Series D Preferred Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may
be suspended (i) during any period when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any
time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit Agreement. 

  
 6 

 Section 2.8 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of
like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence reasonably
satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof, (ii) the Holder thereof furnishing the Depositary with an affidavit and an indemnity or bond
reasonably satisfactory to the Depositary and (iii) the payment of any reasonable expense (including reasonable fees, charges and expenses of the Depositary). Applicants for substitute receipts shall also comply with such other reasonable
regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code in effect in the State of New York. 

Section 2.9 Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 

Section 2.10 Conversion of Depositary Shares. 
 (a) Upon the occurrence of a Change of Control (as defined in the Certificate of Designation), the Depositary Shares held by any holder of a Receipt or Receipts may, at the option of such holder, be
converted, in whole or in part, into shares of Common Stock upon the same terms and conditions as the Series D Preferred Stock (unless, prior to the Change of Control Conversion Date (as defined in the Certificate of Designation), the Corporation
has provided or provides irrevocable notice of its election to redeem the Series D Preferred Stock, in which case such holder will only have the right with respect to Depositary Shares representing shares of Series D Preferred Stock not called for
redemption (unless the Corporation defaults in the payment of the redemption price and accumulated and unpaid dividends in which case the holder will again have the right with respect to the Depositary Shares representing shares of Series D
Preferred Stock subject to such default in payment), except that the number of shares of Common Stock received upon conversion of each Depositary Share will be equal to the number of shares of Common Stock received upon conversion of one Series D
Preferred Stock share divided by 1,000. Whenever a holder of a Receipt or Receipts shall elect to convert the Depositary Shares represented by such Receipt or Receipts into shares of Common Stock pursuant to the terms of the Series D Preferred
Stock, such holder shall deliver to the Depositary or the Depositary’s Agent the Receipt or Receipts evidencing the Depositary Shares to be converted, together with a written notice of conversion and an assignment of the Receipt or Receipts to
the Corporation or in blank, in form reasonably acceptable to the Depositary. In addition, if such holder surrenders such Depositary Shares for conversion during the period from the close of business on any record date fixed pursuant to
Section 4.4 for the payment of dividends until the opening of business of the dividend payment date corresponding to such record date (the “Dividend Payment Date”), such Receipt or Receipts shall be accompanied by a payment in
cash in an amount equal to the dividend payable on the Dividend Payment Date. Each conversion of Depositary Shares shall be deemed to have been effected on the Change of Control Conversion Date (as defined in the Certificate of Designation) (the
“Conversion Date”). 
 (b) If a holder of a Receipt elects to convert less than all of the Depositary Shares
evidenced by a Receipt, the Depositary will deliver to the holder of the Receipt upon its surrender to the Depositary a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not converted, together with a certificate (or
book-entry, for shares held in electronic form) for the shares of Common Stock issued upon conversion. The foregoing shall further be subject to the terms and conditions of the Series D Preferred Stock, as set forth in the Restated Certificate of
Incorporation (including the Certificate of Designation). 

  
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 (c) No fractional shares of Common Stock shall be issued upon conversion of Depositary
Shares. If such conversion would otherwise result in a fractional share of Common Stock being issued, the Corporation shall pay the cash value of such fractional shares. 
 (d) From and after the Conversion Date, the Depositary Shares being converted shall be deemed no longer outstanding, all dividends in respect of the Series D Preferred Stock converted shall cease to
accrue, all rights of the holders of Receipts evidencing such Depositary Shares shall, to the extent of such Depositary Shares, cease and terminate, except the right to receive shares of Common Stock (or equivalent Alternative Conversion
Consideration, as defined in the Certificate of Designation) into which the Depositary Shares have been converted and the right to receive any money or other property to which the holders of such Receipts were entitled upon conversion (including all
amounts, if any, paid by the Corporation in respect of dividends which, on the Conversion Date, have accrued on the Series D Preferred Stock to be converted and have not theretofore been paid). 

Section 2.11 Receipts Issuable in Global Registered Form. 

If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the
form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts of such series, which
(i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts, (ii) shall be registered in the name of the Global Receipt
Depository therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless
otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository,
or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such
Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to
receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with
respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the
Depositary as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global
Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable
procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary shall give all such notices,
payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 
 If an
Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the execution and delivery of individual definitive registered
Receipts in exchange for such Global Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of
the Global Registered Receipt in exchange for such Global Registered Receipt. 

  
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 Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant
to this Section shall be registered in such names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The
Depositary shall deliver such Receipts to the persons in whose names such Receipts are so registered. 
 Notwithstanding
anything to the contrary in this Deposit Agreement, should the Corporation determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of any Letter of Representations. 

ARTICLE III 
 CERTAIN OBLIGATIONS OF HOLDERS OF 
 RECEIPTS, THE CORPORATION AND THE
DEPOSITARY 
 Section 3.1 Filing Proofs, Certificate of Designation and Other Information. 

Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to
execute such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of
transfer, of any Receipt or the withdrawal of the Series D Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof
until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 
 Section 3.2 Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in
Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series D Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due
is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Series D Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be
sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment
of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 
 Section 3.3 Warranty
as to Series D Preferred Stock. 
 The Corporation hereby represents and warrants that the Series D Preferred Stock, when
issued and delivered against payment therefor in accordance with the Underwriting Agreement and the Certificate of Designation, will be duly authorized, validly issued, fully paid and non-assessable. Such representation and warranty shall survive
the deposit of the Series D Preferred Stock and the issuance of the related Receipts. 

  
 9 

 Section 3.4 Warranty as to Receipts. 

The Corporation hereby represents and warrants that the Receipts, when issued against payment therefor in accordance with the Underwriting
Agreement and this Deposit Agreement, will be entitled to the rights hereunder, and the benefits of this Deposit Agreement and will represent legal and valid interests in the Series D Preferred Stock. Such representation and warranty shall survive
the deposit of the Series D Preferred Stock and the issuance of the Receipts. 
 Section 3.5 Corporate Existence and
Authority of the Depositary. 
 The Depositary hereby represents and warrants that it (i) has been duly incorporated
and is validly existing as a limited liability trust company in good standing under the laws of the jurisdiction of its formation; (ii) has full corporate power and authority and possesses all governmental or other franchises, licenses,
permits, authorizations and approvals necessary to enable it to own, lease or otherwise hold its properties and assets and to carry on its business as presently conducted; (iii) has been duly qualified as a foreign entity for the transaction of
business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no material liability or disability by reason of the
failure to be so qualified in any such jurisdiction; and (iv) is a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, along with its affiliates, of at least $50,000,000.
The Depositary hereby agrees to promptly inform the Corporation in the event that any of the statements in the foregoing sentence cease to be true and complete in all material respects. 

This Deposit Agreement has been duly authorized, executed and delivered by the Depositary and constitutes a legal, valid and binding
obligation of the Depositary, enforceable against the Depositary in accordance with its terms. The Depositary hereby agrees to perform its obligations under this Deposit Agreement with the diligent care of a professional provider of such services,
in a timely manner and in conformance with all applicable laws, rules and regulations. 
 Section 3.6 Listing.

 The Corporation hereby covenants and agrees that it will apply to list, and use its reasonable best efforts to keep
listed, the Depositary Shares on the New York Stock Exchange. 
 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 
 Section 4.1 Cash Distributions. 
 Whenever the Depositary shall
receive any cash dividend or other cash distribution on the Series D Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts
of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or the Depositary
shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series D Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of
Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one
cent, and any balance not so distributable 

  
 10 

 
shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to Record Holders
of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event
of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder. 

Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges. 

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series D Preferred
Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable,
in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the reasonable opinion of
the Depositary, after consultation with the Corporation, such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on
account of taxes) the Depositary reasonably deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the prior written approval of the Corporation, adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale
shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The
Corporation shall not make any distribution of such securities to the Depositary and the Depositary shall not make any distribution of such securities to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel
stating that such securities have been registered under the Securities Act or do not need to be registered in connection with such distribution. 
 Section 4.3 Subscription Rights, Preferences or Privileges. 
 If
the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series D Preferred Stock is recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall
direct and the Depositary shall agree, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Corporation in its discretion with the
acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after consultation with the
Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such
rights, preferences or privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available),
may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

  
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 The Corporation shall notify the Depositary whether registration under the Securities Act of
the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the
Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such
registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available
to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an
opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 
 If any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made
available to Holders of Receipts, the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable
such Holders to exercise such rights, preferences or privileges. 
 Section 4.4 Notice of Dividends, etc.; Fixing
Record Date for Holders of Receipts. 
 Whenever any cash dividend or other cash distribution shall become payable or any
distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to the Series D Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the
Series D Preferred Stock are entitled to vote or of which holders of the Series D Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a
record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series D Preferred Stock) for the determination of the Holders of Receipts who shall be entitled
to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or
for any other appropriate reasons. 
 Section 4.5 Voting Rights. 

Subject to the provisions of the Certificate of Designation, upon receipt of notice of any meeting at which the holders of the Series D
Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts a notice prepared by the
Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting
rights pertaining to the amount of Series D Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by
the Corporation) and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depositary shall use its best efforts to vote or cause
to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series D Preferred Stock 

  
 12 

 
represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may
be deemed necessary by the Depositary in order to enable the Depositary to vote such Series D Preferred Stock or cause such Series D Preferred Stock to be voted. The Depositary will abstain from voting shares of the Series D Preferred Stock to the
extent it does not receive specific instructions from the Holders representing such Series D Preferred Stock. 

Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 

Upon any change in par or stated value, split-up, combination or any other reclassification of the Series D Preferred Stock, subject to
the provisions of the Certificate of Designation, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Corporation may, in its discretion and with the acknowledgement of the
Depositary, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series D Preferred Stock as may be necessary fully to reflect the effects of such
change in par or stated value, split-up, combination or other reclassification of the Series D Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the
Depositary in exchange for or upon conversion of or in respect of the Series D Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Series D Preferred Stock. In any such case, the
Depositary may, in its discretion and with the written approval of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new
deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the
Series D Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series D Preferred Stock represented thereby only
into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Series D Preferred Stock represented by such Receipts might have been converted or for which such Series D Preferred Stock might
have been exchanged or surrendered immediately prior to the effective date of such transaction. 
 Section 4.7
Delivery of Reports. 
 The Depositary shall furnish to Holders of Receipts any reports and communications received from
the Corporation which is received by the Depositary and which the Corporation is required to furnish to the holders of the Series D Preferred Stock. In addition, the Depositary will make available for inspection by Receipt Holders at the
Depositary’s Office, and at such other places as it may from time to time deem advisable, any reports and communications received from the Corporation which are received by the Depositary. 

Section 4.8 Lists of Receipt Holders. 
 Reasonably promptly upon request from time to time by the Corporation, the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary
Shares of all registered Holders of Receipts. The Corporation shall be entitled to receive such list four times annually without charge. 

  
 13 

 ARTICLE V 
 THE DEPOSITARY, THE DEPOSITARY’S 
 AGENTS, THE REGISTRAR AND THE
CORPORATION 
 Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

 Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities
for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange
of Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the
Depositary’s Office for the registration and registration of transfer of Receipts, which books during normal business hours shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise
such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Depositary may close such books, at any time or from time to time, when deemed expedient by it, as determined in its reasonable
judgment, in connection with the performance of its duties hereunder. 
 The Depositary may, with the approval of the
Corporation, appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series D Preferred Stock represented by such Depositary Shares shall be
listed on one or more national securities exchanges, the Depositary will appoint a Registrar (acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar
(which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares
or Series D Preferred Stock are listed on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the
Receipts, Depositary Shares or Series D Preferred Stock as may be required by law or applicable securities exchange regulation. 
  

	 	Section 5.2	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall incur any liability to any Holder of
Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by
reason of any provision, present or future, of the Corporation’s Restated Certificate of Incorporation (including the Certificate of Designation) or by reason of any act of God or war or other circumstance beyond the control of the relevant
party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement
provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt (i) by 

  
 14 

 
reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or
(ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

The Depositary undertakes not to issue any Receipt other than to evidence the Depositary Shares that have been delivered to, and are then
on deposit with, the Depositary. The Depositary also undertakes not to sell, except as provided herein, pledge or lend Depositary Shares or shares of Series D Preferred Stock held by it as Depositary. 

Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject to
any liability under this Deposit Agreement to Holders of Receipts other than for its gross negligence, intentional misconduct, bad faith or fraud. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect
of the Series D Preferred Stock, the Depositary Shares or the Receipts which in its reasonable opinion may involve it in expense or liability unless indemnity reasonably satisfactory to it against all reasonable out-of-pocket expense and liability
be furnished as incurred. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall
be liable for any action or any failure to act by it in good faith reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series D Preferred Stock for deposit, any Holder of a Receipt or any other
person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written
notice, request, direction or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series D Preferred Stock or for the manner or effect of any such vote made, as long as any
such action or non-action is not taken in bad faith. 
 The Depositary, its parent, affiliates or subsidiaries, the
Depositary’s Agents, and the Registrar may own, buy, sell and deal in any class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the
Corporation or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The
Depositary may also act as trustee, transfer agent or registrar of any of the securities of the Corporation and its affiliates. 

The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions
of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series D Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible
for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

  
 15 

 In the event the Depositary, in its reasonable judgment, believes any ambiguity or
uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the
Depositary shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Corporation, refrain
from taking any action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written
instructions or a certificate signed by an authorized representative of the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of
the Depositary. 
 Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary.

 The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the
Corporation, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and
its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign
or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United
States of America and having a combined capital and surplus, along with its affiliates, of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the
resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing
accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the
Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series D Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the Record
Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its
reasonable discretion, notice of its appointment to the Record Holders of Receipts. 
 Any entity into or with which the
Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may
authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary. 

  
 16 

 Section 5.5 Corporate Notices and Reports. 

The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the
Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities
exchange upon which the Series D Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Certificate of Incorporation (including the Certificate of Designation), to be furnished to the Record Holders
of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit
to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation. Notwithstanding the foregoing, the Corporation shall have no obligation to transmit any such documents that are actually
filed by the Corporation on the Electronic Data Gathering, Analysis, and Retrieval system of the Securities and Exchange Commission, unless specifically requested by a Holder in writing. 

Section 5.6 Indemnification. 
 The Depositary will indemnify the Corporation and hold it harmless from any loss, liability or expense actually incurred (including the reasonable costs and expenses of defending itself) which may arise
out of acts performed or omitted by the Depositary, including when such Depositary acts as Registrar, or the Depositary’s Agents in connection with this Deposit Agreement due to its or their gross negligence, intentional misconduct, bad faith
or fraud. The indemnification obligations of the Depositary set forth in this Section 5.6 shall survive any termination of this Deposit Agreement and any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with
Section 7.2. 
 Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any
Depositary’s Agent and any Registrar against, and hold each of them harmless from, any loss, liability or reasonable out-of-pocket expense (including the reasonable costs and expenses of defending itself) which may arise solely from third-party
claims based directly on acts performed or omitted in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or
documents contemplated hereby, except for any liability arising out of gross negligence, intentional misconduct, bad faith or fraud on the respective parts of any such person or persons. For the avoidance of doubt, such indemnity shall not cover any
consequential, indirect, partial, special and incidental damages. The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with
Section 7.2. 
 Promptly following becoming aware of circumstances that might give rise to a claim for indemnification
under this Deposit Agreement, a party seeking indemnification hereunder (the “Indemnified Party”) shall notify the other party (the “Indemnifying Party”) of the relevant claim; provided that failure to so notify
shall not affect the Indemnified Party’s right to indemnification hereunder, except to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party shall, at its own expense, be entitled to control and direct the
investigation and defense of any claim, and shall have the right to settle any such claim without the consent of the Indemnified Party; provided that such settlement (i) fully releases the Indemnified Party from any liability and
provides no admission of wrongdoing, and (ii) does not subject the Indemnified Party to any additional obligation, whether financial or otherwise. In the event that any such settlement does not meet the requirements of (i) and
(ii) above, then the Indemnified Party must consent to such settlement in writing, which consent shall not be unreasonably withheld, conditioned or delayed. The Indemnified 

  
 17 

 
Party shall provide reasonable assistance to the Indemnifying Party in connection with the Indemnifying Party’s defense of a claim and may participate in the defense of a claim with counsel
of its own choosing at its own cost and expense, unless the Indemnifying Party specifically authorizes the retaining of such counsel. 
 Section 5.7 Charges and Expenses. 
 The Corporation agrees
promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees
and expenses) actually incurred by the Depositary without gross negligence, willful misconduct, bad faith or fraud on its part (or on the part of any agent or Depositary Agent) in connection with the services rendered by it (or such agent or
Depositary Agent) hereunder. Unless otherwise provided herein, the Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Series D Preferred Stock and the initial issuance of the Depositary Shares, all
withdrawals of shares of Series D Preferred Stock by owners of Depositary Shares, and any exchange of the Series D Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges
arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts,
the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a
Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such
intervals as the Corporation and the Depositary may agree. 
 Section 5.8 Tax Compliance. 

The Depositary, on its own behalf and on behalf of the Corporation, will comply with all applicable certification, information reporting
and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the
issuance, delivery, holding, transfer or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment of all amounts
required to be withheld to the appropriate taxing authority or its designated agent. 
 The Depositary shall comply with any
direction received from the Corporation with respect to the application of such requirements to particular payments or holders or in other particular circumstances, and may for purposes of this Deposit Agreement rely on any such direction in
accordance with the provisions of Section 5.3 hereof. 
 The Depositary shall maintain all appropriate records documenting
compliance with such requirements, and shall make such records available on request to the Corporation or to its authorized representatives. 

  
 18 

 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 Section 6.1 Amendment.

 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be
amended by agreement between the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders
of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every
Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event
shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver
to the Holder the Series D Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or
commission, or applicable securities exchange. 
 Section 6.2 Termination. 

This Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding Depositary Shares issued
hereunder have been converted pursuant to Section 2.9, (ii) there shall have been made a final distribution in respect of the Series D Preferred Stock in connection with any voluntary or involuntary liquidation, dissolution or winding up
of the affairs of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable, or (iii) upon the consent of the Holders of
Receipts representing in the aggregate not less than two-thirds of the Depositary Shares outstanding. 
 Upon the
termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7;
provided further that Section 5.3 and 5.6 shall survive the termination of this Deposit Agreement. 

ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the
same authority, effect and enforceability as an original signature. 

  
 19 

 Section 7.2 Exclusive Benefit of Parties. 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be
deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 Section 7.3 Invalidity of
Provisions. 
 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be
or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

Section 7.4 Notices. 
 Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or overnight
delivery service, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at: 
 Goodrich Petroleum Corporation 
 801 Louisiana Street, Suite 700 

Houston, Texas 77002 
 Attention: Corporate Secretary 
 or at any other addresses of which the Corporation shall have
notified the Depositary in writing, but in any event with a copy, which shall not constitute notice, to the attention of the General Counsel, at the same address. 
 Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or overnight
delivery service, or by telegram or facsimile transmission or electronic mail confirmed by letter, addressed to the Depositary at: 
 American Stock Transfer & Trust Company, LLC 
 6201 15th Avenue

 Brooklyn, New York 11219 
 Attention: Corporate Department 
 Facsimile No.: (718) 765-8726 

Email: IPODepartment@amstock.com 
 With a copy (which shall not constitute notice) to: 
 American Stock
Transfer & Trust Company, LLC 
 6201 15th Avenue 

Brooklyn, New York 11219 
 Attention: General Counsel 
 or at any other addresses of which the Depositary shall have notified
the Corporation in writing. 

  
 20 

 Except as otherwise provided herein, any and all notices to be given to any Record
Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, facsimile transmission or confirmed by letter, addressed to such Record Holder at the
address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address
designated in such request. Delivery of a notice sent by mail or by facsimile transmission as provided in the previous sentence shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in
the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box; provided, that the Depositary or the Corporation may, however, act upon any facsimile transmission received by it from the other or from any
Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 
 Section 7.5 Depositary’s Agents. 
 The Depositary may from time
to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such
Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action. 
 Section 7.6
Appointment of Registrar and Dividend Disbursing Agent in Respect of the Series D Preferred Stock. 
 The Corporation
hereby also appoints the Depositary as registrar and dividend disbursing agent in respect of the Receipts and the Depositary hereby accepts such appointment. 
 Section 7.7 Governing Law. 
 This Deposit Agreement and the Receipts
of each series and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles.

 Section 7.8 Inspection of Deposit Agreement. 

Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be made available for
inspection during business hours upon reasonable notice to the Depositary by any Holder of a Receipt. 
 Section 7.9
Headings. 
 The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in
Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the
Receipts. 
 Section 7.10 Confidentiality. 

The Depositary agrees that all books, records, information and data pertaining to the business of the Corporation, including,
inter alia, personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other
person by the Depositary, except as may be required by law or legal process. 

  
 21 

 Section 7.11 Further Assurances. 

From time-to-time and after the date hereof, the Corporation agrees that it will perform, acknowledge and deliver or cause to be
performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Deposit
Agreement. 
 Section 7.12 Holders of Receipts Are Parties. 

The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance of delivery thereof. Each Holder of Receipts shall become a party hereto upon acceptance by such Holder of Receipt of delivery of one or more Receipts issued in accordance with the terms hereof.

 [Remainder of page intentionally left blank; signature page follows.] 

  
 22 

 The undersigned has executed this Deposit Agreement as of the date first set forth above.

  

					
	GOODRICH PETROLEUM CORPORATION
		
	By:	 	 /s/ Michael J. Killelea

		 	Name:	 	Michael J. Killelea
		 	Title:	 	Senior Vice President, General Counsel and Corporate Secretary

 [Signature Page to Deposit Agreement] 

 The undersigned has executed this Deposit Agreement as of the date first set forth above.

  

			
	 AMERICAN STOCK TRANSFER & TRUST
 COMPANY, LLC

		
	By:	 	 /s/ Michael A. Nespoli

		 	Name: Michael A. Nespoli
		 	Title: Executive Director

 [Signature Page to Deposit Agreement] 

 EXHIBIT A 

FORM OF RECEIPT 

[FORM OF FACE OF RECEIPT] 
 Unless this receipt is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Goodrich Petroleum Corporation or its agent for
registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co.
or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein. 
  

			
	DEPOSITARY SHARES	  	$            

 DEPOSITARY RECEIPT
NO.         FOR         DEPOSITARY SHARES, EACH REPRESENTING 1/1000th OF ONE SHARE 
 OF 
 9.75% CUMULATIVE PREFERRED STOCK, SERIES D 

OF 
 GOODRICH
PETROLEUM CORPORATION 
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

CUSIP 382410 884 

SEE REVERSE FOR CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning December 15, 2013, each March 15, June 15, September 15 and December 15. 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of DEPOSITARY SHARES
(“Depositary Shares”), each Depositary Share representing 1/1000th of one share of 9.75% Cumulative Preferred Stock, Series D, liquidation preference $25,000.00 per share, $1.00 par value per share (the “Series D Preferred
Stock”), of Goodrich Petroleum Corporation, a Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of August 19,
2013 (the “Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by
all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the
manual or facsimile signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual or facsimile signature of a duly authorized officer thereof.

 Dated: 
  

			
	 AMERICAN STOCK TRANSFER AND TRUST
 COMPANY, LLC Depositary

		
	By:	 	 
		 	Authorized Officer

  
  

 

  
 A-1

 [FORM OF REVERSE OF RECEIPT] 

GOODRICH PETROLEUM CORPORATION 

GOODRICH PETROLEUM CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF
THE CERTIFICATE OF DESIGNATION OF 9.75% CUMULATIVE PREFERRED STOCK, SERIES D OF GOODRICH PETROLEUM CORPORATION, ANY SUCH REQUEST TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE HEREOF 
 The Corporation will furnish without charge to each receiptholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock
or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the Registrar. 

EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full
according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Abbreviation
	  	 Abbreviation
	  	 Equivalent Word

	JT TEN	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
	TEN IN COM	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	  	 Equivalent Word
	  	Abbreviation	  	 Equivalent Word
	  	Abbreviation	  	 Equivalent Word

	ADM	  	Administrator(s), Administratrix	  	EX	  	Executor(s), Executrix	  	PL	  	Public Law
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	TR	  	(As) trustee(s), for, of
	ART	  	Article	  	FDN	  	Foundation	  	U	  	Under
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	UA	  	Under Agreement
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UW	  	Under will of, Of will of, Under last will & testament
	DEC	  	Declaration	  	MIN	  	Minor(s)	  		  	
	EST	  	Estate, of Estate of	  	PAR	  	Paragraph	  		  	

 For value received,
                        hereby sell(s), assign(s) and transfer(s) unto 
 INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 PRINT OR TYPEWRITE NAME AND
ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
 Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute
and appoint Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 
 Dated: 

  
 A-2

 NOTICE: The signature to the assignment must correspond with the name as written upon the face of this
Receipt in every particular, without alteration or enlargement or any change whatsoever. 
 SIGNATURE GUARANTEED 

NOTICE: If applicable, the signature(s) should 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 under the Securities Exchange Act of 1934. 

  
 A-3

 EXHIBIT B 

Officer’s Certificate 
 I,                    , [title] of Goodrich Petroleum Corporation (the “Corporation”),
hereby certify that pursuant to the terms of the Certificate of Designation effective August 19, 2013, filed with the Secretary of State of the State of Delaware on August     , 2013 (the “Certificate of
Designation”), and pursuant to resolutions adopted by Board of Directors of the Corporation on August     , 2013 and August     , 2013, the Corporation has established the Series D Preferred Stock
which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions of the Deposit Agreement (the “Deposit Agreement”), dated August     , 2013, by and among
the Corporation, American Stock Transfer & Trust Company, LLC, and the Holders of Receipts issued thereunder from time to time. In connection therewith, the Board of Directors of the Corporation or a duly authorized committee thereof has
authorized the terms and conditions with respect to the Series D Preferred Stock as described in the Certificate of Designation attached as Annex A hereto. Any terms of the Series D Preferred Stock that are not so described in the Certificate of
Designation and any terms of the Receipts representing such Series D Preferred Stock that are not described in the Deposit Agreement are described below: 
 Aggregate Number of shares of Series D Preferred Stock issued on the day hereof: 
 CUSIP Number for Receipt: 
 Denomination of Depositary Share per share of
Series D Preferred Stock (if different than 1/1000th ownership interest in a share of Series D Preferred Stock): 

Depositary: American Stock Transfer & Trust Company, LLC 
 All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 
 This certificate is dated: 
  

			
	By:	 	 
		 	Name:
		 	Title:

  
 B-1

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