Document:

EX-4.1

 Exhibit 4.1 

CABOT CORPORATION 

Second Supplemental Indenture 

Dated as of June 20, 2019 

4.000% Notes due 2029 

(Second Supplemental Indenture to the Indenture dated as of September 15, 2016) 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 

 SECOND SUPPLEMENTAL INDENTURE, dated as of June 20, 2019 (the “Second
Supplemental Indenture”), between Cabot Corporation, a Delaware corporation (herein called the “Company”), and U.S. Bank National Association, as Trustee (herein called the “Trustee”); 

RECITALS: 
 WHEREAS, the
Company has heretofore executed and delivered to the Trustee an Indenture, dated as of September 15, 2016 (the “Base Indenture”) as supplemented by the First Supplemental Indenture executed and delivered by the Company to the
Trustee, dated as of September 15, 2016 (the “First Supplemental Indenture”), providing for the issuance from time to time of the Company’s debentures, notes or other evidences of indebtedness (herein and therein called
the “Securities”), to be issued in one or more series as provided in the Base Indenture; 
 WHEREAS, Section 9.01(7)
of the Base Indenture permits the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the form and terms of any series of Securities without notice to or consent of any Securityholder; 

WHEREAS, Section 2.01 of the Base Indenture permits the form of Securities of any series to be established in an indenture supplemental
to the Base Indenture; 
 WHEREAS, pursuant to Sections 2.01 and 2.03 of the Base Indenture, the Company desires to provide for the
establishment of a new series of Securities under the Base Indenture, the form and substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Second Supplemental
Indenture; 
 WHEREAS, all conditions and requirements necessary to make this Second Supplemental Indenture, when executed and delivered, a
valid agreement of the Company, in accordance with its terms, have been performed and filled; 
 NOW, THEREFORE, THIS SECOND SUPPLEMENTAL
INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities established by this Second
Supplemental Indenture by the holders thereof (the “Holders”), it is mutually agreed, for the equal and proportionate benefit of all such Holders, as follows: 

ARTICLE I 
 Definitions
and Other Provisions of General Application 
 Section 1.01 Relation to Base Indenture. This Second Supplemental
Indenture constitutes a part of the Base Indenture (the provisions of which, as modified by this Second Supplemental Indenture), shall apply to the series of Securities established by this Second Supplemental Indenture but shall not modify, amend or
otherwise affect the Base Indenture insofar as it relates to any other series of Securities or modify, amend or otherwise affect in any manner the terms and conditions of the Securities of any other series. 

  
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 Section 1.02 Definitions. For all purposes of this Second Supplemental
Indenture, the capitalized terms used herein (i) which are defined in this Section 1.02 have the respective meanings assigned hereto in this Section 1.02 and (ii) which are defined in the Base Indenture (and which are not defined
in this Section 1.02) have the respective meanings assigned thereto in the Base Indenture. For all purposes of this Second Supplemental Indenture: 

(a)    Unless the context otherwise requires, any reference to an Article or Section refers to an Article or Section, as
the case may be, of this Second Supplemental Indenture; 
 (b)    The words “herein,” “hereof” and
“hereunder” and words of similar import refer to this Second Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(c)    The terms defined in this Section 1.02(c) have the meanings assigned to them in this Section 1.02(c) and
include the plural as well as the singular. 
 “Change of Control” means the occurrence of any of the following after the
date of issuance of the Notes: 
 (1)    the direct or indirect sale, lease, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries taken as a whole to any “person” or “group” (as those terms
are used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its subsidiaries; 

(2)    the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being agreed that an employee of the Company or any of its subsidiaries for whom shares are held under an employee
stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a member of a “group” (as that term is used in Section 13(d)(3) of the
Exchange Act) solely because such employee’s shares are held by a trustee under said plan), other than the Company or one of its subsidiaries, becomes the “beneficial owner” (as defined in Rules
13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of the Company’s Voting Stock representing more than 50% of the Company’s outstanding Voting
Stock; provided that a merger shall not constitute a “change of control” under this definition if (i) the sole purpose of the merger is the reincorporation of the Company in another state and (ii) the shareholders and the
number of shares of Voting Stock of the Company, measured by voting power and number of shares, owned by each of them immediately before and immediately following such merger are identical; 

(3)    the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with
or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any
such transaction where the Company’s outstanding Voting Stock immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing more than 50% of the Voting Stock of the surviving Person
immediately after giving effect to such transaction; 

  
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 (4)    for so long as any of the Existing Notes remain outstanding,
during any period of 24 consecutive calendar months, the majority of the members of the Board of Directors shall no longer be composed of individuals (a) who were members of the Board of Directors on the first day of such period or
(b) whose nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director) to the Board of Directors was approved by
(i) individuals referred to in clause (a) above or (ii) other directors described in this clause (b), in each case collectively constituting, at the time of such nomination or election, at least a majority of the Board of Directors
or, if directors are nominated by a committee of the Board of Directors, constituting at the time of such nomination, at least a majority of such committee; or 

(5)    the adoption, by the Board of Directors or the Company’s shareholders, of a plan relating to the liquidation
or dissolution of the Company. 
 “Change of Control Offer” has the meaning set forth in Section 3.01. 

“Change of Control Payment” has the meaning set forth in Section 3.01. 

“Change of Control Payment Date” has the meaning set forth in Section 3.01. 

“Change of Control Triggering Event” means the Notes are rated below Investment Grade by both of the Rating Agencies on any
date during the period (the “Trigger Period”) commencing on the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control
(which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings downgrade); provided that a particular downgrade
in rating shall not be deemed to have occurred in respect of a particular Change in Control (and thus shall not result in a Change of Control Triggering Event) if any of the Rating Agencies making the downgrade in rating to which this definition
would otherwise apply does not announce or publicly confirm or inform the Trustee in writing at its request that the downgrade was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect
of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Rating Event). If a Rating Agency is not providing a rating for the Notes at the commencement of any Trigger Period, the
Notes will be deemed to have ceased to be called Investment Grade by such Rating Agency during that Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any
particular Change of Control unless and until such Change of Control has actually been consummated. 
 “Covenant
Defeasance” has the meaning set forth in Section 4.03. 
 “Defeased Covenant” and “Defeased
Covenants” have the meanings set forth in Section 4.03. 

  
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 “DTC” means the Depository Trust Company. 

“Existing Notes” means the Company’s 3.70% Senior Notes due 2022 and 3.400% Senior Notes due 2026. 

“Government Securities” means securities that are: 

(1)    direct obligations of the United States of America for the timely payment of which its full faith and credit is
pledged; or 
 (2)    obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 

which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act of 1933, as amended), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for
the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received
by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. 

“Interest Payment Date” has the meaning set forth in Section 2.01(d). 

“Interest Period” has the meaning set forth in Section 2.01(d). 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of
Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement Rating Agency
or Rating Agencies selected by the Company under the circumstances permitting the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agency.”

 “Legal Defeasance” has the meaning set forth in Section 4.02. 

“Maturity Date” has the meaning set forth in 2.01(c). 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to its rating agency business. 

“Notes” has the meaning set forth in Section 2.01(a). 

“Person” means any individual, corporation, partnership, limited liability company, business trust, association, joint-stock
company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof. 

  
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 “Rating Agency” means each of Moody’s and S&P; provided,
that if any of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, the Company may appoint another “nationally recognized statistical
rating organization” (as defined in Section 3(a)(62) of the Exchange Act) as a replacement for Moody’s or S&P, or both of them, as the case may be; provided that the Company shall give notice of such appointment to the
Trustee. 
 “Redemption Date”, when used with respect to any Note to be redeemed, means the date fixed for such redemption
by or pursuant to this Second Supplemental Indenture. 
 “Redemption Price”, when used with respect to any Note to be
redeemed, means the price at which it is to be redeemed pursuant to this Second Supplemental Indenture. 
 “S&P” means
S&P Global Ratings, a division of S&P Global Inc., or any successor to its rating agency business. 
 “Voting
Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

ARTICLE II 
 General
Terms and Conditions of the Notes 
 Section 2.01 Terms of Notes. Pursuant to Sections 2.01 and 2.03 of the Base
Indenture, there is hereby established a series of Securities, the terms of which shall be as follows: 

(a)    Designation. The Securities of this series shall be known and designated as the “4.000%
Notes due 2029” (the “Notes”) of the Company. The CUSIP number of the Notes is 127055 AL5. 

(b)    Form and Denominations. The Notes will be issued only in fully registered form, and the
authorized denominations of the Notes shall be $2,000 principal amount and any integral multiple of $1,000 above that amount. The Notes will initially be issued in the form of one or more Global Securities substantially in the form of Annex A
attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. The Notes will be denominated in U.S. Dollars and payments of principal and interest will be made in U.S. Dollars. 

(c)    Maturity Date. The principal amount of, and all accrued and unpaid interest (if any) on, the
Notes shall be payable in full on July 1, 2029 (the “Maturity Date”). 

(d)    Interest. Interest payable on any Interest Payment Date (as defined below), the Maturity
Date, or if applicable, the Redemption Date shall be the amount, if any, accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original
issue date of June 20, 2019, if no interest has been paid or duly provided for with 

  
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respect to the Notes) but excluding such Interest Payment Date, Maturity Date or, if applicable, Redemption Date, as the case may be (each, an “Interest Period”). The Notes will
bear interest at the rate of 4.000% per year from the original issue date thereof to the Maturity Date. Interest on the Notes shall be payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2020
(each such date, an “Interest Payment Date”). The amount of interest payable for any semi-annual Interest Period will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period for which interest is computed will be computed on the basis of the actual number of days elapsed per 30-day month. In the event any Interest Payment Date on or before the Maturity Date falls on a day that is not a Business Day, the interest payment due on that date will be postponed to the next day that is a
Business Day and no interest shall accrue as a result of such postponement. 
 In the event the Maturity Date or a Redemption Date for any
Note falls on a day that is not a Business Day, then the related payments of principal, premium, if any, and interest may be made on the next succeeding date that is a Business Day (and no additional interest will accumulate on the amount payable
for the period from and after the Maturity Date or a Redemption Date for such Note). Interest due on the Maturity Date or such Redemption Date (in each case, whether or not an Interest Payment Date) will be paid to the Person to whom principal of
such Notes is payable. 
 (e)    To Whom Interest is Payable. Interest shall be payable to the
Person in whose name the Notes are registered at the close of business on the regular record date for such interest, which shall be December 15 or June 15 (whether or not either is a Business Day), as the case may be, next preceding the
Interest Payment Date, or in the event the Notes cease to be held in the form of one or more Global Securities, at the close of business on the date 15 days prior to that Interest Payment Date, whether or not a Business Day. 

(f)    Sinking Fund; Holder Repurchase Right. The Notes shall not be subject to any sinking fund or
analogous provision or be redeemable at the option of the Holders. 
 (g)    Forms. The Notes
shall be substantially in the form of Annex A attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. 

(h)    Registrar, Paying Agent and Place of Payment. The Company hereby appoints U.S. Bank National
Association as Registrar and Paying Agent with respect to the Notes. The Notes may be surrendered for registration of transfer and for exchange at 100 Wall Street, Suite 1600, New York, New York 10005 or at any other office or agency maintained by
the Company for such purpose. The place of payment for the Notes shall be the Paying Agent’s office in New York, New York. 

  
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 ARTICLE III 

Change of Control Repurchase Event 

Section 3.01 Change of Control Repurchase Events. Upon the occurrence of a Change of Control Triggering Event with respect to
the Notes, unless the Company is required to redeem the Notes in accordance with this Second Supplemental Indenture or the terms of the Notes or the Company has exercised its right to redeem the Notes by giving irrevocable notice to the Trustee in
accordance with this Second Supplemental Indenture, each Holder of Notes shall have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described below (the “Change of Control
Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”), subject to the rights of Holders of Notes on
the relevant record date to receive interest due on the relevant Interest Payment Date. 
 Within 30 days following the date upon which the
Change of Control Triggering Event occurred with respect to the Notes, or at the Company’s option, prior to any Change of Control but after the first public announcement by the Company of the pending Change of Control if a definitive agreement
is in place with respect to the event constituting a Change of Control at the time of mailing (or delivery by electronic transmission in accordance with the applicable procedures of DTC) the Change of Control Offer, the Company shall be required to
send, by first class mail (or electronic transmission in accordance with the applicable procedures of DTC), a notice to each Holder of Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice
shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed (or delivered by electronic transmission in accordance with the applicable procedures of DTC), other
than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed (or delivered by electronic transmission in accordance with the applicable procedures of DTC) prior to the date of consummation of the
Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

 

	 	•	 	 accept or cause a third party to accept for payment all Notes or portions thereof properly tendered pursuant to
the Change of Control Offer; 

  

	 	•	 	 deposit or cause a third party to deposit with the Paying Agent an amount equal to the Change of Control Payment
in respect of all Notes or portions of Notes properly tendered; and 

  

	 	•	 	 deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’
Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased and that all conditions precedent to the Change of Control Offer and to the repurchase by the Company or by a third party of Notes pursuant to the
Change of Control Offer have been complied with. 

  
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 The Company shall not be required to make a Change of Control Offer with respect to the
Notes if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its
offer. 
 The Company shall comply in all material respects with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the
extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 3.01 by virtue of any such conflict. 
 ARTICLE IV 

Legal Defeasance and Covenant Defeasance 

Section 4.01 Company’s Option to Effect Legal Defeasance or Covenant Defeasance.  

The Company may at its option by or pursuant to a Board Vote, at any time, with respect to the Notes, elect to have either Section 4.02
or 4.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article IV. 

Section 4.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 4.01 hereof of the option applicable to this Section 4.02 with respect to the Notes,
the Company shall, subject to the satisfaction of the conditions set forth in Section 4.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes and the Base Indenture with respect to the Notes on
the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding
Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 4.05 hereof and the other Sections of this Second Supplemental Indenture referred to in clauses (a) and (b) below, to have satisfied all
its other obligations under the Notes and the Base Indenture with respect to the Notes (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same) and to have cured all then existing
Events of Default, except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a)    the rights of Holders of Notes to receive payments in respect of the principal of, premium, if any,
and interest on the Notes when such payments are due solely out of the trust created pursuant to this Second Supplemental Indenture referred to in Section 4.04 hereof; 

(b)    the Company’s obligations with respect to the Notes concerning issuing temporary Notes,
registration of such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

  
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 (c)    the rights, powers, trusts, duties and immunities
of the Trustee, and the Company’s obligations in connection therewith; and 
 (d)    this Article
IV. 
 Subject to compliance with this Article IV, the Company may exercise its option under this Section 4.02 notwithstanding the
prior exercise of its option under Section 4.03 hereof. 
 Section 4.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 4.01 hereof of the option applicable to this Section 4.03, the Company shall, subject
to the satisfaction of the conditions set forth in Section 4.04 hereof, be released from its obligations under the covenants (each, a “Defeased Covenant,” and collectively, the “Defeased Covenants”) contained
in sections 4.03, 4.04, 4.05, 4.07 and 5.02 of the Base Indenture, with respect to the outstanding Notes on and after the date the conditions set forth in Section 4.04 hereof are satisfied (“Covenant Defeasance”), and the Notes
shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such Defeased Covenants, but shall continue to be
deemed “outstanding” for all other purposes hereunder (it being understood that the Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes,
the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Defeased Covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Defeased
Covenant or by reason of any reference in any such Defeased Covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 of the Base
Indenture, but, except as specified above, the remainder of the Base Indenture and the Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 4.01 hereof of the option applicable to this Section 4.03
hereof, subject to the satisfaction of the conditions set forth in Section 4.04 hereof, Section 6.01(4) of the Base Indenture shall not constitute an Event of Default. 

Section 4.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 4.02 or 4.03 hereof with respect to the Notes:

 (1)    the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes,
cash in U.S. dollars, U.S. dollar-denominated Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public
accountants, to pay the principal of, premium, if any, and interest due on the Notes on the date of maturity or redemption thereof, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular
redemption date; 

  
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 (2)    in the case of Legal Defeasance, the Company shall have delivered
to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, 

(a)    the Company has received from, or there has been published by, the United States Internal Revenue
Service a ruling, or 
 (b)    since the issue date of the Notes, there has been a change in the
applicable U.S. federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to
customary assumptions and exclusions, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3)    in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4)    no Default or Event of Default (other than that resulting from any borrowing of funds to be applied to make the
deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to other Debt and, in each case, the granting of Liens in connection therewith) shall have occurred and be continuing on the
date of such deposit; 
 (5)    such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation
of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound (other than an Event of Default resulting from borrowing of funds to be applied to such deposit and any similar and
simultaneous deposit relating to other indebtedness, and in each case, the grant of any lien securing such borrowing); 

(6)    the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the
Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 

(7)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which
Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

  
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 Section 4.05 Deposited Money and Government Securities to be Held in Trust;
Other Miscellaneous Provisions. 
 Subject to Section 4.06 hereof, all money and Government Securities (including the proceeds
thereof) deposited with the Trustee pursuant to Section 4.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of the Notes and this Second Supplemental Indenture, to
the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of the Notes of all sums due and to become due thereon in respect of principal, premium, if any, and
interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant to Section 4.04 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Anything in this Article IV to the
contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or Government Securities held by it as provided in Section 4.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 4.04(1) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 4.06 Repayment to
Company. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease. 
 Section 4.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or Government Securities in accordance with Section 4.02 or 4.03
hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under the Base Indenture and the Notes shall
be revived and reinstated as though no deposit had occurred pursuant to Section 4.02 or 4.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 4.02 or 4.03 hereof, as the
case may be; provided that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes
to receive such payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE V 

Miscellaneous 

Section 5.01 Relationship to Existing Base Indenture. The Second Supplemental Indenture is a supplemental indenture within
the meaning of the Base Indenture. The Base Indenture, as supplemented and amended by this Second Supplemental Indenture and the First Supplemental Indenture, is in all respects ratified, confirmed and approved and, with respect to the Notes, the
Base Indenture, as supplemented and amended by this Second Supplemental Indenture and the First Supplemental Indenture, shall be read, taken and construed as one and the same instrument. 

Section 5.02 Modification of the Existing Base Indenture. Except as expressly modified by this Second Supplemental Indenture,
the provisions of the Base Indenture shall govern the terms and conditions of the Notes. 
 Section 5.03 Governing Law.
This instrument shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 5.04 Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 5.05 Makes No Representation. The recitals contained herein are made by the Company and not by the Trustee, and the
Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental Indenture (except for its execution thereof and its certificates of authentication of
the Notes). 
 [Signature Page Follows] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed, and their respective corporate seals, if applicable, to be hereunto affixed and attested, all as of the day and year first written above. 
  

					
	CABOT CORPORATION
		
	By:	 	 /s/ Erica McLaughlin

		 	Name:	 	Erica McLaughlin
		 	Title:	 	Senior Vice President and Chief Financial Officer

 
					
		
	Attest:	 	 /s/ Steven J. Delahunt

	
	(SEAL)

 
					
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Beverly A. Freeney

		 	Name:	 	Beverly A. Freeney
		 	Title:	 	Vice President

 
					
		
	Attest:	 	 /s/ Wendy Kumar

  
 [Signature Page to
Second Supplemental Indenture] 

 ANNEX A 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY (AS
DEFINED IN THE INDENTURE) OR A NOMINEE OF THE DEPOSITORY. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE AND IN PART FOR SECURITIES IN DEFINITIVE FORM, MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY 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. 
 CABOT CORPORATION 

4.000% Notes due 2029 
  

			
	No.        	  	CUSIP No. 127055 AL5
		  	ISIN No. US127055AL59
		
		  	$                    

 Cabot Corporation, a corporation duly incorporated and subsisting under the laws of the State of Delaware
(herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                     MILLION U.S. Dollars (U.S.
$                    ) on July 1, 2029 and to pay interest thereon from June 20, 2019 or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually on January 1 and July 1 in each year, commencing January 1, 2020, at the rate of 4.000% per annum, until the principal hereof is paid or made available for payment.

 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this Note (or one or more predecessor securities) is registered at the close of business on the regular record 

  
 A-1 

 
date for such interest, which shall be the December 15 or June 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not
so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such regular record date and may either be paid to the Person in whose name this Note (or one or more predecessor securities) is registered at the close of
business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than five days prior to such special record date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 Payment of the principal of (and premium, if any) and interest on this Note shall be made at the office or agency of the Trustee
maintained for that purpose in New York, New York, in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, for so long as the Notes are
represented in global form by one or more Global Securities, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the Depository or its nominee, as the case may be, as the
registered owner of the Global Security representing such Notes. In the event that definitive Notes shall have been issued, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to
the accounts of the registered Holders thereof; provided that the Company may at its option pay interest by check to the registered address of each Holder of a definitive Note. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

					
	CABOT CORPORATION
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [Seal] 
  

					
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 This is one of the Securities of the series designated therein issued under the within mentioned
Indenture. 
  

					
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 A-3 

 [Form of Reverse of 2029 Note] 

This Note is one of a duly authorized issue of securities of the Company (the “Notes”), issued and to be issued in one or
more series under an Indenture, dated as of September 15, 2016 (the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), as supplemented by a First Supplemental Indenture, dated as of
September 15, 2016 (the “First Supplemental Indenture”, and as supplemented by a Second Supplemental Indenture, dated as of June 20, 2029, (the “Second Supplemental Indenture”) and, together with the Base
Indenture and the First Supplemental Indenture, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee (the “Trustee”, which term includes any successor trustee under the Indenture),
and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the
Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $300,000,000. The Company may at any time issue additional securities under the
Indenture in unlimited amounts having the same terms as the Notes (except that if such additional securities are not treated as fungible with the Notes for U.S. federal income tax purposes, the additional securities will be assigned a different
CUSIP and/or ISIN number or other identification number) so that such additional securities shall be consolidated with the Notes, including for purposes of voting and redemption; provided that no additional securities of a series may be
issued if an Event of Default has occurred and is continuing with respect to such series of securities. Any such additional securities shall, together with the outstanding Notes, constitute a single series of debt securities under the Indenture.

 Prior to April 1, 2029 (three months prior to the Maturity Date) (the “Par Call Date”), the Notes of this series
are subject to redemption, at the option of the Company, in whole or in part, upon not less than 10 nor more than 60 days’ prior notice mailed (or delivered by electronic transmission in accordance with the applicable procedures of DTC) to each
Holder of Notes to be redeemed at his address as it appears in the register, at a Redemption Price, plus accrued and unpaid interest, if any, to the Redemption Date, equal to the greater of (i) 100% of the principal amount of such Notes to be
redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon to be redeemed that would be due after the related Redemption Date but for such redemption, through the Par Call Date (except
that, if such Redemption Date is not an Interest Payment Date, the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued thereon, if any, to the Redemption Date), discounted to the Redemption Date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 30 basis points; provided that
the principal amount of a Note remaining outstanding after redemption in part shall be $2,000 or on an integral multiple of $1,000 in excess thereof. 

In addition, on or after the Par Call Date, the Notes of this series are subject to redemption, at the option of the Company, in whole or in
part, upon not less than 10 nor more than 60 days’ prior notice mailed (or delivered by electronic transmission in accordance with the applicable procedures of DTC) to each Holder of Notes to be redeemed at his address as it appears in the
register, at a Redemption Price, plus accrued and unpaid interest, if any, to the Redemption Date, equal to 100% of the principal amount of such Notes to be redeemed; provided that the principal amount of a Note remaining outstanding after
redemption in part shall be $2,000 or on an integral multiple of $1,000 in excess thereof. 

  
 A-4 

 “Comparable Treasury Issue” means the United States Treasury security
selected by an Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Par Call Date of the
Notes to be redeemed. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations or (ii) if the Trustee obtains fewer than four such Referenced Treasury Dealer Quotations, the average of
all Reference Treasury Dealer Quotations so obtained. 
 “Reference Treasury Dealer” means each of Citigroup Global Markets
Inc., J.P. Morgan Securities LLC and a Primary Treasury Dealer (as defined below) selected by U.S. Bancorp Investments, Inc. and their respective successors and two other nationally recognized investment banking firms that are Primary Treasury
Dealers specified from time to time by the Company, except that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), the Company shall be required
to designate as a substitute another nationally recognized investment banking firm as Primary Treasury Dealer. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity or interpolated maturity (computed as of the second Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. 
 In the event of redemption of this Note in part only, a new Note
or Notes of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

On and after any Redemption Date, interest will cease to accrue on the Notes called for redemption. Prior to any Redemption Date, the Company
shall deposit with the Paying Agent money sufficient to pay the Redemption Price of and accrued interest, if any, on the Notes to be redeemed on such date. If the Company is redeeming less than all of the Notes, the Trustee shall select the Notes to
be redeemed by such method as the Trustee deems fair and appropriate in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. 

  
 A-5 

 The Indenture contains provisions for defeasance at any time of the entire indebtedness of
this Note and certain restrictive covenants and Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be
declared due and payable in the manner and with the effect provided in the Base Indenture. 
 Subject to certain exceptions, the Indenture
or the Notes of any series thereunder may be amended or supplemented pursuant to Article Nine of the Base Indenture. 
 The Holder of this
Note may pursue a remedy with respect to the Indenture or this Note only as provided in Section 6.06 of the Base Indenture. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and
in the currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Note is registrable in the Registrar’s books, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new Notes
of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes of this series are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 thereof. As
provided in the Indenture and subject to certain limitations therein set forth, the Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made to a Holder for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-6EX-10.1

 Exhibit 10.1 
  

 
 EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between ULTRA PETROLEUM CORP., a Yukon corporation
(“Ultra”), and MARK T. SOLOMON (“Executive”). 
 WHEREAS, Ultra desires to employ Executive and to embody herein the terms
of such employment, and considers it to be in its best interests and in the best interests of its stockholders to employ Executive during the Employment Period (as defined in Section 1 below); and 

WHEREAS, Executive is willing to accept such employment with Ultra upon the terms and conditions of this Agreement; 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
  

	1.	 Effective Date; Employment Period. 

 

	 	(a)	 This Agreement is effective as of June 17, 2019 (the “Effective Date”).

  

	 	(b)	 The employment period under this Agreement begins on the Effective Date and shall continue until the
termination of Executive’s employment under this Agreement (the “Employment Period”). 

  

	2.	 Positions and Duties. While this Agreement is in effect: 

 

	 	(a)	 Executive shall serve as the Vice President – Controller and Chief Accounting Officer of Ultra and shall
have the normal authority, responsibilities and duties of an executive in such position and such other reasonably related duties and responsibilities, in each case, that are assigned by Ultra. 

 

	 	(b)	 Executive shall report to the Chief Financial Officer of Ultra. 

 

	 	(c)	 Executive agrees to devote his full business time and attention to the business and affairs of Ultra; provided,
however, that Executive may also manage his personal, financial, and legal affairs and engage in other passive professional, charitable or community activities so long as such other activities do not conflict with Ultra’s interests, interfere
with Executive’s duties and responsibilities to Ultra or the Subsidiaries, or violate any of Executive’s duties and obligations hereunder. 

	 	(d)	 Executive agrees to comply with and, where applicable, enforce the policies of Ultra and of the Subsidiaries,
including, without limitation, such policies with respect to legal compliance, conflicts of interest, confidentiality, professional conduct and business ethics as are from time to time in effect. Executive shall cooperate with any investigation or
inquiry authorized by the Board or conducted by a governmental authority related to the business of Ultra or any of the Subsidiaries or Executive’s performance under this Agreement. 

 

	3.	 Compensation and Reimbursements. While this Agreement is in effect: 

 

	 	(a)	 Base Salary. 

  

	 	(i)	 Beginning on the Effective Date and continuing during the Employment Period, Ultra agrees to pay Executive a
base salary (the “Base Salary”) at the annual rate of $310,000, payable in regular installments in accordance with Ultra’s usual payroll practices. 

 

	 	(ii)	 Executive’s Base Salary will be reviewed at least annually by the Compensation Committee of the Board (the
“Compensation Committee”) and may be adjusted in its sole discretion. 

  

	 	(b)	 Incentive Compensation (Cash). 

 

	 	(i)	 Executive shall be eligible to receive cash incentive compensation (any such compensation, a “Cash
Incentive”) pursuant to the short-term incentive program for Ultra established by the Compensation Committee for senior executives of Ultra (such program, the “AIP”). Executive’s target Cash Incentive amount shall be
equal to fifty percent (50%) of Executive’s Base Salary (the “Target AIP Amount”). 

  

	 	(ii)	 Executive’s Target AIP Amount will be reviewed at least annually by the Compensation Committee and may be
adjusted in its sole discretion. 

  

	 	(iii)	 During the first quarter after the end of the performance period applicable to an AIP, the Compensation
Committee will evaluate Ultra’s performance compared to the performance targets and goals in the then-applicable AIP and determine the aggregate amount that has been earned by participants under the AIP. Thereafter, the Compensation Committee
shall determine, taking into account Executive’s performance, the amount of any AIP payout to Executive, which may be between 0% and 200% of Executive’s Target AIP Amount, and cause Ultra to pay the applicable Cash Incentive, if any, to
Executive by no later than March 15th of the calendar year following the end of the performance period. 

  

	 	(iv)	 Executive must be employed by Ultra on the date a Cash Incentive is to be paid in order to receive the payment.

  
 Page 2 of 14 

	 	(c)	 Incentive Compensation (Equity). Executive shall be eligible to participate in Ultra’s Stock
Incentive Plan (defined below), and may receive periodic equity or equity-based grants, which Ultra expects will be awarded annually, pursuant to that Plan at the discretion of the Compensation Committee. The terms and conditions of any such grants
shall be specified at the time of grant in award agreements specific to each such grant. 

  

	 	(d)	 Employee Benefits and Insurance. 

 

	 	(i)	 Executive is entitled to participate in and receive full rights and benefits available under all of the
following, to the extent existing on the Effective Date or enacted or implemented after the Effective Date: life insurance; disability insurance; directors and officers liability insurance; health and accident plans, including medical, dental and
vision plans; 401(k) plan; and any other welfare, fringe or employee benefits plans or programs implemented by Ultra or any of the Subsidiaries. 

  

	 	(ii)	 Ultra is not required to have or maintain any employee benefit programs or insurance, and Ultra may modify any
employee benefit programs or insurance applicable to Executive. 

  

	 	(e)	 Vacation. Executive shall be entitled to paid vacation equal to 5 weeks, such vacation to be taken in
accordance with Ultra’s vacation policy; provided, however, Executive’s vacations shall be taken at times that are consistent with Ultra’s reasonable business needs; and, provided, further, that Executive agrees not to take vacation
for more than ten (10) consecutive business days at any given time without prior consent from Executive’s Supervisor. 

  

	 	(f)	 Business Expenses; Reimbursement. Ultra shall reimburse Executive for all reasonable business expenses
incurred during the performance of Executive’s duties hereunder to the extent consistent with its written policies in effect from time to time, including with respect to the reporting and documentation of such expenses. 

 

	4.	 Termination of Employment. While this Agreement is in effect: 

 

	 	(a)	 Ultra may terminate Executive’s employment at any time and for whatever reason, and Executive may resign
Executive’s employment at any time and for whatever reason upon no less than 30 days’ notice. The remaining clauses of this Section 4(a) set forth and shall determine the respective rights and obligations of Ultra and Executive
arising upon and resulting from any such termination or resignation. The definitions of certain capitalized terms used in this Section 4 are set forth in Section 4(b). 

 

	 	(i)	 Termination by Ultra: For “Cause.” 

 

	 	(A)	 If Cause exists, then Ultra may terminate Executive’s employment for Cause; provided that if Ultra elects
to terminate Executive’s 

  
 Page 3 of 14 

	 	
employment for Cause, then Ultra shall provide written notice to Executive specifying that Ultra is terminating Executive’s employment for Cause, providing a reasonable description of the
basis therefor, and specifying the effective date of such termination, which may be immediate. 

  

	 	(B)	 If Executive’s employment is terminated for Cause, then Ultra shall pay Executive any Accrued Obligations
as of the Termination Date but shall have no other obligation to pay or provide Executive any severance or benefits, and Executive shall have no right to any other payments, severance or other benefits. 

 

	 	(C)	 In addition, if Executive’s employment is terminated for Cause, Executive will forfeit all outstanding
Equity Incentives and any other outstanding equity awards of Ultra, whether vested or unvested, and will remain bound by any Ultra clawback policy in effect as of the date of termination. 

 

	 	(ii)	 Termination by Ultra: Without “Cause.” 

 

	 	(A)	 Ultra may terminate Executive’s employment without Cause; provided that if Ultra elects to terminate
Executive’s employment without Cause, then Ultra shall provide written notice to Executive specifying that Ultra is terminating Executive’s employment without Cause and specifying the effective date of such termination, which may be
immediate. 

  

	 	(B)	 If Executive’s employment is terminated without Cause, then Ultra shall pay or provide to Executive:
(i) any Accrued Obligations as of the Termination Date, (ii) the Severance Cash Incentive, (iii) the Severance Payment; and (iv) the Severance Benefits. Ultra will have no other obligation to pay Executive any other severance or
termination benefits. 

  

	 	(iii)	 Resignation by Executive: Without “Good Reason.” 

 

	 	(A)	 Executive may resign Executive’s employment for any reason; provided that if Executive elects to resign,
then Executive shall provide written notice to Ultra specifying that Executive is resigning and specifying the effective date thereof, which shall be no less than 30 days after delivery of such notice. 

 

	 	(B)	 If Executive resigns Executive’s employment, then Ultra shall pay Executive any Accrued Obligations as of
the Termination Date but shall have no other obligation to pay or provide Executive any severance or benefits, and Executive shall have no right to any other payments, severance or other benefits. 

  
 Page 4 of 14 

	 	(iv)	 Resignation by Executive: With “Good Reason.” 

 

	 	(A)	 Executive may resign Executive’s employment with Ultra with Good Reason; provided that Executive shall
provide written notice to Ultra specifying that Executive is resigning with Good Reason within 30 days following the initial occurrence of the event constituting Good Reason, Ultra fails to remedy such condition, if curable, within 30 days following
the receipt of such notice, and Executive resigns Executive’s employment with Ultra within 30 days of the expiration of such 30 day cure period. 

  

	 	(B)	 If Executive’s resigns Executive’s employment with Good Reason, then Ultra shall pay or provide to
Executive: (i) any Accrued Obligations as of the Termination Date, (ii) the Severance Cash Incentive, (iii) the Severance Payment; and (iv) the Severance Benefits. Ultra will have no other obligation to pay Executive any other
severance or termination benefits. 

  

	 	(v)	 Executive’s “Disability.” 

 

	 	(A)	 Ultra may terminate Executive’s employment and officer and director positions upon a determination that
Executive has suffered a Disability; provided, however, that if Ultra elects to terminate Executive’s employment because Executive has suffered a Disability, Ultra must provide written notice to Executive specifying that Ultra is terminating
Executive’s employment as a result of a Disability and specifying the effective date thereof, which may be immediate. 

  

	 	(B)	 Upon a termination of Executive’s employment due to Disability, Executive shall be entitled to receive,
and Ultra shall pay to Executive, as promptly as possible, any Accrued Obligations as of the Termination Date and the Severance Cash Incentive. 

  

	 	(vi)	 Executive’s Death. 

 

	 	(A)	 Executive’s employment and officer and director positions shall terminate upon Executive’s death. In
the event of Executive’s death, the Termination Date shall be deemed to be the date of Executive’s death. 

  

	 	(B)	 Upon Executive’s death, Executive’s estate shall be entitled to receive, and Ultra shall pay to
Executive’s estate, as promptly as possible, any Accrued Obligations as of the Termination Date and the Severance Cash Incentive. 

  
 Page 5 of 14 

	 	(vii)	 Timing of Payments and Benefits. The payments and benefits contemplated in this Section 4(a) shall
be provided to Executive at the times and in the manner specified below: 

  

	 	(A)	 The Accrued Obligations shall be paid pursuant to Ultra’s standard payroll and other practices and at the
time and in the manner required by applicable law but in no event later than thirty days after the Termination Date; provided, however, the Accrued Obligations described in clause (C) of the definition of Accrued Obligations shall be paid or
provided at the time and pursuant to the terms of the applicable plans or programs at the Termination Date. 

  

	 	(B)	 The Severance Cash Incentive shall be paid as soon as is administratively feasible after the end of the
performance period for the applicable Cash Incentive, but in no event later than March 15 of the calendar year following the calendar year to which such Cash Incentive relates. 

 

	 	(C)	 The Severance Benefits shall be paid or provided at the time and pursuant to the terms of the applicable plans
or programs at the Termination Date. 

  

	 	(D)	 The Severance Payment shall be paid in cash and in a lump sum within thirty (30) days following
Executive’s timely execution and non-revocation of the release of claims in favor of Ultra as described in Section 4(e). 

 

	 	(b)	 As used herein, the following terms have the following meanings: 

 

	 	(i)	 “Accrued Obligations” means, collectively: (A) any accrued and unpaid Base Salary through
Termination Date; (B) any unreimbursed Business Expenses incurred and paid by Executive up to and including the Termination Date; and (C) any other vested compensation or benefits payable to Executive based on the express terms of
Ultra’s compensation or benefit plans or programs and Executive’s participation therein. 

  

	 	(ii)	 “Cause” means the occurrence of one or more of the following as determined by the Board:

  

	 	(A)	 Executive’s willful misconduct or gross negligence in the performance of Executive’s duties to Ultra;
or 

  

	 	(B)	 Executive’s repeated failure to perform Executive’s duties to Ultra or to follow the lawful
directives of the Board or other applicable supervisor (other than as a result of death or physical or mental incapacity); or 

  
 Page 6 of 14 

	 	(C)	 Executive’s commission of, indictment for, conviction of, or pleading of guilty or nolo contendere to, a
felony or any crime involving moral turpitude; or 

  

	 	(D)	 Executive’s performance of any act of theft, embezzlement, fraud, malfeasance, dishonesty or
misappropriation of Ultra’s or any of its customer’s, supplier’s or distributor’s property; or 

  

	 	(E)	 Executive’s use of illegal drugs or Executive’s abuse of alcohol that materially impairs
Executive’s ability to perform Executive’s duties to Ultra; or 

  

	 	(F)	 Executive’s material breach of any fiduciary duty owed to Ultra (including, without limitation, the duty
of care and the duty of loyalty); or 

  

	 	(G)	 Executive’s material breach of any agreement with Ultra, or a material violation of Ultra’s code of
conduct or other written policy. 

  

	 	(H)	 Notwithstanding anything to the contrary contained herein, Executive’s resignation after an event that
would be grounds for a termination for Cause shall be treated as a termination for Cause. 

  

	 	(iii)	 “Disability” means Executive’s inability to perform the essential duties,
responsibilities and functions of Executive’s positions as a result of a physical illness or impairment, a mental illness or impairment, or another physical, mental or legal incapacity, during a period of twelve consecutive weeks or a
cumulative period of ninety days during any twelve-month period. 

  

	 	(iv)	 “Good Reason” means the occurrence of one or more of the following as determined by the Board:

  

	 	(A)	 Any material reduction of Executive’s then-existing annual Base Salary or Target AIP Amount;

  

	 	(B)	 Any material diminution of Executive’s duties, responsibilities or authority set forth in Section 2,
unless Executive consents in writing to any such diminution; or 

  

	 	(C)	 A relocation of Executive’s principal workplace to a work site that would increase Executive’s one-way commute distance by more than fifty (50) miles from Executive’s then existing workplace, unless Executive consents in writing to such relocation. 

 

	 	(v)	 “Severance Benefits” means the benefits described in Section 3(d)(i) hereof, which Ultra
shall make available to Executive, at Ultra’s cost and 

  
 Page 7 of 14 

	 	
expense, for a period beginning on the Termination Date and continuing for 12 months or, if earlier occurring, such time as Executive obtains other employment that provides Executive with
benefits at least as favorable to Executive as the benefits described in Section 3(d)(i) hereof. 

  

	 	(vi)	 “Severance Cash Incentive” means the Cash Incentive which Executive would have earned pursuant
to Section 3(b) hereof for the calendar year during which the Termination Date occurred, as determined based on Executive’s Target AIP Amount and Ultra’s performance relative to the performance targets and goals specified in the
applicable AIP and paid without proration. 

  

	 	(vii)	 “Severance Payment” means an amount, payable in U.S. dollars, equal to the sum of:
(x) one hundred percent (100%) of Executive’s Base Salary in effect on the Termination Date and (y) any Cash Incentive earned, but not yet paid, for the year prior to the year of termination. 

 

	 	(viii)	 “Stock Incentive Plan” means the Ultra Petroleum Corp. 2017 Amended and Restated Stock
Incentive Plan, dated and effective as of June 8, 2018. 

  

	 	(ix)	 “Termination Date” means the effective date of a termination or resignation, as applicable, as
specified or provided for under Section 4(a) above. 

  

	 	(c)	 Resignations. Upon any termination of Executive’s employment hereunder for any reason:

  

	 	(i)	 Executive agrees to resign from all officer, director, and other positions Executive may then hold with Ultra
and each of the Subsidiaries and any other affiliates of Ultra or any Subsidiary existing at such time; and 

  

	 	(ii)	 Executive agrees to execute and deliver any reasonable documentation requested by Ultra or any Subsidiary
reflecting such resignations. 

  

	 	(iii)	 Notwithstanding the foregoing and for the avoidance of doubt, any termination of Executive’s employment
shall constitute and be deemed to signify an automatic resignation of Executive, as of the Termination Date, from all positions he then holds as an employee, officer, director, manager or other service provider to Ultra and each Subsidiary.

  

	 	(d)	 Exclusive Compensation and Benefits; Time Periods. The compensation and benefits described in this
Section 4, along with the associated terms for payment, constitute all of Ultra’s obligations to Executive and all of Executive rights with respect to Ultra in connection with any termination of Executive’s employment; provided,
however, that nothing herein, is intended to limit any rights Executive may have to continue or convert insurance coverage under certain employee benefit plans in accordance with the terms of those plans and applicable law and further provided that
nothing herein is intended to limit any rights Executive has pursuant to the Stock Incentive Plan. Time periods applicable to the determination of a Severance Payment amount shall include periods prior to the Effective Date, as applicable.

  
 Page 8 of 14 

	 	(e)	 Conditions, Release of Claims. Any and all amounts payable and benefits or additional rights provided
pursuant to this Agreement beyond the Accrued Obligations shall only be payable if Executive delivers to Ultra and does not revoke a general release of claims in favor of Ultra in Ultra’s then customary form. Such release shall be executed and
delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable
to Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by Executive as a result of employment by a subsequent employer. Subject to the provisions of Schedule
1 hereof and the limitations of applicable wage laws, Ultra’s obligation to pay Executive amounts hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to
Ultra or any of its affiliates. 

  

	5.	 Tax Matters. The provisions of Schedule 1 attached hereto setting out the parties intent with
respect to certain tax matters and addressing the applicability of certain provisions of the Internal Revenue Code of 1986 and the regulations and guidance promulgated thereunder apply to the matters addressed herein as though set forth in full
herein and are deemed incorporated into this Agreement for all purposes. 

  

	6.	 Confidential Information. 

 

	 	(a)	 Executive agrees to maintain all Confidential Information in confidence in a fiduciary capacity for the
exclusive benefit of Ultra and the Subsidiaries and further agrees not to disclose, directly or indirectly, any of the Confidential Information except as and to the extent required for the performance of Executive’s duties, responsibilities or
functions under this Agreement. 

  

	 	(b)	 Executive acknowledges that money damages would not be a sufficient remedy for any breach of this
Section 6 by Executive, and Executive agrees that Ultra or any affected Subsidiary may enforce the provisions of this Section 6 by obtaining an order for specific performance and/or injunctive relief as remedies for any such breach or
threatened breach. Such remedies are not the exclusive remedies for a breach of this Section 6, but shall be in addition to all remedies available at law or in equity to Ultra. 

 

	 	(c)	 As used herein, “Confidential Information” means all information and material which is
confidential or proprietary to Ultra or any of the Subsidiaries, including any non-public operational, financial or other business information and any trade secrets, whether or not any such information is
reduced to writing or other tangible form, whether or not any such information is marked as “confidential” or “proprietary,” and whether or not any such information is prepared by or for Ultra or any of the Subsidiaries.

  
 Page 9 of 14 

	 	(d)	 At the termination of Executive’s employment hereunder, Executive shall deliver to Ultra all Confidential
Information then in Executive’s possession or control and shall not retain or use any copies or summaries thereof. 

  

	 	(e)	 Notwithstanding anything to the contrary in this Agreement, Ultra may transfer or assign the benefits of this
provision to a party that acquires all or substantially all of Ultra’s assets or all or substantially all of the oil and gas assets owned by the Subsidiaries, taken as a whole. 

 

	7.	 Inventions. 

  

	 	(a)	 Executive shall hold any Inventions (as defined below) in trust for the benefit of Ultra, Executive shall
disclose any Inventions promptly and fully to Ultra in writing, and Executive hereby assigns any Inventions, and binds his heirs, executors, and administrators to assign any Inventions, to Ultra or its designee. 

 

	 	(b)	 Any and all Inventions shall be and are Ultra’s sole and exclusive property, whether patentable,
copyrightable, or neither, and Executive shall assist and fully cooperate in every way, at Ultra’s expense, in securing, maintaining, and enforcing, for the benefit of Ultra or its designee, patents, copyrights or other types of proprietary or
intellectual property protection for such Developments in any and all countries. Further, all works of authorship created by Executive, solely or jointly with others, shall be considered works made for hire under the Copyright Act of 1976, as
amended, and shall be owned entirely by Ultra. 

  

	 	(c)	 As used herein, “Inventions” means any and all inventions, discoveries, ideas, concepts,
improvements, works of authorship (including copyrightable works), and other developments that are conceived, made, discovered or developed by Executive, solely or jointly with others, during the term of his employment by Ultra, whether during or
outside of usual working hours and whether on Ultra’s premises or not, to the extent any of the foregoing relate in any manner to the past, present or anticipated business of Ultra or any of the Subsidiaries. 

 

	 	(d)	 18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret that (A) is made (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (y) solely for the
purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Nothing in this Agreement is intended to
conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to
federal, state, and local government officials, or to an attorney, for the sole purpose of reporting 

  
 Page 10 of 14 

	 	
or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under
seal and protected from public disclosure. 

  

	8.	 Cooperation and Assistance. During a three-year period following a Termination Date, at Ultra’s
request Executive will reasonably cooperate in connection with any litigation or other fact-finding or adjudicative proceedings involving Ultra or any Subsidiary, provided Executive is not required to travel beyond the city or town where Executive
then lives or to provide assistance that unreasonably interferes with Executive’s employment or other activities or endeavors and Executive is not required to provide over 50 hours assistance during any
12-month period. Ultra will pay Executive a reasonable hourly rate for Executive’s assistance, reimburse Executive for all reasonable
out-of-pocket expenses incurred by Executive in connection with rendering such assistance, and provide Executive counsel reasonably suitable to Executive to represent
Executive in connection with providing such assistance if Executive reasonably requests. 

  

	9.	 Protected Disclosures and Actions. Notwithstanding anything to the contrary contained herein, no
provision of this Agreement shall be interpreted so as to impede Executive (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of
Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. Executive does not need the prior authorization of Ultra to
make any such reports or disclosures and Executive shall not be required to notify Ultra that such reports or disclosures have been made. 

  

	10.	 Non-Competition. Executive expressly covenants and agrees that,
without the prior written consent of Ultra, during a one-year period beginning on the Termination Date (as determined pursuant to the terms hereof) and ending on the first anniversary of such Termination Date,
Executive shall not participate or engage in, directly or indirectly (as an owner, partner, employee, officer, director, independent contractor, consultant, advisor or in any other capacity calling for the rendition of services, advice, or acts of
management, operation or control) any business for a Competitor (as defined below) anywhere within (i) Sublette County, Wyoming or (ii) twenty miles of any properties owned by Ultra in the United States on the Termination Date. The term
“Competitor” means any business, individual, partnership, firm, corporation or other entity engaged in oil and gas exploration and production. 

  

	11.	 Non-Solicitation. Executive expressly covenants and agrees that,
without the prior written consent of Ultra, during a one-year period beginning on the Termination Date (as determined pursuant to the terms hereof) and ending on the first anniversary of such Termination Date,
Executive will not directly or indirectly: (i) solicit the employment or engagement as a consultant of any person who is or was an employee of or a consultant to Ultra or any Subsidiary at any time during the last twelve months of
Executive’s employment with Ultra; or (ii) hire or engage any such person. 

  
 Page 11 of 14 

	12.	 Non-Disparagement. 

 

	 	(a)	 As used herein, the term “Disparaging Remarks” means any statement, whether written or oral,
that has the intention or tendency to degrade or diminish or harm the reputation, competence, professionalism, integrity, good character, or standing of an individual or entity in the estimation of a community, including by deterring or having a
tendency to deter others from associating, employing, or otherwise dealing with them. 

  

	 	(b)	 Executive agrees not to make or publish any Disparaging Remarks to any other person about: (i) Ultra or
any Subsidiary; (ii) any business conducted by Ultra or any Subsidiary; or (iii) any past or present member of Ultra’s management or Board in their capacity as such, except as follows: Executive’s counsel, immediate family, any
party when such disclosure is required by a subpoena issued by a court of competent jurisdiction, or as required by law or court order. 

  

	 	(c)	 Ultra agrees to direct all of its executive officers as of the Effective Date and through the Termination Date
(each, a “Designated Individual”), not to make or publish any Disparaging Remarks to any third party about Executive, except as follows: Ultra’s counsel, each Designated Individual’s counsel, each Designated
Individuals’ immediate family members, any party when such disclosure is required by a subpoena issued by a court of competent jurisdiction, or as required by law or court order. 

 

	 	(d)	 Nothing in this Section 12 shall be read to prohibit regular and commercially reasonable, acceptable
competitive business speech by either Party. 

  

	13.	 Reasonableness of Covenants. In signing this Agreement, Executive gives Ultra assurance that Executive
has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under Section 6 though Section 12. Executive agrees that these restraints are necessary for the reasonable and proper
protection of Ultra and its affiliates and their Confidential Information and that each and every one of the restraints is reasonable in respect of subject matter, length of time and geographic area, and that these restraints, individually or in the
aggregate, will not prevent Executive from obtaining other suitable employment during the period in which Executive is bound by the restraints. Executive acknowledges that each of these covenants has a unique, very substantial and immeasurable value
to Ultra and its affiliates and that Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force. Executive further covenants that Executive will not challenge the reasonableness or enforceability of any
of the covenants and that Executive will reimburse Ultra and its affiliates for all costs (including reasonable attorneys’ fees) incurred in connection with any action to enforce any of the provisions of Sections 6 through Section 12 if
Executive challenges the reasonableness or enforceability of any of the provisions of Section 6 through Section 12. It is also agreed that each of Ultra’s affiliates will have the right to enforce all of Executive’s obligations
to that affiliate under this Agreement, including without limitation pursuant to Section 6 through Section 12. Upon Executive’s material breach of the provisions of Section 6 through Section 12, Executive will be required to
repay the Severance Payment to Ultra. 

  
 Page 12 of 14 

	14.	 Reformation. If it is determined by a court of competent jurisdiction in any state that any restriction
in Section 6 through Section 12 is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it
enforceable to the maximum extent permitted by the laws of that state. 

  

	15.	 Tolling. In the event of any violation of the provisions of Section 6 through Section 12,
Executive acknowledges and agrees that the post-termination restrictions contained in this Section 6 through Section 12 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties
hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation. 

  

	16.	 Survival of Provisions. The obligations contained in Section 6 through Section 12 hereof shall
survive the termination or expiration of the Employment Period and Executive’s employment with Ultra and shall be fully enforceable thereafter. 

  

	17.	 General Provisions. 

 

	 	(a)	 Amendments and Waiver; Prior Agreements. 

 

	 	(i)	 The terms and provisions of this Agreement may not be modified or amended, nor may any of the provisions hereof
be waived, temporarily or permanently, unless such modification or amendment is agreed to in writing and signed by Executive, on the one hand, and by a duly authorized person on behalf of Ultra, on the other hand. 

 

	 	(ii)	 Any failure of any party hereto to enforce any of the provisions of this Agreement shall in no way be construed
as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms, and, further, a waiver by a party on one occasion shall not be deemed to be a
waiver of the same or any other type of breach on a future occasion. 

  

	 	(iii)	 Except to the extent set forth in the plan or program documents related to the employee benefits plans or
programs of Ultra or any of the Subsidiaries, this Agreement supersedes and replaces any other employment agreement between Ultra and Executive. Any such other employment agreement shall no longer be in force and effect. 

 

	 	(b)	 Binding Agreement; Permitted Successors and Assigns. 

 

	 	(i)	 This Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their
respective successors, permitted assigns, heirs and personal representatives and estates, as the case may be, and this Agreement shall not confer any rights or remedies upon any other person or legal entity. 

  
 Page 13 of 14 

	 	(ii)	 Neither this Agreement nor any right or obligation hereunder of any party may be assigned or delegated without
the prior written consent of the other party; provided, Executive may direct distribution of any benefits or compensation that, upon Executive’s death, accrue hereunder. 

 

	 	(iii)	 Executive shall not have any right to pledge, hypothecate, anticipate, or in any way create a lien upon any
payments or other benefits provided under this Agreement; and no benefits payable under this Agreement shall be assignable in anticipation of payment either by voluntary or involuntary acts, or by operation of law, except by will or pursuant to the
laws of descent and distribution. 

  

	 	(c)	 Survival. The termination of Executive’s employment shall not impair the rights or obligations of
any party that have accrued prior to such termination or which by their nature or terms survive termination of the Term, including without limitation the parties’ respective obligations under Sections 4 through 12 hereof. 

 

	 	(d)	 Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

  

	 	(e)	 Governing Law; Jurisdiction; Venue; Jury-Trial Waiver; Fees and Expenses. 

 

	 	(i)	 This Agreement is governed by and shall be construed and enforced in accordance with Colorado law, excluding
its choice-of-law principles, except where federal law may preempt the application of state law. 

 

	 	(ii)	 The parties hereto: (A) submit and consent to the exclusive jurisdiction, including removal jurisdiction,
of the state and federal courts located in Denver, CO for any action or proceeding relating to this Agreement or Executive’s employment; (B) waive any objection to such venue; (C) agree that any judgment in any such action or
proceeding may be enforced in other jurisdictions; and (D) irrevocably waive the right to trial by jury and agree not to ask for a jury in any such proceeding. 

 

	 	(f)	 No Obligation to Pay. With regard to any payment due to Executive under this Agreement, it shall not be
a breach of any provision of this Agreement for Ultra to fail to make such payment to Executive if, by doing so, Ultra would violate any applicable law. 

[Signature Page Follows] 

  
 Page 14 of 14 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Employment Agreement intending it to
be made effective as of the Effective Date. 
  

			
	ULTRA:
	
	ULTRA PETROLEUM CORP.,
	a Yukon corporation
		
	By:	 	 /s/ Brad Johnson

	Name:	 	Brad Johnson
	Title:	 	President and Chief Executive Officer
	
	EXECUTIVE:
	
	 /s/ Mark T. Solomon

	Mark T. Solomon

 NOTICE PROVISION: 

For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given
(i) when received, if delivered personally or by courier, (ii) on the date receipt is acknowledged, if delivered by certified mail, postage prepaid, return receipt requested, or (iii) one day after transmission, if sent by facsimile
transmission with confirmation of transmission, as follows: 
  

			
	If to Executive, at:	 	At the most recent address in Ultra’s records.
		
	If to Ultra, at:	 	 Ultra Petroleum Corp.
 116 Inverness Drive
East, Suite 400
 Englewood, Colorado 80112
 Attention: Chief
Financial Officer
  
 With a copy to:

 
 Kirkland & Ellis LLP

601 Lexington Avenue
 New York, New York 10022

Attention: Scott D. Price, P.C.

  
 SIGNATURE PAGE TO
EMPLOYMENT AGREEMENT 

 SCHEDULE 1 

TAX MATTERS 
  

	I.	 General Provisions. 

 

	 	(A)	 All compensation paid or awarded to Executive hereunder shall be subject to applicable withholding, payroll and
other taxes. Accordingly, with respect to any payment to be made to Executive, Ultra shall deduct, where applicable, any amounts authorized by Executive, and shall withhold and report all amounts required to be withheld and reported by applicable
law. 

  

	 	(B)	 Capitalized terms used in this Schedule 1 but not defined herein have the meanings set forth in the
Employment Agreement to which this Schedule 1 is attached and into which it is incorporated. 

  

	 	(C)	 The term “Code,” as used herein, means the Title 26 of the United States Code, commonly
referred to as the Internal Revenue Code of 1986, as amended. 

  

	II.	 Regarding Excise Taxes. 

 

	 	(A)	 If Executive is a “disqualified individual” (as defined in Section 280G(c) of the Code), and the
payments and benefits provided for in this Agreement, together with any other payments and benefits which Executive has the right to receive from Ultra or any Subsidiary, would constitute a “parachute payment” (as defined in
Section 280G(b)(2) of the Code), then notwithstanding anything herein to the contrary, the payments and benefits provided for in this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total
amounts and benefits received by Executive from Ultra and its affiliates will be one dollar ($1.00) less than three times Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such
amounts and benefits received by Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to
Executive (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). 

  

	 	(B)	 The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or
benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or
benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. 

 

	 	(C)	 The determination as to whether any such reduction in the amount of the payments and benefits provided
hereunder is necessary shall be made by Ultra in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from Ultra (or its affiliates)
used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times Executive’s base amount, then Executive shall immediately repay such excess to Ultra upon notification that an overpayment has been
made. 

	 	(D)	 Nothing in this Agreement, including the foregoing paragraphs (A) through (C), shall require Ultra to be
responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under Section 4999 of the Code, if any. 

REGARDING CODE SECTION 409A 
  

	III.	 Statement of Intent. The provisions of this Schedule 1 shall apply solely to the extent that a
payment under this Agreement is subject to Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively, “Section 409A”). The intent of the parties to this Agreement is that
the payments and benefits under this Agreement comply with or be exempt from Section 409A including, but not limited to, the exemptions from the application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-(b)(9) and this Agreement will be construed to the greatest extent possible as consistent with those provisions. The commencement of
payment or provision of any payment or benefit under this Agreement shall be deferred to the minimum extent necessary to prevent the imposition of any excise taxes on Ultra or Executive. 

 

	IV.	 Notification; Reformation. If Executive receives advice, from an attorney with demonstrable tax
expertise, that any provision of this Agreement would cause Executive to incur any additional tax or interest under Section 409A (with specificity as to the reason therefor), and notifies Ultra thereof, or if Ultra independently makes such
determination, then Ultra may, to the extent possible and after consulting with Executive, reform such provision to try to comply with Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with
Section 409A. To the extent that any provision hereof is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the
original intent and economic benefit to Executive and Ultra of the applicable provision without violating the provisions of Section 409A. 

  

	V.	 Annual Cash Incentive Payments. Any Cash Incentive that Executive is awarded or becomes entitled to
receive pursuant to Section 3(b) of the Agreement will be paid during the calendar year immediately following the calendar year to which such Cash Incentive relates and will be paid to Executive as soon as administratively feasible following
preparation of Ultra’s unaudited financial statements for the applicable calendar year. 

  

	VI.	 Separation from Service. 

 

	 	(A)	 If any payment, compensation or other benefit provided to Executive under this Agreement in connection with a
“separation from service” (within the meaning of Section 409A(a)(2)(A)(i)) is determined, in whole or in part, to constitute “nonqualified deferred compensation” (within the meaning of Section 409A) and
Executive is a “specified employee” (as defined in Section 409A(2)(B)(i)) at the time of the separation from service, then notwithstanding anything in the Agreement to the contrary, no part of any such payments shall be paid to
Executive before the earlier of (i) the day that is six (6) months plus one (1) day after the date of the separation from service (the “New Payment Date”), (ii) the date of Executive’s death, or (iii) any
date that otherwise complies with Section 409A. 

  

	 	(B)	 The aggregate of any payments and benefits that otherwise would have been paid and/or provided to Executive
during the period between the date of the separation from service and the New Payment Date shall be paid to Executive in a lump sum on the date Ultra’s first regular payroll is made following the New Payment Date, and no interest will be

	 	
paid by Ultra with respect to any such payments and benefits. Thereafter, any payments and/or benefits that remain outstanding as of the day immediately following the New Payment Date shall be
paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement. 

  

	 	(C)	 For purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this
Agreement shall be deemed to be and shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., payment shall be made
within thirty (30) days), the actual date of payment within such period shall be within the sole discretion of Ultra. 

  

	 	(D)	 Notwithstanding anything to the contrary herein, to the extent that the foregoing delay applies to the
provision of any ongoing welfare benefits, Executive shall pay the full cost of premiums for such welfare benefits due and payable prior to the New Payment Date, and Ultra shall pay Executive an amount equal to the amount of such premiums which
otherwise would have been paid by Ultra during such period on the date Ultra’s first regular payroll is made following the New Payment Date. 

  

	 	(E)	 A termination of employment shall not be deemed to have occurred for purposes of any provision of this
Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” (within the meaning of
Section 409A), and for purposes of any such provision of this Agreement, references in the Agreement to a “resignation,” “termination,” “resign,” “terminate,”
“resignation of employment,” “termination of employment” or other like terms shall mean “separation from service” (within the meaning of Section 409A). 

 

	 	(F)	 If in connection with a termination or resignation of Executive’s employment under the Agreement,
Executive is required to execute a release to receive any payments from Ultra that constitute “nonqualified deferred compensation” (within the meaning of Section 409A), then payments of such amounts shall not be made or
commence until the sixtieth (60th) day following such termination or resignation. Any payments suspended during such 60 day period shall be paid on the date Ultra’s first regular payroll is made after the end of such period.

  

	VII.	 Expenses and Reimbursements. 

 

	 	(A)	 This Section VII shall apply to payments of any amounts under this Agreement that are treated as
“reimbursement payments” under Section 409A. 

  

	 	(B)	 All expenses or other reimbursements as provided herein shall be payable in accordance with Ultra’s
policies in effect from time to time, but in any event shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive to the extent any such payments are subject to
Section 409A. Ultra shall have no obligation to reimburse Executive for any expenses submitted after the last day of the taxable year following the taxable year in which such expenses were incurred by Executive. 

 

	 	(C)	 With regard to any provision of the Agreement that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A: (i) the right to 

	 	
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; and (ii) the amount of expenses eligible for
reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any
other taxable year (other than an arrangement providing for the reimbursement of medical expenses referred to in Section 105(b) of the Code). 

  

	VIII.	 No Representations or Warranties. 

 

	 	(A)	 Nothing contained in this Agreement shall constitute any representation or warranty by Ultra or Executive
regarding compliance with Section 409A. 

  

	 	(B)	 Ultra has no obligation to take any action to prevent the assessment of any excise tax under Section 409A
on any person, and neither Ultra nor any of the Subsidiaries nor any employee or other representative of Ultra or any of the Subsidiaries shall have any liability to Executive with respect to any such assessment.

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