Document:

Exhibit

Westbury Bank
Salary Continuation Agreement

Prepared 4/09/04
Amended and Restated 12/16/15

WESTBURY BANK
Kirk Emerich

AMENDED AND RESTATED
WESTBURY BANK 
SALARY CONTINUATION AGREEMENT
THIS AMENDED AND RESTATED SALARY CONTINUATION AGREEMENT (the "Agreement") is adopted this 18th day of December, 2015, by and between WESTBURY BANK (the "Company") and KIRK EMERICH (the "Executive").
West Bend Savings Bank, a predecessor to the Company, and Executive entered into a Salary Continuation Agreement dated May 14, 2004, for the purpose of providing specified benefits to the Executive, a member of a select group of management or highly compensated employees who contribute materially to the continued growth, development and future business success of the Company (the "Original Agreement").
The Company and the Executive desire to amend and restate the Original Agreement pursuant to the terms of this Agreement and thereby freeze the accrual of any benefits under this Agreement as of December 31, 2015.  The Original Agreement is hereby superseded in its entirety and is of no further force or effect.
This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended from time to time.  The Company will pay the benefits from its general assets.  
The Company and the Executive agree as provided herein.
Article 1 
Definitions
Whenever used in this Agreement, the following words and phrases shall have the meanings specified:
		
	1.1
	"Beneficiary" means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive determined pursuant to Article 4.

		
	1.2
	"Beneficiary Designation Form" means the form established from time to time by the Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.

		
	1.3
	"Board" means the Board of Directors of Westbury Bank.  

		
	1.4
	"Cause" means the occurrence of one or more of the following events with respect to the Executive:  (a) personal dishonesty; (b) incompetence; (c) willful misconduct; (d) breach of fiduciary duty involving personal property; (e) material breach of the Company's Code of Ethics; (f) material violation of the Sarbanes-Oxley requirements for officers of public companies that in the reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the reputation of the Company; (g) intentional failure to perform stated duties under the Executive's Employment Agreement (if any) after written notice thereof from the Board; (h) willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely on the reputation of the Company, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; or (i) material breach by the Executive of any provision of his Employment Agreement (if any).  

		
	1.5
	"Change in Control" means (a) a change in control of a nature that would be required to be reported in response to Item 5.01(a) of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); (b) a change in control of the Company within the meaning of the Home Owner's Loan Act, as amended ("HOLA"), and applicable rules and regulations promulgated thereunder, as in effect at the time of the Change in Control; (c)  any "person" (as that term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company or the Parent representing 25% or more of the combined voting power of such outstanding securities, except for any securities purchased by any employee stock ownership plan or trust established by the Company or the Parent; (d) individuals who constitute the Board as of the date hereof (the "Incumbent Board") cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board or whose nomination for election by stockholders of the Company or the Parent was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this subsection (d), considered as though they were members of the Incumbent Board; (e) a sale of all or substantially all the assets of the Company or the Parent, or a plan of reorganization, merger, consolidation, or similar transaction occurs in which the security holders of the Company or the Parent immediately prior to the consummation of the transaction do not own at least 50.1% of the securities of the surviving entity to be outstanding upon consummation of the transaction; (f) a proxy statement is issued soliciting proxies from stockholders of the Company or the Parent by someone other than the current management of the Company or the Parent, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or the Parent, or similar transaction with one or more corporations as a result of which the outstanding shares of the class of securities then subject to the plan are to be exchanged for or converted into cash or property or securities not issued by the Company or the Parent; or (g) a tender offer is made for 25% or more of the voting securities of the Company or the Parent, and stockholders owning beneficially or of record 25% or more of the outstanding securities of the Company or the Parent have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror.  

		
	1.6
	"Code" means the Internal Revenue Code of 1986, as amended.

		
	1.7
	"Disability" means the Executive's suffering a sickness, accident or injury which has been determined by the insurance carrier of any individual or group disability insurance policy covering the Executive, or by the Social Security Administration, to be a disability rendering the Executive totally and permanently disabled.  The Executive must submit proof to the Plan Administrator of the insurance carrier's or Social Security Administration's determination upon the request of the Plan Administrator.

		
	1.8
	"Retirement Age" means the Executive's 62nd birthday.

		
	1.9
	"Effective Date" means March 1, 2004.

		
	1.10
	"Good Reason" means, without the prior consent of Executive, (a) a material change in Executive's function, duties or responsibilities, which, on an overall basis, would cause Executive's position to become one of lesser responsibility or importance from his position and responsibilities as Senior Vice President and Chief Financial Officer (the "Material Change"), provided that, the Material Change occurs on or after a Change in Control; (b) a relocation of Executive's principal place of employment to a location that is more than fifty (50) miles from the location of the Company's principal executive office; or (c) a material reduction in Executive's benefits and perquisites, including base salary (except for any reduction that is part of a reduction in pay or benefits that is generally applicable to officers or employees of the Company). 

		
	1.11
	"Retirement Date" means the later of the Retirement Age or Termination of Employment.

		
	1.12
	"Parent" means Westbury Bancorp, Inc., the holding company of Westbury Bank.  

		
	1.13
	"Plan Administrator" means the plan administrator described in Article 8.

		
	1.14
	"Termination of Employment" means that the Executive ceases to be employed by the Company for any reason, voluntary or involuntary, other than by reason of a leave of absence approved by the Company and such termination of employment constitutes a "separation from service" within the meaning of Code section 409A and the regulations promulgated thereunder.  

ARTICLE 2     
Benefits During Lifetime
		
	2.1
	Retirement Benefit.  Upon Termination of Employment on or after the Retirement Age for reasons other than death or Disability, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Article.

		
	2.1.1
	Amount of Benefit.  The annual benefit under this Section 2.1 is TWENTY-TWO THOUSAND EIGHT HUNDRED Dollars ($22,800).

		
	2.1.2
	Payment of Benefit.  The Company shall pay the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following the Executive's Retirement Date.  The annual benefit shall be paid to the Executive for Twenty (20) years.

		
	2.2
	Disability Benefit.  Upon Termination of Employment due to Disability prior to Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

		
	2.2.1
	Amount of Benefit.  The annual benefit under this Section 2.2 is TWENTY-TWO THOUSAND EIGHT HUNDRED Dollars ($22,800).

		
	2.2.2
	Payment of Benefit.  The Company shall pay the benefit to the Executive in two hundred forty (240) consecutive equal monthly installments commencing on the first of the month following the Executive's Termination of Employment due to Disability.

		
	2.3
	Involuntary Termination of Employment Benefit.  Upon Executive's Termination of Employment by the Company without Cause or by Executive for Good Reason, in each case prior to Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Article.

		
	2.3.1
	Amount of Benefit.  The annual benefit under this Section 2.3 is TWENTY-TWO THOUSAND EIGHT HUNDRED Dollars ($22,800).

		
	2.3.2
	Payment of Benefit.  The Company shall pay the benefit to the Executive in two hundred forty (240) consecutive equal monthly installments commencing with the first day of the month following the Executive's Termination of Employment by the Company without Cause or by Executive for Good Reason.

		
	2.3.3
	Termination of Employment for Cause.  For purposes of this Section 2.3, Cause shall not be deemed to exist unless there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for this purpose (after reasonable notice to the Executive and an opportunity for the Executive to be heard before the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct described within the definition of Cause and specifying the particulars thereof.  

		
	2.3.4
	Termination of Employment for Good Reason.  For purposes of this Section 2.3, a Termination of Employment for Good Reason shall not be deemed to exist unless Executive provides written notice to the Company of the existence of a Good Reason condition no later than 90 days after the initial occurrence of a Good Reason condition, the Company fails to cure such Good Reason condition within 30 days of receiving notice and Executive has a Termination of Employment within 30 days thereafter.   

		
	2.4
	Parachute Payments.  Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code section 409A, if any benefit payments to be made to Executive pursuant to this Article 2, together with any payments or benefits payable under any other plan, program, arrangement or agreement maintained by (or on behalf of) the Company, constitute "parachute payments" within the meaning of Code section 280G (or any successor provision), and would be subject to the excise tax imposed by Code section 4999 (or any successor provision), the Company shall reduce such benefit payment to an amount, the value of which is one dollar ($1.00) less an amount equal to three (3) times Executive's "base amount," as determined in accordance with Code section 280G.   

ARTICLE 3     
Death Benefits
		
	3.1
	Death During Active Service.  If the Executive dies while in the active service of the Company, the Company shall pay to the Beneficiary the benefit described in this Section 3.1.  This benefit shall be paid in lieu of the benefits under Article 2.

		
	3.1.3
	Amount of Benefit.  The annual benefit under this Section 3.1 is TWENTY-TWO THOUSAND EIGHT HUNDRED Dollars ($22,800).

		
	3.1.4
	Payment of Benefit.  The Company shall pay the annual benefit to the Beneficiary in twelve (12) equal monthly installments commencing with the month following the Executive's death.  The annual benefit shall be paid to the Beneficiary for a period of Twenty (20) years,

		
	3.2
	Death During Payment of a Benefit.  If the Executive dies after any benefit payments have commenced under Article 2 of this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

ARTICLE 4     
Beneficiaries
		
	4.1
	Beneficiary Designation.  The Executive shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefits payable under this Agreement upon the death of the Executive.  The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designation under any other benefit plan of the Company in which the Executive participates.

		
	4.2
	Beneficiary Designation: Change.  The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Plan Administrator or its designated agent.  The Executive's Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.  The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator's rules and procedures, as in effect from time to time.  Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled.  The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive's death.

		
	4.3
	Acknowledgment.  No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

		
	4.4
	No Beneficiary Designation.  If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive's spouse shall be the designated Beneficiary.  If the Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executive's estate.

		
	4.5
	Facility of Payment.  If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person.  The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit.  Any payment of a benefit shall be a payment for the account of the Executive and the Executive's Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.

ARTICLE 5     
General Limitations
		
	5.1
	Termination of Employment.  Subject to Section 2.3, Termination of Employment of the Executive prior to Retirement Age (unless by reason of death or Disability) shall result in no benefit to be paid under this Agreement.

		
	5.2
	Suicide or Misstatement.  The Company shall not pay any benefit under this Agreement if the Executive commits suicide within two years after the Effective Date.  In addition, the Company shall not pay any benefit under this Agreement if the Executive has made any material misstatement of fact on any application for life insurance owned by the Company on the Executive's life.

		
	5.3
	Requirement of Non-Competition.  The Company shall not pay to the Executive any benefit under this Agreement (and the Executive shall forfeit all rights to such benefits) if, within one (1) year following such Participant's Termination of Employment, the Executive, without the prior written consent of the Company engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in a corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent, trustee or in any other capacity whatsoever, any enterprise conducted within fifty (50) miles of any office of the Company existing as of the date of the Executive's Termination of Employment, which enterprise is, or may deemed to be, competitive with any business carried on by the Company as of the date of the Executive's Termination of Employment.

ARTICLE 6     
Claims And Review Procedures
		
	6.1
	Claims Procedure.  An Executive or Beneficiary ("claimant") who has not received benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

		
	6.1.1
	Initiation – Written Claim.  The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits.

		
	6.1.2
	Timing of Plan Administrator Response.  The Plan Administrator shall respond to such claimant within 90 days after receiving the claim.  If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

		
	6.1.3
	Notice of Decision.  If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial.  The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant.  The notification shall set forth:

		
	(a)
	The specific reasons for the denial;

		
	(b)
	A reference to the specific provisions of the Agreement on which the denial is based;

		
	(c)
	A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed;

		
	(d)
	An explanation of the Agreement's review procedures and the time limits applicable to such procedures; and

		
	(e)
	A statement of the claimant's right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

		
	6.2
	Review Procedure.  If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

		
	6.2.1
	Initiation – Written Request.  To initiate the review, the claimant, within 60 days after receiving the Plan Administrator's notice of denial, must file with the Plan Administrator a written request for review.

		
	6.2.2
	Additional Submissions – Information Access.  The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim.  The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant's claim for benefits.

		
	6.2.3
	Considerations on Review.  In considering the review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

		
	6.2.4
	Timing of Plan Administrator Response.  The Plan Administrator shall respond in writing to such claimant within 60 days after receiving the request for review.  If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60‐day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

		
	6.2.5
	Notice of Decision.  The Plan Administrator shall notify the claimant in writing of its decision on review.  The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant.  The notification shall set forth:

		
	(a)
	The specific reasons for the denial;

		
	(b)
	A reference to the specific provisions of the Agreement on which the denial is based;

		
	(c)
	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant's claim for benefits; and

		
	(d)
	A statement of the claimant's right to bring a civil action under ERISA Section 502(a).

ARTICLE 7     
Amendments and Termination
This Agreement may be amended or terminated only by a written agreement signed by the Company and the Executive.  Provided, however, if the Board determines that the Executive is no longer a member of a select group of management or highly compensated employees, as that phrase applies to ERISA, for reasons other than death, Disability or retirement, the Company may amend or terminate this Agreement.  Notwithstanding the foregoing, the Company may not accelerate the time and form of payment upon a termination of this Agreement, unless such termination and acceleration is in compliance with Treasury Regulation section 1.409A-4(j)(ix).  
ARTICLE 8     
Administration of Agreement
		
	8.1
	Plan Administrator Duties.  This Agreement shall be administered by a Plan Administrator which shall consist of the Board, or such committee or person(s) as the Board shall appoint.  The Executive may be a member of the Plan Administrator.  The Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with the Agreement.

		
	8.2
	Agents.  In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Company.

		
	8.3
	Binding Effect of Decisions.  The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement.  No Executive or Beneficiary shall be deemed to have any right, vested or nonvested, regarding the continued use of any previously adopted assumptions.

		
	8.4
	Indemnity of Plan Administrator.  The Company shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members.

		
	8.5
	Company Information.  To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or Termination of Employment of the Executive, and such other pertinent information as the Plan Administrator may reasonably require.

ARTICLE 9     
Miscellaneous
		
	9.1
	Binding Effect.  This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors, successors, administrators and transferees.

		
	9.2
	No Guarantee of Employment.  This Agreement is not an employment policy or contract.  It does not give the Executive the right to remain an employee of the Company, nor does it interfere with the Company's right to discharge the Executive.  It also does not require the Executive to remain an employee nor interfere with the Executive's right to terminate employment at any time.

		
	9.3
	Non‐Transferability.  Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

		
	9.4
	Tax Withholding.  The Company shall withhold any taxes that, in its reasonable judgment, are required to be withheld from the benefits provided under this Agreement.  The Executive acknowledges that the Company's sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies).

		
	9.5
	Applicable Law.  The Agreement and all rights hereunder shall be governed by the laws of the State of Wisconsin, except to the extent preempted by the laws of the United States of America.

		
	9.6
	Unfunded Arrangement.  The Executive and Beneficiary are general unsecured creditors of the Company for the payment of benefits under this Agreement.  The benefits represent the mere promise by the Company to pay such benefits.  The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors.  Any insurance on the Executive's life is a general asset of the Company to which the Executive and Beneficiary have no preferred or secured claim.

		
	9.7
	Reorganization.  The Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement.  Upon the occurrence of such event, the term "Company" as used in this Agreement shall be deemed to refer to the successor or survivor company.

		
	9.8
	Entire Agreement.  This Agreement constitutes the entire agreement between the Company and the Executive as to the subject matter hereof.  No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.

		
	9.9
	Interpretation.  Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

		
	9.10
	Alternative Action.  In the event it shall become impossible for the Company or the Plan Administrator to perform any act required by this Agreement, the Company or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Company.

		
	9.11
	Headings.  Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any of its provisions.

		
	9.12
	Validity.  In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal and invalid provision has never been inserted herein.

		
	9.13
	Notice.  Any notice or filing required or permitted to be given to the Company or Plan Administrator under this Agreement shall be sufficient if in writing and hand‐delivered, or sent by registered or certified mail, to the address below:

Westbury Bank    
 
810 Cardinal Lane    
 
Hartland, Wisconsin 53029    
Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.
Any notice or filing required or permitted to be given to the Executive under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Executive.
		
	9.14
	Code Section 409A.  

		
	9.14.1
	General Compliance.  This Agreement is intended to satisfy the requirements for the deferral of compensation under Code section 409A and any Treasury Regulations or other IRS guidance promulgated thereunder (the "409A Requirements").  All terms used in this Agreement shall be interpreted to the maximum extent possible to satisfy the 409A Requirements.  Notwithstanding anything herein to the contrary, the Company may amend this Agreement without the consent of Executive to add, alter or remove any provision that the Board deems necessary, appropriate or advisable to comply with the 409A Requirements.  If there is more than one way to add, alter or remove a provision to comply with Code section 409A, the Board shall have the discretion to choose the alternative it believes to be in the best interests of Executive and the Company. 

		
	9.14.2
	Specified Employee.  Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with his Termination of Employment is determined to constitute "nonqualified deferred compensation" within the meaning of Code section 409A and the Executive is determined to be a "specified employee" as defined in Code section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Executive's termination of employment (the "Specified Employee Payment Date") or, if earlier, on the Executive's death.  The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.

[Remainder left intentionally blank; signatures follow]

IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Company have signed this Agreement.
	
		
	EXECUTIVE:

	COMPANY:

Westbury Bank

	/s/ Kirk J. Emerich   
Kirk Emerich
Executive VP and Chief Financial Officer
	By /s/ Greg J. Remus   
Greg J. Remus
President and CEOEX-4.1

 Exhibit 4.1 

DEPOSIT AGREEMENT 

among 
 GOODRICH
PETROLEUM CORPORATION 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC 

as Depositary 
 and

 THE HOLDERS FROM TIME TO TIME OF 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of December 18, 2015 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINED TERMS	  
			
	 Section 1.1
	 	 Definitions
	  	 	1	  
	
	ARTICLE II	  
	
	 FORM OF RECEIPTS, DEPOSIT OF SERIES E PREFERRED STOCK, EXECUTION

AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	   
   

			
	 Section 2.1
	 	 Appointment of Depositary
	  	 	3	  
	 Section 2.2
	 	 Rights, Privileges and Preferences
	  	 	3	  
	 Section 2.3
	 	 Form and Transfer of Receipts
	  	 	3	  
	 Section 2.4
	 	 Deposit of Series E Preferred Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	4	  
	 Section 2.5
	 	 Registration of Transfer of Receipts
	  	 	5	  
	 Section 2.6
	 	 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series E Preferred Stock
	  	 	5	  
	 Section 2.7
	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	6	  
	 Section 2.8
	 	 Lost Receipts, etc.
	  	 	6	  
	 Section 2.9
	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	7	  
	 Section 2.10
	 	 Conversion of Depositary Shares
	  	 	7	  
	 Section 2.11
	 	 Receipts Issuable in Global Registered Form
	  	 	8	  
	
	ARTICLE III	  
	
	 CERTAIN OBLIGATIONS OF HOLDERS OF

RECEIPTS, THE CORPORATION AND THE DEPOSITARY
	   
   

			
	 Section 3.1
	 	 Filing Proofs, Certificate of Designation and Other Information
	  	 	9	  
	 Section 3.2
	 	 Payment of Taxes or Other Governmental Charges
	  	 	9	  
	 Section 3.3
	 	 Warranty as to Series E Preferred Stock
	  	 	9	  
	 Section 3.4
	 	 Warranty as to Receipts
	  	 	9	  
	 Section 3.5
	 	 Corporate Existence and Authority of the Depositary
	  	 	10	  
	 Section 3.6
	 	 Listing
	  	 	10	  
	
	ARTICLE IV	  
	
	THE DEPOSITED SECURITIES; NOTICES	  
			
	 Section 4.1
	 	 Cash Distributions
	  	 	10	  
	 Section 4.2
	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	11	  
	 Section 4.3
	 	 Subscription Rights, Preferences or Privileges
	  	 	11	  
	 Section 4.4
	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	12	  
	 Section 4.5
	 	 Voting Rights
	  	 	12	  
	 Section 4.6
	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	13	  
	 Section 4.7
	 	 Delivery of Reports
	  	 	13	  
	 Section 4.8
	 	 Lists of Receipt Holders
	  	 	13	  

							
	ARTICLE V	 
	
	 THE DEPOSITARY, THE DEPOSITARY’S

AGENTS, THE REGISTRAR AND THE CORPORATION
	   
   

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

  
 ii 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of December 18, 2015, among (i) GOODRICH PETROLEUM CORPORATION, a Delaware corporation, and
(ii) AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company, as Depositary (as hereinafter defined), and the holders from time to time of the Receipts described herein. 

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

ARTICLE I 
 DEFINED
TERMS 
  

	 	Section 1.1	Definitions. 

 The following definitions shall for all purposes, unless otherwise
indicated, apply to the respective terms used in this Deposit Agreement: 
 “Certificate of Designation” shall mean the
relevant Certificate of Designation filed with the Secretary of State of the State of Delaware establishing the Series E Preferred Stock as a series of preferred stock of the Corporation. 

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

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

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

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

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

 “DTC” shall mean the Depository Trust Company. 

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

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

(2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or
issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts. 

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as
Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as
amended. 
 “Global Registered Receipt” shall mean a global registered Receipt registered in the name of a nominee of DTC.

 “Letter of Representations” shall mean any applicable agreement among the Corporation, the Depositary and a Global
Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any
successor agreement thereto. 
 “Officer’s Certificate” shall mean a certificate in substantially the form set forth
as Exhibit B hereto, which is signed by an officer of the Corporation and which attaches, as an annex thereto, the Certificate of Designation describing the terms and conditions of the Series E Preferred Stock to be issued by the
Corporation and deposited with the Depositary from time to time in accordance with the terms hereof. 
 “Receipt” shall
mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series E Preferred
Stock held of record by the Record Holder of such Depositary Shares. 
 “Record Holder” or “Holder” as
applied to a Receipt shall mean the person in whose name such Receipt is registered on the books of the Depositary maintained for such purpose. 

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

  
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 “Series E Preferred Stock” shall mean the shares of the Corporation’s
10.00% Series E Cumulative Convertible Preferred Stock, par value $1.00 per share, with a liquidation preference of $10.00 per share, designated in the Certificate of Designation. 

ARTICLE II 
 FORM OF
RECEIPTS, DEPOSIT OF SERIES E PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 
  

	 	Section 2.1	Appointment of Depositary. 

 The Corporation hereby appoints the Depositary, and
the Depositary hereby accepts such appointment, as depositary for the Series E Preferred Stock, on the terms and conditions set forth in this Deposit Agreement. 
  

	 	Section 2.2	Rights, Privileges and Preferences. 

 Subject to the terms of this Deposit
Agreement, each Record Holder of a Receipt is entitled, proportionately, to all the rights, preferences and privileges of the Series E Preferred Stock represented by the Depositary Shares evidenced by such Receipt (including the conversion,
dividend, voting, and liquidation rights contained in the Certificate of Designation) and the same proportionate interest in any and all other property received by the Depositary in respect of such Series E Preferred Stock and held under this
Deposit Agreement. 
  

	 	Section 2.3	Form and Transfer of Receipts. 

 The definitive Receipts shall be substantially in
the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New
York Stock Exchange, Inc. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation or any holder of Series E Preferred Stock, delivered in compliance with Section 2.4, shall execute and deliver
temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and
other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without
unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.4,
without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented
by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge to the Holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same
benefits under this Deposit Agreement as definitive Receipts. 
 Receipts shall be executed by the Depositary by the manual or facsimile
signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile signature of a
duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary. The Depositary shall record on its
books each Receipt so signed and delivered as hereinafter provided. 

  
 3 

 Receipts shall be in denominations of any number of whole Depositary Shares. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon
which the Series E Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of
transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided
in Section 2.5, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
 The Corporation shall cause to
be provided an opinion of counsel on the date hereof, which opinion shall state that: (1) the issuance of the Depositary Shares has been registered under the Securities Act; and (2) when the Series E Preferred Stock is issued and delivered
and the Depositary Shares are issued and delivered, such Series E Preferred Stock will be duly and validly issued, fully paid and non-assessable. 
  

	 	Section 2.4	Deposit of Series E Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. 

Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of Series E Preferred
Stock under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for such shares of Series E Preferred Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed
instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement including an executed
Officer’s Certificate and (ii) a written order of the Corporation directing the Depositary to execute and deliver to, upon the written request of, the person or persons stated in the Corporation’s order a Receipt or Receipts for the
number of Depositary Shares representing such deposited Series E Preferred Stock. 
 The Series E Preferred Stock that is deposited shall be
held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. The Depositary shall not lend any Series E Preferred Stock deposited hereunder. 

Upon receipt by the Depositary of a certificate or certificates for Series E Preferred Stock deposited in accordance with the provisions of
this Section, together with the other documents required as above specified, and upon recordation of the Series E Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee,
the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to, upon the written request 

  
 4 

 
of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts for the number of Depositary Shares
representing, in the aggregate, the Series E Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s
Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 
  

	 	Section 2.5	Registration of Transfer of Receipts. 

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

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

Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of
effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested,
evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered; provided,
however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 Any Holder of a Receipt or
Receipts may withdraw the number of whole shares of Series E Preferred Stock and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the
Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Series E
Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of Series E Preferred Stock will not thereafter be entitled to deposit such Series E
Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number
of Depositary Shares representing the number of whole shares of Series E Preferred Stock, the Depositary shall at the same time, in addition to such number of whole shares of Series E Preferred Stock and such money and other property, if any, to be
so withdrawn, deliver to such Holder, or subject to Section 2.5 upon his order, a new Receipt evidencing such excess number of Depositary Shares. 

In no event will fractional shares of Series E Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery
of the Series E Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate in its reasonable judgment. 

If the Series E Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a person or persons other
than the Record Holder of the related Receipt or Receipts being 

  
 5 

 
surrendered for withdrawal of such Series E Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require
that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series E Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

Delivery of the Series E Preferred Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be
made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other place as may
be designated by such Holder. 
  

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

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

	 	Section 2.8	Lost Receipts, etc. 

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

  
 6 

	 	Section 2.9	Cancellation and Destruction of Surrendered Receipts. 

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

 

	 	Section 2.10	Conversion of Depositary Shares. 

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

(b) If less than all of the Depositary Shares evidenced by a Receipt are converted, the Depositary will deliver to the holder of the Receipt
upon its surrender to the Depositary a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not converted, together with a certificate (or book-entry, for shares held in electronic form) for the shares of Common Stock
issued upon conversion. The foregoing shall further be subject to the terms and conditions of the Series E Preferred Stock, as set forth in the Restated Certificate of Incorporation, as amended (including the Certificate of Designation). 

(c) No fractional shares of Common Stock shall be issued upon conversion of Depositary Shares. If such conversion would otherwise result in a
fractional share of Common Stock being issued, the Corporation shall pay the cash value of such fractional shares. 

  
 7 

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

	 	Section 2.11	Receipts Issuable in Global Registered Form. 

 If the Corporation shall determine
in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement,
execute and deliver one or more Global Registered Receipts evidencing the Receipts of such series, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by
such Global Registered Receipt or Receipts, (ii) shall be registered in the name of the Global Receipt Depository therefor or its nominee. 

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

  
 8 

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

ARTICLE III 
 CERTAIN
OBLIGATIONS OF HOLDERS OF 
 RECEIPTS, THE CORPORATION AND THE DEPOSITARY 

 

	 	Section 3.1	Filing Proofs, Certificate of Designation and Other Information. 

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

	 	Section 3.2	Payment of Taxes or Other Governmental Charges. 

 Holders of
Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series E Preferred Stock and all money or other property,
if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Series E Preferred Stock
or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such
dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 

 

	 	Section 3.3	Warranty as to Series E Preferred Stock. 

 The Corporation hereby
represents and warrants that the Series E Preferred Stock, when issued and delivered and the Certificate of Designation, will be duly authorized, validly issued, fully paid and non-assessable. Such representation and warranty shall survive the
deposit of the Series E Preferred Stock and the issuance of the related Receipts. 
  

	 	Section 3.4	Warranty as to Receipts. 

 The Corporation hereby represents and
warrants that the Receipts, when issued against payment therefor in accordance with the Underwriting Agreement and this Deposit Agreement, will be entitled to 

  
 9 

 
the rights hereunder, and the benefits of this Deposit Agreement and will represent legal and valid interests in the Series E Preferred Stock. Such representation and warranty shall survive the
deposit of the Series E Preferred Stock and the issuance of the Receipts. 
  

	 	Section 3.5	Corporate Existence and Authority of the Depositary. 

 The
Depositary hereby represents and warrants that it (i) has been duly incorporated and is validly existing as a limited liability trust company in good standing under the laws of the jurisdiction of its formation; (ii) has full corporate
power and authority and possesses all governmental or other franchises, licenses, permits, authorizations and approvals necessary to enable it to own, lease or otherwise hold its properties and assets and to carry on its business as presently
conducted; (iii) has been duly qualified as a foreign entity for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such
qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; and (iv) is a bank or trust company having its principal office in the United States of America and having
a combined capital and surplus, along with its affiliates, of at least $50,000,000. The Depositary hereby agrees to promptly inform the Corporation in the event that any of the statements in the foregoing sentence cease to be true and complete in
all material respects. 
 This Deposit Agreement has been duly authorized, executed and delivered by the Depositary and constitutes a legal,
valid and binding obligation of the Depositary, enforceable against the Depositary in accordance with its terms. The Depositary hereby agrees to perform its obligations under this Deposit Agreement with the diligent care of a professional provider
of such services, in a timely manner and in conformance with all applicable laws, rules and regulations. 
  

	 	Section 3.6	Listing. 

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

THE DEPOSITED SECURITIES; NOTICES 
  

	 	Section 4.1	Cash Distributions. 

 Whenever the Depositary shall receive any cash
dividend or other cash distribution on the Series E Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend
or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or the Depositary shall be
required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series E Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary
Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and
any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to Record Holders of Receipts then
outstanding. Each Holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt

  
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acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the
distributions to be made hereunder. 
  

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

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series E Preferred Stock,
the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the reasonable opinion of the
Depositary, after consultation with the Corporation, such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on
account of taxes) the Depositary reasonably deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the prior written approval of the Corporation, adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale
shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The
Corporation shall not make any distribution of such securities to the Depositary and the Depositary shall not make any distribution of such securities to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel
stating that such securities have been registered under the Securities Act or do not need to be registered in connection with such distribution. 
  

	 	Section 4.3	Subscription Rights, Preferences or Privileges. 

 If the Corporation
shall at any time offer or cause to be offered to the persons in whose names the Series E Preferred Stock is recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights,
preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall direct and the Depositary
shall agree, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Corporation in its discretion with the acknowledgement of the Depositary;
provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after consultation with the Depositary) not feasible to make such
rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges,
then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms
of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall,
subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

  
 11 

 The Corporation shall notify the Depositary whether registration under the Securities Act of the
securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary
that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement
to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the Holders of
Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel to
the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 

If any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in
order for such rights, preferences or privileges to be made available to Holders of Receipts, the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the
expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 
  

	 	Section 4.4	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to the Series E Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series E Preferred Stock are entitled to vote or of which
holders of the Series E Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record
date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series E Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights,
preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 

 

	 	Section 4.5	Voting Rights. 

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

  
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Stock or cause such Series E Preferred Stock to be voted. The Depositary will abstain from voting shares of the Series E Preferred Stock to the extent it does not receive specific instructions
from the Holders representing such Series E Preferred Stock. 
  

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

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

	 	Section 4.7	Delivery of Reports. 

 The Depositary shall furnish to Holders of
Receipts any reports and communications received from the Corporation which is received by the Depositary and which the Corporation is required to furnish to the holders of the Series E Preferred Stock. In addition, the Depositary will make
available for inspection by Receipt Holders at the Depositary’s Office, and at such other places as it may from time to time deem advisable, any reports and communications received from the Corporation which are received by the Depositary. 

 

	 	Section 4.8	Lists of Receipt Holders. 

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

  
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 ARTICLE V 

THE DEPOSITARY, THE DEPOSITARY’S 

AGENTS, THE REGISTRAR AND THE CORPORATION 
  

	 	Section 5.1	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 

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

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

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

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

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

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

 

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

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject to any
liability under this Deposit Agreement to Holders of Receipts other than for its gross negligence, intentional misconduct, bad faith or fraud. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of the Series E Preferred Stock, the Depositary Shares or the Receipts which in its reasonable opinion may involve it in expense or liability unless indemnity reasonably
satisfactory to it against all reasonable out-of-pocket expense and liability be furnished as incurred. 
 Neither the Depositary nor any
Depositary’s Agent nor any Registrar nor the Corporation shall be liable for any action or any failure to act by it in good faith reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series
E Preferred Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall
each be protected in acting upon or omitting to act upon any written notice, request, direction or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. 

The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series E Preferred Stock or
for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith. 
 The Depositary, its
parent, affiliates or subsidiaries, the Depositary’s Agents, and the Registrar may own, buy, sell and deal in any class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in
any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, parent, affiliate or subsidiary or Depositary’s Agent or
Registrar hereunder. The Depositary may also act as trustee, transfer agent or registrar of any of the securities of the Corporation and its affiliates. 

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

  
 15 

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

 

	 	Section 5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 

The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take
effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. 
 In case
at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or
trust company having its principal office in the United States of America and having a combined capital and surplus, along with its affiliates, of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted
appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its
predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series E Preferred Stock and any moneys or property held hereunder to such successor,
and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other
method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record Holders of Receipts. 

Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the
execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary.

  
 16 

	 	Section 5.5	Corporate Notices and Reports. 

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

	 	Section 5.6	Indemnification. 

 The Depositary will indemnify the Corporation and
hold it harmless from any loss, liability or expense actually incurred (including the reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted by the Depositary, including when such Depositary acts as
Registrar, or the Depositary’s Agents in connection with this Deposit Agreement due to its or their gross negligence, intentional misconduct, bad faith or fraud. The indemnification obligations of the Depositary set forth in this
Section 5.6 shall survive any termination of this Deposit Agreement and any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with Section 7.2. 

Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any
Registrar against, and hold each of them harmless from, any loss, liability or reasonable out-of-pocket expense (including the reasonable costs and expenses of defending itself) which may arise solely from third-party claims based directly on acts
performed or omitted in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except
for any liability arising out of gross negligence, intentional misconduct, bad faith or fraud on the respective parts of any such person or persons. For the avoidance of doubt, such indemnity shall not cover any consequential, indirect, partial,
special and incidental damages. The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with Section 7.2. 

Promptly following becoming aware of circumstances that might give rise to a claim for indemnification under this Deposit Agreement, a party
seeking indemnification hereunder (the “Indemnified Party”) shall notify the other party (the “Indemnifying Party”) of the relevant claim; provided that failure to so notify shall not affect the Indemnified
Party’s right to indemnification hereunder, except to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party shall, at its own expense, be entitled to control and direct the investigation and defense of any
claim, and shall have the right to settle any such claim without the consent of the Indemnified Party; provided that such settlement (i) fully releases the Indemnified Party from any liability and provides no admission of wrongdoing, and
(ii) does not subject the Indemnified Party to any additional obligation, whether financial or otherwise. In the event that any such settlement does not meet the requirements of (i) and (ii) above, then the Indemnified Party must
consent to such settlement in writing, which consent shall not be unreasonably withheld, conditioned or delayed. The Indemnified 

  
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Party shall provide reasonable assistance to the Indemnifying Party in connection with the Indemnifying Party’s defense of a claim and may participate in the defense of a claim with counsel
of its own choosing at its own cost and expense, unless the Indemnifying Party specifically authorizes the retaining of such counsel. 
  

	 	Section 5.7	Charges and Expenses. 

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

	 	Section 5.8	Tax Compliance. 

 The Depositary, on its own behalf and on behalf of
the Corporation, will comply with all applicable certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to
(i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the
preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 

The Depositary shall comply with any direction received from the Corporation with respect to the application of such requirements to
particular payments or holders or in other particular circumstances, and may for purposes of this Deposit Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof. 

The Depositary shall maintain all appropriate records documenting compliance with such requirements, and shall make such records available on
request to the Corporation or to its authorized representatives. 

  
 18 

 ARTICLE VI 

AMENDMENT AND TERMINATION 
  

	 	Section 6.1	Amendment. 

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

	 	Section 6.2	Termination. 

 This Deposit Agreement may be terminated by the
Corporation or the Depositary only if (i) all outstanding Depositary Shares issued hereunder have been converted pursuant to Section 2.9, (ii) there shall have been made a final distribution in respect of the Series E Preferred Stock
in connection with any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to
Section 4.1 or 4.2, as applicable, or (iii) upon the consent of the Holders of Receipts representing in the aggregate not less than two-thirds of the Depositary Shares outstanding. 

Upon the termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7; provided further that Section 5.3 and 5.6 shall survive the termination of this Deposit Agreement. 

ARTICLE VII 

MISCELLANEOUS 
  

	 	Section 7.1	Counterparts. 

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

  
 19 

	 	Section 7.2	Exclusive Benefit of Parties. 

 This Deposit Agreement is for the
exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

 

	 	Section 7.3	Invalidity of Provisions. 

 In case any one or more of the
provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby. 
  

	 	Section 7.4	Notices. 

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

801 Louisiana Street, Suite 700 

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

6201 15th Avenue 
 Brooklyn, New
York 11219 
 Attention: Corporate Department 

Facsimile No.: (718) 765-8726 

Email: IPODepartment@amstock.com 

With a copy (which shall not constitute notice) to: 

American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 
 Brooklyn, New
York 11219 
 Attention: General Counsel 
 or
at any other addresses of which the Depositary shall have notified the Corporation in writing. 

  
 20 

 Except as otherwise provided herein, any and all notices to be given to any Record Holder
of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, facsimile transmission or confirmed by letter, addressed to such Record Holder at the address of
such Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address designated in such
request. Delivery of a notice sent by mail or by facsimile transmission as provided in the previous sentence shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a
facsimile transmission) is deposited, postage prepaid, in a post office letter box; provided, that the Depositary or the Corporation may, however, act upon any facsimile transmission received by it from the other or from any Holder of a
Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 
  

	 	Section 7.5	Depositary’s Agents. 

 The Depositary may from time to time
appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s
Agents. The Depositary will promptly notify the Corporation of any such action. 
  

	 	Section 7.6	Appointment of Registrar and Dividend Disbursing Agent in Respect of the Series E Preferred Stock. 

The Corporation hereby also appoints the Depositary as registrar and dividend disbursing agent in respect of the Receipts and the Depositary
hereby accepts such appointment. 
  

	 	Section 7.7	Governing Law. 

 This Deposit Agreement and the Receipts of each
series and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 

 

	 	Section 7.8	Inspection of Deposit Agreement. 

 Copies of this Deposit Agreement
shall be filed with the Depositary and the Depositary’s Agents and shall be made available for inspection during business hours upon reasonable notice to the Depositary by any Holder of a Receipt. 

 

	 	Section 7.9	Headings. 

 The headings of articles and sections in this Deposit
Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts. 
  

	 	Section 7.10	Confidentiality. 

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

  
 21 

	 	Section 7.11	Further Assurances. 

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

	 	Section 7.12	Holders of Receipts Are Parties. 

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

  
 22 

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

 

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

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

  
 [Signature Page to
Deposit Agreement] 

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

 

					
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
		
	By:	 	 /s/ Michael A. Nespoli

		 	Name:	 	Michael A. Nespoli
		 	Title:	 	Executive Director

  
 [Signature Page to
Deposit Agreement] 

 EXHIBIT A 

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

			
	DEPOSITARY SHARES	  	$                    

 DEPOSITARY RECEIPT NO.     FOR
             DEPOSITARY SHARES, EACH REPRESENTING 1/1000th OF ONE SHARE OF 

10.00% SERIES E CUMULATIVE CONVERTIBLE PREFERRED STOCK OF 

GOODRICH PETROLEUM CORPORATION 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

CUSIP 382410 850 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning March 15, 2016, each March 15, June 15, September 15 and
December 15. 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Depositary (the “Depositary”), hereby certifies that
Cede & Co. is the registered owner of DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/1000th of one share of 10.00% Series E Cumulative Convertible Preferred Stock, liquidation preference
$10.00 per share, $1.00 par value per share (the “Series E Preferred Stock”), of Goodrich Petroleum Corporation, a Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and
entitled to the benefits of the Deposit Agreement dated as of December 18, 2015 (the “Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to time of the Depositary Receipts. By accepting this
Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the
Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary
Receipts by the manual or facsimile signature of a duly authorized officer thereof. 
  

			
	Dated:	 	
	
	AMERICAN STOCK TRANSFER AND TRUST COMPANY, LLC Depositary
		
	By:	 	  

		 	Authorized Officer

  
 A-1 

 [FORM OF REVERSE OF RECEIPT] 

GOODRICH PETROLEUM CORPORATION 
 GOODRICH
PETROLEUM CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATION OF 10.00% SERIES E CUMULATIVE CONVERTIBLE PREFERRED STOCK OF GOODRICH
PETROLEUM CORPORATION, ANY SUCH REQUEST TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE HEREOF. 
 The Corporation will furnish without charge to each
receiptholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of
such preferences and/or rights. Such request may be made to the Corporation or to the Registrar. 
 EXPLANATION OF ABBREVIATIONS 

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

							
	 Abbreviation
	 	 Abbreviation
	 	 Abbreviation
	 	 Equivalent Word

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

  

											
	 Abbreviation
	 	 Equivalent Word
	 	 Abbreviation
	 	 Equivalent Word
	 	 Abbreviation
	 	 Equivalent Word

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

 For value received,
                                         hereby
sell(s), assign(s) and transfer(s) unto 
 INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint Attorney to transfer the said Depositary Shares on
the books of the within named Depositary with full power of substitution in the premises. 
 Dated: 

  
 A-2 

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

NOTICE: If applicable, the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-3 

 EXHIBIT B 

Officer’s Certificate 
 I,
                    , [title] of Goodrich Petroleum Corporation (the “Corporation”), hereby certify that pursuant to the terms of
the Certificate of Designation effective December 18, 2015, filed with the Secretary of State of the State of Delaware on December     , 2015 (the “Certificate of Designation”), and pursuant to resolutions
adopted by the Board of Directors of the Corporation on November 5, 2015, the Corporation has established the Series E Preferred Stock which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms
and conditions of the Deposit Agreement (the “Deposit Agreement”), dated December     , 2015, by and among the Corporation, American Stock Transfer & Trust Company, LLC, and the Holders of Receipts
issued thereunder from time to time. In connection therewith, the Board of Directors of the Corporation or a duly authorized committee thereof has authorized the terms and conditions with respect to the Series E Preferred Stock as described in the
Certificate of Designation attached as Annex A hereto. Any terms of the Series E Preferred Stock that are not so described in the Certificate of Designation and any terms of the Receipts representing such Series E Preferred Stock that are not
described in the Deposit Agreement are described below: 
 Aggregate Number of shares of Series E Preferred Stock issued on the day
hereof: 
 CUSIP Number for Receipt: 

Denomination of Depositary Share per share of Series E Preferred Stock (if different than 1/1000th ownership interest in a share of Series E
Preferred Stock): 
 Depositary: American Stock Transfer & Trust Company, LLC 

All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned have executed this certificate as of the date set forth
below. 
 This certificate is dated: 
  

							
	Very truly yours,
	
	GOODRICH PETROLEUM CORPORATION
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 Signature Page to Officer’s Certificate

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