GDP Goodrich Petroleum Corporation

Goodrich Petroleum Corporation (the “Company”) has taken certain actions in order to finalize the grant of awards under the Company’s long-term cash incentive plan (the “LTCIP”) to the Company’s named executive officers. The LTCIP awards are materially consistent with the terms of the LTCIP that were previously disclosed in the Company’s Definitive Proxy Statement, filed with the Securities and Exchange Commission on April 7, 2021.

The target amount of the LTCIP award granted to the Company’s named executive officers is (i) $2,000,000 for Walter G. Goodrich, the Company’s Chairman and Chief Executive Officer, (ii) $2,000,000 for Robert C. Turnham, Jr., the Company’s President and Chief Operating Officer, and (iii) $650,000 for Michael J. Killelea, the Company’s Executive Vice President, General Counsel & Corporate Secretary. One-half of such target amount is subject to the “ROIC” performance goal shown below, which is generally measured over a single three-year performance period, and one-half of such target amount is subject to the “FCF” performance goal shown below, which is generally measured over three one-year performance periods.

“ROIC” means, with respect to the performance period noted above, the result (expressed as a percentage) of (i) the Company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”), divided by (ii) the Company’s average invested capital (total assets less current liabilities).

“FCF” means, with respect to each separate calendar year performance period noted above, the result (expressed as a dollar amount) of (i) (a) the Company’s discretionary cash flow, minus (b) the Company’s net capital expenditures.

Both performance metric payouts are subject to annual Board approved budgets and are subject to customary terms and conditions including withholding and change of control provisions at target.