X0306 4 2020-04-22 0 0001022646 ULTRA PETROLEUM CORP UPLC 0001432452 WHYTE JAMES N C/O ULTRA PETROLEUM CORP 116 EAST INVERNESS DRIVE, SUITE 400 ENGLEWOOD CO 80112 0 1 0 0 Sr VP, Chief HR Officer Common Stock 2020-04-22 4 M 0 8000 A 8000 D Common Stock 2020-04-22 4 F 0 2776 0.029 D 5224 D Restricted Stock Units 2020-04-22 4 M 0 8000 0 A Common Stock 8000 64000 D Such time-based restricted stock units converted on a one-for-one basis. On April 22, 2019, the Reporting Person was granted 24,000 time-based restricted stock units, scheduled to vest, if at all, in three equal annual installments beginning on April 22, 2020. Following the transaction reported herein, 16,000 of the restricted stock units set forth in box 9 of this Form 4 are time-based and will vest, if at all, in two equal annual installments beginning on April 22, 2021. The time-based award will terminate and the applicable restricted stock units will not vest if the Reporting Person is not employed by the Company on the date any portion of the award is scheduled to vest. (Continued from Footnote 3) 48,000 of the restricted stock units are subject to both performance-based and time-based vesting terms. The performance-based vesting conditions are assessed based on the volume-weighted average price of the Company's common shares as measured over 60 consecutive trading days relative to pre-established price goals. Once a performance-based vesting condition is achieved, the restricted stock units that have become performance vested will time-vest over the two or three-year period following the date on which they became performance vested. /s/ Rex Griffin, as Attorney in Fact for James N. Whyte 2020-04-24