X0306 4 2019-03-10 0 0001022646 ULTRA PETROLEUM CORP UPL 0001196791 HONEYFIELD DAVID W 116 INVERNESS DRIVE EAST #400 ENGLEWOOD CO 80112 0 1 0 0 See Remarks Restricted Stock Units 2019-03-10 4 A 0 179856 0.00 A Common Stock 179856 793440 D Restricted Stock Units 2019-03-10 4 A 0 359712 0.00 A Common Stock 359712 1153152 D Each restricted stock unit represents a contingent right to receive one share of common stock of the Company. The restricted stock units are time-based and will vest, if at all, in three equal annual installments beginning on March 1, 2020. The award will terminate and the applicable restricted stock units will not vest if the Reporting Person is not employed by the Reporting Person on the date any portion of the award is scheduled to vest. 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. Senior Vice President and Chief Financial Officer /s/ Rex Griffin, as Attorney in Fact for David W. Honeyfield 2019-03-12