Document:

Value Appreciation Instrument Agreement dated as of 10/21/11

 Exhibit 10.5 
 VALUE APPRECIATION INSTRUMENT AGREEMENT 
 This VALUE APPRECIATION AGREEMENT
(this “Agreement”), dated as of October 21, 2011, is by and among NBH Holdings Corp., a Delaware corporation (the “Company”), Bank Midwest, National Association, a wholly owned subsidiary of the Company (the
“Bank”), and the Federal Deposit Insurance Corporation, in its capacity as receiver (the “FDIC”). 

RECITALS 

WHEREAS, concurrently herewith, FDIC and the Bank is entering into that certain Purchase and Assumption Agreement, dated as of the date
hereof (as amended from time to time in accordance with its terms, the “P&A Agreement”) pursuant to which the Bank shall purchase and assume certain assets, deposits and certain other liabilities of Community Banks of Colorado,
Greenwood Village, Colorado (the “Failed Bank”) from the FDIC; and 
 WHEREAS, pursuant to the bid of the Company and
the Bank to acquire the Failed Bank, FDIC is entitled to receive a value appreciation payment in respect of one hundred thousand (100,000) Units as provided in, and subject to the terms and conditions of, this Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter set forth, the parties hereto,
intending to be legally bound, hereby agree as follows: 
 1. Definitions. As used in this Agreement, the
following terms shall have the meanings indicated: 
 “Agreement” shall have the meaning set forth in the preamble.

 “Business Day” means any day commencing at 9 A.M., Eastern Standard Time and ending at 5 P.M., Eastern Standard
Time, that is not a Saturday or Sunday or a legal holiday on which banks are authorized or required by law to be closed or a day on which the principal office of the FDIC is closed. 

“Bank” shall have the meaning set forth in the recitals. 

“Company” shall have the meaning set forth in the recitals. 

“Determination Price” shall mean, in respect of each Unit: 

(i) if a Public Float Event occurs, the Company’s two (2) day volume weighted average price (“VWAP”) per Unit as of
the date of the Exercise Notice; 
 (ii) if a Sale Event occurs, the value of the consideration received per Unit upon the
closing of such Sale Event; or 

 (iii) if the Alternative Consideration Fee is assessed, the value per Unit is equal to the
product of (x) the Company’s Tangible Book Value per common share as of the most recent quarter prior to the expiration of the Term and (y) the prevailing average price to tangible book multiple of the components underlying the Nasdaq
Bank Index at such date. 
 “Exercise Notice” shall have the meaning set forth in Section 3(d). 

“Exercise Period” shall have the meaning set forth in Section 3(c). 

“Exercise Price” means $18.93 per Unit subject to adjustments as set forth in this Agreement. 

“Failed Bank” shall have the meaning set forth in the preamble. 

“FDIC” shall have the meaning set forth in the preamble. 

“Initial Exercise Date” shall have the meaning set forth in Section 3(c). 

“Initial Public Offering” shall mean the first underwritten public offering of common stock of the Company after which it will
both (i) trade on a national securities exchange (which includes, but is not limited to, NYSE, NASDAQ and NYSE Amex Equities) and (ii) have a post-offering public float in excess of Fifty Million United States Dollars ($50,000,000).

 “Public Float Event” shall mean the increase of the Company’s public float to more than Fifty Million United
States Dollars ($50,000,000) for a consecutive 30-trading-day period by means of either (i) an Initial Public offering or (ii) appreciation of public market price of shares of the Company. 

“Sale Event” shall mean a business combination in which the Company is designated as the selling entity or a disposition of all
or substantially all of the Company’s assets. 
 “Settlement Price” means the Determination Price minus the
Exercise Price. 
 “Tangible Book Value” shall mean the quotient of the Company’s tangible common equity divided
by the Company’s total common shares outstanding. 
 “Term” shall mean the period commencing on the Initial
Exercise Date and ending on the later to occur of (i) the first anniversary of a Trigger Event or (ii) October 21, 2013. 
 “Transfer” shall mean any transfer, sale, exchange, assignment, pledge, or hypothecation of, creation of a lien or other encumbrance or security interest in or upon, or other disposition of, the
VAI Right. 
 “Trigger Event” shall have the meaning set forth in Section 3(a). 

  
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 “Trigger Notice” shall have the meaning set forth in Section 3(b).

 “Unit” shall mean an accounting device which mirror’s one share of the Company’s common stock.

 “VAI Payment” shall have the meaning set forth in Section 2(a). 

“VAI Right” shall have the meaning set forth in Section 2(a). 

“VWAP” means the Volume Weighted Average Price for a trading day displayed under the heading “Bloomberg VWAP” on the
Bloomberg Page for the Company (or its equivalent successor page if such page is not available) for such trading day. If the Bloomberg Page or the Bloomberg VWAP is not available for a trading day, “VWAP” shall mean the volume weighted
average price of Company common stock for such trading day, as determined by a nationally recognized investment banking firm retained by the Company based on available trading information for the Company’s common stock. 

2. VAI Right. 
 (a) Upon the occurrence of a Trigger Event (as defined below), FDIC will have the right (the “VAI Right”) which may be exercised in whole or in part, at any time during the Term in accordance
with the provisions of Section 3, to receive a payment in cash or in stock (the “VAI Payment”) in respect of one hundred thousand (100,000) Units, in the aggregate, as follows: (1) if payment in cash is elected, the VAI
Payment shall be equal to the product of (i) the Settlement Price per Unit and (ii) the number of Units in respect of which the VAI Right is being exercised as set forth in the applicable Exercise Notice, or (2) if payment in stock is
elected, the VAI Payment shall be the number of shares of the Company’s common stock equal to (X) the product of (i) the number of Units in respect of which the VAI Right is being exercised as set forth in the applicable Exercise
Notice and (ii) the Settlement Price per Unit, divided by (Y) the Determination Price as defined in clause (i) or clause (ii) of the definition of “Determination Price” as defined in clause (i) or clause
(ii) of the definition of “Determination Price.” 
 (b) Adjustments for Stock Splits, etc. The number of
Units to which the VAI Right relates shall be appropriately adjusted, as determined by the managing board of the Company, to reflect fully the effect of any stock split, reverse stock split, stock dividend (including any dividend or distribution of
securities convertible into Units), reclassification, reorganization, recapitalization or similar transaction occurring after the date hereof and prior to the expiration of the Term. 

3. Exercise of VAI Right. 
 (a) Conditions to Exercise. The VAI Right shall become exercisable, in or in part, only upon the earlier of (i) the occurrence of a Public Float Event, or (ii) the closing of a Sale Event
(any such event in clause (i) or (ii), a “Trigger Event”). 

  
 -3-

 (b) Trigger Notice. Within five (5) Business Days of the occurrence of a Trigger
Event, the Company shall send FDIC a written notice stating that a Trigger Event has occurred (a “Trigger Notice”). Such Trigger Notice shall be delivered pursuant to Section 7 below. 

(c) Exercise Period. The VAI Right may be exercised in whole or in part at any time commencing on the delivery date of the Trigger
Notice (the “Initial Exercise Date”) and continuing until the expiration of the Term at which time the VAI Right or any unexercised portion thereof shall be extinguished. 

(d) Manner of Exercise. In order to exercise the VAI Right, FDIC shall deliver to the Company a written notice in the form of
Exhibit A hereto (the “Exercise Notice”), at any time on or after the date on which the VAI Right becomes exercisable as provided in Section 3(c). Such Exercise Notice shall be delivered pursuant to Section 7 below. 

(e) Settlement of Right; Payment by Company. After receipt of the Exercise Notice in the manner set forth above, on the first
Business Day following the Company’s receipt of the Exercise Notice, the Company shall deliver to the FDIC or any other holder of the VAI Right as a result of a Transfer, the VAI Payment in the form that such holder may elect pursuant to
Section 2(a). 
 (f) Alternative Consideration Fee. In the event that a Trigger Event does not occur prior to the
expiration of the Term or a Trigger Event occurs but the FDIC does not exercise the VAI Right, then on the expiration of the Term the Company shall pay the FDIC a cash fee equal to the product of (x) the number of unexercised Units and
(y) the Settlement Price per Unit. For purposes of this Section 3(f), the Settlement Price shall be calculated based on a Determination Price as defined in clause (iii) of the definition of “Determination Price.” 

4. Transfers Prior to the Expiration of the Term. FDIC may Transfer its right, title and interest in and to all or part of
the VAI Right without the consent of the Company (provided that FDIC shall notify the Company pursuant to Section 7 below prior to the any such Transfer) at any time prior to the expiration of the Term. 

5. Binding Effect. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto
and their respective heirs, personal representatives, legatees, successors and permitted assigns. 
 6. No
Impairment. The Company will not, by amendment of its operating agreement or through any consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect
the rights of FDIC against impairment. 

  
 -4-

 7. Notices. Any notice, demand or request which may be permitted, required or
desired to be given in connection with herewith shall be given in writing and directed to the parties hereto as follows: 
 if
to FDIC, to: 
 Manager, Special Programs 
 Division of Resolutions and Receiverships 
 Federal Deposit Insurance Corporation

 550 17th Street, NW (Room F-7028) 
 Attention: Philip Mangano 
 Washington, D.C. 20429-0002 

E-mail Address: PMangano@fdic.gov 
 with a copy to: 
 Senior Counsel 

FDIC Legal Division 
 Federal Deposit Insurance Corporation 
 Special Issues Unit 

3501 Fairfax Drive (Room E-7056) 
 Attention: David Gearin 
 Arlington, Virginia 22226 

E-mail Address: DGearin@fdic.gov 
 if to the Company, to: 
 Chief Financial Officer 

NBH Holdings Corp. 
 2 International Place, Suite 2302 
 Boston, MA 02110 

Notices shall be deemed properly delivered and received when delivered to both the primary notice party and copied parties (i) if personally
delivered, upon receipt or refusal to accept delivery, (ii) if sent by a commercial overnight courier for delivery on the next Business Day, on the first business day after deposit with such courier service (or the third Business Day if sent to
an address not in the United States), or (iii) if sent by registered or certified mail, five (5) days after deposit thereof in the U.S. mail. Any party may change its address for delivery of notices by properly notifying the others
pursuant to this Section 7. For the avoidance of doubt, email notices and notices sent via facsimile shall not be deemed proper delivery for purposes of this Agreement. 
 8. Amendment. This Agreement may be modified or amended only by an instrument in writing, duly executed by the Company on the one hand, and the FDIC, on the other hand. 

  
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 9. Governing Law. This Agreement shall be governed by and construed in
accordance with the federal law of the United States if and to the extent such law is applicable, and, insofar as there may be no applicable federal law, shall be governed in accordance with the laws of the State of New York. Each of the Company and
FDIC agrees (a) to submit to the exclusive jurisdiction and venue of the federal courts located in the State of New York for any civil action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby, and (b) that notice may be served upon the Company and FDIC at the addresses in Section 7 above. To the extent permitted by applicable law, each of the Company and FDIC hereby unconditionally waives trial by jury in any civil legal
action or proceeding relating to this Agreement or the transactions contemplated hereby. 
 10. Severability. If
any provision of this Agreement is found by a court of competent jurisdiction to be invalid or unenforceable, such provision shall not affect the other provisions, but such invalid or unenforceable provision shall be deemed modified to the extent
necessary to render it valid or enforceable, preserving to the fullest extent permissible the intent of the parties set forth herein. 
 11. Headings. The headings in this Agreement are inserted for convenience only and shall not constitute a part hereof. 

12. Counterparts; Facsimile. For the convenience of the parties, any number of counterparts hereof may be executed, each
such executed counterpart shall be deemed an original, and all such counterparts together shall constitute one and the same instrument. Facsimile transmission or other electronic transmission of any signed original counterpart and/or retransmission
of any signed facsimile transmission or other electronic transmission shall be deemed the same as the delivery of an original. 

13. Entire Agreement. This Agreement and the P&A Agreement (including the exhibits and schedules of each of the
foregoing) contain the entire understanding of the parties hereto with respect to the subject matter hereof. 
 [Remainder of
page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

					
	NBH Holdings Corp.
		
	By:	 	 /s/ G. Timothy Laney

		 	Name:	 	G. Timothy Laney
		 	Title:	 	C.E.O.
	
	Bank Midwest
		
	By:	 	 /s/ G. Timothy Laney

		 	Name:	 	G. Timothy Laney
		 	Title:	 	Chairman
	
	FEDERAL DEPOSIT INSURANCE CORPORATION, RECEIVER OF COMMUNITY BANKS OF COLORADO, GREENWOOD VILLAGE, COLORADO
		
	By:	 	 /s/ Terry B. Knapper

		 	Name:	 	Terry B. Knapper
		 	Title:	 	Receiver

 [Signature Page to Value Appreciation Instrument Agreement] 

 EXHIBIT A 
 FORM OF NOTICE OF EXERCISE 
  

	TO:	NBH Holdings Corp. 

  

	RE:	Election to Exercise Value Appreciation Instrument 

 The undersigned, pursuant to the provisions set forth in the attached Value Appreciation Instrument Agreement, hereby irrevocably exercises its Right under such Value Appreciation Instrument with respect
to the Units set forth below. 
  

					
		 	Number of Units:	  	__________
			
		 	Exercise Date:	  	                     ,
201    
 (If a date is not designated, the Exercise Date is date the Company receives this
Notice)

		
		 	Wire Transfer Instructions:
			
		 	 Bank Name:
	  	  

			
		 	 ABA Routing #:
	  	  

			
		 	 Beneficiary Name:
	  	  

			
		 	 Beneficiary Account #:
	  	  

			
		 	 Bank Contact:
	  	  

			
		 	 Phone:
	  	  

			
		 	 Beneficiary Contact:
	  	  

			
		 	 Beneficiary Phone:
	  	  

 HOLDER: 
  

			
	  

	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:	 	                    ,
201Release Agreement

 Exhibit 10.1 
 Agreement 
 Release Agreement 

Santos Offshore Pty Ltd 
 ACN 005 475 589

 Magellan Petroleum Australia Limited 

ACN 009 728 581 

 Release Agreement 
 Date July 21, 2011 
  

	 Between the parties 
	Santos Offshore Pty Ltd 

 ACN 005 475 589

 of Santos Centre, Ground Floor, 60 Flinders Street 
 Adelaide, South Australia 5000 
 (Santos Offshore) 

Magellan Petroleum Australia Limited 
 ACN 009 728 581 
 of 10th Floor, 145 Eagle Street 

Brisbane, Queensland 4000  
 (Magellan Australia) 
  

	 Background 
	Santos Offshore and Magellan Australia are parties to the Evans Shoal- Assets Sale Deed dated 25 March 2010 (which was subsequently amended by the Deed of Variation dated 31 January 2011
(Deed of Variation)) (ASD) pursuant to which Santos Offshore would sell and Magellan Australia would acquire certain interests in respect of the Evans Shoal JOA. 

 

	 	2	Santos Offshore and Magellan Australia are also parties to the Technical Services Agreement for Evans Shoal dated 25 March 2010 (which was also subsequently
amended by the Deed of Variation) (TSA) pursuant to which Santos Offshore would provide certain services to Magellan Australia. 

  

	 	3	Pursuant to the terms of the ASD, Magellan Australia paid certain amounts into an escrow account (Escrow Account). 

 

	 	4	Completion has not occurred. 

  

	 	5	Pursuant to this agreement the parties agree to terminate the ASD and TSA and resolve all outstanding issues in relation to the ASD and TSA. 

The parties agree 

  
  

					
		  		  	Release Agreement
		  	  
 page 1
	  	

	1	Termination of ASD and TSA 

  

	 	(a)	With effect from the time on which the sum referred to in clause 2 shall be unconditionally received by Magellan Australia: 

 

	 	(1)	the ASD and TSA will be terminated with immediate effect; 

  

	 	(2)	each of Santos Offshore and Magellan Australia waives any right to object to the validity of the termination of the ASD referred to in clause 1(a)(1) whether on the
basis that it was not in accordance with clause 6.1 or 6.2 of the ASD or for any other reason whatsoever; 

  

	 	(3)	each of Santos Offshore and Magellan Australia waives any right to object to the validity of the termination of the TSA referred to in clause 1(a)(1) whether on the
basis that it was not in accordance with clause 21 of the TSA or for any other reason whatsoever; 

  

	 	(4)	each of Santos Offshore and Magellan Australia irrevocably and unconditionally releases and discharges the other (and each of their affiliates, officers, agents and
directors, past and present) from any claim, action, demand, suit or proceeding for damages, debt, restitution, equitable compensation, account, injunction, specific performance or any other remedy that they may have, whether known or unknown,
against the other arising out of or in connection with the ASD the TSA or the transactions contemplated under the ASD or the TSA, whether at common law (including tort), in equity, under statute or otherwise; 

 

	 	(5)	each of Santos Offshore and Magellan Australia shall not claim, sue or take any action against the other (or against any of their respective affiliates, officers,
agents or directors, past or present) in respect of the matters from which it has released and discharged under clause 1(a)(4); and 

  

	 	(6)	each party irrevocably, unconditionally and fully indemnifies the other party and each of its affiliates, officers, agents and directors, past and present, against any
Loss (including legal costs and expenses) that they incur, suffer or pay or may incur, suffer or pay arising from or in respect of any claim made against them in respect of the matters from which that party is released and discharged under clause
1(a)(4) by: 

  

	 	(A)	in the case of Santos Offshore, the Holding Company of Santos Offshore Pty Ltd or Santos Limited; and 

 

	 	(B)	in the case of Magellan Australia, the Holding Company of Magellan Australia or Magellan Petroleum Corporation. 

 

	 	(7)	 Magellan Australia irrevocably, unconditionally and fully indemnifies Santos Offshore and each of its affiliates, officers, agents and directors, past
and present, against any Loss (including legal costs 

  
  

					
		  		  	Release Agreement
		  	  
 page 2
	  	

 2 Release of the Escrow Account sums 
  

	 	
and expenses) that they incur, suffer or pay or may incur, suffer or pay arising from or in respect of any claim made against them in respect of the matters from which Santos Offshore is released
and discharged under clause 1(a)(4) by Young Energy Prize s.a. (or its significant shareholders, affiliates, officers, agents and directors). 

  

	 	(b)	Nothing in this clause 1 shall prevent any party from commencing proceedings to enforce their rights under this agreement. 

 

	2	Release of the Escrow Account sums 

  

	 	(a)	Contemporaneously with the execution and delivery of this agreement each of Magellan Australia and Santos Offshore shall execute and deliver to the Escrow Agent an
agreed form of instruction authorising the immediate release to Magellan Australia of A$10 million from the Escrow Account together with all interest in respect of A$10 million that has accrued thereon from the date of deposit of the A$10 million to
the date of release of the A$10 million (Escrow Amount). 

  

	 	(b)	Magellan Australia undertakes to immediately notify Santos Offshore upon it receiving the Escrow Amount into its accounts. 

 

	3	General 

  

	3.1	Binding obligations 

Except as otherwise provided, the parties agree that they intend their respective obligations under this agreement to be legally binding
and enforceable. 
  

	3.2	Costs and expenses 

 Each
party must pay its own legal costs and expenses for the negotiation, preparation and completion of this agreement. 
  

	3.3	Governing law and jurisdiction 

  

	 	(a)	This agreement is governed by the laws of South Australia. 

  

	 	(b)	Each party irrevocably submits to the exclusive jurisdiction of courts exercising jurisdiction in South Australia in respect of any proceedings arising out of or in
connection with this agreement. 

  

	3.4	No admission of liability 

Nothing in this agreement constitutes an admission of liability by any party to any other party. 

  
  

					
		  		  	Release Agreement
		  	  
 page 3
	  	

 3 General 

 

	3.5	Confidentiality 

 Unless
the parties otherwise agree in writing, the parties must keep the terms of this agreement and any ancillary matter relating to it confidential, except as required by law (and including without limitation as required by the rules of any applicable
securities exchange or by any applicable regulatory authority) or as required to obtain legal or financial advice in relation to this agreement or to the matters contemplated by it. 

 

	3.6	Securities exchange and press releases 

 Other than the press release contained in Schedule 1, a party must not, and must ensure that none of its Related Bodies Corporate, (either, a Releasing Party) make any release to any applicable
securities exchange or press release with respect to the terms of this agreement without: 
  

	 	(a)	the other party (Non Releasing Party) having been provided with a draft of the release and given a reasonable opportunity to comment on it; and

  

	 	(b)	the Releasing Party having acted reasonably in making any amendments to the release as requested in writing by the Non Releasing Party to the Releasing Party,

 provided nothing in this clause 3.6 will prevent a party (or its Related Bodies Corporate) making any disclosure
to the extent (and at the time) required by law (and including without limitation as required by the rules of any applicable securities exchange or by any applicable authority), but if a party (or its Related Body Corporate) is so required to make
any announcement or to disclose any confidential information, the relevant party must follow the procedure in (a) and (b) above, where practicable and lawful to do so, before the announcement is made or disclosure occurs (as the case may
be). 
  

	3.7	GST 

  

	 	(a)	Any reference in this clause 3.7 to a term defined or used in the A New Tax System (Goods and Services Tax) 1999 (Cth) is, unless the context indicates
otherwise, a reference to that term as defined or used in that Act. 

  

	 	(b)	To the extent that GST is payable in respect of any supply made by a party (Supplier) to the other party (Recipient) under or in connection with this
agreement: 

  

	 	(1)	the consideration to be provided under this agreement for that supply (unless it is expressly stated to include GST) is increased by an amount equal to the
consideration in respect of the taxable supply (exclusive of GST) multiplied by the rate of goods and services tax. 

  

	 	(2)	the Recipient must pay the additional amount payable under clause 3.7(b)(1) to the Supplier at the same time as the consideration is otherwise required to be provided.

  

	 	(3)	the Supplier must issue a tax invoice or other documentation required under the applicable law to the Recipient at or before the time of payment of the consideration
for the supply as increased on account of GST or at such other time as the parties agree. 

  

	 	(4)	whenever an adjustment event occurs the supplier must determine the net GST in relation to the supply (taking into account any adjustment) and if the net GST differs
from the amount previously paid under clause 3.7(b)(3), the amount of the difference must be paid by, refunded to or credited to the recipient, as applicable. 

  

  
  

					
		  		  	Release Agreement
		  	  
 page 4
	  	

 3 General 

 

	 	(c)	If one of the parties to this agreement is entitled to be reimbursed or indemnified for a loss, cost, expense or outgoing incurred in connection with this agreement,
then the amount of the reimbursement or indemnity payment must first be reduced by an amount equal to any GST input tax credit to which the party being reimbursed or indemnified (or its representative member) is entitled in relation to that loss,
cost, expense or outgoing and then, if the amount of the payment is consideration or part consideration for a supply to which GST is payable, it must be increased on account of GST. 

 

	3.8	Entire agreement 

 This
agreement embodies the entire agreement between the parties in respect of the subject matter of the agreement and there is no other understanding, agreement, representation or warranty, whether expressed or implied, in any way extending, modifying
or qualifying any of the provisions of this agreement. 
  

	3.9	Severability 

  

	 	(a)	Any clause in this agreement which is prohibited in any jurisdiction is, in that jurisdiction, ineffective only to the extent of that prohibition.

  

	 	(b)	Any clause in this agreement which is void, illegal or unenforceable in any jurisdiction does not affect the validity, legality or enforceability of that provision in
any other jurisdiction or of the remaining provisions in that or any other jurisdiction. 

  

	3.10	Counterparts 

 This
agreement may be executed in a number of counterparts, in which case this agreement comprises all the counterparts, taken together. 
  

	3.11	Benefits held on trust 

Each party holds the benefit of each indemnity, promise and obligation in this agreement expressed to be for the benefit of its
affiliates, officers, agents, directors or related bodies corporate on trust for those affiliates, officers, agents, directors or related bodies corporate. 

 

  
  

					
		  		  	Release Agreement
		  	  
 page 5
	  	

 4 Interpretation 

 

	3.12	Notices 

  

	(a)	Any notice or other communication (including any request, demand, consent or approval) to or by a party to this agreement must be in legible writing and in English
addressed as shown below (or as specified to the sender by any party by notice): 

  

									
	Party	  	Address	  	Attention	  	Facsimile	  	Email
	Santos	  	Ground Floor,	  	Christian Paech	  	+61 8 8116 5287	  	Christian.Paech@santos.com
		  	 Santos Centre, 60
 Flinders
Street, Adelaide, South Australia 5000 Australia
	  	 General Counsel
 Copy
to:
 David Slocombe
 Commercial
Manager,
 Western Australia and Northern Territory
	  	 Copy to:
 +61 8 9333
9571
	  	Copy to: David.Siocombe@santos.com
					
	Magellan	  	 7 Custom House

Street, 3rd Floor,

Portland, ME 04101,

USA
	  	 William H. Hastings,
 Director
 Copy to:
 Antoine Lafargue:
 Chief Financial
 Officer and Treasurer
	  	 +1 207-553- 2250
 +1 207- 553-2250
	  	 whhastings@magellanpetroleum.com
  

alafargue@magellanpetroleum.com

  

	(b)	If the sender is a company, the notice or communication must be signed by an officer or under the common seal of the sender. 

 

	(c)	A notice or communication given in accordance with clause 3.12(a) can be relied on by the addressee and the addressee is not liable to any other person for any
consequences of that reliance if the addressee believes it to be genuine, correct and authorised by the sender. 

  

	(d)	Any notice or other communication to or by a party to this agreement is regarded as being given by the sender and received by the addressee: 

 

	 	(1)	if by delivery in person, when delivered to the addressee; 

  

	 	(2)	if by post, 5 Business Days from and including the date of postage; 

  

	 	(3)	if by facsimile transmission, when a facsimile confirmation receipt is received indicating successful delivery; or 

 

	 	(4)	if sent by email, when a delivery confirmation report is received by the sender which records the time that the email was delivered to the addressee’s email
address (unless the sender receives a delivery failure notification indicating that the email has not been delivered to the addressee), 

 but if the delivery or receipt is on a day that is not a Business Day or is after 5.00pm (addressee’s time) it is regarded as received at 9.00am on the following Business Day 

 

	(e)	A facsimile transmission is regarded as legible unless the addressee telephones the sender within 2 hours after the transmission is received or regarded as received
under clause 3.12(c) and informs the sender that it is not legible. 

 In this clause 3.12, reference to an
addressee includes a reference to an addressee’s officers, agents or employees. 

  
  

					
		  		  	Release Agreement
		  	  
 page 6
	  	

 4 Interpretation 

 

	4	Interpretation 

 In this
agreement : 
  

	 	(a)	Unless otherwise defined, capitalised terms used in this agreement have the same meaning as is given to them in the ASD. 

 

	 	(b)	Headings and bold type are for convenience only and do not affect the interpretation of this agreement. 

 

	 	(c)	The singular includes the plural and the plural includes the singular. 

  

	 	(d)	Words of any gender include all genders. 

  

	 	(e)	Other parts of speech and grammatical forms of a word or phrase defined in this agreement have a corresponding meaning. 

 

	 	(f)	An expression importing a person includes any company, partnership, joint venture, association, corporation or other body corporate and any government agency as well as
an individual. 

  

	 	(g)	A reference to a clause, party, schedule, attachment or exhibit is a reference to a clause of, and a party, schedule, attachment or exhibit to, this agreement.

  

	 	(h)	A reference to a document includes all amendments or supplements to, or replacements or novations of, that document. 

 

	 	(i)	A reference to a party to a document includes that party’s successors and permitted assignees. 

 

	 	(j)	A reference to an agreement other than this agreement includes a deed and any legally enforceable undertaking, agreement, arrangement or understanding, whether or not
in writing. 

  

	 	(k)	No provision of this agreement will be construed adversely to a party because that party was responsible for the preparation of this agreement or that provision.

  

	4.2	Interpretation of inclusive expressions 

 Specifying anything in this agreement after the words ‘include’ or ‘for example’ or similar expressions does not limit what else is included. 

  
  

					
		  		  	Release Agreement
		  	  
 page 7
	  	

 Signing page 
 Executed as an agreement 
 Signed by 

Santos Offshore Pty Ltd 
 by its authorised representative 
  

			
		
	sign here	 	/s/ Christian Peach
		 	Authorised representative
		
	print name	 	Christian Peach
		
	sign here	 	/s/ David Lim
		 	Witness
		
	print name	 	David Lim

 Signed by 
 Magellan Petroleum Australia Limited 
 by 

 

			
		
	sign here	 	/s/ Bruce McInnis
		 	Corporate Secretary
		
	print name	 	Bruce McInnis
		
	sign here	 	/s/ Rovert J. Mollah
		 	Director
		
	print name	 	Robert J, Mollah

  
  

					
		  		  	Release Agreement
		  	  
 page 8
	  	

 Schedule 1 
 Press Release 
 Magellan Petroleum Corporation Announces Resolution of Outstanding
Issues Related to Termination of Evans Shoal Transaction 
 Magellan and Santos have now finalised discussions regarding an appropriate
resolution of all remaining issues relating to the non-closure of the Evans Shoal transaction. The Company and Santos have agreed that $10 million of the sums deposited in connection with the Evans Shoal transaction will be returned to the Company
and that the Asset Sale Deed should be terminated. 
 The process of unwinding the Evans Shoal Transaction has allowed the Company and Santos to
look at their joint operations in the Northern Territory, Australia. This has lead to productive discussions towards rationalizing and more efficiently exploiting their respective interests in the Amadeus Basin, and creating new commercial
opportunities. The Company is working with Santos to satisfactorily conclude these discussions in the near term. 

  
  

					
		  	 Agreement relating to Evans Shoal, Mereenie, Palm Valley and Dingo

		  	  
 page 9

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