Document:

EXHIBIT 10.1

	
  
Marlin   Business Services Corp.
   Compensation Policy for Non-Employee Independent Directors
  
	
  

  

Non-employee Independent Directors of Marlin Business Services Corp. (the “Company”) are eligible to receive compensation for their time and service participating on the Company’s Board of Directors and Committees. The following Compensation Policy for Non-Employee Independent Directors was adopted by the Company’s Board of Directors on May 26, 2005 and became effective on that date:

	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
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A one-time initial option grant of 5,000 shares will be made to each
Non-employee Independent Director upon such Director’s first-time
election/appointment to the Company’s Board of Directors.
1
 
	
   
  	
  
 
  
	
  
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Each Non-employee Independent Director will receive   the following annual compensation for their Board and Committee memberships:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
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$30,000 annual retainer2
  	
  
 
  
	
  
 
  	
  
-
  	
  
Option grant yielding a present value of $9,000   (using option pricing model) 3
  
	
  
 
  	
  
-
  	
  
Restricted stock grant yielding a present value of   $27,000 4
  
	
  
 
  	
  
 
  
	
  
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The Lead Director & Committee Chairmen will also   be paid the following amounts each year 5:
  
	
   
  	
  
 
  
	
  
 
  	
  
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Lead Independent Director
  	
  
$
  	
  
25,000
  	
  
 
  
	
  
 
  	
  
-
  	
  
Audit Committee Chairman
  	
  
$
  	
  
10,000
  	
  
 
  
	
  
 
  	
  
-
  	
  
Compensation Committee Chairman
  	
  
$
  	
  
4,000
  	
  
 
  
	
  
 
  	
  
-
  	
  
Nominating/Governance Committee Chairman
  	
  
$
  	
  
2,000
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  
	
  
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Non-employee Independent Director ownership   requirements:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
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Within 5 years of joining the Company’s Board of   Directors (or 5 years from May 26, 2005 for existing Directors), each   Non-employee Independent Director shall be required to own Company stock with   a value equal to 5 times the Director’s annual Board retainer.  Restricted shares may be counted toward   the ownership requirement.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
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Non-employee Independent Directors shall hold 50% of   the net, after tax “profit” realized on the exercise of stock options in the   form of Company shares for a minimum period of one year after the exercise.
  

	
  

  
	
  1 Existing Non-employee   Independent Directors as of 5/26/05 have previously received this one-time   grant.  These options will have a   seven year term and will vest pro-rata over four years from the grant date   (one-quarter of the total grant per year).
  
	
  2 This retainer shall be paid in   quarterly installments.
  
	
  3 Annual option grants will have   a seven year term and will cliff vest one year from the grant date.
  
	
4 Restricted stock grants
will vest at the earlier of (a) seven years from the grant date and (b) six
months following the Non-employee Independent Director’s termination of
Board service.
 
	
  5 These fees shall be paid in   quarterly installments.EX-10.1

Exhibit 10.1

AGREEMENT AND PLAN OF RESTRUCTURING

This Agreement and Plan of Restructuring (this “Agreement”) is entered into this 11th
day of May 2005 by and between Far East Energy Corporation, a Nevada corporation (the
"Company”), and Far East Energy (Bermuda), Ltd., a Bermuda company (“FEEB”).

WHEREAS, the Board of Directors of the Company (a) has unanimously approved a restructuring
plan, subject to the terms and conditions of this Agreement, authorizing the Company to transfer to
FEEB all or substantially all of the Company’s assets relating to its operations in The People’s
Republic of China (the “PRC”) and (b) has unanimously recommended approval of such
restructuring plan by, and directed that such restructuring plan be submitted to a vote of, the
stockholders of the Company;

WHEREAS, the Company and FEEB desire to enter into this Agreement to establish such
restructuring plan on the terms and subject to the conditions set forth herein; and

WHEREAS, the Company and FEEB intend for the transactions consummated pursuant to the
restructuring plan to qualify, for U.S. federal income tax purposes, as a nontaxable exchange and
as a nontaxable reorganization under Sections 351 and 368(a) of the Internal Revenue Code of 1986,
as amended, respectively.

NOW THEREFORE, in consideration of the premises and the mutual promises herein made, the
parties agree as follows:

1. DEFINITIONS.

For purposes of this Agreement, the following terms have the meanings specified or referred to
in this Section 1:

"Assigned Contracts” shall mean all contracts, commitments, agreements, leases,
subleases, and rights thereunder, including all working interests or participation interests
thereunder, and all guaranties and other similar arrangements to which the Company is a party or
the Company or its assets is bound, in each case, which are used solely in connection with or
benefiting solely the Company’s operations relating to the exploration, development and production
of coalbed methane gas in the PRC, including, but not limited to, the Company’s production sharing
contract with CUCBM for its projects in Yunnan Province, PRC, its production sharing contracts with
CUCBM and Phillips China Inc., a subsidiary of ConocoPhillips, Inc., for its projects in Shanxi
Province, PRC and the Company’s farmout agreements and escrow agreement relating to its projects in
Shanxi Province, PRC.

"China Assets” shall mean all right, title and interest in and to the following assets
of the Company: (a) all of the Assigned Contracts; (b) all transferable permits, licenses and
authorizations used in or relating to the exploration, development and production of coalbed
methane gas in the PRC; (c) all tangible assets relating to the Company’s operations in the PRC;
and (d) all equity interests in Yunnan Huayi Eco-tech Consulting Co., Ltd.

"CUCBM” shall mean China United Coalbed Methane Co. Ltd.

"Closing” shall have the meaning defined in Section 3.2.

"Closing Date” shall mean the date and time as of which the Closing actually takes
place.

2. TRANSFER OF CHINA ASSETS.

2.1 China Assets. Subject to the terms and conditions of this Agreement, at the Closing, the
Company agrees to transfer the China Assets to FEEB in exchange solely for common shares of FEEB.
FEEB hereby agrees to be bound by, and assumes the payment, discharge, satisfaction and performance
of, the Assigned Contracts after the Closing Date (collectively, the “Assumed
Liabilities”). Notwithstanding the foregoing, the effectiveness of any such contribution,
transfer and assumption of the Assigned Contracts shall be subject to the terms and conditions of
Article 3. The Company will execute, acknowledge (if appropriate), and deliver to FEEB, such
instruments of transfer, conveyance, and assignment and other documents necessary to transfer the
China Assets to FEEB in accordance with, and subject to the terms of this Agreement.

2.2 Consents. To the extent that the transfer by the Company as contemplated hereunder of any
of the Assigned Contracts requires a consent of any party or authority, and such consent has not
been obtained prior to the Closing Date, each such Assigned Contract shall be deemed to be
transferred pursuant to the provisions of this Agreement, without any further action required on
the part of the Company or FEEB, effective as of the date FEEB receives notice from the Company of
such consent. Effective as of such date, FEEB shall assume all of the obligations and liabilities
related to such Assigned Contract. With respect to each such Assigned Contract, after the Closing
Date and until such consent is obtained, the Company shall continue as either the prime or the
nominal contracting party, but FEEB shall be the beneficial owner, or be entitled to the benefits,
of such Assigned Contract after the Closing Date to the extent that the Company may transfer to
FEEB such beneficial ownership or benefits without violating the terms of such Assigned Contract or
applicable law, and FEEB agrees to perform at its sole expense all of the obligations of the
Company to be performed under such Assigned Contract of which FEEB is the beneficial owner or is
receiving the benefits.

2.3 No Assumption of Liabilities. Except for the Assumed Liabilities, FEEB shall not assume
or be responsible for any debts, liabilities, or obligations of the Company, whether known or
unknown, or absolute, contingent or otherwise (including, but not limited to, any liabilities
arising from any litigation involving or related to the Company). All debts, liabilities, and
obligations of the Company shall continue after the Closing Date to be the debts, liabilities, and
obligations of the Company.

3. CONDITIONS PRECEDENT TO CLOSING; CLOSING.

3.1 Conditions Precedent to Closing. The Company’s obligation to transfer the China Assets
and FEEB’s obligation to assume the Assumed Liabilities and to take the other actions required by
this Agreement are subject to the satisfaction or waiver of the following conditions:

(a) Stockholder Approval. This Agreement and the transfer of the China Assets
contemplated by this Agreement shall have been approved and adopted by the affirmative vote
of the stockholders of the Company in accordance with laws of the State of Nevada and the
articles of incorporation and amended and restated bylaws of the Company (“Stockholder
Approval”).

(b) Governmental, Regulatory and Other Material Third-Party Consents. All
filings required to be made prior to the Closing with, and all material consents, approvals,
authorizations and clearances required to be obtained prior to the Closing and necessary for
the Company to transfer the China Asset to FEEB and for FEEB to conduct its operations in
the PRC from, any court or governmental or regulatory authority or agency, domestic or
foreign, or other person in connection with the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby, including from the Ministry of
Commerce, CUCBM and Phillips China Inc. will have been made or obtained (as the case may
be).

(c) Tax Approvals and Clearances. The receipt of all applicable national,
provincial and local approvals, authorizations and clearances by Chinese tax authorities
favorable to the Company as determined by the Board of Directors of the Company.

(d) No Injunctions or Restraints. No temporary restraining order, preliminary
or permanent injunction or other order issued by any court of competent jurisdiction or
other legal restraint or prohibition preventing the consummation of the transactions
contemplated by this Agreement or subjecting the transfer of the China Assets under this
Agreement to a condition that the Board of Directors of the Company believes might have a
material adverse effect on the Company or the China Assets shall be in effect.

(e) No Material Adverse Effect. No event that the Board of Directors of the
Company believes might have a material adverse effect on the China Assets, the Company or
the ability to consummate the transactions contemplated by this Agreement shall have
occurred.

3.2 Closing. The transfer of the China Assets (the “Closing”) provided for in this
Agreement will not take place until all of the conditions contained in Section 3.1 have been
satisfied or waived. In the event that any of such conditions are not satisfied or waived, the
Board of Directors of the Company may, in its sole discretion, pursuant to Section 4.1, terminate
this Agreement.

4. TERMINATION, AMENDMENT AND WAIVER.

4.1 Termination. This Agreement may be terminated at any time prior to the Closing, whether
before or after the Stockholder Approval, by action of the Board of Directors of the Company.

4.2 Effect of Termination. In the event of termination of this Agreement as provided in
Section 4.1, this Agreement shall forthwith become void and have no effect, without any liability
or obligation on the part of the Company or FEEB.

4.3 Amendment. This Agreement may be amended by the parties at any time before or after the
Stockholder Approval; provided, however, that after any such approval, there shall not be made any
amendment without additional approval of the Company’s stockholders to the extent required under
the laws of the State of Nevada and the articles of incorporation and amended and restated bylaws
of the Company. This Agreement may not be amended except by an instrument in writing signed on
behalf of each of the Company and FEEB.

4.4 Waiver. At any time prior to the Closing, the parties may waive compliance by the other
party with any of the agreements or conditions contained in this Agreement. Any agreement on the
part of a party to any such waiver shall be valid only if set forth in an instrument in writing
signed on behalf of such party. The failure of any party to this Agreement to assert any of its
rights under this Agreement or otherwise shall not constitute a waiver of such rights.

4.5 Procedure for Termination, Amendment, Extension or Waiver. A termination of this
Agreement pursuant to Section 4.1, shall, in order to be effective, require action by the Board of
Directors of the Company. An amendment of this Agreement pursuant to Section 4.3 shall, in order
to be effective, require action by the Boards of Directors of the Company and FEEB and, if
applicable, the approval of the stockholders of the Company. A waiver pursuant to Section 4.4
shall, in order to be effective, require action by the Boards of Directors of the Company and FEEB.

5. GENERAL PROVISIONS.

5.1 Further Assurances. The parties agree (a) to furnish upon request to each other such
further information, (b) to execute and deliver to each other such other documents, and (c) to do
such other acts and things, all as the other party may reasonably request for the purpose of
carrying out the intent of this Agreement.

5.2 No Third-Party Rights. This Agreement will apply to, be binding in all respects upon, and
inure to the benefit of the successors and permitted assigns of the parties. Nothing expressed or
referred to in this Agreement will be construed to give any person other than the parties to this
Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or
any provision of this Agreement. This Agreement and all of its provisions and conditions are for
the sole and exclusive benefit of the parties to this Agreement and their successors and assigns.

5.3 Section Headings, Construction. The headings of Sections in this Agreement are provided
for convenience only and will not affect its construction or interpretation. All references to
“Section” or “Sections” refer to the corresponding Section or Sections of this Agreement. All
words used in this Agreement will be construed to be of such gender or number as the circumstances
require. Unless otherwise expressly provided, the word “including” does not limit the preceding
words or terms.

5.4 Counterparts. This Agreement may be executed in one or more counterparts, each of which
will be deemed to be an original copy of this Agreement and all of which, when taken together, will
be deemed to constitute one and the same agreement.

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

FAR EAST ENERGY CORPORATION

By: /s/ Michael R. McElwrath

Name: Michael R. McElwrath

Title: President and Chief Executive Officer

FAR EAST ENERGY (BERMUDA), LTD.

By: /s/ Bruce N. Huff

Name: Bruce N. Huff

Title: Director

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