Document:

EX-10.1

Exhibit 10.1

INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (this “Agreement”) is made as of the 27th day of
May, 2009 (the “Effective Date”), by and between Magellan Petroleum Corporation, a Delaware
corporation (the “Company”), and                                         , an individual residing at                     ,
                    ,                      (the “Indemnitee”).

Recitals

     A. The Indemnitee serves or has previously served as a director, officer and employee of the
Company and in such capacities is performing or has performed valuable services for the Company.

     B. The Delaware General Corporation Law, as amended from time to time (the “DGCL”), permits
the Company to indemnify the officers, directors, employees and agents of the Company.

     C. The Company desires to hold harmless and indemnify the Indemnitee to the fullest extent
authorized or permitted by the provisions of the DGCL, or by any amendment thereof or other
statutory provisions authorizing or permitting such indemnification which hereafter may be adopted.

     D. The Company has entered into this Agreement and has assumed the obligations imposed on the
Company hereby in order to induce the Indemnitee to serve or to continue to serve as a director,
officer and employee of the Company, and acknowledges that the Indemnitee is relying upon this
Agreement in serving or continuing to serve in such capacities.

Agreement

     Accordingly, in consideration of the Indemnitee’s agreement to serve or continue to serve as a
director and/or officer of the Company, the Company and the Indemnitee agree as follows:

     1. Initial Indemnification.

          (a) General. From and after the Effective Date, the Company shall indemnify the
Indemnitee to the fullest extent permitted by applicable law whenever he was or is, or is
threatened to be made, a party to or a participant in any threatened, pending or completed action,
suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other actual, threatened or completed proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Company to procure
a judgment in its favor), by reason of the fact that he is or was a director, officer, employee or
agent of the Company, or is or was serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise, or

 

 

by reason of any action alleged to have been taken or omitted in any such capacity, against
any and all expenses (including, without limitation, attorneys’ fees and expenses), judgments,
fines, amounts paid in settlements and other amounts actually and reasonably incurred by the
Indemnitee or on his behalf in connection with such action, suit or proceeding and any appeal
therefrom or any claim, issue or matter therein if the Indemnitee acted in good faith and in a
manner which he reasonably believed to be in or not opposed to the best interests of the Company
and, with respect to any criminal action or proceeding, had no reasonable cause to believe his
conduct was unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction or upon a plea of nolo contendere or its equivalent shall not, of itself,
create a presumption that the Indemnitee did not satisfy the foregoing standard of conduct to the
extent applicable thereto.

          (b) Derivative Actions. From and after the Effective Date, the Company shall indemnify
the Indemnitee to the fullest extent permitted by applicable law when he was or is, or is
threatened to be made, a party to or a participant in any threatened, pending or completed action,
suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other actual, threatened or completed proceeding, whether civil, criminal,
administrative or investigative, by or in the right of the Company to procure a judgment in its
favor by reason of the fact that he is or was or had agreed to become a director, officer, employee
or agent of the Company, or is or was serving at the request of the Company as a director, officer,
employee, or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including, without limitation, attorneys’ fees and expenses) actually and
reasonably incurred by him or on his behalf in connection with the defense or settlement of such
action, suit or proceeding and any appeal therefrom or any claim, issue or matter therein if he
acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company, except that no indemnification shall be made in respect of any claim,
issue or matter as to which the Indemnitee shall have been fully adjudged by a court to be liable
to the Company, unless and only to the extent that the Delaware Court of Chancery, or the court in
which such action, suit or proceeding is or was brought, shall determine upon application that,
despite the adjudication of liability, but in view of all the circumstances of the case, the
Indemnitee is fairly and reasonably entitled to indemnity for such expenses and then only to the
extent that the Delaware Court of Chancery or such other court shall determine.

          (c) Determination of Entitlement. Any indemnification under Section l(a) or l(b)
hereof (unless ordered by a court) shall be made by the Company only if authorized in the specific
case upon a determination, in accordance with Section 4 hereof or any applicable provision of the
Company’s Restated Certificate of Incorporation, as then amended (the “Charter”), its By-laws as
then amended (the “By-laws”), any other agreement, any resolution or otherwise, that
indemnification of the Indemnitee is proper in the circumstances because he has met the applicable
standard of conduct set forth in Section l(a) or (b) above. Such determination shall be made (i) by
the Company’s Board of Directors (the “Board”) by a majority vote of directors who are not parties
to such action, suit or proceeding, even though less than a quorum of the Board, (ii) by a
committee of such directors designated by majority vote of such directors, even though less than a
quorum, (iii) if there are no such directors, or if such directors so direct, by independent legal
counsel in a written opinion or (iv) by the stockholders of the Company

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(the “Stockholders”). Notwithstanding the foregoing, as contemplated by Section 3, no subsequent
amendment or change to the By-laws or Charter which limits or restricts the rights of the Company
to indemnify Indemnitee shall adversely affect the rights of Indemnitee hereunder.

          (d) Mandatory Indemnification. Notwithstanding any other provisions of this Agreement,
to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to
(or participant in) and is successful, on the merits or otherwise, in any action, suit or
proceeding referred to in Section 1(a) or 1(b) hereof, or in defense of any claim, issue or matter
therein, in whole or in part, the Company shall indemnify Indemnitee against all expenses
(including, without limitation, attorneys’ fees and expenses) actually and reasonably incurred by
him in connection therewith. If Indemnitee is not wholly successful in such action, suit or
proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters therein, the Company shall indemnify Indemnitee against all expenses
actually and reasonably incurred by him or on his behalf in connection with or related to each
successfully resolved claim, issue or matter to the fullest extent permitted by law.

          (e) Advancement of Expenses. Notwithstanding any provision of this Agreement to the
contrary (other than Section 4), the Company shall advance, to the extent not prohibited by law,
the expenses (including, without limitation, attorneys’ fees and expenses) incurred by the
Indemnitee in defending any civil, criminal, administrative or investigative action, suit or
proceeding, and such advancement shall be made within thirty (30) days after the receipt by Company
of a statement or statements requesting such advances from time to time, whether prior to or in
advance of the final disposition of such action, suit or proceeding as authorized in accordance
with Section 4 hereof or any applicable provision of the Charter, the By-laws, any other agreement,
any resolution or otherwise.

          (f) Benefit Plan Matters. For purposes of this Agreement, references to “other
enterprises” shall include employee benefit plans; references to “fines” shall include any excise
taxes assessed on the Indemnitee with respect to any employee benefit plan; references to “serving
at the request of the Company” shall include any service as a director, officer, employee or agent
of the Company which imposes duties on, or involves services by, the Indemnitee with respect to an
employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and
in a manner he reasonably believed to be in the interest of the participants and the beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best
interests of the Company” as referred to in this Section 1.

     2. Additional Indemnification.

          (a) General. If and to the extent that (i) the DGCL is amended hereafter to require
or permit indemnification, expense advancement or exculpation that is or may be more favorable to
the Indemnitee than the maximum permissible indemnification, expense advancement and exculpation
now permitted thereunder and provided in this Agreement, or (ii) the Company reincorporates in or
merges, consolidates or combines into or with any other corporation or entity by virtue of which
transaction the Company is not the surviving, resulting or
acquiring corporation and the surviving, resulting or acquiring corporation is incorporated in
a different jurisdiction which at such time requires or permits indemnification, expense

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advancement or exculpation that is or may be more favorable to the Indemnitee than the maximum
permissible indemnification, expense advancement and exculpation now permitted under the DGCL and
provided in this Agreement, then pursuant to this Agreement the Indemnitee shall be entitled to,
and this Agreement shall be deemed to be amended to provide for the Indemnitee’s contractual
entitlement to, indemnification, expense advancement and exculpation to the maximum extent that may
be permitted or required under such applicable law at the time of any initial or subsequent request
for indemnity hereunder (determined as contemplated by Section 4 hereof), whether or not the
Company has adopted any Charter or By-law provisions adopting, effecting or implementing any
provisions thereof which are permissive and not mandatory in nature. Nothing contained herein
shall be deemed to detract from, diminish, impair, limit or adversely affect any right which the
Indemnitee may have under this Agreement under any circumstances, including without limitation in
the event of subsequent amendment or revision to the Charter or By-laws, and to the extent that any
terms, conditions or provisions of this Agreement (including, without limitation, those in Section
1 hereof) are more favorable to the Indemnitee than the maximum indemnification, expense
advancement and exculpation then permitted or required under such applicable law (determined as
aforesaid), then such terms, conditions and provisions of this Agreement shall be preserved and
integrated with such more favorable terms from then applicable law and shall continue to apply to
the Indemnitee’s rights by virtue of this Agreement. The same expansion of the Indemnitee’s rights
and deemed inclusion herein and integration herewith of any terms, conditions or provisions more
favorable to the Indemnitee shall occur upon and with respect to any amendment of the provisions
relating to indemnification, expense advancement and exculpation in the Company’s Charter or
By-laws and any provision by the Company to any other officer or director of the Company of any
other different form of indemnification contract or agreement.

          (b) Examples and Limitations. Without limiting the generality of Section 2(a) hereof,
the Indemnitee hereby may become entitled to indemnification of any and all amounts which he
becomes legally obligated to pay (including, without limitation, damages, judgments, fines,
settlements, expenses of investigation and defense of legal actions, proceedings or claims and
appeals therefrom, and expenses of appeal, attachment or similar bonds) relating to or arising out
of any claim made against him because of any act, failure to act or neglect or breach of duty,
including any actual or alleged error, misstatement or misleading statement, which he commits,
suffers, permits or acquiesces in while acting in his capacity as an officer, director, employee or
agent of the Company, subject only to any limitations on the maximum permissible, expense
advancement or indemnification which may exist under applicable law (determined as provided in
Section 2(a) hereof). In no event, however, shall the Company be obligated under this Section 2 to
make any payment in connection with any claim against the Indemnitee:

          (i) for which payment actually has been made to the Indemnitee under a valid and
collectible insurance policy, except in respect of any retention or excess beyond the amount
of payment under such insurance;

          (ii) which results in a final, nonappealable order for the Indemnitee to pay a fine or
similar governmental imposition which the Company is prohibited by applicable law from
paying; or

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          (iii) which is based upon or attributable to the Indemnitee gaining in fact a personal
profit to which he was not legally entitled, including, without limitation, any profits made
from the purchase and sale by the Indemnitee of equity securities of the Company which are
recoverable by the Company pursuant to Section 16(b) of the Securities Exchange Act of 1934
and any profits arising from transactions in any publicly traded securities of the Company
which were effected by the Indemnitee in violation of Section 10(b) of the Securities
Exchange Act of 1934 or Rule 10b-5 promulgated thereunder.

     3. Effect of Future Adverse Changes in Charter, By-laws or Applicable Law.

     Nothing herein shall prevent the adoption by the Board or Stockholders of the Company of any
amendment to the Charter or By-laws of the Company, the effect of which would be to detract from,
diminish, impair, limit or adversely affect the Indemnitee’s rights to indemnification, expense
advancement or exculpation that otherwise exist as of the Effective Date pursuant to such Charter
or By-laws as applied to any act or failure to act occurring in whole or in part after the date
hereof. In the event that the Company shall adopt any such amendment to its Charter or By-laws,
however, or in the event that the indemnification, expense advancement or exculpation provisions of
the DGCL (or any other then applicable law) hereafter shall be amended in a manner which may be
deemed to detract from, diminish, impair, limit or adversely affect the Indemnitee’s rights with
respect thereto, such events and changes shall not in any manner or to any extent detract from,
diminish, impair, limit or adversely affect in any manner the contractual indemnification rights
and procedures granted to and benefiting the Indemnitee under this Agreement, unless and then
except only to the extent that any of such rights or any of the terms, conditions and provisions of
this Agreement shall thereby be made illegal or otherwise violative of applicable law, in which
case the provisions of Section 10(c) hereof shall apply. For purposes only of determining the
Indemnitee’s rights to indemnification pursuant to the Company’s Charter or By-laws as so amended,
and not for purposes of the continuing applicability of this Agreement in accordance with its
terms, any such amendment to the Company’s Charter or By-laws shall apply to acts or failures to
act occurring entirely after the date on which such amendment was approved and adopted by the Board
or the Stockholders, as the case may be, unless the Indemnitee shall have voted in favor of such
approval and adoption as a director or holder of record of the Company’s voting stock, as the case
may be.

     4. Certain Procedures.

          (a) Indemnification Procedures. For purposes of pursuing his rights to
indemnification under Section 1 (other than the second sentence of Section 1(d) hereof, which shall
be governed by Section 4(b) hereof) or Section 2 hereof, as the case may be, the Indemnitee shall
be required to submit to the Board a sworn statement of request for indemnification substantially
in the form of Exhibit 1 hereto (the “Indemnification Statement”) averring that he is entitled to
indemnification hereunder. Submission of an Indemnification Statement to the Board shall create a
presumption that the Indemnitee is entitled to indemnification under Section 1 (other than the
second sentence of Section 1(d) hereof, which shall be governed by Section 4(b)
hereof) or Section 2 hereof, as the case may be, and, except as set forth below, the Board
shall within 30 calendar days after submission of the Indemnification Statement specifically
determine

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that the Indemnitee is so entitled, unless within such 30-calendar day period it shall determine by
Board action, based upon clear and convincing evidence (sufficient to rebut the foregoing
presumption) that the Indemnitee is not entitled to indemnification under Sections 1 or 2 hereof.
The Company shall notify the Indemnitee promptly in writing following such determination. Any
evidence rebutting the Indemnitee’s presumption, to which the Board gave weight in arriving at its
determination, shall be disclosed to the Indemnitee with particularity in such written notice.
Notwithstanding anything to the contrary contained in the three preceding sentences, if the Board
determines that it cannot act on the request for indemnification submitted by the Indemnitee
because a determination of entitlement can not be made in the manner required by Section 1(c)
hereof, the Board will act promptly to retain independent legal counsel or convene a meeting of
Stockholders to act on the request.

          (b) Expense Advancement Procedures. For purposes of determining whether to authorize
advancement of expenses pursuant to the second sentence of Section 1(d) hereof or Section 2(b)
hereof, the Indemnitee shall be required to submit to the Board a sworn statement of request for
advancement of expenses substantially in the form of Exhibit 2 hereto (the “Undertaking”), averring
that (i) he has incurred or will incur actual expenses in defending a civil, criminal,
administrative or investigative action, suit or proceeding and (ii) he undertakes to repay such
amount if it shall be determined ultimately that he is not entitled to be indemnified by the
Company under this Agreement or otherwise. Within 30 calendar days after receipt of the
Undertaking, the Board shall authorize payment of the expenses described in the Undertaking,
whereupon such payments shall be made promptly by the Company. No security shall be required in
connection with any Undertaking, and any Undertaking shall be accepted without reference to the
Indemnitee’s ability to make repayment.

          (c) Selection of Counsel. In the event the Company shall be obligated under this
Section 4 to pay the expenses of any action, suit or proceeding against the Indemnitee, the Company
shall be entitled to assume the defense of such proceeding, with counsel acceptable to and approved
by the Indemnitee, upon the delivery to the Indemnitee of written notice of the Company’s election
to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the
retention of such counsel by the Company, the Company will not be liable to the Indemnitee under
this Agreement for any fees of separate counsel subsequently incurred by the Indemnitee with
respect to the same action, suit or proceeding; provided, however, that if (i) the
employment of counsel by the Indemnitee has been previously authorized by the Company, (ii) the
Indemnitee shall have reasonably concluded that there may be a conflict of interest between the
Company and the Indemnitee in the conduct of any such defense, or (iii) the Company shall not, in
fact, have employed counsel to assume the defense of such proceeding, then the Indemnitee may
select and employ his own counsel to direct the defense thereof and the fees and expenses of such
counsel shall be paid by the Company. Notwithstanding any assumption of the defense of any such
action, suit or proceeding and employment of counsel with respect thereto by the Company in
accordance with the foregoing, the Indemnitee shall have the right to employ his own separate
counsel to participate in any such action, suit or proceeding at the Indemnitee’s expense.

     5. Corporate Approval. The Company represents and warrants to the Indemnitee that:
(i) the Company has all requisite power and authority to enter into this Agreement and to

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perform its obligations hereunder; (ii) this Agreement and the performance of all of the Company’s
obligations hereunder have been approved by all corporate action required on the part of the
Company under the Charter, the By-laws or applicable law or contract; and (iii) this Agreement,
when executed, will constitute the valid and legally binding obligation of the Company, enforceable
against the Company in accordance with its terms, subject to any applicable bankruptcy law and
equitable limitations.

     6. Fees and Expenses of Enforcement. It is the intent of the Company that, to the
fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other
expenses associated with the enforcement of his rights under this Agreement by litigation or other
legal action because the cost and expense thereof would substantially detract from the benefits
intended to be extended to the Indemnitee hereunder. Accordingly, if it should appear to the
Indemnitee that the Company has failed to comply with any of its obligations under this Agreement
or in the event that the Company or any other person takes any action to declare this Agreement
void or unenforceable, or institutes any action, suit or proceeding designed (or having the effect
of being designed) to deny, or to recover from, the Indemnitee the benefits intended to be provided
to the Indemnitee hereunder, the Company irrevocably authorizes the Indemnitee from time to time to
retain counsel of his choice, at the expense of the Company as hereafter provided, to represent the
Indemnitee in connection with the initiation or defense of any litigation or other legal action,
whether by or against the Company or any director, officer, stockholder or other person affiliated
with the Company, in any jurisdiction. The Company shall, to the fullest extent permitted by law,
indemnify Indemnitee against any and all expenses, including without limitation attorneys’ fees and
expenses, and, if requested by Indemnitee, shall advance, to the extent not prohibited by law, such
expenses, actually and reasonably incurred by the Indemnitee (i) as a result of the Company’s
failure to perform this Agreement or any provision hereof or (ii) as a result of the Company or any
person contesting the validity or enforceability of this Agreement or any provision hereof.

     7. Maintenance of Insurance and Self Insurance.

          (a) The Company represents that it presently has in force and effect policies of D & O
Insurance in insurance companies and amounts as follows (the “Insurance Policies”).

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Insurer	 	Policy No.	 	Amount	 	Deductible
	Chubb Group of Insurance
Companies
	 	 	81691712	 	 	$	10,000,000	 	 	$	250,000	 

Subject only to the provisions of Section 7(b) hereof, the Company hereby agrees that, so long as
Indemnitee shall continue to serve as a director of officer of the Company (or shall continue at
the request of the Company to serve as a director, officer, employee or agent of another company,
partnership, joint venture, trust or other enterprise) and thereafter so long as Indemnitee shall
be subject to any possible claim or threatened, pending or completed action, suit or proceeding,
whether civil, criminal or investigative by reason of the fact that Indemnitee was a director of
the Company (or served in any of said other capacities), the Company will purchase and maintain in
effect for the benefit of Indemnitee one or more valid, binding and

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enforceable policy or policies of D & O Insurance providing, in all respects, coverage at least
comparable to that presently provided pursuant to the Insurance Policies.

          (b) The Company shall not be required to maintain said policy or policies of D & O Insurance
in effect if said insurance is not reasonably available or if, in the reasonable business judgment
of the then directors of the Company, either (i) the premium cost for such insurance is
substantially disproportionate to the amount of coverage or (ii) the coverage provided by such
insurance is so limited by exclusions that there is insufficient benefit from such insurance.

     8. Reorganizations. In the event that the Company shall be a constituent corporation
(including any constituent of a constituent) in a merger, reorganization, consolidation,
combination or similar transaction, the Company, if it shall not be the surviving, resulting or
acquiring corporation therein, shall require as a condition thereto the surviving, resulting or
acquiring corporation to expressly assume and adopt this Agreement and to agree to indemnify the
Indemnitee to the full extent provided in this Agreement. Whether or not the Company is the
resulting, surviving or acquiring corporation in any such transaction, the Indemnitee shall stand
in the same position under this Agreement with respect to the resulting, surviving or acquiring
corporation as he would have with respect to the Company if its separate existence had continued.

     9. Nonexclusivity, Survival and Subrogation.

          (a) Nonexclusivity. The rights to indemnification and advancement provided by this
Agreement shall not be exclusive of any other rights to which the Indemnitee may be entitled under
the Charter, the By-laws, the DGCL, any other statute, insurance policy, agreement, vote of
shareholders or of directors or otherwise, both as to actions in his official capacity and as to
actions in another capacity while holding such office.

          (b) Survival. The provisions of this Agreement shall survive the death, disability,
or incapacity of the Indemnitee or the termination of the Indemnitee’s service as an officer,
director, employee or agent of the Company and shall inure to the benefit of, and be enforceable
by, the Indemnitee’s heirs, executors, guardians, administrators or assigns.

          (c) Subrogation. In the event of any payment by the Company under this Agreement, the
Company shall be subrogated to the extent thereof to all rights of recovery previously vested in
the Indemnitee, who shall cooperate with the Company, at the Company’s expense, in executing all
such instruments and taking all such other actions as shall be reasonably necessary for the Company
to enforce such right or as the Company may reasonably request.

     10. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without giving effect to the principles of conflict of laws
thereof.

     11. Miscellaneous.

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          (a) This Agreement shall become effective as of the Effective Date.

          (b) This Agreement contains the entire agreement of the parties relating to the subject matter
hereof.

          (c) Any provision of this Agreement may be amended or waived only if such amendment or waiver
is in writing and signed, in the case of an amendment, by both parties hereto or, in the case of a
waiver, by the party against whom the waiver is to be effective. No failure or delay by either
party in exercising any right, power or privilege hereunder shall operate as a waiver hereof nor
shall any single or partial exercise thereof preclude any other or future exercise thereof or the
exercise of any other right, power or privilege.

          (d) If any provision of this Agreement or the application of any provision hereof to any
person or circumstance is held invalid, unenforceable or otherwise illegal, the remainder of this
Agreement and the application of such provision to other persons or circumstances shall not be
affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be
reformed to the extent (and only to the extent) necessary to make it enforceable, valid and legal.

          (e) Nothing contained in this Agreement is intended to create in the Indemnitee any separate
or independent right to continued employment by the Company.

          (f) This Agreement may be executed in counterparts, but all such counterparts taken together
shall constitute on and the same Agreement.

          (g) The descriptive headings of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by
way of example rather than limitation. The use of the word “or” in this Agreement is intended to
be conjunctive rather than disjunctive.

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* * * * * *

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

	 	 	 	 	 
	 	MAGELLAN PETROLEUM CORPORATION

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	
 	 
	 	Indemnitee 	 
	 	 	 

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EXHIBIT 1

Indemnification Statement

	 	 	 	 	 
	STATE OF

	 	)	 
	 

	 	) ss.

	COUNTY OF

	 	)	 

          I,                                         , being first duly sworn, do depose and state as follows:

     1. This Indemnification Statement is submitted pursuant to the Indemnification Agreement,
dated
                                        , 200___ between Magellan Petroleum Corporation, a Delaware corporation
(the “Company”), and the undersigned.

     2. I am requesting indemnification against expenses (including, without limitation, attorneys’
fees and expenses), costs, judgments, damages, fines and amounts paid in settlement, all of which
(collectively, “Liabilities”) have been or will be actually and reasonably incurred by me in
connection with an actual or threatened action, suit or proceeding to which I was or am a party or
am threatened to be made a party.

     3. With respect to all matters related to any such action, suit or proceeding, I am entitled
to be indemnified as herein contemplated pursuant to the aforesaid Indemnification Agreement.

     4. Without limiting any other rights which I have or may have, I am requesting indemnification
against Liabilities which have arisen or may arise out of
 

 

 

.

 

	 	 	 	 	 
	 	Indemnitee

 	 
	 	
 	 
	 	 	 
	 	 	 
	 

Subscribed and sworn to before me, a Notary Public in and for said County and State, this            day
of                     , 20     .

[Seal]

My commission expires the            day of                     , 20     .

 

 

EXHIBIT 2

Undertaking

	 	 	 	 	 
	STATE OF

	 	)	 
	 

	 	) ss.

	COUNTY OF

	 	)	 

     I,                                         , being first duly sworn, do depose and state as follows:

     1. This Undertaking is submitted pursuant to the Indemnification Agreement, dated
                                              , 200     , between Magellan Petroleum Corporation, a Delaware corporation (the
“Company”), and the undersigned.

     2. I am requesting advancement of certain expenses (including, without limitation, attorneys’
fees and expenses) which I have incurred or will incur in defending a civil, criminal,
administrative or investigative action, suit or proceeding.

     3. I hereby undertake to repay this advancement of expenses if it shall ultimately be
determined that I am not entitled to be indemnified by the Company under the aforesaid
Indemnification Agreement or otherwise.

     4. The expenses for which advance is requested are, in general, all expenses related
to
 

 

 

.

 

	 	 	 	 	 
	 	Indemnitee

 	 
	 	
 	 
	 	 	 
	 	 	 
	 

Subscribed and sworn to before me, a Notary Public in and for said County and State, this            day
of                     , 20     .

[Seal]

My commission expires the            day of                     , 20     .

-2-EX-10.1

Exhibit 10.1

AMENDMENT NO. 4 TO

AMENDED AND RESTATED CREDIT AGREEMENT

     THIS AMENDMENT NO. 4 TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of May 29, 2009,
amends and supplements the Amended and Restated Credit Agreement dated as of June 9, 2008, as
amended (as so amended, the “Credit Agreement”) among ANCHOR BANCORP WISCONSIN INC., a Wisconsin
corporation (the “Borrower”), the financial institutions from time to time party thereto as lenders
(individually a “Lender” and collectively the “Lenders”) and U.S. BANK NATIONAL ASSOCIATION, a
national banking association, as administrative agent for the Lenders (in such capacity, the
“Agent”).

RECITALS

     The parties acknowledge the following (capitalized terms used in this Amendment No. 4 and not
defined herein have the meanings ascribed thereto in the Credit Agreement):

     A. The Borrower is indebted to the Agent and the Lenders under the Credit Agreement. As of
the date of this Amendment No. 4, the aggregate outstanding principal amount of such indebtedness
is $116,300,000.00.

     B. To secure the indebtedness and obligations of the Borrower to the Agent and the Lenders,
the Borrower granted to the Agent a security interest in all of the issued and outstanding stock of
AnchorBank, fsb (the “Subsidiary Bank”) pursuant to the Pledge Agreement dated as of June 9, 2008
(the “Pledge Agreement”) from the Borrower to the Agent.

     C. Events of Default have occurred and are continuing under the Credit Agreement by reason of
the Borrower failing to make a principal payment on the Notes required by the scheduled reduction
in the Total Revolving Loan Commitment on March 2, 2009 (the “Principal Reduction Failure”).

     D. The Borrower has requested that the Agent and the Lenders forbear from exercising their
rights and remedies under the Credit Agreement and the Pledge Agreement arising from the Principal
Reduction Failure. On the terms and subject to the conditions set forth below, the Agent and the
Lenders are prepared to forbear from exercising such rights and remedies for a limited period of
time as set forth below.

AGREEMENTS

     In consideration of the promises and agreements set forth in the Credit Agreement, as amended
and supplemented hereby, the Borrower and the Lenders agree as follows:

 

 

     1. Definitions and References. Upon the execution and delivery of this Amendment No.
4 to Amended and Restated Credit Agreement (“Amendment No. 4”) by the Borrower, the Lenders and the
Agent and the satisfaction of the conditions listed in Section 5 below, each reference to the
Credit Agreement contained in the Credit Agreement, the Pledge Agreement and any other document,
instrument or agreement relating thereto means the Credit Agreement as amended by this Amendment
No. 4. This Amendment No. 4 is a Loan Document.

     2. Acknowledgements by the Borrower. The Borrower acknowledges, represents and agrees
that:

          (a) The Recitals are true and correct.

          (b) Neither the Principal Reduction Failure nor any other Event of Default which has occurred
and is continuing has been waived by the Lenders.

          (c) The Borrower has disclosed to the Agent and the Lenders each Event of Default existing on
the date of this Amendment No. 4.

          (d) As a result of the Principal Reduction Failure, the Majority Lenders would be entitled to
direct the Agent to accelerate the maturity of the Notes and demand immediate payment.

          (e) As a result of the Principal Reduction Failure, the Lenders have no obligation to make or
continue Loans to the Borrower.

          (f) To the extent required by the Loan Documents and applicable law, the Borrower has received
adequate and proper notice of the Principal Reduction Failure and the Borrower hereby waives its
right, if any, to any further notice thereof.

          (g) Neither this Amendment No. 4 nor any course of dealing between or among any of the parties
hereto is intended to operate, nor shall they be construed, as a waiver of the Principal Reduction
Failure or any other Event of Default, whether now existing or arising in the future, as to which
the Agent and the Lenders reserve all of their rights.

          (h) Except as expressly provided to the contrary herein, (i) all of the Agent’s and the
Lenders’ rights and remedies available under the Loan Documents and at law and in equity remain
unchanged and available without restriction; (ii) the terms of the Loan Documents remain unchanged
and in full force and effect and have not been amended, modified, or changed other than pursuant to
a writing signed by the Agent, each Lender and the Borrower; and (iii) the obligations and duties
of the Borrower to the Agent and the Lenders are not released, impaired, diminished, or amended as
a result of the execution and delivery of this Amendment No. 4 or by any subsequent undertakings of
the parties.

2

 

          (i) The principal of and accrued interest on the Notes, all fees and all other obligations and
liabilities of the Borrower to the Agent and the Lenders under the Loan Documents are due and owing
without offsets, deductions, counterclaims, or defenses of any kind or character whatsoever

          (j) The security interest of the Agent in the outstanding stock of the Subsidiary Bank
constitutes a valid, enforceable and perfected security interest as to which the Borrower has no
offsets, deductions, counterclaims, or defenses of any kind or character whatsoever.

          (k) The Loan Documents are valid, binding and enforceable against the Borrower in accordance
with their respective terms, and the Borrower hereby ratifies and reaffirms its obligations under
each of the Loan Documents.

          (l) The Agent and each Lender has (i) fully and timely performed all of its obligations and
duties to the Borrower under the Loan Documents; (ii) no obligation to (nor has it made any
representation of any kind that it will) extend any financial accommodations to the Borrower; (iii)
not made any agreements, representations, or commitments, other than those expressly set forth in
the Loan Documents; and (iv) acted reasonably, in good faith, and appropriately under the
circumstances, and within the Agent’s and each Lender’s rights under the Loan Documents and
applicable law, in all actions taken by the Agent and each Lender with respect to the Borrower.

          (m) The purpose of this Amendment No. 4 is to provide the Borrower an additional period of
time to obtain funds to pay in full all of the obligations and liabilities of the Borrower to the
Agent and the Lenders.

          (n) The forbearance by the Agent and the Lenders provided herein was requested by the Borrower
and shall result in a direct and substantial benefit to the Borrower.

     3. Forbearance by the Agent and the Lenders.

          (a) The Agent and the Lenders agree to forbear from exercising their rights and remedies
available to them against the Borrower as a result of the Principal Reduction Failure until the
earliest to occur of the following: (i) the occurrence of any Event of Default (other than the
Principal Reduction Failure) or (ii) the Maturity Date. The period of time from the date hereof
until the earlier to occur of (i) or (ii) above is referred to as the “Forbearance Period.” The
Forbearance Period shall terminate immediately and automatically, as provided above, without notice
to or action by any party.

3

 

          (b) Upon the termination of the Forbearance Period, any obligation of the Agent or the Lenders
to forbear from the exercise of its rights and remedies as provided in section 3(a) shall terminate
automatically and immediately without notice or further action and the Agent and the Lenders shall
be free to exercise immediately against the Borrower any and all of their rights and remedies,
including, without limitation, any rights and remedies under the Loan Documents or applicable law,
or in equity.

          (c) Notwithstanding the agreement to forbear as set forth herein, the Agent may at any time,
in its sole discretion, take any action reasonably necessary to preserve or protect its interest in
the stock of the Subsidiary Bank or any other collateral securing any of the Obligations against
the actions of the Borrower or any third party (including any executions, levies, injunctions,
conversion, theft, commingling, waste, misuse, neglect, misappropriation, fraud, or any of the
like) without notice to or the consent of any party.

          (d) The Agent and the Lenders have no obligation to, have not agreed to, nor have they made
any representation that they will, and this Amendment No. 4 shall not constitute an agreement by or
require the Agent or the Lenders to, renew or extend the Forbearance Period, grant additional
forbearance periods, extend the time for payment or make any Loans or otherwise extend credit to
the Borrower.

     4. Amendments to Credit Agreement.

          (a) The definition of “Base Rate” in Section 1.1 of the Credit Agreement is revised in its
entirety to read as follows:

          “Base Rate” means 8.0%.

          (b) A new defined term “Enforcement Action is added to Section 1.1 of the Credit Agreement to
read as follows:

          “Enforcement Action” means any notice, directive, order, agreement, or other
action initiated by the any Regulatory Authority, to address any operational, financial,
managerial, or other deficiencies of the Borrower and/or the Subsidiary Bank.

          (c) A new defined term “Gross Loans” is added to Section 1.1 of the Credit Agreement to read
as follows:

          “Gross Loans” means the aggregate amount of loans, leases and other assets of
the Subsidiary Bank.

4

 

          (d) The defined term “Maturity Date” in Section 1.1 of the Credit Agreement is amended by
deleting the date “ May 29, 2009” and replacing it with the date “May 31, 2010”.

          (e) A new defined term “Non-Performing Assets” is added to Section 1.1 of the Credit Agreement
to read as follows:

          “Non Performing Assets” means the Subsidiary Bank’s assets classified as
“non-performing” as reported in the most recent FFIEC call report filed by the Subsidiary
Bank.

          (f) A new defined term “Primary Capital” is added to Section 1.1 of the Credit Agreement to
read as follows:

          “Primary Capital” means the sum of the Subsidiary Bank’s Tier 1 Capital plus
the Subsidiary Bank’s loan loss reserve, each as reported in the most recent quarterly
report filed by the Subsidiary Bank with its primary Regulatory Authority.

          (g) A new defined term “Deferred Interest Rate” is added to Section 1.1 of the Credit
Agreement to read as follows:

          “Deferred Interest Rate” means 4.0%.

          (h) Notwithstanding any provision in the Credit Agreement to the contrary, the Lenders have no
obligation to make any additional Loans to the Borrower and amounts repaid may not be reborrowed.

          (i) Section 2.3(a) of the Credit Agreement is amended in its entirety to read as follows:

          (a) Interest Rate. The entire unpaid principal balance of the Loans
outstanding from time to time shall bear interest at an annual rate equal to the Base Rate
plus the Deferred Interest Rate; provided, however, that in the event (i) all of the
Obligations are paid in full [1] by September 30, 2009, the Deferred Interest Rate shall be
reduced to 0.0% or [2] by December 31, 2009, the Deferred Interest Rate shall be reduced to
1.0%, or, in the alternative, (ii) the principal amount of the Obligations is reduced by
$58,000,000.00 [1] by September 30, 2009, the Deferred Interest Rate shall be reduced to
2.0% or [2] by December 31, 2009, the Deferred Interest Rate shall be reduced to 3.0%. The
Agent’s internal records of applicable interest rates shall be determinative in the absence
of manifest error.

5

 

          (j) Section 2.3(b) of the Credit Agreement is amended in its entirety to read as follows:

          (b) Interest Payments. Interest accruing on the Loans at the Base Rate is due
on the last day of each month and on the Maturity Date. Interest accruing on the Loans at
the Deferred Interest Rate is due on the earlier to occur of (i) the date the Loans are paid
in full or (ii) the Maturity Date.

          (k) Section 2.8(a) of the Credit Agreement is revised in its entirety to read as follows:

          (a) Mandatory. No later than one Business Day after the receipt of Net
Proceeds of Additional Capital, the Borrower shall prepay the Obligations by an amount equal
to the Net Proceeds of Additional Capital so received; provided that if such Net Proceeds of
Additional Capital are received from the United States Department of the Treasury and the
terms of such investment prohibit the use of the investment proceeds to repay senior debt
such as the Obligations, then no prepayment is required. Notwithstanding the foregoing, the
Obligations shall be repaid to $0.00 on the earlier to occur of (i) the date of the
Borrower’s receipt of Net Proceeds of Additional Capital of not less than $116,300,000.00 or
(ii) May 31, 2010.

          (l) Section 4.11(n) of the Credit Agreement is created to read as follows:

          (n) Within 15 days after the end of each calendar month, a certificate in the form of
Exhibit D attached hereto, duly executed by the President or Vice President of the Borrower,
indicating whether the Borrower is in compliance with the covenants set forth in sections
4.15(a), 4.15(b) and 4.15(c).

          (m) Section 4.15(b) of the Credit Agreement is amended in its entirety to read as follows:

          (b) The ratio of Non-Performing Assets to Primary Capital shall not exceed (i) 60.0% as
of June 30, 2009 or (ii) 62.0% as of the last day of any fiscal quarter thereafter.

          (n) Section 4.15(c) of the Credit Agreement is revised in its entirety to read as follows:

          (c) The ratio of Non-Performing Loans to Gross Loans shall not exceed (i) 5.25% as of
May 31, 2009 and June 30, 2009 or (ii) 5.75% as of the last day of any month thereafter.

6

 

          (o) Section 4.20 of the Credit Agreement is revised in its entirety to read as follows:

          4.20 Escrow Deposit. The Borrower agrees to take such action as is necessary
in order that, no later than December 15, 2009, the Borrower shall have sufficient funds to
pay (a) the aggregate interest that would accrue on the Notes at the Base Rate during the
period from January 1, 2010 through May 31, 2010 assuming that the principal amount
outstanding on the Notes as of December 15, 2009 remains outstanding until May 31, 2010 and
(b) the aggregate dividends required to be paid on the Borrower’s Fixed Rate Cumulative
Preferred Stock, Series B during such period. The Borrower agrees, no later than
December 15, 2009, to deposit an amount equal to the amount set forth in clause (a) in the
preceding sentence into an escrow account at the Agent established pursuant to that certain
Escrow Agreement between the Agent and the Borrower dated as of March 31, 2009.

          (p) Section 4.22 of the Credit Agreement is created to read as follows:

          4.22 Financial Consultant. The Borrower at all times during the Forbearance
Period shall retain, at its own expense, the services of a financial consultant reasonably
acceptable to the Agent and the Lenders, on terms and conditions acceptable to the Agent and
the Lenders. The Agent and the Lenders, and their respective representatives, shall have
unlimited access to such financial consultant and any reports or other documents prepared by
such financial consultant.

          (q) Section 4.23 of the Credit Agreement is created to read as follows:

          4.23 Liens in favor of Agent. The Borrower and each Subsidiary (other than the
Subsidiary Bank) shall, at the request of the Lenders, grant to the Agent on behalf of the
Lenders a security interest in and lien on all of their respective properties. The Borrower
shall, and shall cause each such Subsidiary to, execute such documents and take such actions
as the Agent shall request from time to time to grant, perfect, or protect such security
interests or liens.

          (r) Section 4.24 of the Credit Agreement is created to read as follows:

          4.24 Non-Public Enforcement Actions. With respect to any Enforcement Action
that is not of public record, the Borrower shall use its best efforts to (a) provide the
Agent and the Lenders prompt written notice of such

7

 

Enforcement Action (to the extent it is not prohibited from doing so by the applicable
Regulatory Authority or by law), (b) comply with any and all directives from the Regulatory
Authority bringing such Enforcement Action as to all matters within the Borrower’s control
which can reasonably accomplished and (c) neither take any action, nor fail to take any
action, within its control, that would cause any further Enforcement Action to be issued,
including, without limitation, a memorandum of understanding or a cease and desist directive
or order.

          (s) Section 4.25 of the Credit Agreement is created to read as follows:

          4.25 Public Enforcement Actions. With respect to any Enforcement Action that
is of public record, the Borrower shall (a) provide the Agent and the Lenders prompt written
notice of such Enforcement Action and (b) comply with any and all directives from the
Regulatory Authority bringing such Enforcement Action, including, without limitation, any
memorandum of understanding or a cease and desist directive or order, as to all matters
within its control which can be reasonably accomplished.

          (t) Section 4.26 of the Credit Agreement is created to read as follows:

          4.26 Agent’s and Lenders’ Access. The Borrower shall permit representatives of
the Agent or any Lender access to the Borrower’s and each Subsidiary’s places of business,
books, records, and documents and any collateral securing any of the Obligations, including,
without limitation, the stock transfer records of the Subsidiary Bank, for the purpose of
inspecting, examining and verifying, same or exercising any of the Agent’s or any Lender’s
rights or remedies under any of the Loan Documents (each, an “Inspection”). The
representatives of the Agent or any Lender shall have such access for an Inspection at any
reasonable time and as often as the Agent or any Lender may reasonably desire, and the
Borrower shall reimburse the Agent or any Lender, as the case may be, for the cost of any
such Inspection.

          (u) Exhibit D attached to this Amendment No. 4 shall be Exhibit D to the Credit Agreement.

     5. Closing Conditions. This Amendment No. 4 shall become effective upon the execution
and delivery of this Amendment No. 4 by the Borrower, the Lenders and the Agent, and the receipt by
the Agent of the following

8

 

          (a) copies, certified to be accurate and complete by the Secretary or Assistant Secretary of
the Borrower, of a resolution of the Board of Directors of the Borrower authorizing the execution
and delivery of this Amendment No. 4;

          (b) a certificate of the President or Vice President of the Borrower to the effect that the
representations and warranties of the Borrower set forth in the Credit Agreement and the other Loan
Documents are accurate and complete in all material respects and that no Default or Event of
Default exists other than those as disclosed to the Lenders;

          (c) such other documents and instruments relating hereto as the Agent shall reasonably
request.

     6. Amendment Fee. The Borrower shall pay to the Agent, for the ratable account of the
Lenders, an amendment fee in the amount of $3,489,000.00 (the “Amendment Fee”). The Amendment Fee
shall be fully earned by the Lenders upon execution of this Amendment No. 4 by the Lenders and
shall be due and payable on the earlier to occur of (i) the date the Loans are paid in full or (ii)
the Maturity Date. Notwithstanding the foregoing, in the event all of the Obligations are paid in
full (i) by September 30, 2009, the Amendment Fee shall be reduced to $1,163,000.00 or (ii) by
December 31, 2009, the Amendment Fee shall be reduced to $2,326,000.00.

     7. Representations and Warranties; No Default.

          (a) The execution and delivery of this Amendment No. 4 has been duly authorized by all
necessary corporate action on the part of the Borrower and does not violate or result in a default
under the Borrower’s Articles of Incorporation or By-Laws, any applicable law or governmental
regulation or any material agreement to which the Borrower is a party or by which it is bound.

          (b) Upon the execution and delivery of this Amendment No. 4, the representations and
warranties of the Borrower in the Credit Agreement shall be true and correct in all material
respects and, except for the Principal Reduction Failure, no Default or Event of Default shall
exist.

          (c) As of the date hereof, Borrower has (i) paid when due all dividends required to be paid on
the Borrower’s Fixed Rate Cumulative Preferred Stock, Series B (“Dividends”) during the period from
March 1, 2009 through the date hereof and (ii) has taken all action necessary to ensure that all
Dividends required to be paid during the period from the date hereof through December 31, 2009 will
be paid when due.

     8. Waiver, Release of Claims, and Indemnification. The Borrower, for itself and each
and all of its officers, employees, agents, shareholders, members,

9

 

directors, heirs, successors, and assigns, does hereby fully, unconditionally, and irrevocably
waive and release the Agent and the Lenders and their respective officers, employees, agents,
directors, shareholders, affiliates, attorneys, successors, and assigns (each a “Released Party”),
of and from any and all claims, liabilities, obligations, causes of action, defenses,
counterclaims, and setoffs, of any kind, whether known or unknown and whether in contract, tort,
statute, or under any other legal theory, arising out of or relating to any act or omission by the
Agent, any Lender or any other Released Party, on or before the date of this Amendment No. 4. The
Borrower agrees to defend, indemnify, and hold the Agent, each Lender and each other Released Party
harmless from and against any and all losses, costs, expenses, damages, or liabilities (including
reasonable attorneys’ fees) incurred in connection with any demand, claim, counterclaim, cause of
action, or proceeding brought as a result of, or arising out of, or in any way related to any of
the Loan Documents, this Amendment No. 4, any documents executed in connection with or related to
any of the Loan Documents, the performance by the Agent and each Lender under any of the Loan
Documents or any documents executed in connection with or related to this Amendment No. 4 or any of
the other Loan Documents, or any transaction financed or to be financed, in whole or in part,
directly or indirectly, with the proceeds of any Loans. Notwithstanding the foregoing, the
Borrower shall not have any obligation to defend, indemnify, or hold the Agent, any Lender or any
other Released Party harmless with respect to any loss, cost, expense, damage, or liability
resulting solely from willful misconduct on the part of the Agent, such Lender or such other
Released Party.

     9. Governing Law. This Amendment No. 4 shall be governed by and construed in
accordance with the internal laws (without regard to the conflict of law provisions) of the State
of Wisconsin.

     10. Costs and Expenses. The Borrower agrees to pay to the Agent and each Lender all
costs and expenses (including reasonable attorneys’ fees) paid or incurred by the Agent or such
Lender in connection with the negotiation, execution and delivery of this Amendment No. 4.

     11. Full Force and Effect. The Credit Agreement, as amended by this Amendment No. 4,
remains in full force and effect.

     12. Relief from the Automatic Stay. As a material inducement to the Agent and the
Lenders to enter into this Amendment No. 4, the Borrower hereby stipulates and agrees that the
Agent and the Lenders shall be entitled to relief from the automatic stay imposed by 11 U.S.C.
§ 362 or any similar stay or suspension of remedies under any other federal or state law in the
event the Borrower becomes subject to a bankruptcy or other insolvency proceeding, to

10

 

allow the Agent and the Lenders to exercise their rights and remedies under the Pledge
Agreement.

     13. Counterparts. This Amendment No. 4 may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed an original, but all such counterparts together shall constitute but one
and the same instrument; signatures pages may be detached from multiple separate counterparts and
attached to a single counterpart so that all signature pages are physically attached to the same
document.

     IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 4 as of the date first
set forth above.

	 	 	 	 	 	 	 
	 	 	ANCHOR BANCORP WISCONSIN INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	BY
	 	/s/ Mark Timmerman
 

	 	 
	 

	 	 	 	Its Senior VP, Secretary, General Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as the Agent and a
Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	BY
	 	/s/ Joseph Svehla
 

	 	 
	 

	 	 	 	Its Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	ASSOCIATED BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	BY
	 	/s/ Michael Miller
 

	 	 
	 

	 	 	 	Its Sr. Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	BY
	 	/s/ Nelson Albrecht
 

	 	 
	 

	 	 	 	Its Senior Vice President	 	 

11

 

EXHIBIT D

FINANCIAL COVENANT COMPLIANCE CERTIFICATE

U.S. Bank National Association

Special Assets Group

777 East Wisconsin Avenue

MK-WI-J5N

Milwaukee, Wisconsin 53202

Attn: Joseph Svehla, Vice President

Dear Mr. Svehla:

     Reference is made to that certain
 Amended and Restated Credit Agreement, dated as of May 29,
2009 (the “Credit Agreement”), by and between Anchor Bancorp Wisconsin Inc. (the “Borrower”), the
financial institutions from time to time party thereto (the “Lenders”) and U.S. Bank National
Association, as administrative agent for the Lenders (“Agent”). Unless otherwise defined herein,
capitalized terms used herein have the respective meanings assigned to them in the Credit Agreement
and section references herein are to the sections of the Credit Agreement.

     This Certificate is provided
pursuant to section 4.11(n) of the Credit Agreement.

     The undersigned hereby
 certifies that:

     1. (He) (She)
is the [President] [Vice President] of the Borrower.

     2. Financial Covenants:

          
(a) Through                 
     , 20___, the Subsidiary Bank has at all times maintained all capital
ratios required for the Subsidiary Bank to be considered “well capitalized” under the applicable
regulations and guidelines issued by the Office of Thrift Supervision and all other Regulatory
Agencies (Required by Section 4.15(a) of the Credit Agreement.)

          
(b) As of                  
   , 20___, the ratio of Non-Performing Assets to Primary Capital is ___%.
(Section 4.15(b) of the Credit Agreement requires that the ratio of Non-Performing Assets to
Primary Capital not exceed (i) 60.0% as of June 30, 2009 or (ii) 62.0% as of the last day of any
fiscal quarter thereafter.) (To be completed at the end of each quarter.)

 

          
(c) As of                 
    , 20___, the ratio of Non-Performing Loans to Gross Loans is ___%.
(Section 4.15(c) of the Credit Agreement requires that the ratio of Non-Performing Loans to Gross
Loans not exceed (i) 5.25% as of May 31, 2009 and June 30, 2009 or (ii) 5.75% as of the last day of
any month thereafter.)

     3. Attached hereto are
detailed calculations supporting the statements made in 2(a) through
2(c) above. Such calculations were made in accordance with the applicable definitions in the
Credit Agreement and the statements made in 2(a) through 2(c) above are true and correct.

     Dated:  

                   
               
     ___, 20_.

      
                  
                  
                  
                  

                  
  , [President] [Vice President]

2

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