Document:

EXHIBIT 10.1

 

TWELFTH EXTENSION AGREEMENT

 

This AGREEMENT (this
“Agreement”) is dated as of July 2, 2015 and made between:

 

		(1)	FAR EAST ENERGY (BERMUDA), LTD., a company incorporated in Bermuda with its registered
office at Clarendon House, 2 Church Street, Hamilton HM II, Bermuda with registration number 36700 (the “Borrower”);

 

		(2)	FAR EAST ENERGY CORPORATION, a company incorporated in the State of Nevada, United States
of America, with its registered office at 711 S. Carson Street, Suite 4, Carson City, Nevada with registration number NV20001201882
(the “Guarantor”); and

 

		(3)	STANDARD CHARTERED BANK as lender (the “Lender”).

 

PRELIMINARY STATEMENTS:

 

		(A)	The Borrower, the Guarantor and the Lender are parties to that certain Facility Agreement dated
as of November 28, 2011 as amended by an Amendment Letter Agreement dated as of May 21, 2012, as further amended by a Second Amendment
to Facility Agreement dated as of November 28, 2012, as further amended by a Third Amendment to Facility Agreement dated as of
December 18, 2012, as further amended by a Fourth Amendment to Facility Agreement dated as of January 8, 2013, as further amended
by a Fifth Amendment to Facility Agreement dated as of January 15, 2013, and as further amended as of December 31, 2013 and extended
by Extension Agreement dated as of March 31, 2014, Second Extension Agreement dated as of July 9, 2014, Third Extension Agreement
dated as of September 12, 2014, Fourth Extension Agreement dated as of October 31, 2014, Fifth Extension Agreement dated
as of November 28, 2014, Sixth Extension Agreement dated as of December 31, 2014, Seventh Extension Agreement dated as of January
15, 2015, Eighth Extension Agreement dated as of February 18, 2015, Ninth Extension Agreement dated as of March 31, 2015, Tenth
Extension Agreement dated as of April 30, 2015 and Eleventh Extension Agreement dated as of June 1, 2015 (the “Eleventh
Extension Agreement”), providing for a secured term loan facility for the purposes described therein (collectively, the
“Facility Agreement”).

 

		(B)	The Facility is fully drawn in the amount of U.S $21,000,000.00.

 

		(C)	The Loans made under the Facility are due to be repaid on the Termination Date of July 3, 2015.

 

		(D)	Accrued interest on each Loan is due on July 3, 2015 (the “July Interest Payment”).

 

		(E)	A payment of $175,000 (the “Additional Payment”) is due the Lender on July 3,
2015 pursuant to Clause 4.2 of the Eleventh Extension Agreement.

 

		(F)	The Borrower has requested that the Termination Date under the Facility Agreement be extended to
September 4, 2015, and that the July Interest Payment and the Additional Payment be deferred to the same date.

 

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NOW, THEREFORE, in consideration
of the premises and the mutual covenants and agreements contained herein, it is agreed as follows:

 

		1.	interpretation

 

		1.1	Definitions

 

In this Agreement:

 

“Effective
Date” means the date on which the Lender confirms to the Borrower that it has received all of the documents and other
evidence required under Clause 2 (Conditions Precedent and Effectiveness)
of this Agreement in form and substance satisfactory to the Lender.

 

		1.2	Interpretation

 

		(a)	Capitalized terms used and not defined in this Agreement have the meaning ascribed to them in the
Facility Agreement.

 

		(b)	The provisions of clause 1.2 (Construction) of the Facility Agreement apply to this Agreement as
if they were set out in full in this Agreement, except that references therein to ‘this Agreement’ are to be construed
as references to this Agreement.

 

		2.	Conditions Precedent and effectiveness

 

It shall be
a condition precedent to the effectiveness of this Agreement that the Lender has received all of the following documents and other
evidence in form and substance satisfactory to the Lender:

 

		2.1	The following documents in respect of the Obligors:

 

		(a)	A copy of the constitutional documents of each Obligor.

 

		(b)	A copy of a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, this Agreement and resolving that
it execute this Agreement;

 

		(ii)	authorizing a specified person or persons to execute this Agreement on its behalf;

 

		(iii)	authorizing a specified person or persons, on its behalf, to sign and/or dispatch all documents
and notices to be signed and/or dispatched by it under or in connection with this Agreement; and

 

		(iv)	in the case of a Guarantor, resolving that it is in the best interests of the relevant guarantor
to enter into the transactions contemplated by this Agreement.

 

		(c)	A specimen of the signature of each person authorized by the resolution referred to in paragraph
(b) above.

 

		(d)	A certificate of an authorized signatory
of the relevant Obligor certifying that each copy document relating to it specified in this Clause 2
(Conditions Precedent and Effectiveness) is correct, complete and in full force and effect as at a date no earlier than
the Effective Date.

 

		2.2	A duly executed original of this Agreement.

 

		2.3	Evidence that any interest payable by the Borrower under the Facility Agreement (other than the
July Interest Payment) has been paid.

 

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		2.4	A copy of any other Authorization or other document, opinion or assurance which the Lender considers
to be necessary in connection with the entry into and performance of the transactions contemplated by any Finance Document.

 

		2.5	Evidence that all costs and expenses of the Lender (including professional fees) incurred prior
to the Effective Date in connection with the Group, the Finance Documents and this Agreement have been paid by the Borrowers.

 

		3.	representations and warranties

 

Each Obligor
jointly and severally represents and warrants to the Lender on the date of this Agreement and on the Effective Date that:

 

		(a)	The obligations expressed to be assumed by it in this Agreement are (subject to applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors rights generally) legal, valid,
binding and enforceable obligations.

 

		(b)	All of the representations and warranties contained in clauses 18.1 – 18.29 (Representations)
of the Facility Agreement are true and correct.

 

		4.	EXTENSION OF MATURITY OF THE LOANS

 

		4.1	Subject to the conditions set forth in Clause 2 hereof, effective
as of the Effective Date the Lender hereby agrees to extend the Termination Date under the Facility Agreement to September 4, 2015
(except that, if the Termination Date would otherwise fall on a day which is not a Business Day, it will instead be the immediately
preceding Business Day).

 

		4.2	It is further agreed that the Additional Payment due pursuant
to Clause 4.2 of the Eleventh Extension Agreement and the July Interest Payment shall be due on the Termination Date and if not
made when due shall constitute an Unpaid Sum (as defined in the Facility Agreement) accruing default interest at the rate set forth
in Clause 3.8 and shall be subject to the provisions set forth therein. 

 

		5.	Release of lender and related parties

 

		5.1	Each Obligor voluntarily and knowingly releases, holds harmless,
and forever discharges the Lender and each of the Lender’s predecessors, agents, shareholders, partners, directors, officers,
employees, representatives, professionals and their respective successors and assigns (the “Released Parties”) from
all possible claims, demands, actions, causes of action, damages, costs or expenses, and liabilities whatsoever, known or unknown,
anticipated or unanticipated, suspected or unsuspected, fixed, contingent, or conditional, at law or in equity, originating in
whole or in part on or before the Effective Date which any Obligor may now or hereafter have against any of the Released Parties
and irrespective of whether any such claims arise out of contract, tort, violation of law or regulations, or otherwise, including,
without limitation, the exercise of any rights and remedies under, and all other matters relating to, the Finance Documents, and
the negotiation and execution of this Agreement.

 

		6.	MISCELLANEOUS

 

		6.1	Limited Waiver

 

Without limiting
the generality of the provisions of Clause 33 (Amendments and Waivers) of the Facility Agreement, the consent set forth
herein shall be limited precisely as written and is provided solely for the purpose of extending the maturity of the Loans, and
this Agreement does not constitute, nor should it be construed as, a waiver of compliance by the Obligors of any other term, provision
or condition of the Facility Agreement or any other instrument or agreement referred to therein.

 

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		6.2	Finance Document

 

This Agreement
is a Finance Document.

 

		6.3	Costs and expenses

 

The Borrower
agrees that the provisions of clause 16 (Costs and Expenses) of the Facility Agreement shall apply to this Agreement.

 

		6.4	Counterparts

 

This Agreement
may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a
single copy of this Agreement.

 

		6.5	Reservation of rights

 

The Parties
reserve all rights with respect to any continuing or future Default.

 

		6.6	Confirmations

 

		(a)	The Guarantor hereby acknowledges that it has read this Agreement and consents to its terms, and
hereby confirms and agrees that, notwithstanding the effectiveness of this Agreement, its guarantee of the Borrower’s obligations
under the Finance Documents (the “Guaranteed Obligations”) shall not be impaired or affected and such
guarantee is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects.

 

		(b)	The Obligors acknowledge and agree that (i) all liens evidenced by the Facility Agreement and the
Security Documents are hereby ratified, confirmed and continued, (ii) the extension of maturity of the Loans pursuant to this Agreement,
the other agreements set forth herein and the execution of this Agreement shall not constitute a re-grant of any existing Security
granted in connection with the Facility Agreement (the “Existing Security”), (iii) the Existing Security shall
remain in full force and effect after giving effect to this Agreement, and (iv) the Existing Security extends to the Guaranteed
Obligations as amended pursuant to this Agreement.

 

		6.7	Governing law

 

THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE IN THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES).

 

[Signature page follows]

  

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This Agreement has been
entered into as of the date stated at the beginning hereof.

 

SIGNATORIES

 

BORROWER:

 

FAR EAST ENERGY (BERMUDA),
LTD.

 

	By:	/s/ Michael R. McElwrath	 
	Name:	Michael R. McElwrath	 
	Title:	Chairman	 

 

GUARANTOR:

 

FAR EAST ENERGY CORPORATION

 

	By:	/s/ Michael R. McElwrath	 
	Name:	Michael R. McElwrath	 
	Title:	CEO and President	 

 

LENDER:

 

STANDARD CHARTERED BANK

 

	By:	/s/ Marc Chait	 
	Name:	Marc Chait	 
	Title:	Director	 

 

	By:	/s/
    Lorena Pinzon	 
	Name:	
    Lorena Pinzon	 
	Title:	GSAM Officer	 

  

 

 

Signature page to Twelfth Extension AgreementExhibit 10.1

 

 

2701 Patriot Boulevard

Glenview, Illinois 60026

 

June 29, 2015

 

Mr. Michel Cup

 

Dear Michel:

 

On behalf of Mead Johnson Nutrition (“the Company”), I am pleased to extend our offer to join our leadership team. The following summarizes the key terms of our offer to join the Company.

 

Your position will be Executive Vice President & Chief Financial Officer, Level 21.  I trust that in your conversations with us you have developed a good understanding of the responsibilities and obligations of the job. The position will be located in the Company’s headquarters location in Glenview, IL, USA.

 

The following table summarizes the primary elements of your offer to join the Company:

 

	
Element
    	
 
    	
Comments
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Base Salary
    	
 
    	
USD 700,000
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Annual Incentive Plan:

MJN Senior Executive Performance Incentive Plan
    	
 
    	
Fully performing target range: 
   68% - 102%; Midpoint of 85%
    	
 
    	
Your target bonus will be prorated based on hire   date during first year of employment.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Annual Long-Term Incentive (“LTI”)
    	
 
    	
USD 1,858,000

 
    	
 
    	
Your LTI award target value for your grade level   will be delivered in the form of Performance Share Units (PSUs), Stock   Options, and Restricted Stock Units (RSUs). Individual LTI awards can be   adjusted up or down from the target based on individual performance or other   factors. LTI award guidelines are reviewed annually and may be adjusted   periodically. Your first annual cycle grant will be delivered in 2016.

 

LTI holdings are subject to the Company’s share   ownership guidelines which stipulate that you own and retain shares of   company stock equivalent to 3 (three) times base salary.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Transition Equity Award
    	
 
    	
USD 1,200,000
    	
 
    	
To be granted on the first day of the month   following your hire date, delivered as 50% options (3-year graded vesting)   and 50% RSUs (4-year cliff vesting)
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Transition Cash
    	
 
    	
USD 650,000 (gross)
    	
 
    	
Subject to clawback provisions upon voluntary   resignation or termination for cause within 24 months of your hire date
    

 

 

	
Vacation
    	
 
    	
4 weeks of vacation
    	
 
    	
Vacation eligibility is earned at a rate of 10   percent of the annual allotment for each full calendar month worked in first   calendar year. The full vacation allotment will be earned after your having   worked 10 months of the calendar year.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Employee Benefits Programs
    	
 
    	
Benefits requiring election: medical/dental plans,   reimbursement accounts, employee and dependent life insurance; The Mead   Johnson & Company Retirement Savings Plan (401(k) plan).

 

Benefits not requiring an election: Short-term and   long-term disability plans; travel accident plan
    	
 
    	
Benefits are subject to a 31 day enrollment period.   Default medical plan, dental plan, and life insurance of two times base pay   are in effect as of first day of employment.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Change in Control Benefits
    	
 
    	
You will be eligible to participate at the Tier 2   level: 2x base salary and bonus, as defined in the Plan.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Relocation Assistance
    	
 
    	
Relocation benefits will be offered to you   consistent with the Company’s relocation policy
    	
 
    	
Relocation Repayment Agreement required
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Other Elements
    	
 
    	
Pre-placement Fitness for Work Evaluation and   Background Check; Employment Eligibility (I-9) Documentation; Confidentiality   Agreement
    	
 
    	
 
    

 

We look forward to your joining the Company and hope you will find this offer satisfactory in every respect. If you have any questions, please do not hesitate to call me at 812-832-2438.  Your anticipated start date is September 1, 2015.

 

	
Sincerely,
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Ian Ormesher
    	
 
    	
 
    
	
Ian Ormesher
    	
 
    	
 
    
	
Senior Vice President, Human Resources
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Cc: MJN Staffing
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
I accept this   offer with the terms and conditions as outlined in this letter:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Michel Cup
    	
 
    	
June 30, 2015
    
	
Michel Cup
    	
 
    	
Date

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