Document:

EX-10.1

 Exhibit 10.1 

GUARANTY AND SUPPORT AGREEMENT 

This Guaranty and Support Agreement (this “Agreement”), dated as of November 23, 2016 (the “Effective
Date”), is made between Magellan Petroleum Corporation, a Delaware corporation (“Magellan”), and GE Oil & Gas, Inc., a Delaware corporation (“Purchaser”). 

RECITALS: 

WHEREAS, Tellurian Investments Inc. (“Tellurian”), Magellan and a wholly-owned subsidiary of Magellan
(“Merger Sub”) are parties to that certain Merger Agreement dated as of August 2, 2016 (as amended, restated, supplemented and/or otherwise modified from time to time, the “Merger Agreement”), pursuant
to which, at the closing (the “Merger Closing”) of the transactions contemplated by the Merger Agreement, Tellurian would merge with Merger Sub and the holders of shares of Tellurian common stock would be issued shares of
Magellan common stock; 
 WHEREAS, effective simultaneously with the execution hereof, Tellurian and Purchaser are entering into that
certain Preferred Stock Purchase Agreement attached hereto as Exhibit A (the “Tellurian Purchase Agreement”), pursuant to which Purchaser is purchasing 5,467,851 shares of Series A Preferred Stock of Tellurian
(“Tellurian Preferred”), which shares will be issued pursuant to and have terms set forth in the Amended and Restated Certificate of Incorporation of Tellurian (as amended, restated, supplemented and/or otherwise modified
from time to time, the “Tellurian Charter”) attached hereto as Exhibit B; 
 WHEREAS, as a condition to
Purchaser entering into the Tellurian Purchase Agreement, Purchaser requires that Magellan enter into this Agreement; and 
 WHEREAS, if the
Merger Closing occurs, (i) the investment by Purchaser in Tellurian pursuant to the Tellurian Purchase Agreement will directly and indirectly benefit Magellan, and thus (ii) the execution, delivery and performance of this Agreement will be necessary
and convenient to the conduct, promotion and attainment of the business of Magellan. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows: 
 1. Certain Defined Terms. Certain defined terms are set forth in Section 10. 

2. Guaranty and Support. From and after the date of the Merger Closing, Magellan hereby unconditionally and irrevocably (a) guarantees
the performance by Tellurian of Tellurian’s obligations to holders of Tellurian Preferred under the Tellurian Purchase Agreement and the Tellurian Charter and (b) agrees to perform all obligations of Magellan that Tellurian is obligated to
cause Magellan to perform thereunder; provided, however, that Magellan shall have no obligation under this Section 2 before the Merger Closing has occurred. In connection with the foregoing, concurrently with the Merger
Closing, Magellan will deliver to Purchaser a copy of a certificate of designations of the Magellan Preferred Stock substantially in the form attached to this Agreement as Exhibit D (the “Certificate of
Designations”) that has been filed with the 

 
Secretary of State of the State of Delaware; provided, however, that such Magellan Preferred Stock shall not be issued until a notice of exchange therefor has been delivered by
Purchaser in accordance with the Tellurian Charter. 
 3. Termination. This Agreement shall automatically terminate if (i) the Merger
Agreement has been terminated and (ii) the Merger Closing has not occurred. 
 4. Representations, Warranties and Covenants of
Magellan. As of the date of this Agreement (and (i) solely with respect to the Certificate of Designations (if applicable), as of the date of execution thereof, and (ii) solely, with respect to the issuance and delivery of the Conversion Shares
(if applicable) as of issuance thereof), Magellan represents, warrants and, as applicable, covenants to Purchaser that: 
 (a) Magellan is a
corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware and is duly licensed or qualified to transact business as a foreign corporation and is in good standing in each jurisdiction in which the
nature of the business transacted by it or the character of the properties owned or leased by it requires such licensing or qualification, except where the failure to be so licensed, qualified or in good standing in any jurisdiction other than
Delaware could not reasonably be expected to materially and adversely affect Magellan. Magellan and its subsidiaries have the requisite corporate or entity power and authority to own and hold their properties and to carry on their
business as now conducted and as proposed to be conducted, and Magellan has the requisite corporate power and authority to execute, deliver and perform this Agreement and the Certificate of Designations (if applicable) and to issue and deliver the
Conversion Shares (if applicable). 
 (b) Magellan’s execution and delivery of this Agreement and the Certificate of Designations (if
applicable) and performance of its obligations hereunder and thereunder, and (if applicable) the issuance and delivery of the Magellan Preferred Stock or the Magellan Common Stock, as applicable, as contemplated hereunder and under the Tellurian
Charter, will not (i) result in a violation of Magellan’s Certificate of Incorporation (as amended, the “Charter”), Magellan’s Bylaws (as amended, the “Bylaws”) or any other organizational
document of Magellan or any of its subsidiaries, (ii) result in a violation of any applicable Law, any rule or regulation of any self-regulatory organization or other nongovernmental regulatory authority, or any material order, injunction, judgment
or decree of any Governmental Authority, (iii) conflict with, result in a breach of, or constitute (or, with due notice or lapse of time or both, constitute) a default under, or give rise to any right of termination, acceleration or cancellation
under, any material indenture, agreement, contract, license, arrangement, understanding, evidence of indebtedness, note, lease or other instrument to which Magellan, any of its subsidiaries or any of their respective properties or assets is bound,
(iv) result in the creation or imposition of any material Lien upon Magellan, any of its subsidiaries or any of their material properties or assets or (v) require any consent, approval, notification, waiver or other similar action from any third
party. No provision of this Agreement or the Certificate of Designations (if applicable) violates, conflicts with, results in a breach of or constitutes (or, with due notice or lapse of time or both, would constitute) a default by any other party
under any material indenture, agreement, contract, 

 
license, arrangement, understanding, evidence of indebtedness, note, lease or other instrument to which Magellan or any of its subsidiaries is a party. The issuance and sale of the Tellurian
Preferred does not, and the issuance of Magellan Common Stock or Magellan Preferred Stock, as applicable, in exchange for the Tellurian Preferred as contemplated by the Tellurian Charter (such Magellan Common Stock or Magellan Preferred Stock, the
“Conversion Shares”) will not upon such issuance, contravene NASDAQ rules and regulations. 
 (c) All
representations and warranties of Magellan set forth in the Agreement and Plan of Merger dated as of August 2, 2016 by and among Tellurian, Magellan and a wholly-owned subsidiary of Magellan (as amended by the amendment thereto dated
November 23, 2016, the “Magellan Merger Agreement”) are, subject to disclosures made in the disclosure schedules, true and correct in all material respects and there has been no material breach or default thereof (or
with due notice or lapse of time or both, no occurrence that would constitute a material breach or default thereof). 
 (d) True, correct
and complete copies of the Charter, the Bylaws and the other organizational documents of Magellan have been provided to Purchaser. All such organizational documents have been duly adopted, duly authorized, executed and delivered by the parties
thereto and are valid and legally binding agreements of Magellan, enforceable against Magellan in accordance with their respective terms except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of
general application related to the enforcement of creditors’ rights generally and general principles of equity. 
 (e) Subject to the
accuracy of Purchaser’s representations and warranties set forth in the Tellurian Purchase Agreement at all relevant times, no registration or filing with, or consent or approval of or other action by, any Governmental Authority or any third
party is or will be necessary for Magellan’s valid execution, delivery and performance of this Agreement, the Certificate of Designations (if applicable), the consummation of the transactions contemplated hereby and thereby or the issuance and
delivery of the Conversion Shares contemplated hereby and thereby, other than the filing of the Certificate of Designations with the Delaware Secretary of State or those (i) which have previously been obtained or made, (ii) required by the
Securities and Exchange Commission in connection with Magellan’s obligations under the Registration Rights Agreement to be entered into in accordance with Section 26 of the Tellurian Purchase Agreement or (iii) required under the state
securities or “Blue Sky” Laws, which will be obtained or made, and will be effective within the time periods required by law. Subject to the accuracy of Purchaser’s representations and warranties set forth in the Tellurian
Purchase Agreement at all relevant times, the issuance and delivery of the Conversion Shares to Purchaser as contemplated hereby will be exempt from the registration requirements of the Securities Act, and neither Magellan nor, to Magellan’s
knowledge, any Person acting on its behalf, has taken nor will take any action hereafter that would cause the loss of such exemption. 
 (f)
All corporate action required to be taken by Magellan or any of its shareholders for the authorization, issuance and delivery of the Conversion Shares contemplated hereby, the execution and delivery of this Agreement and the Certificate of
Designations (if applicable) and 

 
the consummation of the transactions contemplated hereby and thereby have been validly taken other than (i) the vote of Magellan’s shareholders to approve the transactions contemplated by
the Merger Agreement and (ii) the filing of the Certificate of Designations with the Delaware Secretary of State. This Agreement and the Certificate of Designations (if applicable) has been duly executed and delivered by Magellan and constitutes the
legal, valid and binding obligation of Magellan, enforceable against Magellan in accordance with its terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application related
to the enforcement of creditors’ rights generally and general principles of equity. 
 (g) Magellan’s authorized capital stock
consists of 50,000,000 shares of Preferred Stock, par value $0.01 per share (“Magellan Preferred Stock”), of which 5,467,851 shares have been designated Series B Convertible Preferred Stock, and 300,000,000 shares of Common
Stock, par value $0.01 per share (“Magellan Common Stock”). On the date hereof, 5,879,610 shares of Magellan Common Stock and zero shares of Magellan Preferred Stock were issued and outstanding. 

(h) All of the outstanding shares of Magellan Common Stock have been duly authorized, are validly issued, fully paid, and nonassessable, and
have been issued in compliance with all applicable laws, rules and regulations, and are not subject to any preemptive rights. There are no preemptive rights to purchase any securities of Magellan or any of its subsidiaries. Except (i) for 90,350
shares of Magellan Common Stock issuable to the former owners of the membership interests in Nautilus Technical Group LLC and Eastern Rider LLC pursuant to the purchase and sale agreement, effective as of September 30, 2016, by and among Magellan
and the former owners of the membership interests in Nautilus Technical Group LLC and Eastern Rider LLC and (ii) as set forth in Section 3.2 of the Magellan Merger Agreement and the corresponding disclosure schedule, there are no outstanding
options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of Magellan Common Stock, Magellan Preferred Stock or other securities of
Magellan or any of its subsidiaries. If the Purchased Shares are exchanged for Magellan Preferred Stock, at the time of such exchange there will be no equity interests in Magellan that are senior, in right of distribution or liquidation, to
such Magellan Preferred Stock and there will be no equity interests in Magellan that are pari passu, in right of distribution or liquidation, to such Magellan Preferred Stock except those that would have been permitted by the Certificate of
Designations if the Certificate of Designations had been in effect at all times. 
 (i) The Conversion Shares have been duly authorized and,
when issued in accordance with the Tellurian Charter, the Charter, this Agreement and, if applicable, the Certificate of Designations, will be duly and validly issued, fully paid and nonassessable shares of Magellan Preferred Stock or Magellan
Common Stock, as applicable, and will be free and clear of all Liens, other than Liens that were created by Purchaser and restrictions on transfer imposed by the Securities Act and/or applicable state securities laws. Neither the issuance or
delivery of any Conversion Shares is subject to any preemptive or other purchase right of Magellan’s 

 
stockholders or to any right of first refusal or other right in favor of any Person, or will result in any anti-dilution adjustment or other similar adjustment to any of Magellan’s
outstanding securities. Any Person with any right (other than Purchaser) to purchase securities of Magellan, which would be triggered as a result of the transactions contemplated under this Agreement or the exchange of the Tellurian Preferred
for Conversion Shares, has waived such rights. 
 (j) Except as described in the Charter or imposed by applicable law, there are no
restrictions upon the voting or transfer of, any equity interests of Magellan. Except for such rights that have been waived, neither the issuance nor delivery of the Conversion Shares as contemplated by this Agreement gives rise to any rights for or
relating to the registration of any equity interests of Magellan. Magellan will not grant (other than as disclosed in Section 4(k) of the Company Disclosure Schedule to the Tellurian Purchase Agreement) any registration rights to any Person
that would provide such Person priority over the Purchaser’s rights with respect to any “Piggyback Registration” (as such term or a similar term is defined in the Registration Rights Agreement to be entered into in accordance with
Section 26 of the Tellurian Purchase Agreement). 
 (k) Neither Magellan nor any of its subsidiaries is, and immediately after the issuance
of any Conversion Shares none of Magellan nor any of its subsidiaries will be, an “investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act of
1940, as amended. 
 (l) Magellan and, to Magellan’s knowledge, Magellan’s directors and officers, in their capacities as such,
are in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith. 

(m) To Magellan’s knowledge, neither Magellan nor any of its subsidiaries has since January 1, 2010, directly or indirectly, (i) made or
authorized any contribution, payment or gift of funds or property to any official, employee or agent of any Governmental Authority of any jurisdiction or (ii) made any contribution to any candidate for public office, in either case, where either the
payment or the purpose of such contribution, payment or gift was, is or would be prohibited under any applicable Anti-Corruption Laws (as defined below) of any relevant jurisdiction covering a similar subject matter as in effect on or prior to the
Effective Date applicable to Magellan and its subsidiaries and their respective operations, except as would not constitute a material and adverse effect. Magellan has instituted and maintained policies and procedures designed to ensure compliance
with such Laws. 
 (n) To Magellan’s knowledge and except as would not constitute a material and adverse effect, none of Magellan, any
of its subsidiaries or any of its affiliates, nor any of their respective directors, officers, employees, agents or other representatives, or anyone acting on behalf of any of the foregoing, is aware of or has taken, since January 1, 2010, any
action, directly or indirectly, that would result in a violation of the Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 or any analogous anticorruption Laws applicable to Magellan, 

 
any of its subsidiaries or any of its affiliates as applicable (collectively, “Anti-Corruption Laws”), including offering, paying, promising to pay or authorizing the
payment of money or anything of value to a foreign governmental official or any other Person while knowing or having a reasonable belief that all or some portion of it would be given to a foreign governmental official and used for the purpose of (i)
influencing any act or decision of a foreign governmental official or other Person, including a decision to fail to perform official functions, (ii) inducing any foreign governmental official or other Person to do or omit to do any act in violation
of the lawful duty of such official, (iii) securing any improper advantage, or (iv) inducing any foreign governmental official to use influence with any Governmental Authority in order to affect any act or decision of such Governmental Authority, in
order to assist Magellan, any of its subsidiaries or any of its affiliates in obtaining or retaining business with, or directing business to, any Person, in each case, in violation of any applicable Anti-Corruption Laws. 

(o) No proceeding by or before any Governmental Authority involving Magellan, any of its subsidiaries or any of its affiliates, or, to
Magellan’s knowledge, any of their respective directors, officers, employees, or agents, or anyone acting on behalf of the foregoing, with respect to any applicable Anti-Corruption Laws is pending or, to Magellan’s knowledge, threatened.
Since January 1, 2010, no civil or criminal penalties have been imposed on Magellan, any of its subsidiaries or any of its affiliates with respect to violations of any applicable Anti-Corruption Law, nor have any disclosures been submitted to any
Governmental Authority with respect to violations of the Anti-Corruption Laws. 
 (p) Except as would not constitute a material and adverse
effect, the operations of Magellan and its subsidiaries are and have been, since January 1, 2010, conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority
(collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any Governmental Authority or any arbitrator involving Magellan or any of its subsidiaries with respect to the Money Laundering
Laws is pending or, to Magellan’s knowledge, threatened. 
 (q) To Magellan’s knowledge, there are no material impediments (other
than approval by Tellurian’s shareholders and Magellan’s shareholders and resolving all outstanding comments from the SEC with respect to the Registration Statement on Form S-4 filed in
connection with the Magellan Merger Agreement) to the consummation of the transactions contemplated by the Magellan Merger Agreement. In Magellan’s reasonable belief, the outstanding comments from the SEC with respect to the Registration
Statement are not material in nature and neither those comments nor the other conditions precedent set forth in the Magellan Merger Agreement (other than the respective shareholder votes) are expected to materially impede or impact the transactions
contemplated by the Magellan Merger Agreement. 
 (r) Magellan shall use its commercially reasonable efforts to expeditiously consummate the
transactions contemplated by the Magellan Merger Agreement. 

 5. Representations and Warranties of Purchaser. Purchaser hereby represents and warrants
to Magellan that all of Purchaser’s representations and warranties contained within Section 5 of the Tellurian Purchase Agreement are true and correct. 

6. Legend. Until such time as the Conversion Shares have been sold pursuant to an effective registration statement under the Securities
Act, or the Conversion Shares are eligible for resale pursuant to Rule 144 promulgated under the Securities Act without any restriction as to the number of securities as of a particular date that can then be immediately sold, any certificate(s)
representing the Conversion Shares will be imprinted (and any Conversion Shares issued in book entry form will have a notation in the Magellan’s stock transfer records) with a legend in substantially the following form: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 

In connection with a sale of Conversion Shares in reliance on Rule 144 promulgated under the Securities Act, Purchaser or its broker shall
deliver to Magellan a broker representation letter providing to Magellan any information Magellan deems necessary to determine that such sale is made in compliance with Rule 144 promulgated under the Securities Act, including, as may be appropriate,
a certification that Purchaser is not an affiliate of Magellan (as defined in Rule 144 promulgated under the Securities Act) and a certification as to the length of time the applicable equity interests have been held. Upon receipt of such
representation letter, Magellan shall promptly remove the restrictive legend, and Magellan shall bear all costs associated with the removal of such legend. At such time as the Conversion Shares have been sold pursuant to an effective
registration statement under the Securities Act or have been held by Purchaser for more than one year where Purchaser is not, and has not been in the preceding three months, an affiliate of Magellan (as defined in Rule 144 promulgated under the
Securities Act), if the restrictive legend is still in place, Magellan agrees, upon request of Purchaser, to take all steps necessary to promptly effect the removal of such legend, and Magellan shall bear all costs associated with such removal of
such legend. Magellan shall cooperate with Purchaser to effect the removal of such legend at any time such legend is no longer appropriate. 

7. Tax Treatment of Conversion or Exchange. Magellan and Purchaser intend to treat any conversion or exchange of Tellurian
Preferred as occurring pursuant to a transaction qualifying for nonrecognition of gain or loss pursuant to Section 368 of the Internal Revenue Code of 1986, as amended, except as otherwise required by applicable law. Magellan agrees to use
commercially reasonable efforts to facilitate such nonrecognition treatment. 

 8. Indemnification. 

(a) All representations, warranties, covenants and agreements contained herein and all related rights to indemnification shall survive the
consummation of the transactions contemplated hereby. 
 (b) Subject to the other terms and conditions of this Section 8, Magellan
shall defend, indemnify and hold harmless Purchaser, its affiliates and their respective stockholders, directors, officers and employees from and against all claims, judgments, damages, liabilities, settlements, losses, costs and expenses, including
attorneys’ fees and disbursements, arising from or relating to (i) any inaccuracy in or breach of any of the representations or warranties of Magellan contained in this Agreement or any document to be delivered hereunder or (ii) any breach or
non-fulfillment of any covenant, agreement or obligation to be performed by Magellan pursuant to this Agreement or any document to be delivered hereunder. 

(c) Subject to the other terms and conditions of this Section 8, Purchaser shall defend, indemnify and hold harmless Magellan, its
affiliates and their respective stockholders, directors, officers and employees from and against all claims, judgments, damages, liabilities, settlements, losses, costs and expenses, including attorneys’ fees and disbursements, arising from or
relating to (i) any inaccuracy in or breach of any of the representations or warranties of Purchaser contained in this Agreement or any document to be delivered hereunder or (ii) any breach or non-fulfillment of any covenant, agreement or obligation
to be performed by Purchaser pursuant to this Agreement or any document to be delivered hereunder. 
 (d) Whenever any claim shall arise for
indemnification hereunder, the party entitled to indemnification (the “Indemnified Party”) shall promptly provide written notice of such claim to the other party (the “Indemnifying Party”), but failure
to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Any such notice
shall state the nature and the basis of such claim to the extent then known. In connection with any claim giving rise to indemnity hereunder resulting from or arising out of any claim, action, suit, proceeding or governmental investigation by a
Person who is not a party to this Agreement, the Indemnifying Party, at its sole cost and expense and upon written notice to the Indemnified Party, may assume the defense of any such claim, action, suit, proceeding or governmental investigation with
counsel reasonably satisfactory to the Indemnified Party. The Indemnified Party shall be entitled to participate in the defense of any such claim, action, suit, proceeding or governmental investigation, with its counsel and at its own cost and
expense. If the Indemnifying Party does not assume the defense of any such claim, action, suit, proceeding or governmental investigation, the Indemnified Party may, but shall not be obligated to, defend against such claim, action, suit, proceeding
or governmental investigation in such manner as it may deem appropriate, including settling such claim, action, suit, 

 
proceeding or governmental investigation, after giving notice of it to the Indemnifying Party, on such terms as the Indemnified Party may deem appropriate and no action taken by the Indemnified
Party in accordance with such defense and settlement shall relieve the Indemnifying Party of its indemnification obligations herein provided with respect to any damages resulting therefrom. The Indemnifying Party shall not settle any claim, action,
suit, proceeding or governmental investigation without the Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld or delayed). 

9. Public Announcements. Unless otherwise required by applicable Law or stock exchange requirements (based upon the reasonable advice
of counsel), no party to this Agreement shall make any public announcements in respect of this Agreement or the transactions contemplated hereby or described herein or otherwise communicate with any news media without the prior written consent of
the other party, and the parties shall cooperate as to the timing and contents of any such announcement. 
 10. Certain Defined
Terms. The following capitalized terms shall have the following definitions for purposes of this Agreement: 
 “Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other
non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the force of law), or any arbitrator, court or tribunal of competent jurisdiction. 

“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment,
decree, other requirement or rule of law of any Governmental Authority. 
 “Lien” means any lien, pledge, mortgage,
deed of trust, security interest, charge, claim, easement, encroachment or other similar encumbrance. 
 “Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this
Agreement as a whole, including all Exhibits attached hereto, and not to any particular provision of this Agreement. All references herein to Sections and Exhibits shall, unless the context requires a different construction, be deemed to be
references to the Sections of this Agreement, and the Exhibits attached hereto, and all such Exhibits attached hereto are hereby incorporated herein and made a part hereof for all purposes. All personal pronouns used in this Agreement, whether used
in the masculine, feminine, or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The terms “include,” “includes,” “including” or words of like import shall be
deemed to be followed by the words “without limitation.” 

 11. Waiver, Amendment. Neither this Agreement nor any provision hereof shall be modified,
waived, changed, discharged or terminated except by an instrument in writing, signed by both parties (in the case of a modification) or, in all other cases, the party against whom any waiver, change, discharge or termination is sought. 

12. Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be
assignable by any party hereto without the prior written consent of the other party. 
 13. Waiver of Jury Trial. THE PARTIES HERETO
IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

14. Submission to Jurisdiction. With respect to any suit, action or proceeding arising out of or relating to this Agreement
(“Proceedings”), each party hereto irrevocably submits to the jurisdiction of the federal or state courts located in Harris County, Texas, which submission shall be exclusive unless none of such courts has lawful jurisdiction
over such Proceedings. 
 15. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware. 
 16. Section and Other Headings. The section and other headings contained in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this Agreement. 
 17. Counterparts. This Agreement may be
executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement. 

18. Notices. All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given
if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses (or such other address as either party shall have specified by notice in writing to the other): 

 

			
	If to Magellan:	  	 Magellan Petroleum Corporation
 1775 Sherman
Street, Suite 1950
 Denver, Colorado 80203
 Attn: Antoine
Lafargue
 E-mail: alafargue@magellanpetroleum.com

		
	If to Purchaser:	  	 GE Oil & Gas, Inc.
 4424 West Sam Houston
Parkway North,
 Suite 100
 Houston, Texas 77041

Attn: Victoria Lazar
 E-mail:
victoria.lazar@ge.com

			
	with a copy (which shall not constitute notice) to:	  	 Sidley Austin LLP
 1000 Louisiana Street, Suite
6000
 Houston, Texas 77002
 Attn: Cliff W. Vrielink

E-mail: cvrielink@sidley.com

 19. Binding Effect. The provisions of this Agreement shall be binding upon and accrue to the benefit of
the parties hereto and their respective heirs, legal representatives, successors and assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person, other than Magellan and Purchaser, any right, benefit
or remedy of any nature whatsoever under or by reason of this Agreement. 
 20. Severability. If any term or provision of this
Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any
other jurisdiction. 
 21. Entire Agreement. This Agreement (together with the Transaction Documents (as defined in the Purchase
Agreement) and the Certificate of Designations (if applicable)) is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto and
thereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to in this Agreement, the Transaction Documents and the Certificate of
Designations (if applicable), with respect to the rights granted by Magellan or any of its affiliates or Purchaser or any of its affiliates. This Agreement, the Transaction Documents and the Certificate of Designations (if applicable) supersede
all prior agreements and understandings among the parties with respect to such subject matter. 
 22. No Recourse Against
Others. All claims, obligations, liabilities or causes of action (whether in contract or in tort, in law or in equity, or granted by statute) that may be based upon, in respect of, arise under, out or by reason of, be connected with or
relate in any manner to this Agreement, the Certificate of Designations (if applicable) and the Transaction Documents, or the negotiation, execution or performance of this Agreement, the Certificate of Designations (if applicable) and the
Transaction Documents (including any representation or warranty made in, in connection with, or as an inducement to, this Agreement), may be made only against (and are expressly limited to) Magellan and Purchaser and any other Person expressly party
thereto. No Person other than the Persons expressly party thereto, including no member, partner, stockholder, affiliate or representative thereof, nor any member, partner, stockholder, affiliate or representative of any of the foregoing, shall
have any liability (whether in contract or in tort, in 

 
law or in equity, or granted by statute) for any claims, causes of action, obligations or liabilities arising under, out of, in connection with or related in any manner to this Agreement, the
Certificate of Designations (if applicable) and the Transaction Documents or based on, in respect of or by reason of this Agreement, the Certificate of Designations (if applicable) and the Transaction Documents or their negotiation, execution,
performance or breach; and, to the maximum extent permitted by Law, each of Magellan and its subsidiaries hereby waives and releases all such liabilities, claims, causes of action and obligations against any such third Person. 

23. Transaction Expenses. Magellan and Purchaser will each pay for their own transaction expenses related to this Agreement, the
Certificate of Designations (if applicable) and the issuance of the Conversion Shares. 
 24. Certain Magellan Agreements. If the
transactions contemplated by the Magellan Merger Agreement have closed, then promptly after such closing, Magellan shall execute and deliver (and Purchaser will execute and deliver) a customary Registration Rights Agreement that includes, among
other provisions, the terms set forth in Exhibit C. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first written above by their respective officers thereunto duly authorized. 
  

			
	MAGELLAN PETROLEUM CORPORATION
		
	By:	 	 /s/ Antoine J. Lafargue

	Name:	 	Antoine J. Lafargue
	Title:	 	President, Chief Executive Officer
	
	GE OIL & GAS, INC.
		
	By:	 	 /s/ Maria C. Borras

	Name:	 	Maria C. Borras
	Title:	 	Chief Commercial Officer

 [Signature Page to Guaranty and Support Agreement] 

 EXHIBIT A 

Preferred Stock Purchase Agreement 

[See attached]  

 PREFERRED STOCK PURCHASE AGREEMENT 

THE PREFERRED SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION.
THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY OF SUCH SECURITIES DESCRIBED HEREIN. 
 This Series A Preferred Stock Purchase
Agreement (this “Agreement”) is dated as of November 23, 2016 (the “Effective Date”) and is between Tellurian Investments Inc., a Delaware corporation (the “Company”), and GE
Oil & Gas, Inc., a Delaware corporation (“Purchaser”). 
 1. Certain Defined Terms. Certain defined terms
are set forth in Section 22. 
 2. Securities Purchase. Subject to the terms and conditions of this Agreement, Purchaser
hereby purchases, and the Company hereby sells and issues to Purchaser, 5,467,851 shares of Series A Preferred Stock of the Company (the “Purchased Shares”) for the aggregate purchase price of $25,000,000. Purchaser
understands that the offering and sale of the Purchased Shares is being made by the Company without registration of the Purchased Shares under the Securities Act or any securities law of any state of the United States or of any other jurisdiction,
and is being made by the Company in reliance on the representations and warranties made in this Agreement by Purchaser. 
 3. Payment for
Securities; Delivery of Certificate. Contemporaneously with the execution and delivery of this Agreement, (a) payment for the Purchased Shares has been made by Purchaser via wire transfer of immediately available funds and (b) the Company has
delivered evidence that the Company has made appropriate book entry notation reflecting the issuance of the Purchased Shares or a certificate representing the Purchased Shares to Purchaser, including, in either case, an appropriate notation or
legend referring to the fact that the Purchased Shares were sold in reliance upon an exemption from registration under the Securities Act. 

4. Representations, Warranties and Covenants of the Company. As of the date of this Agreement, the Company represents, warrants and, as
applicable, covenants to Purchaser that: 
 (a) The Company is a corporation duly organized, validly existing and in good standing under the
Laws of the State of Delaware and is duly licensed or qualified to transact business as a foreign corporation and is in good standing in each jurisdiction in which the nature of the business transacted by it or the character of the properties owned
or leased by it requires such licensing or qualification, except where the failure to be so licensed, qualified or in good standing in any jurisdiction other than Delaware could not reasonably be expected to materially and adversely affect the
Company. The Company 

 
and its subsidiaries have the requisite corporate power and authority to own and hold their properties and to carry on their business as now conducted and as proposed to be conducted, to execute,
deliver and perform the Transaction Documents to which they are parties, and to issue, sell and deliver the Purchased Shares. 
 (b) The
Company’s execution and delivery of the Transaction Documents and performance of its obligations hereunder and thereunder, the consummation of the transactions contemplated hereby and thereby, issuance, sale and delivery of the Purchased
Shares, and application of the proceeds thereof will not (i) result in a violation of the Company’s Amended and Restated Certificate of Incorporation (as amended, the “Charter”), the Company’s Bylaws (as amended,
the “Bylaws”) or any other organizational document of the Company or any of its subsidiaries, (ii) result in a violation of any applicable Law, any rule or regulation of any self-regulatory organization or other
nongovernmental regulatory authority, or any material order, injunction, judgment or decree of any Governmental Authority, (iii) conflict with, result in a breach of, or constitute (or, with due notice or lapse of time or both, constitute) a default
under, or give rise to any right of termination, acceleration or cancellation under, any material indenture, agreement, contract, license, arrangement, understanding, evidence of indebtedness, note, lease or other instrument to which the Company,
any of its subsidiaries or any of their respective properties or assets is bound, (iv) result in the creation or imposition of any material Lien upon the Company, any of its subsidiaries or any of their material properties or assets or (v) require
any consent, approval, notification, waiver or other similar action from any third party. No provision of the Transaction Documents violates, conflicts with, results in a breach of or constitutes (or, with due notice or lapse of time or both, would
constitute) a default by any other party under any material indenture, agreement, contract, license, arrangement, understanding, evidence of indebtedness, note, lease or other instrument to which the Company or any of its subsidiaries is a
party. The issuance and sale of the Purchased Shares does not, and the issuance of Common Stock upon conversion of the Purchased Shares (or the issuance of Magellan Common Stock or Magellan Preferred Stock, as applicable, upon exchange of the
Preferred Stock) will not upon any such issuance, contravene NASDAQ rules and regulations. 
 (c) Section 4(c) of the Company
Disclosure Schedule sets forth a true and complete list of each of the Company’s subsidiaries and each such subsidiary’s jurisdiction of incorporation or organization. Each subsidiary of the Company is duly organized, validly existing
and in good standing under the Laws of the jurisdiction of its organization and is duly licensed or qualified to transact business as a foreign corporation and is in good standing in each jurisdiction in which the nature of the business transacted
by it or the character of the properties owned or leased by it requires such licensing or qualification, except where the failure to be so licensed, qualified or in good standing in any jurisdiction other than its jurisdiction of organization could
not reasonably be expected to materially and adversely affect such subsidiary. The Company, directly or indirectly, owns 100% of the equity interests of each subsidiary of the Company, free and clear of all Liens. 

  
 2 

 (d) True, correct and complete copies of the Charter, the Bylaws and the other organizational
documents of the Company and its subsidiaries are attached to Section 4(d) of the Company Disclosure Schedule. All such organizational documents have been, and in the case of the Charter upon consummation of the transactions contemplated
hereby will be, duly authorized, executed and delivered by the parties thereto and are, and in the case of the Charter upon consummation of the transactions contemplated hereby will be, valid and legally binding agreements of the Company and its
affiliates, enforceable against such Person in accordance with their respective terms except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application related to the enforcement of
creditors’ rights generally and general principles of equity. 
 (e) Subject to the accuracy of Purchaser’s representations and
warranties set forth in Section 5, no registration or filing with, or consent or approval of or other action by, any Governmental Authority or any third party is or will be necessary for the Company’s valid execution, delivery and
performance of the Transaction Documents, the consummation of the transactions contemplated hereby or thereby or the issuance, sale and delivery of the Purchased Shares, other than those (i) which have previously been obtained or made, (ii) required
by the Securities and Exchange Commission in connection with the Company’s obligations under the Registration Rights Agreement entered into in accordance with Section 26 or (iii) required under the state securities or “Blue
Sky” Laws, which will be obtained or made, and will be effective within the time periods required by law. Subject to the accuracy of Purchaser’s representations and warranties set forth in Section 5, the issuance, sale and
delivery of the Purchased Shares to Purchaser pursuant to this Agreement is exempt from the registration requirements of the Securities Act, and neither the Company nor, to the Company’s knowledge, any Person acting on its behalf, has taken nor
will take any action hereafter that would cause the loss of such exemption. 
 (f) All corporate action required to be taken by the Company
or any of its shareholders for the authorization, issuance, sale and delivery of the Purchased Shares, the execution and delivery of the Transaction Documents and the consummation of the transactions contemplated hereby and thereby shall have been
validly taken. Each of the Transaction Documents has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except
to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application related to the enforcement of creditors’ rights generally and general principles of equity. 

(g) The Company’s authorized capital stock consists of 205,467,851 shares of Preferred Stock, par value $0.001 per share
(“Preferred Stock”), of which 5,467,851 

  
 3 

 
shares have been designated Series A Preferred Stock, and 200,000,000 shares of Common Stock of the Company, par value $0.001 per share (“Common Stock”). Immediately prior
to the execution and delivery of this Agreement, 109,406,000 shares of Common Stock and zero shares of Series A Preferred Stock were issued and outstanding. 

(h) All of the outstanding shares of Common Stock have been duly authorized, are validly issued, fully paid, and nonassessable, and have been
issued in compliance with all applicable laws, rules and regulations, and are not subject to any preemptive rights. There are no preemptive rights to purchase any securities of the Company or any of its subsidiaries. Except as set forth
in Section 4(h) of the Company Disclosure Schedule, there are no outstanding options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any
securities for, shares of Common Stock or other securities of the Company or any of its subsidiaries. There are no equity interests in the Company that are senior to or pari passu with, in right of distribution or liquidation, the Purchased
Shares and, if the Purchased Shares are exchanged for Magellan Preferred Stock, at the time of such exchange there will be no equity interests in Magellan Petroleum that are senior, in right of distribution or liquidation, to such Magellan Preferred
Stock and there will be no equity interests in Magellan Petroleum that are pari passu, in right of distribution or liquidation, to such Magellan Preferred Stock except those that would have been permitted by the certificate of designation of such
Magellan Preferred Stock if such certificate of designation had been in effect at all times. 
 (i) The Purchased Shares have been duly
authorized and, when issued in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable shares of Series A Preferred Stock and will be free and clear of all Liens, other than Liens that were created by Purchaser
and restrictions on transfer imposed by this Agreement, the Securities Act and applicable state securities laws. None of issuance, sale or delivery of the Purchased Shares is subject to any preemptive or other purchase right of the Company’s
stockholders or to any right of first refusal or other right in favor of any Person. The consummation of the transactions contemplated hereunder will not result in any anti-dilution adjustment or other similar adjustment to any of the
Company’s outstanding securities. Any Person with any right (other than Purchaser) to purchase securities of the Company, which would be triggered as a result of the transactions contemplated under this Agreement, has waived such rights.

 (j) Upon issuance in accordance with this Agreement and the Charter, any shares of Common Stock into which the Purchased Shares are
converted (or shares of Magellan Common Stock or Magellan Preferred Stock for which the Purchased Shares are exchanged) will be duly authorized, duly and validly issued, fully paid and nonassessable and will be free and clear of all Liens, other
than Liens that were created by Purchaser and restrictions on transfer imposed by this Agreement, the Securities Act and applicable state securities laws. 

  
 4 

 (k) Except as described in the Charter, there are no restrictions upon the voting or transfer of,
any equity interests of the Company. Except for such rights that have been waived, the offering and sale of the Purchased Shares as contemplated by this Agreement does not give rise to any rights for or relating to the registration of any equity
interests of the Company. The Company has not granted, will not grant and will cause Magellan Petroleum not to grant (other than as disclosed in Section 4(k) of the Company Disclosure Schedule) any registration rights to any Person that would
provide such Person priority over the Purchaser’s rights with respect to any “Piggyback Registration” (as such term or a similar term is defined in the Registration Rights Agreement to be entered into pursuant to Section 26).

 (l) Neither the Company nor any of its subsidiaries is, and immediately after the sale of the Purchased Shares hereunder and the
application of the net proceeds from such sale none of the Company nor any of its subsidiaries will be, an “investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the
Investment Company Act of 1940, as amended. 
 (m) No broker, finder or investment banker is entitled to any brokerage, finder’s or
other fee or commission from the Company, any of its subsidiaries or Purchaser with respect to the sale of any of the Purchased Shares or the consummation of the transactions contemplated by the Transaction Documents based upon arrangements made by
or on behalf of the Company or any of its affiliates. 
 (n) The Company shall use the net proceeds from Purchaser’s purchase of the
Purchased Shares to fund capital expenses and other costs related to the Company’s development, through its wholly owned subsidiaries, Driftwood LNG LLC and Driftwood LNG Pipeline LLC, of an up to 26 million tonnes per annum LNG liquefaction
facility and related pipeline in Calcasieu Parish, Louisiana, with estimated construction costs of $450 to $550 per tonne, before owners’ cost, pipeline cost, financing cost, and contingencies, and an expected commercial operation date in 2022
(the “Driftwood LNG Project”), and general corporate purposes. 
 (o) To the Company’s knowledge, all
representations and warranties set forth in the Magellan Merger Agreement are true and correct in all material respects and there has been no breach or default thereof (or with due notice or lapse of time or both, no occurrence that would constitute
a breach or default thereof). 
 (p) Except as set forth in Section 4(p) of the Company Disclosure Schedule, there are no actions, suits,
claims, investigations, orders, injunctions or proceedings pending or, to the Company’s knowledge, threatened or contemplated, to which the Company, any of its subsidiaries or any of their respective directors or officers is or would be a party
or to which any of their respective properties is or would be subject at law or in equity, before or by any Governmental Authority, or before or by any self-regulatory organization or other nongovernmental regulatory authority. 

  
 5 

 (q) The Company and, to the Company’s knowledge, the Company’s directors and officers,
in their capacities as such, are in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith. 

(r) To the Company’s knowledge, neither the Company nor any of its subsidiaries has since January 1, 2010, directly or indirectly, (i)
made or authorized any contribution, payment or gift of funds or property to any official, employee or agent of any Governmental Authority of any jurisdiction or (ii) made any contribution to any candidate for public office, in either case, where
either the payment or the purpose of such contribution, payment or gift was, is or would be prohibited under any applicable Anti-Corruption Laws (as defined below) of any relevant jurisdiction covering a similar subject matter as in effect on or
prior to the Effective Date applicable to the Company and its subsidiaries and their respective operations, except as would not constitute a material and adverse effect. The Company has instituted and maintained policies and procedures designed to
ensure compliance with such Laws. 
 (s) To the Company’s knowledge and except as would not constitute a material and adverse effect,
none of the Company, any of its subsidiaries or any of its affiliates, nor any of their respective directors, officers, employees, agents or other representatives, or anyone acting on behalf of any of the foregoing, is aware of or has taken, since
January 1, 2010, any action, directly or indirectly, that would result in a violation of the Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 or any analogous anticorruption Laws applicable to the Company, any of its subsidiaries or
any of its affiliates as applicable (collectively, “Anti-Corruption Laws”), including offering, paying, promising to pay or authorizing the payment of money or anything of value to a foreign governmental official or any other
Person while knowing or having a reasonable belief that all or some portion of it would be given to a foreign governmental official and used for the purpose of (i) influencing any act or decision of a foreign governmental official or other Person,
including a decision to fail to perform official functions, (ii) inducing any foreign governmental official or other Person to do or omit to do any act in violation of the lawful duty of such official, (iii) securing any improper advantage, or (iv)
inducing any foreign governmental official to use influence with any Governmental Authority in order to affect any act or decision of such Governmental Authority, in order to assist the Company, any of its subsidiaries or any of its affiliates in
obtaining or retaining business with, or directing business to, any Person, in each case, in violation of any applicable Anti-Corruption Laws. 

(t) No proceeding by or before any Governmental Authority involving the Company, any of its subsidiaries or any of its affiliates, or any of
their respective directors, officers, employees, or agents, or anyone acting on behalf of the the foregoing, with respect to any applicable Anti-Corruption Laws is pending or, to the Company’s knowledge, threatened. Since January 1, 2010, no
civil or criminal penalties have been 

  
 6 

 
imposed on the Company, any of its subsidiaries or any of its affiliates with respect to violations of any applicable Anti-Corruption Law, nor have any disclosures been submitted to any
Governmental Authority with respect to violations of the Anti-Corruption Laws. 
 (u) Except as would not constitute a material and adverse
effect, the operations of the Company and its subsidiaries are and have been, since January 1, 2010, conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority
(collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any Governmental Authority or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering
Laws is pending or, to the Company’s knowledge, threatened. 
 (v) To the Company’s knowledge, there are no material impediments
(other than approval by the Company’s shareholders and Magellan Petroleum’s shareholders and resolving all outstanding comments from the SEC with respect to the Registration Statement) to the consummation of the transactions contemplated
by the Magellan Merger Agreement. In the Company’s reasonable belief, the outstanding comments from the SEC with respect to the Registration Statement are not material in nature and neither those comments nor the other conditions precedent
set forth in the Magellan Merger Agreement (other than the respective shareholder votes) are expected to materially impede or impact the transactions contemplated by the Magellan Merger Agreement. 

(w) Purchaser has reviewed the materials set forth on and described in Section 4(w) of the Company Disclosure Schedule (such materials,
the “Evaluation Materials”). Purchaser has not been furnished any materials relating to the offering or sale of the Purchased Shares other than the Transaction Documents and the Evaluation Materials, and has relied only on
the information contained in the Transaction Documents or contained in or referred to in the Evaluation Materials. To the Company’s knowledge, none of the Evaluation Materials contains any untrue statement of a material fact, or omits to state
a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading. 

(x) The Company shall use its commercially reasonable efforts to expeditiously consummate the transactions contemplated by the Magellan Merger
Agreement. 
 5. Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to the Company that: 

(a) Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act. 

  
 7 

 (b) Purchaser has sufficient knowledge and experience in investing in companies similar to the
Company in terms of the Company’s stage of development so as to be able to evaluate the risks and merits of its investment in the Company and it is able financially to bear the risks thereof. 

(c) Purchaser is familiar with the business and financial condition and operations of the Company. Purchaser has received or has had full
access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the Purchased Shares to be purchased under this Agreement. Purchaser has had an opportunity to ask questions and receive
answers from the Company regarding the Company and its business, as well as the terms and conditions of the offering of the Purchased Shares, and to obtain additional information necessary to verify any information furnished to Purchaser or to which
Purchaser had access.
 (d) The Purchased Shares are being acquired for its own account for the purpose of investment and not with a view
to, or for resale in connection with, any distribution thereof within the meaning of the Securities Act. 
 (e) Purchaser understands that
(i) the Purchased Shares and any securities into which the Purchased Shares are convertible, or for which the Purchased Shares are exchangeable (in each case, the “Conversion Shares”), have not been registered under the
Securities Act by reason of their issuance in a transaction exempt from the registration requirements of the Securities Act, (ii) the Purchased Shares and, upon conversion thereof or exchange therefor, the Conversion Shares must be held
indefinitely unless a subsequent disposition thereof is registered under the Securities Act or is exempt from such registration, and (iii) the Purchased Shares and the Conversion Shares will bear the legend to such effect set forth in
Section 6. 
 (f) Purchaser is aware that the Company has entered into a merger agreement (as amended, the
“Magellan Merger Agreement”) with Magellan Petroleum Corporation (“Magellan Petroleum”) pursuant to which the Company and Magellan Petroleum have filed with the SEC a Registration Statement on Form S-4
(as amended, the “Registration Statement”), which Registration Statement was initially filed on October 3, 2016. Representatives of Purchaser began discussions regarding the potential for the investment represented by this
Agreement with representatives of the Company before August 2016; accordingly, Purchaser’s purchase of the Purchased Shares was not solicited by the Registration Statement but rather by a pre-existing relationship with the Company. 

(g) Each Transaction Document to which it is a party constitutes Purchaser’s valid and legally binding obligation, enforceable in
accordance with its terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or 

  
 8 

 
similar laws of general application related to the enforcement of creditors’ rights generally and general principles of equity. Purchaser has full power and authority to enter into the
Transaction Documents to which it is a party. 
 (h) Purchaser it is not relying on any communication (written or oral) of or on behalf of
the Company as investment advice or as a recommendation to purchase the Purchased Shares. 
 (i) The Company has not given any guarantee or
representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Purchased Shares. In deciding to purchase the Purchased Shares, the undersigned is not
relying on the advice or recommendations of the Company and the undersigned has made its own independent decision that the investment in the Purchased Shares is suitable and appropriate for the undersigned. 

6. Legend. Until such time as the Purchased Shares and any Conversion Shares, as applicable, have been sold pursuant to an effective
registration statement under the Securities Act, or the Purchased Shares or Conversion Shares, as applicable, are eligible for resale pursuant to Rule 144 promulgated under the Securities Act without any restriction as to the number of securities as
of a particular date that can then be immediately sold, any certificate(s) representing the Purchased Shares sold pursuant to this Agreement and any Conversion Shares, as applicable, will be imprinted (and any Purchased Shares issued in book entry
form will have a notation in the Company’s stock transfer records) with a legend in substantially the following form: 
 “THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE
SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE
REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 
 In connection with a sale of Purchased Shares or Conversion Shares, as
applicable, in reliance on Rule 144 promulgated under the Securities Act, Purchaser or its broker shall deliver to the Company a broker representation letter providing to the Company any 

  
 9 

 
information the Company deems necessary to determine that such sale is made in compliance with Rule 144 promulgated under the Securities Act, including, as may be appropriate, a certification
that Purchaser is not an affiliate of the Company (as defined in Rule 144 promulgated under the Securities Act) and a certification as to the length of time the applicable equity interests have been held. Upon receipt of such representation
letter, the Company shall promptly remove the restrictive legend, and the Company shall bear all costs associated with the removal of such legend. At such time as the Purchased Shares or Conversion Shares have been sold pursuant to an effective
registration statement under the Securities Act or have been held by Purchaser for more than one year where Purchaser is not, and has not been in the preceding three months, an affiliate of the Company (as defined in Rule 144 promulgated under the
Securities Act), if the restrictive legend is still in place, the Company agrees, upon request of Purchaser, to take all steps necessary to promptly effect the removal of such legend, and the Company shall bear all costs associated with such removal
of such legend. The Company shall cooperate with Purchaser to effect the removal of such legend at any time such legend is no longer appropriate. 

7. Tax Treatment of Conversion or Exchange. The Company and the Purchaser intend to treat any conversion or exchange of the
Purchased Shares as occurring pursuant to a transaction qualifying for nonrecognition of gain or loss pursuant to Section 368 of the Internal Revenue Code of 1986, as amended, except as otherwise required by applicable law. The Company agrees
to use commercially reasonable efforts to facilitate such nonrecognition treatment. 
 8. Indemnification. 

(a) All representations, warranties, covenants and agreements contained herein and all related rights to indemnification shall survive the
consummation of the transactions contemplated hereby. 
 (b) Subject to the other terms and conditions of this Section 8, the Company
shall defend, indemnify and hold harmless Purchaser, its affiliates and their respective stockholders, directors, officers and employees from and against all claims, judgments, damages, liabilities, settlements, losses, costs and expenses, including
attorneys’ fees and disbursements, arising from or relating to (i) any inaccuracy in or breach of any of the representations or warranties of the Company contained in this Agreement or any document to be delivered hereunder or (ii) any breach
or non-fulfillment of any covenant, agreement or obligation to be performed by the Company pursuant to this Agreement or any document to be delivered hereunder. 

(c) Subject to the other terms and conditions of this Section 8, Purchaser shall defend, indemnify and hold harmless the Company, its
affiliates and their respective stockholders, directors, officers and employees from and against all claims, judgments, damages, liabilities, settlements, losses, costs and expenses, including attorneys’ fees and

  
 10 

 
disbursements, arising from or relating to (i) any inaccuracy in or breach of any of the representations or warranties of Purchaser contained in this Agreement or any document to be delivered
hereunder or (ii) any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Purchaser pursuant to this Agreement or any document to be delivered hereunder. 

(d) Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the “Indemnified
Party”) shall promptly provide written notice of such claim to the other party (the “Indemnifying Party”), but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any
liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Any such notice shall state the nature and the basis of such claim to the extent then known. In
connection with any claim giving rise to indemnity hereunder resulting from or arising out of any claim, action, suit, proceeding or governmental investigation by a Person who is not a party to this Agreement, the Indemnifying Party, at its sole
cost and expense and upon written notice to the Indemnified Party, may assume the defense of any such claim, action, suit, proceeding or governmental investigation with counsel reasonably satisfactory to the Indemnified Party. The Indemnified Party
shall be entitled to participate in the defense of any such claim, action, suit, proceeding or governmental investigation, with its counsel and at its own cost and expense. If the Indemnifying Party does not assume the defense of any such claim,
action, suit, proceeding or governmental investigation, the Indemnified Party may, but shall not be obligated to, defend against such claim, action, suit, proceeding or governmental investigation in such manner as it may deem appropriate, including
settling such claim, action, suit, proceeding or governmental investigation, after giving notice of it to the Indemnifying Party, on such terms as the Indemnified Party may deem appropriate and no action taken by the Indemnified Party in accordance
with such defense and settlement shall relieve the Indemnifying Party of its indemnification obligations herein provided with respect to any damages resulting therefrom. The Indemnifying Party shall not settle any claim, action, suit, proceeding or
governmental investigation without the Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld or delayed). 

9. Confidentiality. This Agreement shall not impact the terms and provisions of that certain Confidentiality Agreement dated as of
September 27, 2016, and such Confidentiality Agreement shall continue to be in full force and effect, pursuant to the terms and conditions thereof; provided, however, that Confidential Information (as such term is defined in such Confidentiality
Agreement) only refers to information furnished by or on behalf of the Company prior to the Effective Date. Unless otherwise required by applicable Law or stock exchange requirements (based upon the reasonable advice of counsel), no party to
this Agreement shall make any public announcements in respect of this Agreement or the transactions contemplated hereby or described herein or otherwise communicate with any news media without the prior written consent of the other party, and the
parties shall cooperate as to the timing and contents of any such announcement. 

  
 11 

 10. Waiver, Amendment. Neither this Agreement nor any provision hereof shall be modified,
waived, changed, discharged or terminated except by an instrument in writing, signed by both parties (in the case of a modification) or, in all other cases, the party against whom any waiver, change, discharge or termination is sought.

11. Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be
assignable by any party hereto without the prior written consent of the other party. 
 12. Waiver of Jury Trial. THE PARTIES HERETO
IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

13. Submission to Jurisdiction. With respect to any suit, action or proceeding relating to any offers, purchases or sales of the
Purchased Shares by the undersigned (“Proceedings”), each party hereto irrevocably submits to the jurisdiction of the federal or state courts located in Harris County, Texas, which submission shall be exclusive unless none of
such courts has lawful jurisdiction over such Proceedings. 
 14. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware. 
 15. Section and Other Headings. The section and other headings contained in
this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 16.
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement. 

17. Notices. All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given
if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses (or such other address as either party shall have specified by notice in writing to the other): 

 

			
	If to the Company:	 	Tellurian Investments Inc.
1201 Louisiana Street, Suite 3100
Houston, Texas 77002
Attn: General Counsel
E-mail: daniel.belhumeur@tellurianinvestments.com

  
 12 

			
	with a copy (which shall not constitute notice) to:	 	 Akin Gump Strauss Hauer & Feld LLP
 1111
Louisiana Street, 44th Floor
 Houston, Texas 77002
 Attn: John
Goodgame
 E-mail: jgoodgame@akingump.com

		
	If to Purchaser:
	 	GE Oil & Gas, Inc.
4424 West Sam Houston Parkway North, Suite 100
Houston, Texas 77041
Attn: Victoria Lazar
E-mail: victoria.lazar@ge.com
		
	with a copy (which shall not constitute notice) to:	 	Sidley Austin LLP
1000 Louisiana Street, Suite 6000
Houston, Texas 77002
Attn: Cliff W. Vrielink
E-mail: cvrielink@sidley.com

 18. Binding Effect. The provisions of this Agreement shall be binding upon and accrue to the benefit of
the parties hereto and their respective heirs, legal representatives, successors and assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person, other than the Company and Purchaser, any right,
benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 19. Severability. If any term or provision of
this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in
any other jurisdiction. 
 20. Entire Agreement. The Transaction Documents and the Magellan Guaranty are intended by the parties
as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto and thereto in respect of the subject matter contained herein and therein. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to in the Transaction Documents and the Magellan Guaranty, with respect to the rights granted by the Company or any of its affiliates or Purchaser or any of
its affiliates. The Transaction Documents and the Magellan Guaranty supersede all prior agreements and understandings among the parties with respect to such subject matter. 

  
 13 

 21. No Recourse Against Others. All claims, obligations, liabilities or causes of
action (whether in contract or in tort, in law or in equity, or granted by statute) that may be based upon, in respect of, arise under, out or by reason of, be connected with or relate in any manner to the Transaction Documents, or the negotiation,
execution or performance of the Transaction Documents (including any representation or warranty made in, in connection with, or as an inducement to, this Agreement), may be made only against (and are expressly limited to) the Company and Purchaser
and any other Person expressly party thereto. No Person other than the Persons expressly party thereto, including no member, partner, stockholder, affiliate or representative thereof, nor any member, partner, stockholder, affiliate or
representative of any of the foregoing, shall have any liability (whether in contract or in tort, in law or in equity, or granted by statute) for any claims, causes of action, obligations or liabilities arising under, out of, in connection with or
related in any manner to the Transaction Documents or based on, in respect of or by reason of the Transaction Documents or their negotiation, execution, performance or breach; and, to the maximum extent permitted by Law, each of the Company and its
subsidiaries hereby waives and releases all such liabilities, claims, causes of action and obligations against any such third Person. 
 22.
Certain Defined Terms. The following capitalized terms shall have the following definitions for purposes of this Agreement: 

“Company Disclosure Schedule” means that certain disclosure letter from the Company to Purchaser dated the same date
as this Agreement delivered concurrently with the execution and delivery of this Agreement. 
 “Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other
non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the force of law), or any arbitrator, court or tribunal of competent jurisdiction. 

“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment,
decree, other requirement or rule of law of any Governmental Authority. 
 “Lien” means any lien, pledge, mortgage,
deed of trust, security interest, charge, claim, easement, encroachment or other similar encumbrance. 
 “Magellan Common
Stock” means the common stock, par value $0.01 per share, of Magellan Petroleum. 

  
 14 

 “Magellan Guaranty” means that certain Guaranty and Support Agreement
dated the date hereof between Magellan Petroleum and Purchaser. 
 “Magellan Preferred Stock” means the series B
preferred stock, par value $0.01 per share, of Magellan Petroleum contemplated by the Magellan Guaranty. 
 “Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Transaction Documents” means this Agreement, the Charter and any other agreement entered into connection herewith or
therewith. 
 The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this
Agreement, shall refer to this Agreement as a whole, including all Exhibits attached hereto, and not to any particular provision of this Agreement. All references herein to Sections and Exhibits shall, unless the context requires a different
construction, be deemed to be references to the Sections of this Agreement, and the Exhibits attached hereto, and all such Exhibits attached hereto (as well as the Company Disclosure Schedule) are hereby incorporated herein and made a part hereof
for all purposes. All personal pronouns used in this Agreement, whether used in the masculine, feminine, or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The terms “include,”
“includes,” “including” or words of like import shall be deemed to be followed by the words “without limitation.” 

23. GE Equipment & Services. During the period in which decisions are being made as to which equipment and assets will be
procured for the LNG liquefaction facility constituting part of the Driftwood LNG Project and excluding the Driftwood pipeline (the “Facility”), with respect to any turbine, compressor, or other related equipment and service
that is manufactured, produced or provided by Purchaser or any of its affiliates, (i) to the extent that the procurement of such equipment or service for the Facility will be a decision of the Company, (a) the Company will consider purchasing such
equipment or service from Purchaser or its affiliate and (b) if the Company decides not to purchase such equipment or service from Purchaser or its affiliate, Purchaser will have the right to a last look (where “last look” shall mean that
Company will promptly provide Purchaser with a reasonable explanation of the grounds for its decision) and Purchaser will have the right to promptly resubmit one bid to provide such equipment and service for the Company to evaluate prior to the
Company making a final decision on the procurement of such equipment and services and (ii) if the procurement of such 

  
 15 

 
equipment or service for the Facility is a decision of the Company’s contractor or its subcontractor, (a) the Company will consider recommending that such contractor or subcontractor
purchase such equipment or service from Purchaser or its affiliate and (b) if the Company makes such a recommendation and the relevant contractor or subcontractor decides not to purchase such equipment or service from Purchaser or its affiliate, the
Company will request that such contractor or subcontractor provide Purchaser with the right to a last look (where “last look” shall mean that such contractor or subcontractor will promptly provide Purchaser with a reasonable explanation of
the grounds for its decision) and Company will request that such contractor or subcontractor provide Purchaser with the right to promptly resubmit one bid to provide such equipment and service for the Company and the contractor or subcontractor to
evaluate prior to it making a final decision on the procurement of such equipment and services. This Section 22 shall terminate and be of no further force and effect from and after the tenth anniversary of the Effective Date. 

24. Transaction Expenses. The Company and Purchaser will each pay for their own transaction expenses related to the Transaction
Documents and the issuance of the Purchased Shares. 
 25. Certain Transactions. If at any time Charif Souki, Martin Houston or Meg
Gentle sells, transfers or otherwise disposes of any Common Stock or any other equity security of Magellan Petroleum or the Company, then the Company will notify Purchaser of such transaction within four days of the Company’s knowledge of such
sale, transfer or other disposition. 
 26. Certain Magellan Agreements. Contemporaneously with the execution and delivery of this
Agreement, Magellan Petroleum has executed and delivered that certain Guaranty and Support Agreement dated as of the date hereof pursuant to which it has, among other things, contingent on the closing of the transactions contemplated by the Magellan
Merger Agreement, guaranteed the performance of all obligations of the Company to the holders of Series A Preferred Stock of the Company. If the transactions contemplated by the Magellan Merger Agreement have closed, then promptly after such
closing, the Company shall cause Magellan Petroleum to execute and deliver (and Purchaser will execute and deliver) a customary Registration Rights Agreement that includes, among other provisions, the terms set forth in Exhibit A. 

[SIGNATURE PAGE FOLLOWS] 

  
 16 

 IN WITNESS WHEREOF, this Agreement has been signed by the parties hereto on the date first
written above. 
  

			
	COMPANY:
	
	TELLURIAN INVESTMENTS INC.
		
	By:	 	 /s/ Meg A. Gentle

	Name:	 	Meg A. Gentle
	Title:	 	President and Chief Executive Officer
	
	PURCHASER:
	
	GE OIL & GAS, INC.
		
	By:	 	 /s/ Maria C. Borras

	Name:	 	Maria C. Borras
	Title:	 	Chief Commercial Officer

 [Signature page to Series A Preferred Stock Purchase Agreement] 

 EXHIBIT A 

Registration Rights Agreement Terms 
 As
soon as practicable following receipt of a request from Purchaser, Magellan Petroleum shall use its reasonable best efforts to (i) file a registration statement registering the sales of common shares to be issued upon conversion or exchange of the
preferred shares, (ii) have the registration statement declared effective within 180 days after filing with the SEC and (iii) maintain the effectiveness of the registration statement for a period of two years. Purchaser shall also have
customary piggyback rights, other than in connection with an underwriting that is solely a new equity issuance by Magellan Petroleum. 

 EXHIBIT B 

Amended and Restated Certificate of Incorporation of Tellurian Investments Inc. 

[See attached]  

 AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

OF 
 TELLURIAN INVESTMENTS
INC. 
 (Pursuant to Sections 242 and 245 of the 

General Corporation Law of the State of Delaware) 

Tellurian Investments Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the
State of Delaware (the “General Corporation Law”). 
 DOES HEREBY CERTIFY: 

1. The name of the corporation is Tellurian Investments Inc., and that this corporation was originally converted from a limited liability
company to a corporation pursuant to the General Corporation Law on February 23, 2016 under the name Tellurian Investments Inc. 
 2. That
the Board of Directors of this corporation duly adopted resolutions proposing to amend and restate the Certificate of Incorporation of this corporation, declaring said amendment and restatement to be advisable and in the best interests of this
corporation and its stockholders, and authorizing the appropriate officers of this corporation to solicit the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows: 

RESOLVED, that the Certificate of Incorporation of this corporation be amended and restated in its entirety to read as follows: 

FIRST: The name of the corporation is Tellurian Investments Inc. (the “Corporation”) 

SECOND: The registered office of the Corporation in the State of Delaware is located at 1675 South State Street, Suite B, in the City of
Dover, County of Kent, 19901. The name of the registered agent of the Corporation at such address is Capitol Services, Inc. 

THIRD: The nature of the business or purposes to be conducted or promoted by the Corporation is to engage in any lawful business, act or
activity for which corporations may be organized under the Delaware General Corporation Law. The Corporation will have perpetual existence. The private property of the stockholders shall not be subject to the payment of corporate debts to
any extent whatsoever.
 FOURTH: The total number of shares of all classes of stock which the Corporation shall have authority to issue
is 205,467,851 shares, divided into two classes consisting of (i) 200,000,000 shares of common stock, par value of $0.001 per share (“Common Stock”) and (ii) 5,467,851 shares of preferred stock, par value of $0.001 per share
(“Preferred Stock”). 
 The following is a statement of the designations and the powers, privileges and rights, and
the qualifications, limitations or restrictions thereof in respect of the Series A Preferred Stock (which statement shall supersede any other provision of this Certificate of Incorporation or any other organizational document of the Corporation).

 5,467,851 shares of the authorized and unissued Preferred Stock are hereby designated
“Series A Preferred Stock” with the following rights, preferences, powers, privileges and restrictions, qualifications and limitations. Unless otherwise indicated, references to “sections” or “subsections”
in this Article Fourth refer to sections and subsections of this Article Fourth. 
  

	1.	General. 

 (a) The shares of such series shall be designated the Series A Preferred Stock
(hereinafter referred to as the “Series A Preferred Stock”). 
 (b) Each share of Series A Preferred Stock shall be
identical in all respects with the other shares of Series A Preferred Stock. 
 (c) Shares of Series A Preferred Stock redeemed or
purchased by the Corporation or converted into Common Stock, or exchanged for Magellan securities, shall be cancelled and shall revert to authorized but unissued Preferred Stock, undesignated as to series. 

(d) In any case where any dividend payment date or redemption date shall not be a Business Day, then (notwithstanding any other provision of
this Certificate of Incorporation) payment of dividends or redemption price need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the dividend payment date or redemption date;
provided, however, that no interest shall accrue on such amount of dividends or redemption price for the period from and after such dividend payment date or redemption date, as the case may be.

 

	2.	Dividends. So long as any shares of Series A Preferred Stock are outstanding: 

 (a) If
the Magellan Merger Closing has not occurred, the Corporation shall neither pay nor declare any dividends, nor make any redemptions or repurchases (except as permitted by Section 4 and except ordinary course repurchases or
deemed repurchases occurring in connection with the vesting or exercise of compensatory equity awards and related tax withholding), in respect of Common Stock, Preferred Stock, Junior Stock or any other class of stock; and 

(b) If the Magellan Merger Closing has occurred, (i) the Corporation shall neither pay nor declare any dividends, nor make any redemptions or
repurchases (except as permitted by Section 4 and except ordinary course repurchases or deemed repurchases occurring in connection with the vesting or exercise of compensatory equity awards and related tax withholding), in
respect of Preferred Stock or Junior Stock, except that the Corporation shall be entitled to declare and pay dividends and make redemptions and repurchases in respect of Common Stock and (ii) the Corporation shall not permit Magellan to declare or
pay dividends, nor make any redemptions or repurchases, in respect of its equity interests. 

  
 2 

	3.	Liquidation. 

 (a) In the event of any liquidation, dissolution or winding up of the
affairs of the Corporation, whether voluntary or involuntary, after payment or provision for payment of the debts and other liabilities of the Corporation, the holders of the Series A Preferred Stock shall be entitled to receive an amount in cash
equal to $4.57218 per share of Series A Preferred Stock (the “Liquidation Payment”) before any distribution is made to holders of shares of Common Stock, Junior Stock or Parity Stock upon any such liquidation, dissolution or
winding up of the affairs of the Corporation. If, upon any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, the assets of the Corporation, or proceeds thereof, distributable among the
holders of the then-outstanding shares of Series A Preferred Stock are insufficient to pay the full amount of the Liquidation Payment in respect to all then-outstanding shares of Series A Preferred Stock, then all such assets and proceeds of
the Corporation thus distributable shall be distributed ratably in respect of the then-outstanding shares of Series A Preferred Stock. 

(b) Notice of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, shall be given
by mail, postage prepaid, not less than 30 days prior to the distribution or payment date stated therein, to each holder of record of Series A Preferred Stock appearing on the stock books of the Corporation as of the date of such notice at the
address of said holder shown therein. Such notice shall state a distribution or payment date, the amount of the Liquidation Payment and the place where the Liquidation Payment shall be distributable or payable. 

(c) For the purposes of this Section 3, neither the voluntary sale, lease, conveyance, exchange or transfer of all
or substantially all the property or assets of the Corporation (whether for cash, shares of stock, securities or other consideration), nor the consolidation or merger of the Corporation with one or more other entities, shall be deemed to be a
liquidation (complete or partial), dissolution or winding up of the affairs of the Corporation, unless such voluntary sale, lease, conveyance, exchange or transfer shall be in connection with a plan of liquidation, dissolution or winding up of the
affairs of the Corporation. 
 (d) After the payment in cash to the holders of shares of the Series A Preferred Stock of the full
amount of the Liquidation Payment with respect to outstanding shares of Series A Preferred Stock, the holders of outstanding shares of Series A Preferred Stock shall have no right or claim, based on their ownership of shares of Series A
Preferred Stock, to any of the remaining assets of the Corporation. 
  

	4.	Redemption. The Series A Preferred Stock shall not be redeemable except as set forth in this Section 4. 

(a) Subject to Section 4(f), if the Magellan Merger Closing has not occurred by December 31, 2017, then at any time
on or after such date so long as at such time the Magellan Merger Agreement has been terminated in accordance with its terms, the Corporation, at its option, may redeem all (but not less than all) of the outstanding shares of Series A Preferred
Stock in accordance with this Section 4 (a “Redemption”). 

  
 3 

 (b) The redemption price payable for each share of Series A Preferred Stock redeemed
pursuant to a Redemption shall be equal to $25,000,000 divided by the number of outstanding shares of Series A Preferred Stock, paid in cash. 

(c) The Corporation shall give notice of any Redemption by mail, postage prepaid, not less than 30 days nor more than 60 days prior to the
date fixed for such redemption, to each holder of record of the shares of Series A Preferred Stock to be redeemed appearing on the stock books of the Corporation as of the date of such notice at the address of said holder shown
therein. Such notice to any holder shall state the redemption date; the redemption price; and the place where the shares to be redeemed shall be presented and surrendered for payment of the redemption price therefor. Any notice which is
mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the stockholder receives such notice, and failure duly to give such notice by mail, or any defect in such notice, to any holder of shares of
the Series A Preferred Stock to be redeemed shall not affect the validity of the proceedings for the redemption of any other shares of the Series A Preferred Stock. 

(d) If notice of redemption of shares of Series A Preferred Stock to be redeemed on a redemption date shall have been duly given, and if
the Corporation deposits in cash the aggregate redemption price of such shares in an irrevocable trust with (i) a bank or trust company organized and in good standing under the laws of the United States of America or any State thereof, doing
business in the Borough of Manhattan, The City of New York and having capital and surplus of not less than $500,000,000 according to its last published statement of condition (a “Trust”) or (ii) another paying agent
reasonably acceptable to the holder(s) of a majority of the outstanding shares of Series A Preferred Stock, in each case for the pro rata benefit of the holders of such shares prior to such redemption date, then from and after the time of such
deposit, and notwithstanding that any certificate representing any such shares shall not have been surrendered for cancellation, (1) the holders of such shares shall cease to be stockholders with respect to such shares, (2) such shares
shall no longer be deemed to be outstanding and shall no longer be transferable on the books of the Corporation and (3) such holders shall have no interest in or claim against the Corporation with respect to such shares except only the right to
receive from such bank, trust company or paying agent the funds so deposited, without interest, upon surrender of the certificates representing such shares on or after the date of such deposit. Any funds so deposited by the Corporation in a
Trust which shall not be required for the redemption of any shares of Series A Preferred Stock because of the conversion thereof shall be released from such Trust and repaid to the Corporation forthwith. Any funds so deposited in a Trust
and unclaimed at the end of two years from the date fixed for redemption shall, to the extent permitted by law, be repaid to the Corporation upon its request, after which the holders of such shares shall look only to the Corporation for payment
thereof. 
 (e) Any Redemption shall be effected only out of funds legally available for such purpose. 

(f) Upon any redemption of shares of Series A Preferred Stock, the shares of Series A Preferred Stock so redeemed shall be cancelled
and shall revert to authorized but unissued Preferred Stock, undesignated as to series, and the number of shares of Preferred Stock which the Corporation shall have authority to issue shall not be decreased by such redemption. 

(g) In the event that any shares of Series A Preferred Stock shall be converted into Common Stock or exchanged for Magellan Common Stock
prior to the close of business on the second Business Day prior to the date fixed for redemption, (i) the Corporation shall not be obligated nor have the right to redeem such shares on such date and (ii) any funds which shall have been
deposited for the payment of the applicable redemption price shall be returned to the Corporation. 

  
 4 

	5.	Conversion; Exchange. 

 5.1. While the Magellan Merger is Pending. The holders of
shares of Series A Preferred Stock shall have no conversion or exchange rights except as set forth in this Section 5. 
 5.2. If
the Magellan Merger Does Not Occur: Optional Conversion. If the Magellan Merger Closing has not occurred and (a) the Magellan Merger Agreement has been terminated in accordance with its terms, (b) December 31, 2017 has passed, (c) any
liquidation, dissolution or winding up of the affairs of the Corporation occurs or (d) if the Corporation issues any Parity Stock during the 12 months after the Original Issue Date and the first date on which such Parity Stock is convertible into
Common Stock has passed, then the holders of shares of Series A Preferred Stock shall have the right, at their option, to convert all (but not less than all) such shares into shares of Common Stock at any time (or, in the case of a liquidation,
dissolution or winding up of the affairs of the Corporation, immediately prior thereto) on and subject to the following terms and conditions:  

(a) Each share of Series A Preferred Stock shall be convertible into 0.76923 shares of Common Stock (herein called the “Conversion
Ratio”). The Conversion Ratio shall be adjusted in certain instances as provided in Section 5.2(d). 
 (b) In order to
convert shares of Series A Preferred Stock the holder thereof shall surrender at the office of the Corporation the certificate(s) therefor, duly endorsed or assigned to the Corporation or in blank, and give written notice to the Corporation at
such office that he elects to convert such shares. No payment or adjustment shall be made upon any conversion on account of any dividends on the Common Stock other than as provided in Section 5.2(d). 

(c) Shares of Series A Preferred Stock shall be deemed to have been converted immediately prior to the close of business on the day of
surrender of the certificate(s) for such shares for conversion in accordance with the foregoing provisions, and at such time the rights of the holder of such shares as a holder thereof shall cease and from and after such time the person entitled to
receive the Common Stock issuable upon such conversion shall be treated for all purposes as the record holder of such Common Stock. As promptly as practicable on or after the conversion date, the Corporation shall issue and shall deliver at such
office a certificate or certificates for the number of full shares of Common Stock issuable upon such conversion, together with payment in lieu of any fraction of a share, as provided in Section 5.6, to the person or
persons entitled to receive the same. 
 (d) In the event the Corporation shall, at any time or from time to time after the Original Issue
Date while the shares of Series A Preferred Stock remain outstanding, effect a subdivision (by any stock split, stock dividend, dividend of options, warrants or other similar 

  
 5 

 
instruments, stock reclassification or otherwise) of the outstanding shares of Common Stock into a greater number of shares of Common Stock (or other equity interests) or a spin-off or other
distribution of indebtedness or other assets, then and in each such event the Conversion Ratio in effect at the opening of business on the day after the date upon which such subdivision, spin-off or other distribution becomes effective shall be
proportionately adjusted. Additionally, if the Corporation shall, at any time or from time to time after the Original Issue Date while the shares of Series A Preferred Stock remain outstanding, effect a combination (by any reverse stock
split or otherwise) of the outstanding shares of Common Stock or any repurchase of any outstanding shares of Common Stock such that it results in a smaller number of shares of Common Stock (or other equity interests), then and in each such event the
Conversion Ratio in effect at the opening of business on the day after the date upon which such combination or repurchase becomes effective shall be proportionately adjusted. Additionally, if the Corporation issues any Parity Stock during the 12
months after the Original Issue Date, which Parity Stock is convertible into Common Stock and has a conversion ratio therefor that is more favorable to the holder(s) of such Parity Stock than the Conversion Ratio, then the Conversion Ratio shall be
automatically adjusted to be equal to such more favorable conversion ratio. Additionally, if the Corporation issues any Parity Stock during the 12 months after the Original Issue Date, which Parity Stock is convertible into Common Stock and the
issuance price (including original issuance discount and other similar fees) for such Parity Stock (for purposes of this Section 5.2(d), the “Parity Stock Issuance Price”) is less than $4.57218 per share (the
“Series A Price”), then (to the extent not duplicative of any adjustment made pursuant to the immediately preceding sentence) the Conversion Ratio shall be automatically adjusted by multiplying it by the quotient derived by
dividing the Series A Price by the Parity Stock Issuance Price. (For example, on the Original Issuance Date, the Conversion Ratio is 1 share of Series A Preferred Stock converts into 0.76923 shares of Common Stock; if the Corporation were to issue
shares of Parity Stock at $2.28609 per share, then the Conversion Ratio would be adjusted such that thereafter 1 share of Series A Preferred Stock would convert into 1.53846 shares of Common Stock.) Any adjustment under this
Section 5.2(d) shall become effective immediately after the opening of business on the day after the date upon which the applicable event becomes effective. 

5.3. If the Magellan Merger Does Not Occur: Mandatory Conversion. If the Magellan Merger Closing has not occurred and the Magellan
Merger Agreement has been terminated in accordance with its terms, then on the sixth anniversary of the Original Issue Date all shares of Series A Preferred Stock then outstanding shall automatically convert into shares of Common Stock on and
subject to the following terms and conditions: 
 (a) Each share of Series A Preferred Stock shall be convertible at the Conversion Ratio.
The Conversion Ratio shall be adjusted in certain instances as provided in Section 5.2(d). 
 (b) The Corporation shall use
commercially reasonable efforts to give notice of such conversion to the holders of shares of Series A Preferred Stock at least 30 days before the conversion date. No payment or adjustment shall be made upon any conversion on account of any
dividends on the Common Stock. 
 (c) Shares of Series A Preferred Stock shall be deemed to have been converted immediately prior to
the close of business on the conversion date, and at such time the rights of the holder of such shares as a holder thereof shall cease and from and after such time the person 

  
 6 

 
entitled to receive the Common Stock issuable upon such conversion shall be treated for all purposes as the record holder of such Common Stock. As promptly as practicable on or after the
conversion date and after surrender of the certificate(s) representing the converted Series A Preferred Stock, the Corporation shall issue and shall deliver to the holder of each such certificate one or more certificates for the number of full
shares of Common Stock issuable upon such conversion, together with payment in lieu of any fraction of a share, as provided in Section 5.6, to the person or persons entitled to receive the same. 

5.4. If the Magellan Merger Occurs: Optional Exchange. 

(a) Optional Exchange Into Magellan Preferred Stock. If the Magellan Merger Closing has occurred, then the holders of shares of Series
A Preferred Stock shall have the right, at their option, to exchange all (but not less than all) such shares for shares of Magellan Preferred Stock at any time on and subject to the following terms and conditions: 

(i) Each share of Series A Preferred Stock shall be exchangeable for one share of Magellan Preferred Stock (herein called the
“Preferred Stock Exchange Ratio”). The Preferred Stock Exchange Ratio shall be adjusted in certain instances as provided in Section 5.4(a)(iv). 

(ii) In order to exchange shares of Series A Preferred Stock the holder thereof shall surrender at the office of the
Corporation the certificate(s) therefor, duly endorsed or assigned to the Corporation or in blank, and give written notice to the Corporation at such office that he elects to exchange such shares. 

(iii) Shares of Series A Preferred Stock shall be deemed to have been exchanged immediately prior to the close of business on
the day of surrender of the certificate(s) for such shares for exchange in accordance with the foregoing provisions, and at such time the rights of the holder of such shares as a holder thereof shall cease and from and after such time the person
entitled to receive the Magellan Preferred Stock issuable upon such exchange shall be treated for all purposes as the record holder of such Magellan Preferred Stock. As promptly as practicable on or after the exchange date, the Corporation shall
cause Magellan to issue and deliver at such office a certificate or certificates for the number of full shares of Magellan Preferred Stock issuable upon such exchange, together with payment in lieu of any fraction of a share, as provided in
Section 5.6, to the person or persons entitled to receive the same. 
 (iv) In the event Magellan shall, at any time
or from time to time after the Original Issue Date while the shares of Series A Preferred Stock remain outstanding, effect a subdivision (by any stock split, stock dividend, dividend of options, warrants or other similar instruments, stock
reclassification or otherwise) of the outstanding shares of Magellan Preferred Stock into a greater number of shares of Magellan Preferred Stock (or other equity interests) or a spin-off or other distribution of indebtedness or other assets, then
and in each such event the Preferred Stock Exchange Ratio in effect at the opening of business on the day after the date upon which such subdivision, spin-off or other distribution becomes effective shall be proportionately
adjusted. Additionally, if Magellan shall, at any time or from time to time after the Original Issue Date while the shares of Series A Preferred Stock remain outstanding, effect a combination (by any

  
 7 

 
reverse stock split or otherwise) of the outstanding shares of Magellan Preferred Stock or any repurchase of any outstanding shares of Magellan Preferred Stock such that it results in a smaller
number of shares of Magellan Preferred Stock (or other equity interests), then and in each such event the Preferred Stock Exchange Ratio in effect at the opening of business on the day after the date upon which such combination or repurchase becomes
effective shall be proportionately adjusted. Additionally, if the Corporation issues any Parity Stock during the 12 months after the Original Issue Date, which Parity Stock is exchangeable for Magellan Preferred Stock and has an exchange ratio
therefor that is more favorable to the holder(s) of such Parity Stock than the Preferred Stock Exchange Ratio, then the Preferred Stock Exchange Ratio shall be automatically adjusted to be equal to such more favorable exchange ratio. Additionally,
if the Corporation issues any Parity Stock during the 12 months after the Original Issue Date, which Parity Stock is exchangeable for Magellan Preferred Stock and the issuance price (including original issuance discount and other similar fees) for
such Parity Stock (for purposes of this Section 5.4(a)(iv), the “Parity Stock Issuance Price”) is less than the Series A Price, then (to the extent not duplicative of any adjustment made pursuant to the immediately
preceding sentence) the Preferred Stock Exchange Ratio shall be automatically adjusted by multiplying it by the quotient derived by dividing the Series A Price by the Parity Stock Issuance Price. (For example, on the Original Issuance Date, the
Preferred Stock Exchange Ratio is 1 share of Series A Preferred Stock is exchangeable for 1 share of Magellan Preferred Stock; if the Corporation were to issue shares of Parity Stock at $2.28609 per share, then the Preferred Stock Exchange Ratio
would be adjusted such that thereafter 1 share of Series A Preferred Stock would be exchangeable for 2 shares of Magellan Preferred Stock.) Any adjustment under this Section 5.4(a)(iv) shall become effective immediately
after the opening of business on the day after the date upon which the applicable event becomes effective. 
 (v)
Notwithstanding the foregoing provisions of this Section 5.4(a), neither the Corporation nor Magellan shall be required to effect any exchange pursuant to this Section 5.4(a) if to do so would be, in the good faith determination of the
Board of Directors of Magellan, commercially unreasonable for the Corporation and/or Magellan. 
 (b) Optional Exchange Into Magellan
Common Stock. If the Magellan Merger Closing has occurred, then the holders of shares of Series A Preferred Stock shall have the right, at their option, to exchange all (but not less than all) such shares for shares of Magellan Common Stock at
any time (including immediately prior to any liquidation, dissolution or winding up of the affairs of the Corporation) on and subject to the following terms and conditions: 

(i) Each share of Series A Preferred Stock shall be exchangeable for one share of Magellan Common Stock (herein called the
“Common Stock Exchange Ratio”). The Common Stock Exchange Ratio shall be adjusted in certain instances as provided in Section 5.4(b)(iv).

(ii) In order to exchange shares of Series A Preferred Stock the holder thereof shall surrender at the office of the
Corporation the certificate(s) therefor, duly endorsed or assigned to the Corporation or in blank, and give written notice to the Corporation at such office that he elects to exchange such shares. 

  
 8 

 (iii) Shares of Series A Preferred Stock shall be deemed to have been exchanged
immediately prior to the close of business on the day of surrender of the certificate(s) for such shares for exchange in accordance with the foregoing provisions, and at such time the rights of the holder of such shares as a holder thereof shall
cease and from and after such time the person entitled to receive the Magellan Common Stock issuable upon such exchange shall be treated for all purposes as the record holder of such Magellan Common Stock. As promptly as practicable on or after the
exchange date, the Corporation shall cause Magellan to issue and deliver at such office a certificate or certificates for the number of full shares of Magellan Common Stock issuable upon such exchange, together with payment in lieu of any fraction
of a share, as provided in Section 5.6, to the person or persons entitled to receive the same. 
 (iv) In the event
Magellan shall, at any time or from time to time after the Original Issue Date while the shares of Series A Preferred Stock remain outstanding, effect a subdivision (by any stock split, stock dividend, dividend of options, warrants or other
similar instruments, stock reclassification or otherwise) of the outstanding shares of Magellan Common Stock into a greater number of shares of Magellan Common Stock (or other equity interests) or a spin-off or other distribution of indebtedness or
other assets, then and in each such event the Common Stock Exchange Ratio in effect at the opening of business on the day after the date upon which such subdivision, spin-off or other distribution becomes effective shall be proportionately adjusted.
Additionally, if Magellan shall, at any time or from time to time after the Original Issue Date while the shares of Series A Preferred Stock remain outstanding, effect a combination (by any reverse stock split or otherwise) of the outstanding
shares of Magellan Common Stock or any repurchase of any outstanding shares of Magellan Common Stock such that it results in a smaller number of shares of Magellan Common Stock (or other equity interests), then and in each such event the Common
Stock Exchange Ratio in effect at the opening of business on the day after the date upon which such combination or repurchase becomes effective shall be proportionately adjusted. Additionally, if the Corporation issues any Parity Stock during the 12
months after the Original Issue Date, which Parity Stock is exchangeable for Magellan Common Stock and has an exchange ratio therefor that is more favorable to the holder(s) of such Parity Stock than the Common Stock Exchange Ratio, then the Common
Stock Exchange Ratio shall be automatically adjusted to be equal to such more favorable exchange ratio. Additionally, if the Corporation issues any Parity Stock during the 12 months after the Original Issue Date, which Parity Stock is exchangeable
for Magellan Common Stock and the issuance price (including original issuance discount and other similar fees) for such Parity Stock (for purposes of this Section 5.4(b)(iv), the “Parity Stock Issuance Price”) is less
than the Series A Price, then (to the extent not duplicative of any adjustment made pursuant to the immediately preceding sentence) the Common Stock Exchange Ratio shall be automatically adjusted by multiplying it by the quotient derived by dividing
the Series A Price by the Parity Stock Issuance Price. (For example, on the Original Issuance Date, the Common Stock Exchange Ratio is 1 share of Series A Preferred Stock is exchangeable for 1 share of Magellan Common Stock; if the Corporation were
to issue shares of Parity Stock at $2.28609 per share, then the Common Stock Exchange Ratio would be adjusted such that thereafter 1 share of Series A Preferred Stock would be exchangeable for 2 shares of Magellan Common Stock.) Any adjustment under
this Section 5.4(b)(iv) shall become effective immediately after the opening of business on the day after the date upon which the applicable event becomes effective. 

  
 9 

 5.5. If the Magellan Merger Occurs: Mandatory Exchange. If the Magellan Merger Closing has
occurred, then on the sixth anniversary of the Original Issue Date all shares of Series A Preferred Stock then outstanding shall automatically be exchanged for shares of Magellan Common Stock on and subject to the following terms and
conditions: 
 (a) Each share of Series A Preferred Stock shall be exchangeable for one share of Magellan Common Stock (herein called the
“Exchange Ratio”). The Exchange Ratio shall be adjusted in certain instances as provided in Section 5.5(d). 

(b) The Corporation shall use commercially reasonable efforts to give notice of such conversion to the holders of shares of Series A
Preferred Stock at least 30 days before the exchange date. 
 (c) Shares of Series A Preferred Stock shall be deemed to have been
exchanged immediately prior to the close of business on the exchange date, and at such time the rights of the holder of such shares as a holder thereof shall cease and from and after such time the person entitled to receive the Magellan Common Stock
issuable upon such exchange shall be treated for all purposes as the record holder of such Magellan Common Stock. As promptly as practicable on or after the exchange date and after surrender of the certificate(s) representing the converted Series A
Preferred Stock, the Corporation shall cause Magellan to issue and deliver a certificate or certificates for the number of full shares of Magellan Common Stock issuable upon such exchange, together with payment in lieu of any fraction of a share, as
provided in Section 5.6, to the person or persons entitled to receive the same. 
 (d) In the event Magellan
shall, at any time or from time to time after the Original Issue Date while the shares of Series A Preferred Stock remain outstanding, effect a subdivision (by any stock split, stock dividend, dividend of options, warrants or other similar
instruments, stock reclassification or otherwise) of the outstanding shares of Magellan Common Stock into a greater number of shares of Magellan Common Stock (or other equity interests) or a spin-off or other distribution of indebtedness or other
assets, then and in each such event the Exchange Ratio in effect at the opening of business on the day after the date upon which such subdivision, spin-off or other distribution becomes effective shall be proportionately adjusted. Additionally, if
Magellan shall, at any time or from time to time after the Original Issue Date while the shares of Series A Preferred Stock remain outstanding, effect a combination (by any reverse stock split or otherwise) of the outstanding shares of Magellan
Common Stock or any repurchase of any outstanding shares of Magellan Common Stock such that it results in a smaller number of shares of Magellan Common Stock (or other equity interests), then and in each such event the Exchange Ratio in effect at
the opening of business on the day after the date upon which such combination or repurchase becomes effective shall be proportionately adjusted. Additionally, if the Corporation issues any Parity Stock during the 12 months after the Original Issue
Date, which Parity Stock is exchangeable for Magellan Common Stock and has an exchange ratio therefor that is more favorable to the holder(s) of such Parity Stock than the Exchange Ratio, then the Exchange Ratio shall be automatically adjusted to be
equal to such more favorable exchange ratio. Additionally, if the Corporation issues any Parity Stock during the 12 months after the 

  
 10 

 
Original Issue Date, which Parity Stock is exchangeable for Magellan Common Stock and the issuance price (including original issuance discount and other similar fees) for such Parity Stock (for
purposes of this Section 5.5(d), the “Parity Stock Issuance Price”) is less than the Series A Price, then (to the extent not duplicative of any adjustment made pursuant to the immediately preceding sentence) the
Exchange Ratio shall be automatically adjusted by multiplying it by the quotient derived by dividing the Series A Price by the Parity Stock Issuance Price. (For example, on the Original Issuance Date, the Exchange Ratio is 1 share of Series A
Preferred Stock is exchangeable for 1 share of Magellan Common Stock; if the Corporation were to issue shares of Parity Stock at $2.28609 per share, then the Exchange Ratio would be adjusted such that thereafter 1 share of Series A Preferred Stock
would be exchangeable for 2 shares of Magellan Common Stock.) Any adjustment under this Section 5.5(d) shall become effective immediately after the opening of business on the day after the date upon which the applicable
event becomes effective. 
 5.6. Fractional Interest. Neither the Corporation nor Magellan shall be required upon the conversion
or exchange of any share of Series A Preferred Stock to issue any fractional shares, but may, in lieu of issuing any fractional share that would otherwise be issuable upon such conversion, pay a cash adjustment in respect of such fraction in an
amount equal to the $6.00 (as adjusted in accordance with the principles set forth above) multiplied by the number (or fraction) of shares of Series A Preferred Stock equal to such fraction on the date of such conversion. If more than one share of
Series A Preferred Stock shall be presented for conversion at the same time by the same holder, the number of full shares of Common Stock which shall be issuable upon such conversion thereof (or full shares of Magellan Preferred Stock or
Magellan Common Stock which shall be issuable upon such exchange therefor) shall be computed on the basis of the aggregate number of shares of Series A Preferred Stock so to be converted by such holder. The holders expressly waive their right
to receive any fraction of a share of Common Stock, Magellan Preferred Stock or Magellan Common Stock or a stock certificate representing a fraction of a share of Common Stock, Magellan Preferred Stock or Magellan Common Stock if such amount of cash
is paid in lieu thereof. 
 5.7. Reservation and Authorization of Common Stock. The Corporation covenants that, so long as any
shares of Series A Preferred stock remain outstanding, the Corporation will at all times reserve and keep available, from its authorized and unissued Common Stock solely for issuance and delivery upon the conversion of the shares of
Series A Preferred Stock and free of preemptive rights, such number of shares of Common Stock as from time to time shall be issuable upon the conversion in full of all outstanding shares of Series A Preferred Stock. The Corporation further
covenants that it shall, from time to time, take all steps necessary to increase the authorized number of shares of its Common Stock if at any time the authorized number of shares of Common Stock remaining unissued would otherwise be insufficient to
allow delivery of all the shares of Common Stock then deliverable upon the conversion in full of all outstanding shares of Series A Preferred Stock. The Corporation covenants that all shares of Common Stock issuable upon conversion of the
shares of Series A Preferred Stock will, upon issuance, be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer (other than restrictions on transfer arising under federal and state securities laws)
and will be free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Corporation shall take all such actions as may be
necessary to ensure that all such shares of Common Stock may be so 

  
 11 

 
issued without violation of any applicable law or governmental regulation or any requirements of any domestic stock exchange upon which shares of Common Stock may be listed (except for official
notice of issuance which shall be immediately delivered by the Corporation upon each such issuance). The Corporation covenants that the stock certificates issued to evidence any shares of Common Stock issued upon conversion of shares of
Series A Preferred Stock will comply with the Delaware General Corporation Law and any other applicable law. 
 The Corporation hereby
authorizes and directs its current and future transfer agents for the Common Stock at all times to reserve stock certificates for such number of authorized shares as shall be requisite for such purpose. The transfer agent or agents for the
Series A Preferred Stock are hereby authorized to requisition from time to time from any such transfer agents for the Common Stock stock certificates required to honor outstanding shares of Series A Preferred Stock upon conversion thereof
in accordance with the terms of this Certificate of Incorporation, and the Corporation hereby authorizes and directs such transfer agents to comply with all such requests of the transfer agent or agents for the Series A Preferred Stock. The
Corporation will supply such transfer agents with duly executed stock certificates for such purposes. 
 5.8. Reservation and
Authorization of Magellan Preferred Stock and Magellan Common Stock. The Corporation covenants that, if the Magellan Merger Closing has occurred and so long as any shares of Series A Preferred Stock remain outstanding: 

(a) The Corporation will cause Magellan at all times to reserve and keep available, from its authorized and unissued Magellan Preferred Stock
and Magellan Common Stock solely for issuance and delivery upon the exchange of the shares of Series A Preferred Stock and free of preemptive rights, such number of shares of Magellan Preferred Stock and Magellan Common Stock as from time to
time shall be issuable upon the conversion in full of all outstanding shares of Series A Preferred Stock; 
 (b) The Corporation shall
cause Magellan, from time to time, to take all steps necessary to increase the authorized number of shares of its Magellan Preferred Stock and Magellan Common Stock if at any time the authorized number of shares of Magellan Preferred Stock and
Magellan Common Stock remaining unissued would otherwise be insufficient to allow delivery of all the shares of Magellan Preferred Stock and Magellan Common Stock then deliverable upon the exchange of all outstanding shares of Series A
Preferred Stock; 
 (c) All shares of Magellan Preferred Stock and Magellan Common Stock issuable upon exchange of the shares of
Series A Preferred Stock will, upon issuance, be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer (other than restrictions on transfer arising under federal and state securities laws) and will
be free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein); 

(d) The stock certificates issued to evidence any shares of Magellan Preferred Stock and Magellan Common Stock issued upon exchange of shares
of Series A Preferred Stock will comply with the Delaware General Corporation Law and any other applicable law. 

  
 12 

 5.9. Changes in Common Stock. In case at any time or from time to time after the
Original Issue Date while the shares of Series A Preferred Stock remain outstanding, the Corporation shall be a party to or shall otherwise engage in any transaction or series of related transactions (other than the transactions contemplated by the
Magellan Merger Agreement) constituting a merger of the Corporation into, a consolidation of the Corporation with, a sale, lease, transfer, conveyance or other disposition (in one or a series of related transactions) of all or substantially all of
the Corporation’s assets to, or an acquisition of 50% or more of the voting interests in the Corporation by, any other Person (a “Non-Surviving Transaction”) then, as a condition to the consummation of such Non-Surviving
Transaction, the Corporation shall cause such other Person to make lawful provision as a part of the terms of such Non-Surviving Transaction whereby: 

(a) so long as any share of Series A Preferred Stock remains outstanding, on such terms and subject to such conditions substantially
identical to the provisions set forth in this Certificate of Incorporation, each share of Series A Preferred Stock, upon the conversion thereof at any time on or after the consummation of such Non-Surviving Transaction, shall be convertible
into, in lieu of the Common Stock issuable upon such conversion prior to such consummation, only the securities or other property (“Substituted Property”) that would have been receivable upon such Non-Surviving Transaction by
a holder of the number of shares of Common Stock into which such share of Series A Preferred Stock was convertible immediately prior to such Non-Surviving Transaction, assuming such holder of Common Stock: 

(i) is not a Person with which the Corporation consolidated or into which the Corporation merged or which merged into the
Corporation or to which such sale or transfer was made, as the case may be (“Constituent Person”), or an Affiliate of a Constituent Person; and 

(ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property
receivable upon such Non-Surviving Transaction (provided that if the kind or amount of securities, cash and other property receivable upon such Non-Surviving Transaction is not the same for each share of Common Stock held immediately prior to such
Non-Surviving Transaction by other than a Constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised (“Non-Electing Share”), then, for the purposes of this
Section 5.9, the kind and amount of securities, cash and other property receivable upon such Non-Surviving Transaction by each Non-Electing Share shall be deemed to be the kind and amount so receivable per share by a
plurality of the Non-Electing Shares); and 
 (b) the rights, preferences, privileges and obligations of such other Person and the holders
of shares of Series A Preferred Stock in respect of Substituted Property shall be substantially identical to the rights, preferences, privileges and obligations of the Corporation and holders of shares of Series A Preferred Stock in respect of
Common Stock hereunder as set forth in this Section 5. 
 Such lawful provision shall provide for adjustments which, for events
subsequent to the effective date of such lawful provision, shall be substantially identical to the adjustments provided for elsewhere in this Section 5. The above provisions of this Section 5.9 shall similarly
apply to successive Non-Surviving Transactions. 

  
 13 

 5.10. Statement on Certificates. Irrespective of any adjustment in the Conversion
Ratio, Preferred Stock Exchange Ratio, Common Stock Exchange Ratio or Exchange Ratio or the amount or kind of shares into which the shares of Series A Preferred Stock are convertible or exchangeable, certificates for shares of Series A
Preferred Stock theretofore or thereafter issued may continue to express the same Conversion Ratio, Preferred Stock Exchange Ratio, Common Stock Exchange Ratio and/or Exchange Ratio initially applicable or amount or kind of shares initially issuable
upon conversion or exchange of the Series A Preferred Stock evidenced thereby (but the adjusted amount shall nonetheless be the determinative amount). 

5.11. No Voting or Dividend Rights. Subject to the provisions of Section 6 and except as may be specifically provided for
in this Article Fourth, until the conversion or exchange of any share of Series A Preferred Stock: 
 (i) no holder of
any share of Series A Preferred Stock shall have or exercise any rights by virtue hereof as a holder of Common Stock, including, without limitation, the right to vote or to receive dividends and other distributions as a holder of Common Stock
or to receive notice of, or attend, meetings or any other proceedings of holders of Common Stock; 
 (ii) the consent of any
such holder as a holder of Common Stock shall not be required with respect to any action or proceeding of the Corporation; 

(iii) no such holder, by reason of the ownership or possession of a share of Series A Preferred Stock, shall have any
right to receive any cash dividends, stock dividends, allotments or rights or other distributions paid, allotted or distributed or distributable not in violation of Section 2 to the holders of Common Stock prior to, or for which the relevant
record date preceded, the date of the conversion of such share of Series A Preferred Stock; and 
 (iv) no such holder
shall have any right not expressly conferred hereunder or by applicable law with respect to the share of Series A Preferred Stock held by such holder. 

5.12. Payment of Taxes. The Corporation and Magellan shall pay any and all taxes (other than income taxes) that may be payable in
respect of the issue or delivery of shares of Common Stock, Magellan Common Stock and Magellan Preferred Stock on conversion or exchange of shares of Series A Preferred Stock pursuant hereto. Neither the Corporation nor Magellan shall impose
any service charge in connection with any such conversion. Neither the Corporation nor Magellan shall be required, however, to pay any tax or other charge imposed in respect of any transfer involved in the issue and delivery of any certificates for
shares of Common Stock, Magellan Common Stock or Magellan Preferred Stock or payment of cash or other property to any recipient other than the holder of the share of Series A Preferred Stock converted or exchanged, and in case of such transfer
or payment, the transfer agent or agents for the Series A Preferred Stock and neither the Corporation nor Magellan shall be required to issue 

  
 14 

 
or deliver any certificate or pay any cash until (a) such tax or charge has been paid or an amount sufficient for the payment thereof has been delivered to the transfer agent or agents for
the Series A Preferred Stock or the Corporation or Magellan or (b) it has been established to the Corporation’s satisfaction that any such tax or other charge that is or may become due has been paid. Notwithstanding anything to the
contrary in this Section 5.12, Magellan shall have no obligation with respect to this Section 5.12 if the Magellan Merger Closing does not occur. 
  

	6.	Voting. 

 (a) The holders of shares of Series A Preferred Stock shall have no voting
rights whatsoever, except as otherwise provided in this Section 6 or as otherwise specifically required by law. As to matters upon which holders of shares of Series A Preferred Stock are entitled to vote as a class, the holders of
Series A Preferred Stock shall be entitled to one vote per share and such vote shall be by majority vote.
 (b) Except as provided to
the contrary in the proviso to this sentence, each holder of outstanding shares of Series A Preferred Stock shall be entitled to vote with holders of outstanding shares of Common Stock, voting together as a single class, with respect to any and all
matters presented to the stockholders of the Corporation for their action or consideration (whether at a meeting of stockholders of the Corporation, by written action of stockholders in lieu of a meeting or otherwise), except as provided by law;
provided, however, that, except as set forth in Section 6(c)(vi), the shares of Series A Preferred Stock shall not be entitled to vote with respect to the Magellan Merger, the Magellan Merger Agreement, or any matter directly
relating to the Magellan Merger or the Magellan Merger Agreement. In any such vote, each share of Series A Preferred Stock shall be entitled to a number of votes equal to the number of shares of Common Stock into which such share is convertible
pursuant to Section 5.2(b) (regardless of whether such Series A Preferred Stock is then-convertible) as of the record date for such vote or written consent or, if there is no specified record date, as of the date of such vote or written
consent. Each holder of outstanding shares of Series A Preferred Stock shall be entitled to notice of all stockholder meetings (or requests for written consent) in accordance with the Corporation’s bylaws. 

(c) So long as any shares of Series A Preferred Stock remain outstanding, in addition to any other vote or consent of stockholders
required by law or this Certificate of Incorporation, the Corporation shall not, directly or indirectly, without the affirmative vote at a meeting (or the written consent with or without a meeting) of the holders of at least a majority of the number
of shares of Series A Preferred Stock then outstanding:
 (i) authorize or approve the issuance of any shares of, or of
any security convertible into, or convertible or exchangeable for shares of, Preferred Stock or shares of any other capital stock of the Corporation, which shares rank prior to shares of Series A Preferred Stock in the payment of dividends or
in the distribution of assets upon liquidation, dissolution or winding up of the affairs of the Corporation (or amend the terms of any existing shares to provide for such ranking); 

(ii) authorize or approve the issuance of any shares of, or of any security convertible into, or convertible or exchangeable
for shares of, Parity Stock (or amend the 

  
 15 

 
terms of any existing shares to provide for such ranking) except such Parity Stock that is issued to Persons other than Affiliates, directors, officers, employees or consultants of the
Corporation; 
 (iii) amend, alter or repeal any of the provisions of this Certificate of Incorporation so as to affect
adversely the powers, designations, preferences and rights of the Series A Preferred Stock or the holders thereof or amend, alter or repeal any of the provisions of this Article Fourth; provided, however, that, for the avoidance of doubt, the
amendment of this Certificate of Incorporation so as to authorize or create, or to increase the authorized amount of, any Fully Junior Stock shall not be deemed to affect adversely the powers, designations, preferences and rights of the
Series A Preferred Stock or the holders thereof; 
 (iv) take any other corporate action that adversely affects any of
the rights, preferences or privileges of the Series A Preferred Stock; provided, however, that for the avoidance of doubt this Section 6(c)(iv) shall not refer to any commercial or business decision made by the Corporation that may affect the
value of the Series A Preferred Stock but does not change its rights, preferences or privileges (such as the incurrence of debt) or the issuance of Parity Stock permitted by Section 6(c)(ii); 

(v) engage in any business, act or activity other than any business related in any manner to hydrocarbons or energy; or 

(vi) modify, amend or waive any provision of the Magellan Merger Agreement that alters the relative exchange ratio as between
the shareholders of the Corporation and the shareholders of Magellan. 
  

	7.	Certain Definitions.

 As used herein with respect to the Series A Preferred Stock,
the following terms shall have the following meanings: 
 “Affiliate” of a Person means any other Person that
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control
with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Business Day” means a day except a Saturday or Sunday or other day on which the banks in the city of Houston, Texas
are authorized or required by applicable law to be closed. 
 “Fully Junior Stock” means any Junior Stock over which
the Series A Preferred Stock has preference and priority in the payment of dividends and in the distribution of assets on any liquidation (complete or partial), dissolution or winding up of the affairs of the Corporation. 

“holder” of shares of Series A Preferred Stock shall mean the stockholder in whose name such Series A
Preferred Stock is registered in the stock books of the Corporation. 

  
 16 

 “Junior Stock” means the Common Stock, par value $0.01 per share, of the
Corporation and any other class or series of shares of the Corporation or any of its subsidiaries hereafter authorized over which the Series A Preferred Stock has preference or priority in the payment of dividends (including prohibiting any
such dividends while any Series A Preferred Stock is outstanding) or in the distribution of assets on any liquidation (complete or partial), dissolution or winding up of the affairs of the Corporation or its subsidiaries. 

“Magellan” means Magellan Petroleum Corporation, a Delaware corporation. 

“Magellan Common Stock” means common stock of Magellan, par value $0.01 per share. 

“Magellan Merger” means the merger contemplated by the Magellan Merger Agreement. 

“Magellan Merger Agreement” means that certain merger agreement dated as of August 2, 2016 among the Corporation,
Magellan and River Merger Sub, Inc. (as amended, restated, supplemented and/or otherwise modified from time to time). 

“Magellan Merger Closing” means the closing of the transactions contemplated by the Magellan Merger Agreement,
including the Magellan Merger. 
 “Magellan Preferred Stock” means Series B Preferred Stock of Magellan, par value
$0.01 per share, with terms, conditions, rights, preferences and privileges substantially identical to those of the Series A Preferred Stock (including that such Series B Preferred Stock of Magellan shall be senior to or pari passu with all other
shares) except (i) such shares are convertible on a one-for-one basis for shares of Magellan Common Stock (subject to similar adjustments as are set forth in this Certificate of Incorporation), (ii) such shares are not convertible into Common Stock
and (iii) such shares shall not be redeemable. 
 “Original Issue Date” means the date on which shares of
Series A Preferred Stock are first originally issued under this Article Fourth. 
 “Parity Stock” means any
class or series of shares of the Corporation (including Series A Preferred Stock) that have pari passu preference with the Series A Preferred Stock in the payment of dividends or in the distribution of assets on any liquidation (complete or
partial), dissolution or winding up of the affairs of the Corporation. 
 “Person” means an individual, a
corporation, a limited liability company, a partnership, an association, a trust or any other entity. 
  

	8.	No Other Rights. 

 The shares of Series A Preferred Stock shall not have any powers,
designations, preferences or relative, participating, optional, or other special rights, nor shall there be any qualifications, limitations or restrictions or any powers, designations, preferences or rights of such shares, other than as set forth
herein or in this Certificate of Incorporation or as may be provided by law. 

  
 17 

 FIFTH: No holder of shares of stock of the Corporation shall have a preemptive right to
purchase or subscribe for and receive any shares of any class, or series thereof, of stock of the Corporation, whether now or hereafter authorized, or any warrants, option, bonds, debentures or other securities convertible into, exchangeable for or
carrying any right to purchase any shares of any class, or series thereof, of stock. 
 SIXTH: No stockholders of the Corporation shall
have the right and power to cumulate votes attributable to their shares for the election of directors. 
 SEVENTH: The business and affairs
of this Corporation shall be managed and conducted by a Board of Directors consisting of one or more members who need not be stockholders. The number of directors of the Corporation shall be fixed as specified or provided for in the bylaws of the
Corporation. 
 EIGHTH: The Board of Directors shall have full power and authority to manage the Corporation and any and all of its
assets, properties, businesses, and affairs, including the right to elect such officers and assistant officers and to designate and appoint such agents and employees as the Board of Directors deems advisable and to allow them suitable compensation,
and shall have any and all additional powers and authority, not inconsistent with the express terms of this Certificate of Incorporation, that are expressly or impliedly granted to or invested in the Board of Directors by the statutes or laws of the
State of Delaware, as now in effect and as hereafter amended or modified. Election of directors need not be by written ballot, except and to the extent provided in the bylaws of the Corporation. 

NINTH: Except as otherwise provided by statute, any action that might have been taken at a meeting of stockholders by a vote of the
stockholders may be taken with the written consent of stockholders owning (and by such written consent, voting) in the aggregate not less than the minimum percentage of the total number of shares that by statute, this Certificate of Incorporation,
the bylaws of the Corporation or an agreement of all of the stockholders are required to be voted with respect to such proposed corporate action; provided, however, that the written consent of a stockholder who would not have been
entitled to vote upon the action if a meeting were held shall not be counted; and further provided, that prompt notice shall be given to all stockholders of the taking of such corporate action without a meeting if less than unanimous written
consent of all stockholders who have been entitled to vote on the action if a meeting were held is obtained. 
 TENTH: In furtherance
of, and not in limitation of, the powers conferred by statute, the Board of Directors is expressly authorized to adopt, amend or repeal the bylaws of the Corporation or adopt new bylaws, without any action on the part of the stockholders;
provided, however, that no such adoption, amendment, or repeal shall be valid with respect to bylaw provisions which have been adopted, amended, or repealed by the stockholders; and further provided, that bylaws adopted or amended by the
Board of Directors and any powers thereby conferred may be amended, altered, or repealed by the stockholders. 
 ELEVENTH: Whenever a
compromise or arrangement is proposed between this Corporation and its creditors or any class of them, and/or between this Corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of

  
 18 

 
Delaware may, on the application in a summary way of this Corporation or of any creditor or stockholders thereof or on the application of any receiver or receivers appointed for this Corporation
under the provisions of §291 of the Delaware General Corporation Law or on the application of trustees in dissolution or of any receiver or receivers appointed for this Corporation under the provisions of § 279 of the Delaware General
Corporation Law order a meeting of the creditors or class of creditors; and/or of the stockholders or class of stockholders of this Corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in
number representing three-fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this
Corporation as consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of
creditors, and/or on all stockholders or class of stockholders, of this Corporation, as the case may be, and also on this Corporation. 

TWELFTH: To the fullest extent permitted by applicable law, a director or officer of the Corporation shall be entitled to indemnification
from the Corporation for any loss, damage, claim, legal proceeding or investigation (a “Loss”) (or any expenses or costs associated therewith (“Costs”)) incurred by such director or officer by reason
of any act or omission performed or omitted by such director or officer in good faith on behalf of the Corporation and in a manner reasonably believed to be within the scope of the authority conferred on such director or officer by the Corporation
or by Delaware law, except that (a) no director or officer shall be entitled to be indemnified in respect of any Loss or Costs incurred by such director or officer by reason of such director or officer’s willful misconduct with respect to
such acts or omissions and (b) no director or officer shall be entitled to be indemnified in respect of any Loss or Costs incurred by the director or officer for (i) such director or officer’s breach of his duty of loyalty to the
Corporation or its stockholders, (ii) such director or officer’s acts or omissions not in good faith or which involve intentional misconduct or knowing violations of law, or (iii) any transaction from which the director or officer
derived an improper personal benefit; provided, however, that any indemnity under this Article Twelfth shall be funded out of and to the extent of Corporation assets only (including any applicable insurance proceeds), and no director
or officer shall have personal liability on account thereof. In a manner determined appropriate by the Board of Directors, the Corporation shall advance Costs incurred by or on behalf of a director or officer in connection with any Loss even
before a final determination is made as to whether the director or officer is entitled to indemnification. The Corporation may enter into agreements with its directors or officers to provide for indemnification consistent with the terms and
conditions set forth in this Article Thirteenth. The Corporation may purchase and maintain director and officer liability insurance at appropriate levels of coverage as determined by the Board of Directors. 

The Corporation may additionally indemnify any employee or agent of the Corporation to the fullest extent permitted by law. 

THIRTEENTH: A director or officer of the Corporation shall not be liable to the Corporation or any other person or entity who has an
interest in the Corporation for a Loss or Costs incurred by reason of any act or omission performed or omitted by such director or officer in good faith on behalf of the Corporation, in a manner reasonably believed to be in the best interest of the
Corporation and in a manner reasonably believed to be within the scope of the 

  
 19 

 
authority conferred on such director or officer by the Corporation or by Delaware law, except that (a) a director or officer shall be liable for any such Loss and Costs incurred by reason of
such director or officer’s willful misconduct, and (b) notwithstanding anything in this Certificate of Incorporation to the contrary, no provision of this Certificate of Incorporation shall eliminate or limit the liability of a director or
officer for (i) any breach of that person’s duty of loyalty to the Corporation or the stockholders (which duty of loyalty shall be not less than the duty of loyalty of a director of a Delaware corporation to such Corporation and its
stockholders under Delaware law), (ii) acts or omissions not in good faith or which involve intentional misconduct or knowing violations of law, or (iii) any transaction from which the director or officer derived an improper personal
benefit. 
 FOURTEENTH: The Corporation shall have the right, subject to any express provisions or restrictions contained in the
Certificate of Incorporation, bylaws of the Corporation or written agreement of all of the stockholders of the Corporation, from time to time, to amend the Certificate of Incorporation or any provisions thereof in any manner now or hereafter
provided by law, and all rights and powers of any kind conferred upon a director or stockholder of the Corporation by the Certificate of Incorporation or any amendment thereof are conferred subject to such right. 

FIFTEENTH: The Corporation expressly elects not to be governed by §203 of the Delaware General Corporation Law. 

* * * 
 3. The foregoing
amendment and restatement was approved by the holders of the requisite number of shares of this corporation in accordance with Section 228 of the General Corporation Law. 

4. That this Amended and Restated Certificate of Incorporation, which restates and integrates and further amends the provisions of this
Corporation’s Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law. 

[The remainder of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation has been executed by a
duly authorized officer of this corporation on this 23rd day of November, 2016. 
  

			
	 /s/ Meg A. Gentle

	Name:	 	Meg A. Gentle
	Title:	 	President and Chief Executive Officer

 EXHIBIT C 

Registration Rights Agreement Terms 
 As
soon as practicable following receipt of a request from Purchaser, Magellan shall use its reasonable best efforts to (i) file a registration statement registering the sales of common shares to be issued upon conversion or exchange of the preferred
shares, (ii) have the registration statement declared effective within 180 days after filing with the SEC and (iii) maintain the effectiveness of the registration statement for a period of two years. Purchaser shall also have customary
piggyback rights, other than in connection with an underwriting that is solely a new equity issuance by Magellan. 

 EXHIBIT D 

Form of Certificate of Designations 

[See attached] 

 CERTIFICATE OF DESIGNATIONS OF 

SERIES B CONVERTIBLE PREFERRED STOCK OF 

MAGELLAN PETROLEUM CORPORATION 

MAGELLAN PETROLEUM CORPORATION, a Delaware corporation (the “Corporation”), certifies that pursuant to the authority
contained in Article Fourth of its Restated Certificate of Incorporation, as amended from time to time prior to the date hereof (the “Certificate of Incorporation”), and in accordance with the provisions of Section 151
of the Delaware General Corporation Law, its Board of Directors duly approved and adopted on [date] the following resolution, which resolution remains in full force and effect on the date hereof: 

WHEREAS, the Certificate of Incorporation authorizes the issuance of up to fifty million (50,000,000) shares of preferred
stock, par value $0.01 per share, of the Corporation (“Preferred Stock”) in one or more series, and expressly authorizes the Board of Directors, subject to limitations prescribed by law, to provide, out of the unissued shares
of Preferred Stock, for series of Preferred Stock, and, with respect to each such series, to establish and fix the number of shares to be included in such series of Preferred Stock and the designation, rights, preferences, powers, restrictions and
limitations of the shares of such series; and 
 WHEREAS, the Board of Directors desires to establish and fix the number of
shares to be included in a new series of Preferred Stock and the designation, rights, preferences and limitations of such new series. 

NOW, THEREFORE, BE IT RESOLVED, that a series of Preferred Stock be, and hereby is, created, and that the number of shares
thereof, the voting powers thereof and the designations, preferences and relative, participating, optional and other special rights thereof and the qualifications, limitations and restrictions thereof be, and hereby are, as follows: 

 

	1.	General. 

 (a) The shares of such series shall be designated the Series B
Convertible Preferred Stock (hereinafter referred to as the “Series B Preferred Stock”). 

(b) Each share of Series B Preferred Stock shall be identical in all respects with the other shares of Series B Preferred Stock.

 (c) Shares of Series B Preferred Stock converted into Common Stock shall be cancelled and shall revert to authorized but unissued
Preferred Stock, undesignated as to series. 
 (d) In any case where any dividend payment date shall not be a Business Day, then
(notwithstanding any other provision of this Certificate of Designations) payment of dividends need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the dividend payment date;
provided, however, that no interest shall accrue on such amount of dividends for the period from and after such dividend payment date, as the case may be. 

	2.	Dividends. 

 So long as any shares of Series B Preferred Stock are outstanding, the
Corporation shall neither pay nor declare any dividends, nor make any redemptions or repurchases (other than ordinary course repurchases or deemed repurchases occurring in connection with the vesting or exercise of compensatory equity awards and
related tax withholding), in respect of its equity interests (including Common Stock, Preferred Stock, Junior Stock and Parity Stock). 
  

	3.	Liquidation. 

 (a) In the event of any liquidation, dissolution or winding up of the
affairs of the Corporation, whether voluntary or involuntary, after payment or provision for payment of the debts and other liabilities of the Corporation, the holders of the Series B Preferred Stock shall be entitled to receive an amount in
cash equal to $4.57218 per share of Series B Preferred Stock (the “Liquidation Payment”) before any distribution is made to holders of shares of Common Stock, Junior Stock or Parity Stock upon any such liquidation,
dissolution or winding up of the affairs of the Corporation. If, upon any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, the assets of the Corporation, or proceeds thereof,
distributable among the holders of the then-outstanding shares of Series B Preferred Stock are insufficient to pay the full amount of the Liquidation Payment in respect to all then-outstanding shares of Series B Preferred Stock, then all
such assets and proceeds of the Corporation thus distributable shall be distributed ratably in respect of the then-outstanding shares of Series B Preferred Stock. 

(b) Notice of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, shall be given
by mail, postage prepaid, not less than 30 days prior to the distribution or payment date stated therein, to each holder of record of Series B Preferred Stock appearing on the stock books of the Corporation as of the date of such notice at the
address of said holder shown therein. Such notice shall state a distribution or payment date, the amount of the Liquidation Payment and the place where the Liquidation Payment shall be distributable or payable. 

(c) For the purposes of this Section 3, neither the voluntary sale, lease, conveyance, exchange or transfer of all or
substantially all the property or assets of the Corporation (whether for cash, shares of stock, securities or other consideration), nor the consolidation or merger of the Corporation with one or more other entities, shall be deemed to be a
liquidation (complete or partial), dissolution or winding up of the affairs of the Corporation, unless such voluntary sale, lease, conveyance, exchange or transfer shall be in connection with a plan of liquidation, dissolution or winding up of the
affairs of the Corporation. 
 (d) After the payment in cash to the holders of shares of the Series B Preferred Stock of the full
amount of the Liquidation Payment with respect to outstanding shares of Series B Preferred Stock, the holders of outstanding shares of Series B Preferred Stock shall have no right or claim, based on their ownership of shares of
Series B Preferred Stock, to any of the remaining assets of the Corporation. 

  
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	4.	Redemption. 

 The Series B Preferred Stock shall not be redeemable. 

 

	5.	Conversion. 

 (a) Optional Conversion. The holders of shares of Series B
Preferred Stock shall have the right, at their option, to convert all (but not less than all) such shares into shares of Common Stock at any time (including immediately prior to any liquidation, dissolution or winding up of the affairs of the
Corporation) on and subject to the following terms and conditions: 
 (i) Each share of Series B Preferred Stock shall be convertible
into one share of Common Stock (herein called the “Conversion Ratio”). The Conversion Ratio shall be adjusted in certain instances as provided in Section 5(a)(iv). 

(ii) In order to convert shares of Series B Preferred Stock, the holder thereof shall surrender at the office of the Corporation the
certificate(s) therefor, duly endorsed or assigned to the Corporation or in blank, and give written notice to the Corporation at such office that he elects to convert such shares. 

(iii) Shares of Series B Preferred Stock shall be deemed to have been converted immediately prior to the close of business on the day of
surrender of the certificate(s) for such shares for conversion in accordance with the foregoing provisions, and at such time the rights of the holder of such shares as a holder thereof shall cease and from and after such time the person entitled to
receive the Common Stock issuable upon such conversion shall be treated for all purposes as the record holder of such Common Stock. As promptly as practicable on or after the conversion date, the Corporation shall issue and deliver at such
office a certificate or certificates for the number of full shares of Common Stock issuable upon such conversion, together with payment in lieu of any fraction of a share, as provided in Section 5(c), to the person or
persons entitled to receive the same. 
 (iv) In the event the Corporation shall, at any time or from time to time after the Original Issue
Date while the shares of Series B Preferred Stock remain outstanding, effect a subdivision (by any stock split, stock dividend, dividend of options, warrants or other similar instruments, stock reclassification or otherwise) of the outstanding
shares of Common Stock into a greater number of shares of Common Stock (or other equity interests) or a spin-off or other distribution of indebtedness or other assets, then and in each such event the Conversion Ratio in effect at the opening of
business on the day after the date upon which such subdivision, spin-off or other distribution becomes effective shall be proportionately adjusted. Additionally, if the Corporation shall, at any time or from time to time after the Original
Issue Date while the shares of Series B Preferred Stock remain outstanding, effect a combination (by any reverse stock split or otherwise) of the outstanding shares of Common Stock or any repurchase of any outstanding shares of Common Stock
such that it results in a smaller number of shares of Common Stock (or other equity interests) (other than ordinary course repurchases or deemed repurchases occurring in connection with the vesting or exercise of compensatory equity awards and
related tax withholding), then and in each such event the Conversion Ratio in effect at the opening of 

  
 3 

 
business on the day after the date upon which such combination or repurchase becomes effective shall be proportionately adjusted. Additionally, if the Corporation issues any Parity Stock
during the 12 months after the Original Issue Date, which Parity Stock is convertible into Common Stock and has a conversion ratio therefor that is more favorable to the holder(s) of such Parity Stock than the Conversion Ratio, then the Conversion
Ratio shall be automatically adjusted to be equal to such more favorable conversion ratio. Additionally, if the Corporation issues any Parity Stock during the 12 months after the Original Issue Date, which Parity Stock is convertible into Common
Stock and the issuance price (including original issuance discount and other similar fees) for such Parity Stock (for purposes of this Section 5(a)(iv), the “Parity Stock Issuance Price”) is less than $4.57218 per
share (the “Series B Price”), then (to the extent not duplicative of any adjustment made pursuant to the immediately preceding sentence) the Conversion Ratio shall be automatically adjusted by multiplying it by the quotient
derived by dividing the Series B Price by the Parity Stock Issuance Price. (For example, on the Original Issuance Date, the Conversion Ratio is 1 share of Series B Preferred Stock convertible into 1 share of Common Stock; if the Corporation were to
issue shares of Parity Stock at $2.28609 per share, then the Conversion Ratio would be adjusted such that thereafter 1 share of Series B Preferred Stock would be convertible into 2 shares of Common Stock.) Any adjustment under this
Section 5(a)(iv) shall become effective immediately after the opening of business on the day after the date upon which the applicable event becomes effective. 

(b) Mandatory Conversion. On the sixth anniversary of the Original Issue Date, all shares of Series B Preferred Stock then
outstanding shall automatically be converted into shares of Common Stock on and subject to the following terms and conditions: 
 (i) Each
share of Series B Preferred Stock shall be convertible into Common Stock at the Conversion Ratio. The Conversion Ratio shall be adjusted in certain instances as provided in Section 5(a)(iv). 

(ii) The Corporation shall use commercially reasonable efforts to give notice of such conversion to the holders of shares of Series B
Preferred Stock at least 30 days before the conversion date. 
 (iii) Shares of Series B Preferred Stock shall be deemed to have been
converted immediately prior to the close of business on the conversion date, and at such time the rights of the holder of such shares as a holder thereof shall cease and from and after such time the person entitled to receive the Common Stock
issuable upon such conversion shall be treated for all purposes as the record holder of such Common Stock. As promptly as practicable on or after the conversion date and after surrender of the certificate(s) representing the converted
Series B Preferred Stock, the Corporation shall issue and deliver a certificate or certificates for the number of full shares of Common Stock issuable upon such conversion, together with payment in lieu of any fraction of a share, as provided
in Section 5(c), to the person or persons entitled to receive the same. 
 (c) Fractional
Interest. The Corporation shall not be required upon the conversion of any share of Series B Preferred Stock to issue any fractional shares, but may, in lieu of issuing any fractional share that would otherwise be issuable upon such
conversion, pay a cash adjustment in respect of such fraction in an amount equal to the Series B Price (as adjusted in 

  
 4 

 
accordance with the principles set forth above) multiplied by the number (or fraction) of shares of Series B Preferred Stock equal to such fraction on the date of such
conversion. If more than one share of Series B Preferred Stock shall be presented for conversion at the same time by the same holder, the number of full shares of Common Stock which shall be issuable upon such conversion thereof shall be
computed on the basis of the aggregate number of shares of Series B Preferred Stock so to be converted by such holder. The holders expressly waive their right to receive any fraction of a share of Common Stock or a stock certificate
representing a fraction of a share of Common Stock if such amount of cash is paid in lieu thereof. 
 (d) Reservation and Authorization
of Common Stock. The Corporation covenants that, so long as any shares of Series B Preferred Stock remain outstanding: 
 (i)
The Corporation will at all times reserve and keep available, from its authorized and unissued Common Stock solely for issuance and delivery upon the conversion of the shares of Series B Preferred Stock and free of preemptive rights, such
number of shares of Common Stock as from time to time shall be issuable upon the conversion in full of all outstanding shares of Series B Preferred Stock; 

(ii) The Corporation shall, from time to time, take all steps necessary to increase the authorized number of shares of its Common Stock if at
any time the authorized number of shares of Common Stock remaining unissued would otherwise be insufficient to allow delivery of all the shares of Common Stock then deliverable upon the conversion of all outstanding shares of Series B Preferred
Stock; 
 (iii) All shares of Common Stock issuable upon conversion of the shares of Series B Preferred Stock will, upon issuance, be
duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer (other than restrictions on transfer arising under federal and state securities laws) and will be free from all taxes, liens and charges in respect of
the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein); 
 (iv) The
Corporation shall take all such actions as may be necessary to ensure that all such shares of Common Stock may be so issued without violation of any law or governmental regulation applicable to it or any requirements of any domestic stock exchange
upon which shares of Common Stock may be listed; 
 (v) The stock certificates issued to evidence any shares of Common Stock issued upon
conversion of shares of Series B Preferred Stock will comply with the Delaware General Corporation Law and any other applicable law. 

The Corporation hereby authorizes and directs its current and future transfer agents for the Common Stock at all times to reserve stock
certificates for such number of authorized shares as shall be requisite for such purpose. The transfer agent or agents for the Series B Preferred Stock are hereby authorized to requisition from time to time from any such transfer agents for the
Common Stock stock certificates required to honor outstanding shares of Series B Preferred Stock upon conversion thereof in accordance with the terms of this Certificate of Designations, and the Corporation hereby authorizes and directs such
transfer agents to comply with all such requests of the transfer agent or agents for the Series B Preferred Stock. The Corporation will supply such transfer agents with duly executed stock certificates for such purposes. 

  
 5 

 (e) Changes in Common Stock. In case at any time or from time to time after the
Original Issue Date while the shares of Series B Preferred Stock remain outstanding, the Corporation shall be a party to or shall otherwise engage in any transaction or series of related transactions constituting a merger of the Corporation
into, a consolidation of the Corporation with, a sale, lease, transfer, conveyance or other disposition (in one or a series of related transactions) of all or substantially all of the Corporation’s assets to, or an acquisition of 50% or more of
the voting interests in the Corporation by, any other Person (a “Non-Surviving Transaction”) then, as a condition to the consummation of such Non-Surviving Transaction, the Corporation shall cause such other Person to make
lawful provision as a part of the terms of such Non-Surviving Transaction whereby: 
 (i) so long as any share of Series B Preferred
Stock remains outstanding, on such terms and subject to such conditions substantially identical to the provisions set forth in this Certificate of Designations, each share of Series B Preferred Stock, upon the conversion thereof at any time on
or after the consummation of such Non-Surviving Transaction, shall be convertible into, in lieu of the Common Stock issuable upon such conversion prior to such consummation, only the securities or other property (“Substituted
Property”) that would have been receivable upon such Non-Surviving Transaction by a holder of the number of shares of Common Stock into which such share of Series B Preferred Stock was convertible immediately prior to such
Non-Surviving Transaction, assuming such holder of Common Stock: 
 (A) is not a Person with which the Corporation
consolidated or into which the Corporation merged or which merged into the Corporation or to which such sale or transfer was made, as the case may be (“Constituent Person”), or an Affiliate of a Constituent Person; and 

(B) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property
receivable upon such Non-Surviving Transaction (provided that if the kind or amount of securities, cash and other property receivable upon such Non-Surviving Transaction is not the same for each share of Common Stock held immediately prior to such
Non-Surviving Transaction by other than a Constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised (“Non-Electing Share”), then, for the purposes of this
Section 5(e), the kind and amount of securities, cash and other property receivable upon such Non-Surviving Transaction by each Non-Electing Share shall be deemed to be the kind and amount so receivable per share by a
plurality of the Non-Electing Shares); and 
 (ii) the rights, preferences, privileges and obligations of such other Person and the holders
of shares of Series B Preferred Stock in respect of Substituted Property shall be substantially identical to the rights, preferences, privileges and obligations of the Corporation and holders of shares of Series B Preferred Stock in
respect of Common Stock hereunder as set forth in this Section 5. 

  
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 Such lawful provision shall provide for adjustments which, for events subsequent to the effective
date of such lawful provision, shall be substantially identical to the adjustments provided for elsewhere in this Section 5. The above provisions of this Section 5(e) shall similarly apply to
successive Non-Surviving Transactions. 
 (f) Statement on Certificates. Irrespective of any adjustment in the Conversion Ratio
or the amount or kind of shares into which the shares of Series B Preferred Stock are convertible, certificates for shares of Series B Preferred Stock theretofore or thereafter issued may continue to express the same Conversion Ratio
initially applicable or amount or kind of shares initially issuable upon conversion of the Series B Preferred Stock evidenced thereby (but the adjusted amount shall nonetheless be the determinative amount). 

(g) No Voting or Dividend Rights. Subject to the provisions of Section 6 and except as may be specifically provided
for herein, until the conversion of any share of Series B Preferred Stock: 
 (i) no holder of any share of Series B Preferred
Stock shall have or exercise any rights by virtue hereof as a holder of Common Stock, including, without limitation, the right to vote or to receive dividends and other distributions as a holder of Common Stock or to receive notice of, or attend,
meetings or any other proceedings of holders of Common Stock; 
 (ii) the consent of any such holder as a holder of Common Stock shall not
be required with respect to any action or proceeding of the Corporation; 
 (iii) no such holder, by reason of the ownership or possession
of a share of Series B Preferred Stock, shall have any right to receive any cash dividends, stock dividends, allotments or rights or other distributions paid, allotted or distributed or distributable to the holders of Common Stock prior to, or
for which the relevant record date preceded, the date of the conversion of such share of Series B Preferred Stock (for the avoidance of doubt, this Section 5(g) shall not be deemed to modify Section 2); and 

(iv) no such holder shall have any right not expressly conferred hereunder or by applicable law with respect to the share of Series B
Preferred Stock held by such holder. 
 (h) Payment of Taxes. The Corporation shall pay any and all taxes (other than income
taxes) that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of shares of Series B Preferred Stock pursuant hereto. The Corporation shall not impose any service charge in connection with any such
conversion. The Corporation shall not be required, however, to pay any tax or other charge imposed in respect of any transfer involved in the issue and delivery of any certificates for shares of Common Stock or payment of cash or other property
to any recipient other than the holder of the share of Series B Preferred Stock converted, and in case of such transfer or payment, the Transfer Agent for the Series B Preferred Stock and the Corporation shall not be required to issue or
deliver any certificate or pay any cash until (a) such tax or charge has been paid or an amount sufficient for the payment thereof has been delivered to the Transfer Agent for the Series B Preferred Stock or the Corporation or (b) it
has been established to the Corporation’s satisfaction that any such tax or other charge that is or may become due has been paid. 

  
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	6.	Voting. 

 (a) The holders of shares of Series B Preferred Stock shall have no voting
rights whatsoever, except as otherwise provided in this Section 6 or as otherwise specifically required by law. As to matters upon which holders of shares of Series B Preferred Stock are entitled to vote as a class, the holders
of Series B Preferred Stock shall be entitled to one vote per share and such vote shall be by majority vote. 
 (b) Each holder of
outstanding shares of Series B Preferred Stock shall be entitled to vote with holders of outstanding shares of Common Stock, voting together as a single class, with respect to any and all matters presented to the stockholders of the Corporation
for their action or consideration (whether at a meeting of stockholders of the Corporation, by written action of stockholders in lieu of a meeting or otherwise), except as provided by law. In any such vote, each share of Series B Preferred
Stock shall be entitled to a number of votes equal to the number of shares of Common Stock into which such share is convertible pursuant to Section 5(b) as of the record date for such vote or written consent or, if there is
no specified record date, as of the date of such vote or written consent. Each holder of outstanding shares of Series B Preferred Stock shall be entitled to notice of all stockholder meetings (or requests for written consent) in accordance
with the Corporation’s bylaws. 
 (c) So long as any shares of Series B Preferred Stock remain outstanding, in addition to any
other vote or consent of stockholders required by law or the Certificate of Incorporation, the Corporation shall not, directly or indirectly, without the affirmative vote at a meeting (or the written consent with or without a meeting) of the holders
of at least a majority of the number of shares of Series B Preferred Stock then outstanding: 
 (i) authorize or approve the issuance
of any shares of, or of any security convertible into, or convertible or exchangeable for shares of, shares of any capital stock of the Corporation that rank prior to shares of Series B Preferred Stock in the payment of dividends or in the
distribution of assets upon liquidation, dissolution or winding up of the affairs of the Corporation (or amend the terms of any existing shares to provide for such ranking); 

(ii) authorize or approve the issuance of any shares of, or of any security convertible into, or convertible or exchangeable for shares of,
Parity Stock (or amend the terms of any existing shares to provide for such ranking) except such Parity Stock that is issued to Persons other than Affiliates, directors, officers, employees or consultants of the Corporation; 

(iii) amend, alter or repeal any of the provisions of the Certificate of Incorporation so as to affect adversely the powers, designations,
preferences and rights of the Series B Preferred Stock or the holders thereof or amend, alter or repeal any of the provisions of this Certificate of Designations; provided, however, that, for the avoidance of doubt, an amendment of the
Certificate of Incorporation or this Certificate of Designations to authorize or create, or to increase the authorized amount of, any Fully Junior Stock shall not be deemed to affect adversely the powers, designations, preferences and rights of the
Series B Preferred Stock or the holders thereof; 

  
 8 

 (iv) take any other corporate action that adversely affects any of the rights, preferences or
privileges of the Series B Preferred Stock; provided, however, that for the avoidance of doubt this Section 6(c)(iv) shall not refer to any commercial or business decision made by the Corporation that may affect
the value of the Series B Preferred Stock but does not change its rights, preferences or privileges (such as the incurrence of debt) or the issuance of Parity Stock permitted by Section 6(c)(ii); or 

(v) engage in any business, act or activity other than any business related in any manner to hydrocarbons or energy. 

For the avoidance of doubt, nothing herein shall limit the ability of the Corporation to issue Common Stock. 

 

	7.	Uncertificated Shares; Certificated Shares. 

 (a) Uncertificated Shares.

 (i) Legends. Until such time as the Series B Preferred Stock and Common Stock issued upon the conversion of Series B
Preferred Stock, as applicable, have been sold pursuant to an effective registration statement under the Securities Act, or the Series B Preferred Stock or Common Stock issued upon the conversion of Series B Preferred Stock, as applicable, are
eligible for resale pursuant to Rule 144 promulgated under the Securities Act without any restriction as to the number of securities as of a particular date that can then be immediately sold, each certificate issued with respect to a share of
Series B Preferred Stock or any Common Stock issued upon the conversion of Series B Preferred Stock shall bear a legend in substantially the following form: 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR
(2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM
REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS. 

(ii) Removal of Legend. In connection with a sale of the Series B Preferred Stock or Common Stock issued upon the conversion of
Series B Preferred Stock, as applicable, 

  
 9 

 
in reliance on Rule 144 promulgated under the Securities Act, the applicable holder or its broker shall deliver to the Corporation a broker representation letter providing to the Corporation any
information the Corporation deems necessary to determine that such sale is made in compliance with Rule 144 promulgated under the Securities Act, including, as may be appropriate, a certification that such holder is not an affiliate of the
Corporation (as defined in Rule 144 promulgated under the Securities Act) and a certification as to the length of time the applicable equity interests have been held. Upon receipt of such representation letter, the Corporation shall promptly remove
the restrictive legend, and the Corporation shall bear all costs associated with the removal of such legend. At such time as the Series B Preferred Stock and Common Stock issued upon the conversion of Series B Preferred Stock, as
applicable, have been sold pursuant to an effective registration statement under the Securities Act or have been held by the applicable holder for more than one year where the holder is not, and has not been in the preceding three months, an
affiliate of the Corporation (as defined in Rule 144 promulgated under the Securities Act), if the restrictive legend is still in place, the Corporation agrees, upon request of such holder, to take all steps necessary to promptly effect the removal
of such legend, and the Corporation shall bear all costs associated with such removal of such legend. The Corporation shall cooperate with the applicable holder to effect the removal of such legend at any time such legend is no longer
appropriate. 
 (b) Certificates Representing Shares of Series B Preferred Stock. 

(i) Form and Dating. Certificates representing shares of Series B Preferred Stock and the Transfer Agent’s certificate
of authentication shall be substantially in the form set forth in Exhibit A, which is hereby incorporated in and expressly made a part of this Certificate of Designations. The Series B Preferred Stock certificate
may have notations, legends or endorsements required by law, stock exchange rules, agreements to which the Corporation is subject, if any, or usage, provided that any such notation, legend or endorsement is in a form acceptable to the
Corporation. Each Series B Preferred Stock certificate shall be dated the date of its authentication. 
 (ii) Execution and
Authentication. Two (2) Officers shall sign each Series B Preferred Stock certificate for the Corporation by manual or facsimile signature. 

(A) If an Officer whose signature is on a Series B Preferred Stock certificate no longer holds that office at the time the
Transfer Agent authenticates the Series B Preferred Stock certificate, the Series B Preferred Stock certificate shall be valid nevertheless. 

(B) A Series B Preferred Stock certificate shall not be valid until an authorized signatory of the Transfer Agent manually
signs the certificate of authentication on the Series B Preferred Stock certificate. The signature shall be conclusive evidence that the Series B Preferred Stock certificate has been authenticated under this Certificate of
Designations. 
 (C) The Transfer Agent shall authenticate and deliver certificates for shares of Series B Preferred
Stock for original issue upon a written order of the Corporation signed by two (2) Officers of the Corporation. Such order shall specify the number of shares of Series B Preferred Stock to be authenticated and the date on which the
original issue of the Series B Preferred Stock is to be authenticated. 

  
 10 

 (D) The Transfer Agent may appoint an authenticating agent reasonably acceptable
to the Corporation to authenticate the certificates for the Series B Preferred Stock. Unless limited by the terms of such appointment, an authenticating agent may authenticate certificates for the Series B Preferred Stock whenever the
Transfer Agent may do so. Each reference in this Certificate of Designations to authentication by the Transfer Agent includes authentication by such agent. An authenticating agent has the same rights as the Transfer Agent or agent for
service of notices and demands. 
 (iii) Transfer. When certificates representing shares of Series B Preferred Stock is
presented to the Transfer Agent with a request to register the transfer of such shares, the Transfer Agent shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided,
however, that such shares being surrendered for transfer: 
 (A) shall be duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Corporation and the Transfer Agent, duly executed by the holder thereof or its attorney duly authorized in writing; and 

(B) are being transferred pursuant to subclause (1) or (2) below, and are accompanied by the following additional
information and documents, as applicable: 
 (1) if such certificates are being delivered to the Transfer Agent by a holder
for registration in the name of such holder, without transfer, a certification from such holder to that effect in substantially the form of Exhibit B hereto; or 

(2) if such certificates are being transferred to the Corporation or to a “qualified institutional buyer” in
accordance with Rule 144A under the Securities Act or pursuant to another exemption from registration under the Securities Act, (i) a certification to that effect (in substantially the form of Exhibit B hereto)
and (ii) if the Corporation so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in Section 7(a)(i). 

(iv) Replacement Certificates. If any of the Series B Preferred Stock certificates shall be mutilated, lost, stolen or
destroyed, the Corporation shall issue, in exchange and in substitution for and upon cancellation of the mutilated Series B Preferred Stock certificate, or in lieu of and substitution for the Series B Preferred Stock certificate lost,
stolen or destroyed, a new Series B Preferred Stock certificate of like tenor and representing an equivalent amount of shares of Series B Preferred Stock, but only upon receipt of evidence of such loss, theft or destruction of such
Series B Preferred Stock certificate and indemnity, if requested, satisfactory to the Corporation and the Transfer Agent. 

  
 11 

 (v) Cancellation. In the event the Corporation shall purchase or otherwise acquire
certificates representing shares of Series B Preferred Stock, the same shall thereupon be delivered to the Transfer Agent for cancellation. The Transfer Agent and no one else shall cancel and destroy all Series B Preferred Stock
certificates surrendered for transfer, exchange, replacement or cancellation and deliver a certificate of such destruction to the Corporation unless the Corporation directs the Transfer Agent to deliver canceled Series B Preferred Stock
certificates to the Corporation. The Corporation may not issue new Series B Preferred Stock certificates to replace Series B Preferred Stock certificates to the extent they evidence Series B Preferred Stock which the Corporation
has purchased or otherwise acquired. 
 (c) Record Holders. Prior to due presentment for registration of transfer of any shares
of Series B Preferred Stock, the Transfer Agent and the Corporation may deem and treat the Person in whose name such shares are registered as the absolute owner of such Series B Preferred Stock, and neither the Transfer Agent nor the
Corporation shall be affected by notice to the contrary. 
 (d) No Obligation of the Transfer Agent. The Transfer Agent shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Certificate of Designations or under applicable law with respect to any transfer of any interest in any Series B
Preferred Stock other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Certificate of Designations, and to examine the
same to determine substantial compliance as to form with the express requirements hereof. 
  

	8.	Certain Definitions. 

 As used herein with respect to the Series B Preferred Stock,
the following terms shall have the following meanings: 
 “Affiliate” of a Person means any other Person that
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control
with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Board of Directors” shall mean the Board of Directors of the Corporation or, with respect to any action to be taken
by the Board of Directors, any committee of the Board of Directors duly authorized to take such action. 
 “Business
Day” means a day except a Saturday or Sunday or other day on which the banks in the city of Houston, Texas are authorized or required by applicable law to be closed. 

“Common Stock” means common stock of the Corporation, par value $0.01 per share. 

“Fully Junior Stock” means any Junior Stock over which the Series B Preferred Stock has preference and priority
in the payment of dividends and in the distribution of assets on any liquidation (complete or partial), dissolution or winding up of the affairs of the Corporation. 

  
 12 

 “holder” of shares of Series B Preferred Stock means the stockholder
in whose name such Series B Preferred Stock is registered in the stock books of the Corporation. 
 “Junior
Stock” means the Common Stock and any other class or series of shares of the Corporation or any of its subsidiaries hereafter authorized over which the Series B Preferred Stock has preference or priority in the payment of dividends
(including prohibiting any such dividends while any Series B Preferred Stock is outstanding) or in the distribution of assets on any liquidation (complete or partial), dissolution or winding up of the affairs of the Corporation or its
subsidiaries. 
 “Officer” means the Chairman of the Board of Directors, the Chief Executive Officer, the President,
any Vice President, the Treasurer, the Secretary or any Assistant Secretary of the Corporation. 
 “Original Issue
Date” means November 23, 2016. 
 “Parity Stock” means any class or series of shares of the
Corporation (including Series B Preferred Stock) that have pari passu preference with the Series B Preferred Stock in the payment of dividends or in the distribution of assets on any liquidation (complete or partial), dissolution or
winding up of the affairs of the Corporation. 
 “Person” means an individual, a corporation, a limited liability
company, a partnership, an association, a trust or any other entity. 
 “Securities Act” means the Securities Act of
1933, as amended, and the rules and regulations promulgated thereunder. 
 “Transfer Agent” means Broadridge
Corporate Issuer Solutions, Inc., acting as the Corporation’s duly appointed transfer agent, registrar, conversion agent and dividend disbursing agent for the Series B Preferred Stock. The Corporation may, in its sole discretion,
remove the Transfer Agent with ten (10) days’ prior notice to the Transfer Agent; provided that the Corporation shall appoint as its successor a nationally recognized Transfer Agent who shall accept such appointment prior to the
effectiveness of such removal. 
  

	9.	No Other Rights. 

 The shares of Series B Preferred Stock shall not have any powers,
designations, preferences or relative, participating, optional, or other special rights, nor shall there be any qualifications, limitations or restrictions or any powers, designations, preferences or rights of such shares, other than as set forth
herein or in the Certificate of Incorporation or as may be provided by law. 
 [Signature page follows.] 

  
 13 

 IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designations to be signed and
attested this      day of             ,         . 

 

			
	MAGELLAN PETROLEUM CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Attest:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO CERTIFICATE OF
DESIGNATIONS OF 
 SERIES B CONVERTIBLE PREFERRED
STOCK OF MAGELLAN PETROLEUM CORPORATION] 

 EXHIBIT A 

FORM OF SERIES B CONVERTIBLE PREFERRED STOCK 

FACE OF SECURITY 
 THE SECURITIES
EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL
APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION
DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS. 

  
 EXHIBIT
A-1 

			
	 Certificate Number
	  	[●] Shares of
	[●]	  	Series B Convertible Preferred Stock

 Series B Convertible Preferred Stock 

of 
 MAGELLAN PETROLEUM
CORPORATION 
 MAGELLAN PETROLEUM CORPORATION, a Delaware corporation (the “Corporation”), hereby certifies that
[●] (the “Holder”) is the registered owner of [●] fully paid and non-assessable shares of preferred stock, par value $0.01 per share, of the Corporation designated as the Series B Convertible Preferred Stock
(the “Series B Preferred Stock”). The shares of Series B Preferred Stock are transferable on the books and records of the Transfer Agent, in person or by a duly authorized attorney,
upon surrender of this certificate duly endorsed and in proper form for transfer. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Series B Preferred Stock represented hereby are issued
and shall in all respects be subject to the provisions of the Certificate of Designations dated [date], as the same may be amended from time to time (the “Certificate of Designations”). Capitalized terms used herein
but not defined shall have the meaning given them in the Certificate of Designations. The Corporation will provide a copy of the Certificate of Designations to a Holder without charge upon written request to the Corporation at its principal place of
business. 
 Reference is hereby made to select provisions of the Series B Preferred Stock set forth on the reverse hereof, and to the
Certificate of Designations, which select provisions and the Certificate of Designations shall for all purposes have the same effect as if set forth at this place. 

Upon receipt of this certificate, the Holder is bound by the Certificate of Designations and is entitled to the benefits thereunder. 

Unless the Transfer Agent’s Certificate of Authentication hereon has been properly executed, these shares of Series B Preferred
Stock shall not be entitled to any benefit under the Certificate of Designations or be valid or obligatory for any purpose. 
 IN WITNESS
WHEREOF, the Corporation has executed this certificate this [●] day of [●], 20[●]. 
  

			
	MAGELLAN PETROLEUM CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 EXHIBIT
A-2 

 TRANSFER AGENT’S CERTIFICATE OF AUTHENTICATION 

These are shares of the Series B Preferred Stock referred to in the within-mentioned Certificate of Designations. 

Dated:                      

 

			
	[●], as Transfer Agent,
		
	By:	 	  

		 	Authorized Signatory

  
 EXHIBIT
A-3 

 REVERSE OF SECURITY 

The shares of Series B Preferred Stock shall be convertible into the Corporation’s Common Stock upon the satisfaction of the
conditions and in the manner and according to the terms set forth in the Certificate of Designations. 
 The Corporation will furnish
without charge to each holder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock and the qualifications, limitations or restrictions of such preferences and/or
rights. 

  
 EXHIBIT
A-4 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers the shares of Series B Preferred Stock evidenced hereby to: 

 
  
  

 
  

 
 (Insert assignee’s social
security or tax identification number) 
  
  

(Insert address and zip code of assignee) 
  

 
 and irrevocably appoints: 

 
  
  

 
  

 
 agent to transfer the shares of
Series B Preferred Stock evidenced hereby on the books of the Transfer Agent. The agent may substitute another to act for him or her. 
  

			
	Date:	 	  

		
	Signature:	 	  

 (Sign exactly as your name appears on the other side of this Series B Preferred Stock Certificate) 

 

							
		 	Signature Guarantee:	 	  
	 	1

  

	1 	Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker, savings and loan association or credit union meeting the requirements of the Transfer Agent, which requirements
include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Transfer Agent in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 EXHIBIT
A-5 

 EXHIBIT B 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER OF PREFERRED STOCK 
  

	Re:	Series B Convertible Preferred Stock (the “Series B Preferred Stock”) of Magellan Petroleum Corporation (the “Corporation”)

 This Certificate relates to [●] shares of Series B Preferred Stock held by [●] (the
“Transferor”). 
 The Transferor has requested the Transfer Agent by written order to exchange or register the
transfer of Series B Preferred Stock. 
 In connection with such request and in respect of such Series B Preferred Stock, the
Transferor does hereby certify that the Transferor is familiar with the Certificate of Designations relating to the above-captioned Series B Preferred Stock and that the transfer of this Series B Preferred Stock does not require
registration under the Securities Act of 1933, as amended (the “Securities Act”), because */: 
  

	 	☐	such Series B Preferred Stock is being acquired for the Transferor’s own account without transfer; 

  

	 	☐	such Series B Preferred Stock is being transferred to the Corporation; or 

  

	 	☐	such Series B Preferred Stock is being transferred to a qualified institutional buyer (as defined in Rule 144A under the Securities Act), in reliance on Rule 144A. 

Such Series B Preferred Stock is being transferred in reliance on and in compliance with another exemption from the registration
requirements of the Securities Act (and based on an opinion of counsel if the Corporation so requests). 
  

			
	[●]	 	
		
	By:	 	  

 Date: 

 

	*/	Please check applicable box. 

  
 EXHIBIT
B-1Exhibit 10.1

 

 

 

Dated 4 October 2016

as amended and restated on 28 November 2016

 

 

 

 

 

JELCO DELTA
HOLDING CORP. 

as Lender

 

and

 

SEANERGY
MARITIME Holdings CORP. 

as Borrower

 

 

 

 

amended
and restated Loan Agreement

 

in respect

of a loan facility of up to US$12,800,000

to finance part of the acquisition cost for

m.v. “E.R. BAVARIA” and m.v. “E.R. BAYERN”

 

 

 

 

 

 

WATSON FARLEY

&

WILLIAMS

 

    	 

    	 

    

Index

 

ClausePage

 

	1   Purpose, Definitions and Interpretation	2
	2   The Loan	10
	3   Interest	10
	4   Repayment	10
	5   Prepayment	11
	6   Representations and Warranties	12
	7   Covenants and Undertakings of the Borrower	13
	8   Insurance	13
	9   Ship Covenants	17
	10   Events of Default	21
	11   Fees	23
	12   Application of Receipts	23
	13   Notices	24
	14   Amendments and Waivers	24
	15   Process Agent	24
	16   Governing Law and Jurisdiction	25
	17   Miscellaneous	25

 

Schedules

 

	Schedule 1 Form of Drawdown Notice	26
	Schedule 2 Condition Precedent Documents	27
	Part A	27
	Part B	28

    	 

    	 

    

THIS LOAN AGREEMENT (the “Loan
Agreement’) is originally made on 4 October 2016 as amended and restated by an amending and restating agreement dated
28 November 2016.

 

PARTIES

 

		(1)	JELCO DELTA HOLDING CORP., a corporation organised under the laws of the Republic of the
Marshall Islands whose registered office is at the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall
Islands (the “Lender”)

 

		(2)	SEANERGY MARITIME HOLDINGS CORP., a corporation organised under the laws of the Republic
of the Marshall Islands whose registered office is at the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960
Marshall Islands (the “Company”)

 

BACKGROUND

 

		(A)	The Company has entered into (i) a Memorandum of Agreement dated 26 September 2016 between the
Company for a company to be nominated as buyers (being Owner A, as thereafter defined) and E.S.V.M. Schiffahrt GmbH & Co. KG
as sellers (the “Bavaria Seller”) for the purchase of the motor vessel named “E.R. BAVARIA” (“Ship
A”) (together with all amendments or addenda thereto referred to as the “Bavaria MOA”), (ii) a Memorandum
of Agreement dated 26 September 2016 between the Company for a company to be nominated as buyers (being Owner B, as thereafter
defined) and E.A.D.M. Schiffahrt GmbH & Co. KG as sellers (the “Bayern Seller”) for the purchase of the motor
vessel named “E.R. BAYERN” (“Ship B” and together with Ship A, the “Ships” and
each a “Ship”) (together with all amendments or addenda thereto referred to as the “Bayern MOA”
and together with the Bavaria MOA, the “MOAs” and each, “MOA”), (iii) an escrow account agreement
entered into between, inter alios, the Bavaria Seller and the Company in relation to payment of the deposit in the amount
of US$2,075,000 for Ship A as provided in the Bavaria MOA (“Deposit A”) and (iv) an escrow account agreement entered
into between, inter alios, the Bayern Seller and the Company in relation to payment of the deposit in the amount of US$2,075,000
for Ship B as provided in the Bayern MOA (“Deposit B”).

 

		(B)	The Company has nominated Lord Ocean Navigation Co. of Liberia as the final buyers of Ship A (“Owner
A”) and Knight Ocean Navigation Co. of Liberia as the final buyer of Ship B (“Owner B”, together with
Owner A, the “Owners” and each an “Owner”).

 

		(C)	The Company is the registered, legal and beneficial owner of Emperor Holding Ltd., of the Marshall
Islands (the “Holding Co.”) and the Holding Co. is the registered, legal and beneficial owner of each Guarantor.

 

		(D)	The Company desires to borrow an aggregate principal amount of up to US$12,800,000 from the Lender
for financing part of the acquisition cost of the Ships (inclusive of the Deposits) in two advances.

 

		(E)	The Company has already drawn down the first advance in the amount of US$4,150,000 in order to
finance the payment of Deposit A and Deposit B in accordance with the terms and conditions of this Loan Agreement.

 

		(F)	The Lender, which is holding 76.2% of the total issued share capital of the Company, is willing
to make available the remaining part of the loan to the Company in accordance with the terms and conditions of this Loan Agreement.

 

    	 

    	 

    

OPERATIVE
PROVISIONS

 

In consideration of the mutual
covenants herein contained, and for such other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto hereby agree as follows:

 

		1	Purpose, Definitions and Interpretation

 

		1.1	Purpose

 

This Loan Agreement sets out
the terms and conditions upon and subject to which it is agreed that the Lender will make available to the Borrower a loan of up
to United States Dollars twelve million eight hundred thousand (US$12,800,000) to be used for the purpose of financing part of
the Contract Price of the Ships and working capital purposes of the Ships.

 

		1.2	Definitions

 

In this Loan Agreement, unless
the context otherwise requires each term or expression defined in the recital of the parties and this clause shall have the meaning
given to it in the recital of the parties and in this clause and:

 

“Advance”
means each of Advance A and Advance B and, in the plural means both of them;

 

“Advance
A” means the amount of US$4,150,000 drawn down in two sub-advances on 5 and on 6 October 2016 to pay the Deposits or,
as the context may require, the principal amount outstanding of Advance A at any relevant time;

 

“Advance
B” means an amount of up to US$8,650,000 to finance part of the acquisition cost of Ship A or, as the context may require,
the principal amount outstanding of Advance B at any relevant time;

 

“Agreed
Form” means, in relation to any document, that document in the form approved in writing by the Lender or
as otherwise approved in accordance with any other approval procedure specified in any relevant provisions of any Finance Document;

 

“Amending
and Restating” means the amending and restating agreement dated 28 November 2016 and made between the Borrower and the
Lender;

 

“Applicable
Margin” means:

 

		(a)	during the period commencing on the first Drawdown Date and ending on 28 November 2016, 5 per cent.
per annum;

 

		(b)	subject to paragraphs (c) and (d) at all times thereafter, 9 per cent. per annum;

 

		(c)	if a prepayment of US$5,000,000 is made from the net proceed of any public offering of securities
concluded by the Borrower pursuant to Clause 5.3 (c), from the date of such prepayment and at all times thereafter subject to paragraph
(d), the rate shall reduce by 2 per cent. per annum;

 

		(d)	if the facility is extended pursuant to Clause 5.6, at all times during such extension period the
rate shall increase by 1.5 per cent. per annum;

 

“Approved
Flag” means, in relation to a Ship, the flag of the Republic of Liberia or such other flag as the Lender may approve
as the flag on which that Ship is or, as the case may be, shall be registered;

 

“Approved
Flag State” means, in relation to a Ship, the Republic of Liberia or any other country in which the Lender may approve
that Ship is or, as the case may be, shall be registered;

 

“Approved
Manager” means, in respect of a Ship, V. Ships as the technical manager of that Ship and Fidelity Marine as the commercial
manager of that Ship, or any other company nominated by the Owners which the Lender may approve from time to time (such approval
not to be unreasonably withheld) as the commercial and/or technical manager of that Ship and, in the plural, means both of them;

 

    	2

    	 

    

“Approved
Manager’s Undertaking” means, in relation to a Ship, a letter of undertaking including (inter alia) an assignment
of an Approved Manager’s rights, title and interests in the Insurances executed or, as the context may require, to be executed
by that Approved Manager in favour of the Lender in the Agreed Form agreeing certain matters in relation to that Approved Manager,
serving as manager of that Ship and subordinating its rights against that Ship and the Owner to the rights of the Lender under
the Finance Documents and, in the plural, means all of them;

 

“Availability
Period” means, in respect of each Advance, the period commencing on the date of this Loan Agreement and ending on the
earlier of:

 

		(a)	20 December 2016 (or such later date as the Lender may agree with the Borrower); and

 

		(b)	the date on which that Advance is fully borrowed, cancelled or terminated;

 

“Banking
Day” means any day on which banks and foreign exchange markets in New York, London and Athens and in each country
or place in or at which any act is required to be done under this Loan Agreement, are open for the transaction of business of the
nature contemplated in this Loan Agreement;

 

“Borrower”
means the Company as specified at the beginning of this Loan Agreement;

 

“Contract
Price” means in relation to each Ship, $20,750,000, being in each case the acquisition cost of that Ship payable
pursuant to the relevant MOA;

 

“Delivery
Date” means, in relation to a Ship, the date on which title to and possession of that Ship is transferred from the relevant
Seller to the relevant Owner pursuant to the MOA in respect of the Ship;

 

“Deposits”
means Deposit A and Deposit B;

 

“Dollar”
and “US$” mean the lawful currency of the United
States of America;

 

“Drawdown
Date” means, in respect of an Advance, the Banking Day, not earlier than the date of this Loan Agreement upon which
the Borrower has requested that an Advance be made available or (as the context requires) the date on which that Advance is actually
made by the Lender to the Borrower hereunder;

 

“Earnings”
means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Owner
of that Ship or the Lender and which arise out of the use or operation of that Ship, including (but not limited to):

 

		(a)	except to the extent that they fall within paragraph (b):

 

		(i)	all freight, hire and passage moneys;

 

		(ii)	compensation payable to that Owner or the Lender in the event of requisition of the Ship owned
by it for hire;

 

		(iii)	remuneration for salvage and towage services;

 

		(iv)	demurrage and detention moneys;

 

		(v)	damages for breach (or payments for variation or termination) of any charterparty or other contract
for the employment of that Ship; and

 

		(vi)	all moneys which are at any time payable under any Insurances in respect of loss of hire; and

    	3

    	 

    

 

		(b)	if and whenever that Ship is employed on terms whereby any moneys falling within paragraphs (a)(i)
to (vi) are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement
which is attributable to that Ship;

 

“Environmental
Claim” means:

 

		(a)	any claim by any governmental, judicial or regulatory authority which arises out of an Environmental
Incident or an alleged Environmental Incident or which relates to any Environmental Law; or

 

		(b)	any claim by any other person which relates to an Environmental Incident or to an alleged Environmental
Incident,

 

and “claim”
means a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar to the foregoing;
an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement
or regulatory action, including the arrest or attachment of any asset;

 

“Environmental
Incident” means, in relation to a Ship:

 

		(a)	any release of Environmentally Sensitive Material from that Ship; or

 

		(b)	any incident in which Environmentally Sensitive Material is released from a vessel other than that
Ship and which involves a collision between that Ship and such other vessel or some other incident of navigation or operation,
in either case, in connection with which that Ship is actually liable to be arrested, attached, detained or injuncted and/or that
Ship and/or the Owner of that Ship and/or any operator or manager of that Ship is at fault or otherwise liable to any legal or
administrative action; or

 

		(c)	any other incident in which Environmentally Sensitive Material is released otherwise than from
that Ship and in connection with which that Ship is actually liable to be arrested and/or where the Owner of that Ship and/or any
operator or manager of that Ship is at fault otherwise liable to any legal or administrative action;

 

“Environmental
Law” means any law relating to pollution or protection of the environment, to the carriage of Environmentally
Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material;

 

“Environmentally
Sensitive Material” means oil, oil products and any other substance (including any chemical, gas or other hazardous
or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous;

 

“Event
of Default” means any of the events or circumstances described in Clause 10;

 

“Fidelity
Marine” means Fidelity Marine Inc., a corporation incorporated and existing under the
laws of the Republic of the Marshall Islands whose registered office is at the Trust Company Complex, Ajeltake Road, Ajeltake Island,
Majuro, MH96960 Marshall Islands; 

 

“Final
Repayment Date” means:

 

		(a)	20 December 2016 in the event that Ship A is not delivered to Owner A by the last day of the Availability
Period; or

 

		(b)	the earlier of (i) 28 February 2018 and (ii) the date falling fourteen (14) months from the final
Drawdown Date; or

    	4

    	 

    

 

		(c)	the earlier of (i) 28 February 2019 and (ii) the date falling twenty six (26) months from the final
Drawdown Date in the event that the facility has been extended pursuant to Clause 5.6, or

 

		(d)	if earlier, the date on which the Lender terminates or cancels this Loan Agreement in accordance
with the provisions hereof;

 

“Finance
Documents” means together:

 

		(a)	this Loan Agreement;

 

		(b)	the Guarantees;

 

		(c)	the Amending and Restating Agreement;

 

		(d)	the Intercreditor Deed;

 

		(e)	the General Assignments;

 

		(f)	the Mortgages;

 

		(g)	the Approved Manager’s Undertakings; and

 

		(h)	any other document (whether creating a Security Interest or not) which is executed at any time
by the Borrower or an Owner (except from an Approved Manager outside of the Lender’s group) or any other person as security
for, or to establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lender under
this Loan Agreement or any of the other documents referred to in this definition and, in the singular, means any of them;

 

“General
Assignment” means, in relation to a Ship, a second priority general assignment of (inter alia) the Earnings, the
Insurances and any Requisition Compensation relative to that Ship executed or, as the context may require, to be executed by the
Owner of that Ship in favour of the Lender in the Agreed Form and, in the plural, means both of them;

 

“Guarantee”
means, in relation to each Owner, an irrevocable and unconditional guarantee of the obligations
of the Borrower executed or to be executed by that Owner in favour of the Lender in the Agreed Form and in the plural, means both
of them;

 

“IACS”
means the International Association of Classification Societies;

 

“Insurances”
means, in relation to a Ship:

 

		(a)	all policies and contracts of insurance and any reinsurance, policies or contracts, including entries
of that Ship in any protection and indemnity or war risks association, effected in respect of that Ship, its Earnings or otherwise
in relation to it whether before, on or after the date of this Loan Agreement; and

 

		(b)	all rights (including, without limitation, any and all rights or claims which the Owner of that
Ship may have under or in connection with any cut-through clause relative to any reinsurance contract relating to the aforesaid
policies or contracts of insurance) and other assets relating to, or derived from, any of the foregoing, including any rights to
a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry
has expired on or before the date of this Loan Agreement;

 

“Intercreditor
Deed” means an agreement made or to be made between (i) the Owners, (ii) the Lender and (iii) the Senior Mortgagee pursuant
to which the Lender and the Senior Mortgagee will regulate their rights under the Senior Agreement and this Loan Agreement;

 

    	5

    	 

    

“Interest
Payment Date” means each date for the payment of interest in accordance with Clause 3;

 

“Interest
Period” means each period for the payment of interest pursuant to Clause 3;

 

“Interest
Rate” means the rate of interest payable in respect of the Loan ascertained in accordance with the provisions of
Clause 3;

 

“ISM
Code” means the International Safety Management Code (including the guidelines
on its implementation), adopted by the International Maritime Organisation as the same may be amended or supplemented from time
to time (and the terms “safety management system”, “Safety Management Certificate” and “Document
of Compliance” have the same meanings as are given to them in the ISM Code);

 

“ISPS
Code” means the International Ship and Port Facility Security Code as
adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time;

 

“ISSC”
means a valid and current International Ship Security Certificate issued under the ISPS Code;

 

“Loan”
means the principal amount from time to time outstanding under this Loan Agreement;

 

“Major
Casualty” means, in relation to a Ship, any casualty to that Ship in
respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or
deductible, exceeds $500,000 or the equivalent in any other currency;

 

“MOA”
means, in respect of:

 

		(a)	Ship A, the Memorandum of Agreement dated 26 September 2016, as amended by addendum no. 1 thereto
dated 6 October 2016 and addendum no. 2 thereto dated 15 November 2016, entered into between the Bavaria Seller as seller and Owner
A as buyer in respect of the sale and purchase of that Ship; and

 

		(b)	Ship B, the Memorandum of Agreement dated 26 September 2016, as amended by addendum no. 1 thereto
dated 6 October 2016 and addendum no. 2 thereto dated 16 November 2016, entered into between the Bayern Seller as seller and Owner
B as buyer in respect of the sale  and purchase of that Ship,

 

and, in the plural, means both
of them;

 

“Mortgage”
means, in relation to each Ship, the second preferred or, as the case may be, priority ship mortgage on that Ship and, if required
pursuant to the laws of the applicable Approved Flag State, a deed of covenant collateral thereto executed or, as the context may
require to be executed by the Owner which is to be the owner thereof in favour of the Lender in the Agreed Form and, in the plural,
means both of them;

 

“Mortgaged
Ship” means a Ship which is subject to a Mortgage at the relevant time and, in the plural, means all of them;

 

“Owner”
has the meaning given in Recital B;

 

“Owner A”
has the meaning given in Recital B;

 

“Owner
B” has the meaning given in Recital B;

 

“Permitted
Security Interests” means:

 

		(a)	Security Interests created by the Finance Documents;

    	6

    	 

    

 

		(b)	Security Interests created by or pursuant to the Senior Finance Documents or contemplated by the
Intercreditor Deed;

 

		(c)	liens for unpaid master’s and crew’s wages in accordance with usual maritime practice;

 

		(d)	liens for salvage;

 

		(e)	liens arising by operation of law for not more than 2 months’ prepaid hire under any charter in
relation to a Ship not prohibited by this Loan Agreement;

 

		(f)	liens for master’s disbursements incurred in the ordinary course of trading and any other lien
arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Ship, provided such
liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the relevant Owner in good
faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 9.13(g);

 

		(g)	any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration
as security for costs and expenses where an Owner is actively prosecuting or defending such proceedings or arbitration in good
faith; and

 

		(h)	Security Interests arising by operation of law in respect of taxes which are not overdue for payment
or in respect of taxes being contested in good faith by appropriate steps and in respect of which appropriate reserves have been
made;

 

“Requisition
Compensation”  includes all compensation or other moneys payable by reason of any act or event such as is referred
to in paragraph (b) of the definition of “Total Loss”;

 

“Secured
Liabilities” means all liabilities which the Borrower, the Owners or any of them have, at the date of this Loan
Agreement or at any later time or times, under or in connection with any Finance Document or any judgment relating to any Finance
Document; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of
their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the
insolvency laws of any country;

 

“Security
Interest” means:

 

		(a)	a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other
security interest of any kind;

 

		(b)	the rights of a plaintiff under an action in rem in which the vessel concerned has been arrested
or a writ has been issued or similar step taken; and

 

		(c)	any arrangement entered into by a person (A) the effect of which is to place another person (B)
in a position which is similar, in economic terms, to the position in which B would have been had he held a security interest over
an asset of A; but paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms
of business of a bank or financial institution;

 

“Security
Period” means the period commencing on the date of this Loan Agreement and ending on the date on which the Lender
notifies the Borrower that:

 

		(a)	all amounts which have become due for payment by the Borrower under this Loan Agreement have been
paid; and

 

		(b)	no amount is owing or has accrued (without yet having become due for payment) under this Loan Agreement;

 

    	7

    	 

    

“Seller”
means:

 

		(a)	in respect of Ship A, the Bavaria Seller; and

 

		(b)	in respect of Ship B, the Bayern Seller, 

 

and,
in the plural, means both of them;

 

“Senior
Agreement” means the agreement dated 28 November 2016 and made between (i) the Owners as joint and several borrowers,
(ii) the entities listed in Schedule 1 thereto as lenders, (iii) Northern Shipping Fund III LP as agent and (iv) the Senior Mortgagee
as security trustee in respect of a loan of up to $32,000,000 to finance part of the Contract Price of the Ships;

 

“Senior
Finance Documents” means:

 

		(a)	the first preferred Liberian mortgage on the Ship owned by the Owner executed or to be executed
by such Owner in favour of the Senior Mortgagee; and

 

		(b)	the first priority general assignment of the Earnings, Insurances and any Requisition Compensation
in respect of the Ship owned by that Owner executed or to be executed by such Owner in favour of the Senior Mortgagee;

 

“Senior
Mortgagee” means Northern Shipping Fund III LP, a limited partnership formed in Delaware, United States of America, acting
through its office at One Stamford Landing, Suite 212, 62 Southfield Avenue, Stamford, CT 06902, U.S.A.;

 

“Ship”
means each of Ship A and Ship B and, in the plural, means both of them;

 

“Ship
A” means the Capesize bulk carrier vessel “E.R. BAVARIA” of approximately 178,838 metric tons deadweight,
built at Hyundai Heavy Industries Co., Ltd. of South Korea and delivered in 2010, with IMO Number 9519066, registered in the name
of the Bavaria Seller under the Liberian flag and dually registered under the German flag, which is to be purchased by Owner A
and registered under an Approved Flag in accordance with the laws of the Approved Flag State with the name “LORDSHIP”;

 

“Ship
B” means the Capesize Bulk carrier vessel “E.R. BAYERN” of approximately 178,978 metric tons deadweight, built
at Hyundai Heavy Industries Co., Ltd. of South Korea and delivered in 2010, with IMO Number 9507893, registered in the name of
the Bayern Seller under the Luxembourg flag and dually registered under the German flag, which is to be purchased by Owner B and
registered under its name under an Approved Flag in accordance with the laws of the relevant Approved Flag State with the name
“KNIGHTSHIP”;

 

“SMC”
means a safety management certificate issued in respect of each Ship in accordance with Rule 13 of the ISM Code;

 

“Total
Loss” means, in relation to a Ship:

 

		(a)	actual, constructive, compromised, agreed or arranged total loss of that Ship;

 

		(b)	any expropriation, confiscation, requisition or acquisition of that Ship, whether for full or part
consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected
by any government or official authority or by any person or persons claiming to be or to represent a government or official authority
(excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is within
2 months from the date of such occurrence redelivered to the full control of the Owner of that Ship;

    	8

    	 

    

 

		(c)	any condemnation of that Ship by any tribunal or by any person or person claiming to be a tribunal;
and

 

		(d)	any arrest, capture, seizure, confiscation or detention of that Ship (including any hijacking or
theft) unless it is within 2 months redelivered to the full control of the Owner of that Ship;

 

“Total
Loss Date” means, in relation to a Ship:

 

		(a)	in the case of an actual loss of that Ship, the date on which it occurred or, if that is unknown,
the date when that Ship was last heard of;

 

		(b)	in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the earliest
of:

 

		(i)	the date on which a notice of abandonment is given to the insurers; and

 

		(ii)	the date of any compromise, arrangement or agreement made by or on behalf of the Owner of that
Ship with that Ship’s insurers in which the insurers agree to treat that Ship as a total loss; and

 

		(c)	in the case of any other type of total loss, on the date (or the most likely date) on which it
reasonably appears to the Lender that the event constituting the total loss occurred; and

 

“V.
Ships” means V. Ships Limited, a corporation incorporated and existing under the laws of Cyprus whose registered office
is at Zenas Gunther, 16-18, Agia Triada, 3035 Limassol, Cyprus.

 

		1.3	Construction of certain terms

 

In this Loan Agreement:

 

“approved”
means, for the purposes of Clause 8, approved in writing by the Lender at its discretion;

 

“asset” includes
every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;

 

“consent” includes
an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation;

 

“document” includes
a deed; also a letter or fax;

 

“excess
risks” means, in relation to a Ship, the proportion of claims for general average, salvage and salvage charges not recoverable
under the hull and machinery policies in respect of that Ship in consequence of its insured value being less than the value at
which that Ship is assessed for the purpose of such claims;

 

“expense”
means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other
tax;

 

“law” includes
any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution
of the Council of the European Union, the European Commission, the United Nations or its Security Council;

 

“legal
or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

 

“liability”
includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or
otherwise;

 

    	9

    	 

    

“obligatory
insurances” means, in relation to a Ship, all insurances effected, or which the Owner of that Ship is obliged to effect,
under Clause 8 or any other provision of this Loan Agreement or another Finance Document;

 

“person” includes
any individual, any partnership, any company; any state, political sub-division of a state and local or municipal authority; and
any international organisation;

 

“protection
and indemnity risks” means the usual risks covered by a protection and indemnity association, including pollution risks
and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under
the hull and machinery policies;

 

“tax” includes
any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division of
a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected
penalty, interest or fine; and

 

“war risks”
includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24
of the Institute Time Clauses (Hulls)(1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83).

 

		2	The Loan

 

		2.1	Commitment to Lend

 

Subject to
(i) the terms of this Loan Agreement and (ii) receipt by the Lender of the documents and/or evidence specified in paragraph (b)
below, it is hereby agreed and undertaken by the Lender to lend to the Borrower a sum of United States Dollars Twelve million eight
hundred thousand (US$12,800,000) in two Advances each of which in the case of Advance A has been and in the case of Advance B shall
be made available to the Borrower in accordance with and on the terms and conditions of this Loan Agreement. The Borrower hereby
confirms that Advance A was drawn down in two sub-advances on 5 and 6 October 2016.

 

		2.2	Conditions Precedent to Lend

 

The documents
and/or evidence referred to in Clause 2.1 above to be received by the Lender are the following:

 

		(a)	the documents described in Part A of Schedule 2 on or prior to the date of the Amending and Restating
Agreement;

 

		(b)	a Drawdown Notice in the form set out in Schedule 1 hereto not later than 11.00 a.m. (London time)
two (2) business days prior to the relevant Drawdown Date, except as the Lender may otherwise permit in writing;

 

		(c)	the Guarantees duly executed by each Owner on or prior to the Drawdown Date for Advance B.

 

		3	Interest

 

		3.1	Interest Periods

 

The period during which the Loan
shall be outstanding under this Loan Agreement shall be divided into consecutive Interest Periods of three months’ duration.

 

		3.2	Beginning and end of Interest Periods

 

The first Interest Period applicable
to an Advance shall start on the Drawdown Date relative to that Advance and end on the date which numerically corresponds to the
Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period except that, if
there is no numerically corresponding date in that calendar month, the Interest Period shall end on the last Banking Day in that
month. The first Interest Period applicable to the second Advance shall be a period ending on the last day of the Interest Period
applicable to the first Advance then current, whereupon both Advances shall be consolidated and treated as a single advance.

    	10

    	 

    

 

		3.3	Non-Banking Days

 

If an Interest Period would otherwise
end on a day which is not a Banking Day, that Interest Period will instead end on the next Banking Day in that calendar month (if
there is one) or the preceding Banking Day (if there is not).

 

		3.4	Interest rate

 

During each Interest Period interest
shall accrue on the Loan at the rate equal to the sum of (a) the Applicable Margin and (b) the three (3) month London Interbank
Offered Rate for deposits in Dollars determined at or about 11.00 a.m. (London time) two (2) Banking days prior to the first day
of each Interest Period (“LIBOR”).

 

		3.5	Accrual and payment of interest

 

Interest shall accrue from day
to day, shall be calculated on the basis of a 360 day year and the actual number of days elapsed and shall be paid by the Borrower
to the Lender on the last day of each Interest Period Provided that if no Event of Default has occurred which is continuing,
the Borrower shall have the option to defer one interest payment during the Security Period which once deferred shall accrue interest
at the Interest Rate and become due and payable on the Final Repayment Date.

 

		3.6	Default interest

 

In the event of a failure by
the Borrower to pay any amount on the date on which such amount is due and payable pursuant to this Loan Agreement and irrespective
of any notice by the Lender or any other person to the Borrower In respect of such failure, the Borrower shall pay interest on
such amount on demand from the date of such default up to the date of actual payment at the per annum rate which is the aggregate
of: (a) two point fifty per cent (2.50%); and (b) the Interest Rate.

 

		4	Repayment

 

The Borrower shall repay the
Loan in one bullet payment together with accrued interest thereon on the Final Repayment Date. The Borrower shall effect repayment
forthwith but in any case no later than two (2) Banking Days from the Final Repayment Date.

 

		5	Prepayment

 

		5.1	Voluntary prepayment

 

The Loan together with accrued
interest thereon may be prepaid in whole or in part provided that the Lender has received from the Borrower (i) at least 2 Banking
Days’ prior written notice and (ii) the prepayment fee referred to in Clause 11.1.

 

		5.2	Final Repayment Date

 

On the Final Repayment Date,
the Borrowers shall additionally pay to the Lender all other sums then accrued or owing under any Finance Document.

    	11

    	 

    

 

		5.3	Mandatory prepayment

 

The Borrower shall be obliged
to prepay:

 

		(a)	50 per cent. of the Loan:

 

		(i)	if a Ship is sold on or before the date on which the sale is completed by delivery of the Ship
to the buyer;

 

		(ii)	if a Ship becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss
Date and the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss;

 

		(b)	an amount of US$1,900,000 on the Delivery Date of Ship B; and

 

		(c)	an amount equal to 25 per cent. of the net proceeds of any public offering of securities
                                                           concluded                                                            by
                                                           the                                                                                                               Borrower,
                                                           payable on the Lender’s demand.

 

		5.4	Amounts payable on prepayment

 

A prepayment shall be made
together with (i) accrued interest and (ii) in the case of a voluntary prepayment, the prepayment fee referred to in Clause 11.1
but without any penalty.

 

		5.5	No reborrowing

 

No amount
prepaid or repaid may be reborrowed.

 

		5.6	Extension of facility

 

The Borrower may request to the
Lender in writing that the facility provided pursuant to this Loan Agreement is extended with effect on, and for a period of 1
year from, the then existing Final Repayment Date Provided that the facility may only be extended once so that the Final
Repayment Date shall never extend beyond the earlier of (i) 28 February 2019 and (ii) the date falling twenty six ) (26) months
from the final Drawdown Date. The Borrower’s request in respect of any such extension shall be irrevocable and shall be made
in writing no later than 15 days prior to the then existing Final Repayment Date;

 

		6	Representations and Warranties

 

The Borrower hereby represents
and warrants (and each representation and warranty is deemed repeated at each Drawdown Date) that:

 

		6.1	Organisation

 

The Borrower is a corporation
duly organised, validly existing and in good standing under the laws of the Marshall Islands and is duly qualified to do business
and is in good standing in such jurisdictions where such qualification is necessary.

 

		6.2	Enforceability

 

This Loan Agreement has been
duly executed and delivered by the Borrower and constitutes the legal, valid and binding obligation of the Borrower enforceable
in accordance with its terms, except as limited by bankruptcy, insolvency or other similar laws of general application affecting
the enforcement of creditors’ rights or by general principles of equity limiting the availability of equitable remedies.

    	12

    	 

    

 

		6.3	No Conflict

 

Neither the execution or delivery
of this Loan Agreement by the Borrower, the consummation by the Borrower of the Loan ( or any part thereof), nor compliance by
the Borrower with the terms and provisions hereof will (i) violate any law, constitution, statute, treaty, regulation, rule, ordinance,
order, injunction, writ, decree or award of any court or governmental authority to which the Borrower is subject, (ii) conflict
with or result in a breach or default under the Borrower’s organisational documents, (iii) conflict with or result in a breach
or default which is material in the context of this Loan Agreement under any agreement or instrument to which the Borrower is a
party or by which it or any of its properties, whether now owned or hereafter acquired, is subject or bound, or (iv) result in
the creation or imposition of any lien, charge, or encumbrance of any nature upon any property or assets, whether now owned or
hereafter acquired, of the Borrower.

 

		7	Covenants and Undertakings of the Borrower

 

The Borrower undertakes with
the Lender that, from the date of this Loan Agreement and so long as any moneys are owing under this Loan Agreement, to comply
with the following provisions, except as the Lender may otherwise permit in writing:

 

		7.1	The Borrower undertakes to keep the Lender informed at all times of the expected date of delivery
and the notices of the each Seller to the Borrower and to provide the Lender forthwith upon receipt with copies of all such notices.

 

		7.2	The Borrower undertakes that it shall procure that no substantial change is made to the corporate
structure of either Owner from that carried on at the date of this Loan Agreement.

 

		7.3	The Borrower undertakes that it shall procure that no substantial change is made to the general
nature of the business of either Owner from that carried on at the date of this Loan Agreement.

 

		7.4	The Borrower undertakes that it shall not transfer, lease or otherwise dispose of and shall procure
that neither Owner shall transfer, lease or otherwise dispose of all or a substantial part of its assets (including, without limitation,
either MOA) whether by one transaction or a number of transactions, whether related or not.

 

		7.5	The Borrower shall not and it shall procure neither Owner shall, whether by a document, by conduct,
by acquiescence or in any other way (except as the Lender may otherwise permit in writing):

 

		(a)	agree to a material change in any of the terms in the MOAs;

 

		(b)	release, waive, suspend or subordinate or permit to be lost or impaired any interest or right forming
part of or relating to any MOA;

 

		(c)	waive any person’s breach of any of the MOAs;

 

		(d)	rescind or terminate any of the MOAs or treat itself as discharged or relieved from further performance
of any of its obligations or liabilities under any of the MOAs.

 

		7.6	The Borrower undertakes that it shall procure that each Owner executes and, where applicable, registers
on the Delivery Date of the Ship owned by it, the Mortgage and the General Assignment to which it is a party and that all conditions
subsequent specified in Part B of Schedule 2 are satisfied.

 

		8	Insurance

 

		8.1	General

 

The Borrower also undertakes
with the Lender to comply with the following provisions of this Clause 8 at all times during the Security Period except as the
Lender may otherwise permit.

    	13

    	 

    

 

		8.2	Maintenance of obligatory insurances

 

The Borrower shall procure that
each Owner shall keep the Ship owned by it insured at the expense of that Owner against:

 

		(a)	fire and usual marine risks (including hull and machinery and excess risks);

 

		(b)	war risks;

 

		(c)	protection and indemnity risks; and

 

		(d)	any other risks against which the Lender considers, having regard to practices and other circumstances
prevailing at the relevant time, it would, in the opinion of the Lender, be reasonable for that Owner to insure and which are specified
by the Lender by notice to that Owner.

 

		8.3	Terms of obligatory insurances

 

The Borrower shall procure that
each Owner shall effect such insurances:

 

		(a)	in Dollars;

 

		(b)	in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount
at least the greater of (i) an amount which, when aggregated with the amount for which the other Mortgaged Ship is insured, equals
120 per cent. of the Loan and (ii) the Market Value of the Ship owned by it; and

 

		(c)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level
of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance
market;

 

		(d)	in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship
owned by it;

 

		(e)	on approved terms; and

 

		(f)	through approved brokers and with approved insurance companies and/or underwriters or, in the case
of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

 

		8.4	Further protections for the Lender

 

In addition to the terms set
out in Clause 8.3, the Borrower shall, and shall procure that, the obligatory insurances effected by each Owner shall:

 

		(a)	subject always to paragraph (b), name that Owner as the sole named assured unless the interest
of every other named assured is limited:

 

		(i)	in respect of any obligatory insurances for hull and machinery and war risks;

 

		(A)	to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable
claim on underwriters; and

 

		(B)	to any third party liability claims where cover for such claims is provided by the policy (and
then only in respect of discharge of any claims made against it); and

 

		(ii)	in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it
is entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against it,

 

and every other named assured
has undertaken in writing to the Lender (in such form as it requires) that any deductible shall be apportioned between that Owner
and every other named assured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary
and provide all documents, evidence and information to enable the Lender to collect or recover any moneys which at any time become
payable in respect of the obligatory insurances;

    	14

    	 

    

 

		(b)	whenever the Lender requires, name (or be amended to name) the Lender as additional named assured
for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Lender
but without the Lender thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect
of such insurance;

 

		(c)	name the Lender as sole loss payee with such directions for payment as the Lender may specify;

 

		(d)	provide that all payments by or on behalf of the insurers under the obligatory insurances to the
Lender shall be made without set-off, counterclaim or deductions or condition whatsoever;

 

		(e)	provide that such obligatory insurances shall be primary without right of contribution from other
insurances effected by the Lender; and

 

		(f)	provide that the Lender may make proof of loss if that Owner fails to do so.

 

		8.5	Renewal of obligatory insurances

 

The Borrower shall procure that
each Owner shall:

 

		(a)	at least 15 days before the expiry of any obligatory insurance effected by it:

 

		(i)	notify the Lender of the brokers (or other insurers) and any protection and indemnity or war risks
association through or with whom that Owner proposes to renew that obligatory insurance and of the proposed terms of renewal; and

 

		(ii)	obtain the Lender’s approval to the matters referred to in paragraph (i);

 

		(b)	at least 10 days before the expiry of any obligatory insurance, renew that obligatory insurance
in accordance with the Lender’s approval pursuant to paragraph (a); and

 

		(c)	procure that the approved brokers and/or the war risks and protection and indemnity associations
with which such a renewal is effected shall promptly after the renewal notify the Lender in writing of the terms and conditions
of the renewal.

 

		8.6	Copies of policies; letters of undertaking

 

The Borrower shall procure that
each Owner shall ensure that all approved brokers provide the Lender with pro forma copies of all cover notes and policies relating
to the obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by
the Lender and including undertakings by the approved brokers that:

 

		(a)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice
of assignment complying with the provisions of Clause 8.4;

 

		(b)	they will hold such policies, and the benefit of such insurances, to the order of the Lender in
accordance with the said loss payable clause;

 

		(c)	they will advise the Lender immediately of any material change to the terms of the obligatory insurances;

 

		(d)	they will notify the Lender, not less than 10 days before the expiry of the obligatory insurances,
in the event of their not having received notice of renewal instructions from that Owner or its agents and, in the event of their
receiving instructions to renew, they will promptly notify the Lender of the terms of the instructions; and

    	15

    	 

    

 

		(e)	they will not set off against any sum recoverable in respect of a claim relating to the Ship owned
by that Owner under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect
of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect
of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums
or other amounts, and will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested
by the Lender.

 

		8.7	Copies of certificates of entry; letters of undertaking

 

The Borrower shall procure that
each Owner shall ensure that any protection and indemnity and/or war risks associations in which the Ship owned by it is entered
provides the Lender with:

 

		(a)	a certified copy of the certificate of entry for that Ship;

 

		(b)	a letter or letters of undertaking in such form as may be required by the Lender;

 

		(c)	where required to be issued under the terms of insurance/indemnity provided by that Borrower’s
protection and indemnity association, a certified copy of each United States of America voyage quarterly declaration (or other
similar document or documents) made by that Owner in relation to the Ship owned by it in accordance with the requirements of such
protections and indemnity association; and

 

		(d)	a certified copy of each certificate of financial responsibility for pollution by oil or other
Environmentally Sensitive Material issued by the relevant certifying authority in relation to that Ship.

 

		8.8	Deposit of original policies

 

The Borrower shall procure
that each Owner shall ensure that all policies relating to obligatory insurances are deposited with the approved brokers through
which the insurances are effected or renewed.

 

		8.9	Payment of premiums

 

The Borrower shall procure that
each Owner shall punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant
receipts when so required by the Lender.

 

		8.10	Guarantees

 

The Borrower shall procure
that each Owner shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued
and remain in full force and effect.

 

		8.11	Compliance with terms of insurances

 

The Borrower shall procure that
no Owner shall do or omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory
insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or
in part; and, in particular:

 

		(a)	each Owner shall take all necessary action and comply with all requirements which may from time
to time be applicable to the obligatory insurances, and (without limiting the obligation contained in Clause 8.6(c)) ensure that
the obligatory insurances are not made subject to any exclusions or qualifications to which the Lender has not given its prior
approval;

 

		(b)	no Owner shall make any changes relating to the classification or classification society or manager
or operator of the Ship owned by it approved by the underwriters of the obligatory insurances;

    	16

    	 

    

 

		(c)	each Owner shall make (and promptly supply copies to the Lender) of all quarterly or other voyage
declarations which may be required by the protection and indemnity risks association in which that Ship is entered to maintain
cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act
1990 or any other applicable legislation); and

 

		(d)	no Owner shall employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity
with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with
any requirements (as to extra premium or otherwise) which the insurers specify.

 

		8.12	Alteration to terms of insurances

 

The Borrower shall procure
that no Owner shall neither make nor agree to any alteration to the terms of any obligatory insurance nor waive any right relating
to any obligatory insurance.

 

		8.13	Settlement of claims

 

The Borrower shall procure
that no Owner shall settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty,
and shall do all things necessary and provide all documents, evidence and information to enable the Lender to collect or recover
any moneys which at any time become payable in respect of the obligatory insurances.

 

		8.14	Provision of copies of communications

 

The Borrower shall procure that
each Owner shall provide the Lender, at the time of each such communication, copies of all written communications (other than (unless
specifically required by the Lender) communications of an entirely routine nature) between that Owner and:

 

		(a)	the approved brokers;

 

		(b)	the approved protection and indemnity and/or war risks associations; and

 

		(c)	the approved insurance companies and/or underwriters, which relate directly or indirectly to:

 

		(i)	that Owner’s obligations relating to the obligatory insurances including, without limitation, all
requisite declarations and payments of additional premiums or calls; and

 

		(ii)	any credit arrangements made between that Owner and any of the persons referred to in paragraphs
(a) or (b) relating wholly or partly to the effecting or maintenance of the obligatory insurances.

 

		9	Ship Covenants

 

		9.1	General

 

The Borrower also undertakes
with the Lender to comply with the following provisions of this Clause 9 at all times during the Security Period except as the
Lender may otherwise permit in writing (such permission not to be unreasonably withheld in the case of Clause 9.13(b).

 

		9.2	Ship’s name and registration

 

The Borrower shall ensure that
each Owner shall keep the Ship owned by it registered in its name under an Approved Flag; shall not do, omit to do or allow to
be done anything as a result of which such registration might be cancelled or imperilled and shall not change the name or port
of registry of the Ship owned by it.

    	17

    	 

    

 

		9.3	Repair and classification

 

The Borrower shall, and shall
procure that each Owner and each Approved Manager shall, keep the Ship owned by that Owner in a good and safe condition and state
of repair:

 

		(a)	consistent with first-class ship ownership and management practice;

 

		(b)	so as to maintain the highest class free of overdue recommendations and conditions, with a classification
society which is a member of IACS and acceptable to the Lender; and

 

		(c)	so as to comply with all laws and regulations applicable to vessels registered at ports in the
Approved Flag State or to vessels trading to any jurisdiction to which that Ship may trade from time to time, including but not
limited to the ISM Code and the ISPS Code.

 

		9.4	Classification society undertaking

 

The Borrower shall procure that
each Owner shall instruct the classification society referred to in Clause 9.3 (and procure that the classification society undertakes
with the Lender) in relation to the Ship owned by it:

 

		(a)	to send to the Lender, following receipt of a written request from the Lender, certified true copies
of all original class records and any other related records held by the classification society in relation to that Ship;

 

		(b)	to allow the Lender (or its agents), at any time and from time to time, to inspect the original
class and related records of that Ship at the offices of the classification society and to take copies of them;

 

		(c)	to notify the Lender immediately in writing if the classification society:

 

		(i)	receives notification from that Owner or any person that that Ship’s classification society is
to be changed; or

 

		(ii)	becomes aware of any facts or matters which may result in a change, suspension, discontinuance,
withdrawal or expiry of that Ship’s class under the rules or terms and conditions of that Owner’s or that Ship’s membership of
the classification society;

 

		(d)	following receipt of a written request from the Lender:

 

		(i)	to confirm that that Owner is not in default of any of its contractual obligations or liabilities
to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable
to the classification society; or

 

		(ii)	if that Owner is in default of any of its contractual obligations or liabilities to the classification
society, to specify to the Lender in reasonable detail the facts and circumstances of such default, the consequences thereof, and
any remedy period agreed or allowed by the classification society.

 

		9.5	Modification

 

The Borrower shall procure
that neither Owner shall make any modification or repairs to, or replacement of, any Ship or equipment installed on it which would
or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value.

 

		9.6	Removal of parts

 

The Borrower shall procure
that neither Owner shall remove any material part of any Ship, or any item of equipment installed on, any Ship unless the part
or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than
the part or item removed, is free from any Security Interest or any right in favour of any person other than the Lender and becomes
on installation on the relevant Ship the property of the relevant Owner and subject to the security constituted by the relevant
Mortgage Provided that any Owner may install equipment owned by a third party if the equipment can be removed without any
risk of damage to the Ship owned by it.

    	18

    	 

    

 

		9.7	Surveys

 

The Borrower shall procure
that each Owner shall submit the Ship owned by it regularly to all periodical or other surveys which may be required for classification
purposes and, if so required by the Lender provide the Lender, with copies of all survey reports.

 

		9.8	Inspection

 

The Borrower shall procure that
each Owner shall, subject to 15 days’ prior notice from the Lender, permit the Lender (by surveyors or other persons appointed
by it for that purpose) to board the Ship owned by it once in every calendar year, without interfering with the Ship’s operations,
to inspect its condition or to satisfy themselves about proposed or executed repairs and that Owner shall afford all proper facilities
for, and bear the cost of, such inspections.

 

		9.9	Prevention of and release from arrest

 

The Borrower shall procure that
each Owner shall promptly discharge:

 

		(a)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable
against the Ship owned by it, the Earnings or the Insurances;

 

		(b)	all taxes, dues and other amounts charged in respect of the Ship owned by it, the Earnings or the
Insurances; and

 

		(c)	all other outgoings whatsoever in respect of the Ship owned by it, the Earnings or the Insurances,

 

and, forthwith upon receiving
notice of the arrest of the Ship owned by it, or of its detention in exercise or purported exercise of any lien or claim, the Borrower
shall procure that each Owner shall procure its release by providing bail or otherwise as the circumstances may require.

 

		9.10	Compliance with laws etc.

 

The Borrower shall procure
that each Owner shall:

 

		(a)	comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws and all
other laws or regulations relating to the Ship owned by it, its ownership, operation and management or to the business of that
Owner;

 

		(b)	not employ the Ship owned by it nor allow its employment in any manner contrary to any law or regulation
in any relevant jurisdiction including but not limited to the ISM Code, the ISPS Code and ISPS Code; and

 

		(c)	in the event of hostilities in any part of the world (whether war is declared or not), not cause
or permit that Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship’s war risks insurers
unless the prior written consent of the Lender has been given and that Owner has (at its expense) effected any special, additional
or modified insurance cover which the Lender may require.

 

    	19

    	 

    

		9.11	Provision of information

 

The Borrower shall procure that
each Owner shall promptly provide the Lender with any information which it requests regarding:

 

		(a)	the Ship owned by it, its employment, position and engagements;

 

		(b)	the Earnings and payments and amounts due to the master and crew of the Ship owned by it;

 

		(c)	any expenses incurred, or likely to be incurred, in connection with the operation, maintenance
or repair of the Ship owned by it and any payments made in respect of that Ship;

 

		(d)	any towages and salvages; and

 

		(e)	its compliance, either Approved Managers’ compliance and the compliance of the Ship owned by it
with the ISM Code and the ISPS Code,

 

and, upon the Lender’s request,
provide copies of any current charter relating to the Ship owned by it, of any current charter guarantee and copies of that Owner’s
or that Approved Managers’ Document of Compliance, Safety Management Certificate and the ISSC.

 

		9.12	Notification of certain events

 

The Borrower shall procure that
each Owner shall immediately notify the Lender by email, confirmed forthwith by letter immediately upon becoming aware of:

 

		(a)	any casualty which is or is likely to be or to become a Major Casualty;

 

		(b)	any occurrence as a result of which the Ship owned by it has become or is, by the passing of time
or otherwise, likely to become a Total Loss;

 

		(c)	any requirement, condition or overdue recommendation made by any insurer or classification society
or by any competent authority which is not complied with within the time limits imposed by that insurer or classification society
or authority;

 

		(d)	any arrest or detention of the Ship owned by it, any exercise or purported exercise of any lien
on that Ship or its Earnings or any requisition of that Ship for hire;

 

		(e)	any intended dry docking of the Ship owned by it;

 

		(f)	any Environmental Claim made against that Owner or in connection with the Ship owned by it, or
any Environmental Incident;

 

		(g)	any claim for breach of the ISM Code or the ISPS Code being made against that Owner, the Approved
Managers or otherwise in connection with the Ship owned by it; or

 

		(h)	any other matter, event or incident, actual or threatened, the effect of which will or could lead
to the ISM Code or the ISPS Code not being complied with,

 

and that Owner shall keep the
Lender advised in writing on a regular basis and in such detail as the Lender shall require of that Owner’s, each Approved Manager’s
or any other person’s response to any of those events or matters.

 

		9.13	Restrictions on chartering, appointment of managers etc.

 

The Borrower shall procure that
no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by it:

 

		(a)	let that Ship on demise charter for any period;

 

		(b)	enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds,
or which by virtue of any optional extensions may exceed, 13 months;

    	20

    	 

    

 

		(c)	enter into any charter in relation to that Ship under which more than, in the case of time charters,
2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance;

 

		(d)	charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is
fixed;

 

		(e)	appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the
terms of the Approved Managers’ appointment;

 

		(f)	de-activate or lay up that Ship; or

 

		(g)	put that Ship into the possession of any person for the purpose of work being done upon it in an
amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the
Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost
of such work or for any other reason.

 

		9.14	Notice of Mortgage

 

The Borrower shall procure
that each Owner shall keep the Mortgage relative to the Ship owned by it registered against that Ship as a valid second preferred
or, as the case may be, priority mortgage, carry on board that Ship a certified copy of that Mortgage and place and maintain in
a conspicuous place in the navigation room and the Master’s cabin of that Ship a framed printed notice stating that that Ship is
mortgaged by that Owner to the Lender.

 

		9.15	Sharing of Earnings

 

The Borrower shall procure that
no Owner shall enter into any agreement or arrangement for the sharing of any Earnings except for sharing of earnings between the
Owners.

 

		9.16	ISPS Code

 

The Borrower shall procure that
each Owner shall comply with the ISPS Code and in particular, without limitation, shall:

 

		(a)	procure that the Ship owned by that Owner and the company responsible for that Ship’s compliance
with the ISPS Code comply with the ISPS Code; and

 

		(b)	maintain for that Ship an ISSC; and

 

		(c)	notify the Lender immediately in writing of any actual or threatened withdrawal, suspension, cancellation
or modification of the ISSC.

 

		10	Events of Default

 

Each of the events or circumstances
set out in this Clause 10 is an Event of Default.

 

		10.1	Non-payment

 

The Borrower or an Owner does
not pay on the due date any amount payable by it under any Finance Document to which it is a part at the place and in the currency
in which it is expressed to be payable.

 

		10.2	Misrepresentation

 

Any representation, warranty
or statement made or deemed to be repeated by the Borrower or either Owner is or proves to have been incorrect or misleading in
any material respect when made or deemed to be repeated.

    	21

    	 

    

 

		10.3	Breach of or Undertakings

 

The Borrower or either Owner
is in breach of any covenants or fails to perform any of the undertakings contained in the Finance Documents to which it is a party.

 

		10.4	Security

 

		(a)	Any of the Finance Documents becomes unenforceable; or

 

		(b)	Either Owner fails to execute and, where applicable, register the Mortgage and the General Assignments
to which it is a party on the Delivery Date of its Ship.

 

		10.5	Insolvency

 

The Borrower or either Owner
is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of
actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling
any indebtedness.

 

		10.6	Insolvency proceedings

 

Any corporate action, legal proceedings
or other procedure or step is taken for:

 

		(a)	the suspension of payments, winding-up, dissolution, administration, bankruptcy or reorganisation
(by way of voluntary arrangement, scheme of arrangement or otherwise) of the Borrower or either Owner;

 

		(b)	a composition, compromise, assignment with any creditor of the Borrower or either Owner;

 

		(c)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager,
or trustee or other similar officer in respect of the Borrower or either Owner or any of its assets; or any analogous procedure
or step is taken in any jurisdiction.

 

		10.7	Impossibility or illegality

 

Any event occurs which would,
or would with the passage of time, render performance of a Finance Document by the Borrower or, as the case may be, either Owner
impossible, unlawful or unenforceable by the Lender.

 

		10.8	Revocation or modification of authorisation

 

Any consent, licence, approval,
authorisation, filing, registration or other requirement of any governmental, judicial or other public body or authority which
is now, or which at any time during the term of this Loan Agreement becomes, necessary to enable the Borrower or either Owner to
comply with any of its obligations under any Finance Document is not obtained, is revoked, suspended, withdrawn or withheld, or
is modified in a manner which the Lender considers is, or may be, prejudicial to the interests of the Lender, or ceases to remain
in full force and effect.

 

		10.9	Event of Default under the Senior Finance Documents

 

Any event
occurs which constitutes an Event of Default (as that term is defined in the Senior Finance Documents) under any of the Senior
Finance Documents.

 

		10.10	Material adverse change

 

Any event or series of events
occurs which, in the reasonable opinion of the Lender, is likely to have a materially adverse effect on the business, assets, financial
condition or credit worthiness of the Borrower or either Owner.

    	22

    	 

    

 

		10.11	Acceleration

 

If an Event of Default is continuing
the Lender may by notice to the Borrower:

 

		(a)	declare that the Loan, together with accrued interest, and all other amounts accrued or outstanding
under this Loan Agreement are immediately due and payable, whereupon they shall become immediately due and payable; and/or

 

		(b)	declare that the Loan is payable on demand, whereupon it shall immediately become payable on demand
by the Lender.

 

		11	Fees

 

		11.1	Prepayment fee

 

If the Loan or any part thereof
is voluntarily prepaid at any time or times prior to the Final Repayment Date, the Borrower shall, on the date of each such prepayment,
pay a prepayment fee equal to 2.5 per cent. of the amount prepaid.

 

		12	Application of Receipts

 

		12.1	Normal order of application

 

Except as any Finance Document
(including, without limitation, the Intercreditor Deed) may otherwise provide, any sums which are received or recovered by the
Lender under or by virtue of any Finance Document shall be applied:

 

		(a)	FIRST: in or towards payment pro rata of any unpaid fees, costs and expenses of the Lender under
the Finance Documents;

 

		(b)	SECONDLY: in or towards payment pro rata of any accrued interest or commission due but unpaid under
this Agreement;

 

		(c)	THIRDLY: in or towards payment pro rata of any principal due but unpaid under this Agreement;

 

		(d)	FOURTHLY: in or towards payment pro rata of any other amounts due but unpaid under any Finance
Document;

 

		(e)	FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Finance
Document but which the Lender, by notice to the Borrower, states in its opinion will or may become due and payable in the future
and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause
12.1(a), 12.1(b), 12.1(c) and 12.1(d); and

 

		(f)	SIXTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled
to it.

 

		12.2	Variation of order of application

 

The Lender may, by notice to
the Borrower, provide for a different manner of application from that set out in Clause 12 either as regards a specified sum
or sums or as regards sums in a specified category or categories.

 

		12.3	Notice of variation of order of application

 

The Lender may give notices under
Clause 12 from time to time; and such a notice may be stated to apply not only to sums which may be received or recovered
in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which
the notice is served.

 

    	23

    	 

    

		12.4	Appropriation rights overridden

 

This Clause 12 and any notice
which the Lender gives under Clause 16 shall override any right of appropriation possessed, and any appropriation made, by
the Borrower or either Owner.

 

		13	Notices

 

All notices, requests, consents
and other communications under this Loan Agreement shall be in writing and shall be deemed delivered (i) upon delivery when delivered
personally, (ii) upon receipt if by facsimile transmission (with confirmation of receipt thereof) or (iii) one business day after
being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended
recipient as set forth below:

 

If to the Borrower:

 

c/o 16 Grigoriou Lambraki Street 

16674 Glyfada 

Athens 

Greece 

Attention: Chief Executive Officer 

Facsimile: +30 210 9638404 

 

if to the Lender:

 

c/o Western Isles 

Jardine House 

P.O. Box NM 1431 

Hamilton NM FX 

Bermuda 

Attention: Alastair Macdonald 

Facsimile: +1441 (296) 0329

 

Any party may change the address
to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in
the manner set forth in this clause.

 

		14	Amendments and Waivers

 

This Loan Agreement may be amended,
modified, superseded, or cancelled, and any of the terms, representations, warranties or covenants hereof may be waived,
only by written instrument executed by both of the parties hereto or, in the case of a waiver, by the party waiving compliance.

 

		15	Process Agent

 

The Borrower irrevocably appoints
Messrs. E.J.C Album Solicitors, presently of Landmark House, 190 Willifield Way, London, NW11 GY1, England (Attention of Mr. Eduard
Album Fax +44 (0) 20 8457 5558, e-mail: ejca@mitgr.com) to act as its agent to receive and accept on its behalf any process or
other document relating to any proceedings in the English courts which are connected with a Dispute.

 

Meaning of “proceedings”
and “Dispute”

 

In this Clause
15, “proceedings” means proceedings of any kind, including an application for a provisional or protective measure
and a “Dispute” means any dispute arising out of or in connection with this Loan Agreement (including a dispute
relating to the existence, validity or termination of this Loan Agreement) or any non-contractual obligation arising out of or
in connection with this Loan Agreement.

 

    	24

    	 

    

		16	Governing Law and Jurisdiction

 

This Loan Agreement (and any
non-contractual rights and obligations arising out of or with respect to the subject matter of this Loan Agreement) shall be governed
by and construed in accordance with English Law. The parties to this Loan Agreement irrevocably agree that the courts of England
are to have jurisdiction to settle any disputes which may arise out of or in connection with this Loan Agreement (including any
non-contractual rights and obligations arising out of or with respect to the subject matter of this Loan Agreement) and that any
proceedings may be brought in those courts.

 

		17	Miscellaneous

 

		17.1	The headings of the clauses of this Loan Agreement are for convenience only and shall not control
or affect the meaning or construction of any provision of this Loan Agreement.

 

		17.2	If any provision or part of a provision of this Loan Agreement or its application to either party,
shall be, or be found by any authority of competent jurisdiction to be, invalid or unenforceable, such invalidity or unenforceability
shall. not affect the other provisions or parts of such provisions of this Loan Agreement, all of which shall remain in full force
and effect;

 

		17.3	This Loan Agreement may be entered into on separate engrossments, each of which when so executed
and delivered shall be an original but ‘each engrossment shall together constitute one and the same instrument and shall take effect
from the time of execution of the last engrossment. Immediate evidence that an engrossment has been executed may be provided by
transmission of such engrossment by facsimile machine or by email with the original executed engrossment to be forthwith put in
the mail.

 

		17.4	A person who is not a party to this Loan Agreement has no right under the Contracts (Rights of
Third Parties) Act 1999 of the United Kingdom to enforce any term of this Loan Agreement but this does not affect any right or
remedy of a third party which exists or is available apart from that Act.

 

This Loan Agreement has been entered
into and amended and restated on the dates stated at the beginning of this Loan Agreement.

 

	THE LENDER	
	 	 
	SIGNED by A. Macdonald	 
	 	)
	for and behalf of	) /s/ A. Macdonald
	JELCO DELTA HOLDING CORP.	)
	in the presence of:	 
	 	 
	/s/ Karen Campbell	 
	Karen Campbell	 
	 	 
	THE BORROWER	 
	 	 
	SIGNED by Theodora Mitropetrou	 
	 	)
	for and behalf of	)
	SEANERGY MARITIME HOLDINGS CORP.	) /s/ Theodora Mitropetrou
	in the presence of:	 
	 	 
	/s/ Maria M. Moschopoulou	 
	Maria M. Moschopoulou	 
	 	 

 

    	25

    	 

    

Schedule
1

Form of Drawdown Notice

 

	To:	Jelco Delta
Holding Corp.

                           (the “Lender”)

	 

 

[l]
2016

 

Re: US$[l]
Loan Agreement dated [l] November 2016 made between (A) Jelco Delta Holding Corp. (the
“Lender”) and (B) Seanergy Maritime Holdings Corp. (the “Borrower”),

 

We refer to the Loan and hereby
give you notice that we wish to draw Advance B in the amount of $([l]) (Dollars [l])
on [l]. The funds should be credited to [l][l]
[name and number of account] held in [l] [name of bank)].

 

Words and expressions defined in the Loan
Agreement shall have the same meanings when used herein.

 

THE BORROWER

 

SEANERGY MARITIME HOLDINGS CORP.

 

By:

Name: 

Title:

 

    	26

    	 

    

Schedule
2

Condition Precedent Documents

 

Part A

 

The following are the documents referred
to in Clause 2.2(a) required on or prior to the date of the Amending and Restating Agreement.

 

		1	A duly executed original of the Intercreditor Deed.

 

		2	Copies of the certificate of incorporation and constitutional documents of the Borrower and each
Owner and any company registration documents in respect of the Borrower or either Owner (including, without limitation, any corporate
register excerpts) required by the Lender.

 

		3	Copies of resolutions of the directors of the Borrower and each Owner authorising the execution
of each of the Finance Documents to which each is a party and, in the case of the Borrower, authorising named representatives to
give the Drawdown Notices and other notices under this Loan Agreement.

 

		4	The original of any power of attorney under which any Finance Document is executed on behalf of
a Borrower and each Owner.

 

    	27

    	 

    

Part B 

 

The following are the documents referred
to in Clause 7.6 required before each Delivery Date. In Part B of this Schedule 2, the following definitions have the following
meanings:

 

		(a)	“Relevant Owner” means, in the case of the Delivery Date of Ship A, Owner A
and, in the case of the Delivery Date of Ship B, Owner B; and

 

		(b)	“Relevant Ship” means, in the case of the Delivery Date of Ship A, Ship A and,
in the case of the Delivery Date of Ship B, Ship B.

 

		1	A duly executed original of the Mortgage, the General Assignment
(and of each document to be delivered by each of them), each in respect of the Relevant Ship and the Relevant Owner.

 

		2	Documentary evidence that:

 

		(a)	the Relevant Ship has been unconditionally delivered by the Seller to, and accepted by, the relevant
Owner under the relevant MOA and the Contract Price payable under that MOA (in addition to the part to be financed by the relevant
Advance) has been duly paid in full (together with a copy of each of the documents delivered by the relevant Seller to the Relevant
Owner under that MOA (including but not limited to, the bill of sale, the commercial invoice and the protocol of delivery and acceptance);

 

		(b)	the Relevant Ship has been registered in the name of the Relevant Owner under an Approved Flag;

 

		(c)	the Relevant Ship is in the absolute and unencumbered ownership of the Relevant Owner save as contemplated
by the Finance Documents and the Senior Finance Documents;

 

		(d)	the Relevant Ship maintains the highest class with a first class classification society which is
a member of IACS and acceptable to the Lender as the Lender may approve free of all recommendations and conditions of such classification
society;

 

		(e)	the Mortgage relating to each Relevant Ship has been duly registered or recorded against that Ship
as a valid second preferred or, as the case may be, priority mortgage in accordance with the laws of the Approved Flag State; and

 

		(f)	the Relevant Ship is insured in accordance with the provisions of this Loan Agreement and all requirements
therein in respect of insurances have been complied with.

 

		3	Documents establishing that the Relevant Ship will, as from the relevant Delivery Date, be managed
by the Approved Managers on terms acceptable to the Lenders, together with:

 

		(a)	each Approved Manager’s Undertaking relative thereto;

 

		(b)	copies of the Approved Managers’ Document of Compliance, that Ship’s Safety Management
Certificate (together with any other details of the applicable safety management system which the Lender requires); and

 

		(c)	a copy of the ISSC in respect of the Relevant Ship.

 

Each of the documents specified
in paragraphs 3 and 4 of Part A and every other copy document delivered under this Schedule shall be certified as a true and up
to date copy by a director or the secretary (or equivalent officer) of the Relevant Owner.

    	28

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