Document:

Form of restricted stock award agreement

 Exhibit 10.4 

MAGELLAN PETROLEUM CORPORATION 

1998 STOCK INCENTIVE PLAN 

RESTRICTED STOCK AWARD AGREEMENT 

This Restricted Stock Award Agreement evidences the award of shares of restricted common stock, par value $0.01 per share (the
“Common Stock”) of Magellan Petroleum Corporation (the “Company”) to the individual whose name appears below (the “Grantee”), pursuant to the provisions of the Company’s 1998 Stock Incentive Plan (the
“Plan”) and on the following express terms and conditions (capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan): 
  

			
	 1.      Name of Grantee:
	  	[NAME OF DIRECTOR]
		
	 2.      Number of Restricted Shares:
	  	12,500 shares (the “Restricted Shares”)
		
	 3.      Grant Date:
	  	April 1, 2010

  

	4.	Effectiveness; Execution of Agreement: Grantee shall have no rights with respect to the Restricted Shares awarded hereby unless Grantee shall have accepted the
award of the Restricted Shares within 60 days (or such shorter date as the Committee may specify) following the Grant Date by executing and delivering to the Secretary of the Company a copy of this Restricted Stock Award Agreement.

  

	5.	Vesting of Restricted Shares: All of the Restricted Shares awarded hereby shall become immediately vested in full as of the Grant Date. 

 

	6.	Stock Certificates: Certificates representing the Restricted Shares shall, if requested by Grantee, be issued in the name of Grantee and delivered to Grantee or
his or her agent upon Grantee’s instruction to the Company. 

  

	7.	Compliance with Laws and Regulations: The issuance of the Restricted Shares pursuant to this Agreement shall (a) be subject to restrictions imposed at any
time on the delivery of shares in violation of the By-Laws of the Company or of any law or governmental regulation that the Company may find to be valid and applicable; and (b) be subject to, and shall comply with, any applicable requirements
of any federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and any rules and regulations promulgated
thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue any Shares of Common Stock pursuant to this Agreement if such issuance would violate any such securities laws, rules or regulations.

	8.	Interpretation: Grantee hereby acknowledges that this Agreement is governed by the Plan, a copy of which Grantee hereby acknowledges having received, and by such
administrative rules and regulations relative to the Plan and not inconsistent therewith as may be adopted and amended from time by the Compensation, Nominating and Governance Committee (the “Rules”). Grantee agrees to be bound by the
terms and provisions of the Plan and the Rules. 

  

	9.	Miscellaneous: This Agreement and the Plan (a) contains the entire Agreement of the parties relating to the subject matter of this Agreement and supersedes
any prior agreements or understandings with respect thereto; and (b) shall be binding upon and inure to the benefit of the Company, its successors and assigns and Grantee, his heirs, devisees and legal representatives. In the event of
Grantee’s death or a judicial determination of his incompetence, reference in this Agreement to Grantee shall be deemed to refer to his legal representative, heirs or devisees, as the case may be. 

* * * * * * 

IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its authorized officer, as of the Grant Date identified in Section 3 above. 
  

									
	MAGELLAN PETROLEUM CORPORATION	 		 	Agreed and Accepted by:
				
	BY:	 	  
	 		 	  

		 	Name:	 	Edward B. Whittemore	 		 	[NAME OF DIRECTOR]
		 	Title:	 	Secretary	 		 	
			
	Date: April 1, 2010	 		 	

  

 -2-Second Amendment to Credit Agreement

 Exhibit 10(cc) 

JPMORGAN CHASE BANK, N.A. 

SECOND AMENDMENT TO CREDIT AGREEMENT 

(With Consent) 

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of the      day of
April, 2010 by and between JPMORGAN CHASE BANK, N.A., a national bank (“Lender”) and MATERIAL SCIENCES CORPORATION, a Delaware corporation (“Borrower”), and each of the other Loan Parties signatory
hereto, and has reference to the following facts and circumstances: 
 WHEREAS, on May 12, 2008, the Borrower and
the other Loan Parties executed and delivered to Lender a Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, “Credit Agreement”) which set forth the terms and conditions of Lender’s
extension of credit to Borrower; and 
 WHEREAS, at the same time, Borrower executed and delivered to Lender its
Revolving Loan Note (the “Note”) in the maximum principal amount of $15,000,000.00 to evidence amounts available to be loaned to Borrower pursuant to the Credit Agreement, which Note has a scheduled Maturity Date of May 12,
2011; and 
 WHEREAS, pursuant to certain Collateral Documents including, without limitation, Security Agreements, each
of which was dated as of May 12, 2008, the Loan Parties granted Liens upon certain Collateral as security for the repayment of the Secured Obligations; and 

WHEREAS, pursuant to the First Amendment to Credit Agreement dated May 20, 2009, among other things, (i) the Bank
consented to the entry by Loan Parties into certain Supplier Purchase Agreements pursuant to which certain accounts were sold to third parties, (ii) the Revolving Commitment was reduced to $10,000,000.00, and (iii) a Minimum Availability
covenant was added to the Credit Agreement; and 
 WHEREAS, concurrently with the execution of the First Amendment,
Borrower executed and delivered to Lender its First Amended Revolving Loan Note in the maximum principal amount of $10,000,000.00; and  

WHEREAS, Borrower has advised the Lender that it has entered into a Letter of Intent (the “LOI,”), a copy of
which has been delivered to Lender, with Roll Coater, Inc. pursuant to which certain personal property assets (collectively, the “Subject Property”) would be sold to Roll Coater, Inc (which Subject Property will be described with
specificity in the definitive purchase documents entered into between Borrower and Roll Coater, Inc.; a copy of which will be delivered to Lender upon execution thereof), but shall include, without limitation, all equipment constituting Line 18,
Line 19 and Line 20, in each case, located at Plant 7 in Elk Grove Village, Illinois) for total consideration of approximately $10,000,000.00 (the “Roll Coater Sale”); and 

WHEREAS, the Subject Property constitutes a portion of the Collateral which secures the payment of the Obligations, the sale of
which is prohibited by Section 6.05 of the Credit Agreement and by Sections 4.1(d) and 8.6 of the Security Agreement to which Borrower is a party (the “Borrower Security Agreement”); and 

 WHEREAS, the Loan Parties have requested that Lender consent to the sale of the
Subject Property to Roll Coater, Inc. and further that Lender release its security interest in the Subject Property concurrently with the closing of such sale; and 

WHEREAS, the Lender is willing to grant its consent to the sale of the Subject Property, and will agree to release of its security
interest in the Subject Property, all as requested by the Loan Parties, on the terms and subject to the conditions set forth herein. 

NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties hereto
agree as follows: 
 ARTICLE 1. 

AMENDMENTS AND AGREEMENTS 

Section 1.1 Notwithstanding anything to the contrary contained in the Credit Agreement or any other Loan Document, including,
without limitation, the provisions of Sections 4.1(d) and 8.6 of the Borrower Security Agreement and Section 6.05 of the Credit Agreement, Lender hereby consents to the sale of the Subject Assets by Borrower to Roll Coater, Inc. on
substantially the terms set forth in the LOI, such sale to be closed within 120 days of the date hereof. Lender agrees that it will provide a release of its security interest in the Subject Property which release may be filed upon the closing of the
sale of the Subject Property. Borrower agrees that in no case shall the Subject Property include Accounts, Inventory or real property (or any proceeds thereof) subject to any of the Collateral Documents. Borrower agrees that immediately upon
its receipt of the net proceeds of the sale of the Subject Property, it will deposit same into Borrower’s demand deposit account with Lender. 

Section 1.2 Notwithstanding the provisions of subsection (e) of the definition of “Eligible Accounts,” from and after
the date hereof, to the extent that the aggregate amount of Accounts owing to the Loan Parties from the Account Debtors (and their Affiliates) identified below exceed their respective Maximum Percentages of the aggregate Eligible Accounts,
the excess portion of such Accounts shall be deemed ineligible. The maximum percentage of Accounts due from the subject Account Debtors relative to the aggregate Eligible Accounts may be further modified by Lender from time to time in Lender’s
Permitted Discretion. 
  

				
	 Account Debtor
	  	Maximum Percentage	 
	 Ford Motor Company (“Ford”)
	  	25	% 
	 Chrysler, LLC (“Chrysler”)
	  	15	% 
	 General Motors Corporation (“GM”)
	  	15	% 

  

 JPMorgan Chase Bank, N.A. 

Second Amendment to Loan Documents 

2 

 Section 1.3 Subsection (c) of the definition of “Eligible Accounts” is
hereby amended to hereafter provide as follows: 
 “(c) Which is unpaid more than sixty (60) days after the original
due date, or which is unpaid by Ford, GM or Chrysler more than thirty (30) days after the original due date, or which has been written off the books of the Borrower or otherwise designated as uncollectible;” 

Section 1.4 The definition of “Revolving Commitment” in the Credit Agreement is hereby amended and restated to hereafter
read as follows: 
 “‘Revolving Commitment’ means the commitment of the Lender to make Revolving Loans and
Letters of Credit hereunder. The amount of the Lender’s Revolving Commitment is Seven Million Five Hundred Thousand and No/100 Dollars ($7,500,000.00).” 

Section 1.5 Section 6.12 (“Minimum Availability”) of the Credit Agreement is hereby amended to hereafter
provide as follows: 
 “SECTION 6.12. Minimum Availability. At no time during the term of this Agreement shall
Availability be less than Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00).” 
 Section 1.6
The obligation of the Lender to make Revolving Loans and to perform the amendments contemplated herein, and the effectiveness of this Amendment and the consents granted herein, is subject to satisfaction of the following conditions precedent:

  

	 	(a)	All parties shall have executed this Amendment; 

  

	 	(b)	Lender shall have received a fully executed Second Amended Revolving Loan Note in the maximum principal amount of $7,500,000.00 dated of even date herewith;

  

	 	(c)	The Loan Parties shall have paid to Lender an amendment fee in the amount of $10,000.00; 

 

	 	(d)	Lender shall have received Certificates of Good Standing relative to each of the Loan Parties dated on or after the date hereof; 

 

	 	(e)	The Roll Coater sale shall have been consummated; and 

  

	 	(f)	Borrower shall have paid all costs and fees (including reasonable legal fees) incurred by Lender in connection with the preparation and performance of this
Amendment. 

  

 JPMorgan Chase Bank, N.A. 

Second Amendment to Loan Documents 

3 

 ARTICLE 2. 

SECURITY 

Section 2.1 Borrower hereby represents and warrants to Lender that all security interests, liens and encumbrances granted by the
Loan Parties to Lender to secure the repayment of the Secured Obligations shall continue in full force and effect and shall secure the repayment of all of the Secured Obligations including the Secured Obligations evidenced by the Second Amended
Revolving Loan Note and any renewals, substitutions, or replacements thereof. 
 ARTICLE 3. 

MISCELLANEOUS 

Section 3.1 This Amendment shall be binding upon and inure to the benefit of the successors and assigns of Borrower, the other Loan
Parties and Lender. 
 Section 3.2 Nothing contained in this Amendment shall be construed or interpreted or is intended as
a waiver of or limitation on any rights, powers, privileges or remedies that the Lender has or may have under the Credit Agreement or any other Loan Document or applicable law on account of any Default or Event of Default. 

Section 3.3 Borrower and each other Loan Party hereby represent and warrant as of the date hereof that, after giving effect to this
Amendment, (a) no Default or Event of Default has occurred and is continuing and (b) all representations and warranties contained in the Loan Documents (with such term being deemed to include this Amendment and the Credit Agreement)
are true and correct in all material respects with the same effect as if made on and as of such date, except to the extent any such representations and warranties relate to a specific date, in which case such representations and warranties shall be
deemed true and correct in all material respects on and as of such date. 
 Section 3.4 Borrower and the other Loan Parties
hereby expressly reaffirm each of the covenants made by them in the Credit Agreement and other Loan Documents (in each case, as amended or otherwise modified as set forth in this Amendment). 

Section 3.5 Each Loan Guarantor hereby (i) consents to the transactions contemplated hereby and (ii) acknowledges and
agrees that the Loan Guaranty set forth in Article IX of the Credit Agreement (and all security therefor) and all other Loan Documents previously executed by them are, and shall remain, in full force and effect after giving effect to this
Amendment to the Credit Agreement. 
 Section 3.6 This Amendment may be executed by one or more of the parties hereto in
any number of separate counterparts (which may include counterparts delivered by facsimile transmission or electronic mail) and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Any executed
counterpart delivered by facsimile transmission or electronic mail shall be effective for all purposes hereof. 
  

 JPMorgan Chase Bank, N.A. 

Second Amendment to Loan Documents 

4 

 Section 3.7 Except as expressly amended hereby, the Credit Agreement and the other Loan
Documents shall remain in full force and effect. The Credit Agreement, as amended hereby, the Loan Documents and all rights and powers created thereby and hereunder or under such Loan Documents, are in all respects ratified and confirmed. From and
after the date hereof, the Credit Agreement shall be deemed to be amended and modified as herein provided but, except as so amended and modified, the Credit Agreement shall continue in full force and effect and the Credit Agreement and this
Amendment shall be read, taken and construed as one and the same instrument. On and after the date hereof, the term “Agreement” as used in the Credit Agreement and all other references to the “Agreement” therein, in any other
instrument, document or writing executed by the Loan Parties or furnished to Lender by the Loan Parties in connection therewith or herewith shall mean the Credit Agreement, as amended by this Amendment. 

Section 3.8 This Amendment and all other documents required hereunder to be executed by Borrower and the other Loan Parties and
delivered to Lender have been duly authorized, executed and delivered on the Loan Parties’ behalf pursuant to all requisite corporate authority and this Amendment and each of the other documents required hereunder to be executed and delivered
by the Loan Parties to Lender constitute the legal, valid and binding obligations of Borrower and the other Loan Parties enforceable in accordance with their terms, except as enforceability thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to creditor’s rights. 
 Section 3.9 The Loan Parties hereby
acknowledge and agree that they have no defense, offset or counterclaim to the payment of principal, interest, fees or other Secured Obligations owing under the Credit Agreement and hereby waive and relinquish any such defense, offset or
counterclaim they might otherwise claim to have and hereby release Lender and its respective officers, directors, agents, affiliates, successors and assigns from any claim, demand or cause of action, known or unknown, contingent or liquidated, which
may exist or hereafter be known to exist relating to any matter arising in connection with the Credit Agreement or the Loan Documents or the administration thereof prior to the date hereof. 

Section 3.10 Except as otherwise specified herein, this Amendment embodies the entire agreement and understanding between Lender and
Borrower with respect to the subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject matter. 

Section 3.11 The recitals set forth at the beginning of this Amendment are true in all material respects and constitute an integral
part of this Amendment. 
 Section 3.12 This Amendment shall be governed and controlled by the laws of the State of
Illinois. 
  

 JPMorgan Chase Bank, N.A. 

Second Amendment to Loan Documents 

5 

 Section 3.13 Any capitalized term used herein, but not specifically defined or amended
herein, shall have the meaning assigned to it in the Credit Agreement. 
 [SIGNATURE PAGE TO FOLLOW] 

 

 JPMorgan Chase Bank, N.A. 

Second Amendment to Loan Documents 

6 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year specified
at the beginning hereof. 
  

			
	BORROWER:
	
	 MATERIAL SCIENCES CORPORATION,

a Delaware corporation

		
	By:	 	 /s/ James D. Pawlak

	Name:	 	James D. Pawlak
	Title:	 	 VP, CFO, Corporate Controller,

Corporate Secretary

	
	LOAN PARTIES:
	
	MATERIAL SCIENCES CORPORATION,
	ENGINEERED MATERIALS AND
	 SOLUTIONS GROUP, INC.,

an Illinois corporation,

		
	By:	 	 /s/ James D. Pawlak

	Name:	 	James D. Pawlak
	Title:	 	 VP, CFO, Corporate Controller,

Corporate Secretary

	
	 MSC LAMINATES AND COMPOSITES, INC.,

a Delaware corporation,

		
	By:	 	 /s/ James D. Pawlak

	Name:	 	James D. Pawlak
	Title:	 	 VP, CFO, Corporate Controller,

Corporate Secretary

	
	MATERIAL SCIENCES SERVICE CORPORATION,
	a Delaware corporation,
		
	By:	 	 /s/ James D. Pawlak

	Name:	 	James D. Pawlak
	Title:	 	 VP, CFO, Corporate Controller,

Corporate Secretary

			
	MSC PRE FINISH METALS (EGV), INC.,
	a Delaware corporation
		
	By:	 	 /s/ James D. Pawlak

	Name:	 	James D. Pawlak
	Title:	 	 VP, CFO, Corporate Controller,

Corporate Secretary

	
	 MSC WALBRIDGE COATINGS, INC.

a Delaware corporation

		
	By:	 	 /s/ James D. Pawlak

	Name:	 	James D. Pawlak
	Title:	 	 VP, CFO, Corporate Controller,

Corporate Secretary

	
	 MSC LAMINATES AND COMPOSITES

(EGV), INC.,

	a Delaware corporation
		
	By:	 	 /s/ James D. Pawlak

	Name:	 	James D. Pawlak
	Title:	 	 VP, CFO, Corporate Controller,

Corporate Secretary

	
	LENDER:
	
	 JPMORGAN CHASE BANK, N.A.,

a national bank

		
	By:	 	 /s/ Lynne Ciaccia

	Name:	 	 Lynne Ciaccia

	Title:	 	 Vice President

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