Document:

Research Funding and Option Agreement

 Exhibit 10.1 
 RESEARCH FUNDING AND OPTION AGREEMENT 
 by and between 

THE SCRIPPS RESEARCH INSTITUTE 
 a California nonprofit 
 public benefit corporation 

and 
 Cytodyn Inc,

 a Colorado corporation 

  
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 RESEARCH FUNDING AND OPTION AGREEMENT 

This Agreement is entered into this 1st day of November 5, 2011(the “Effective Date”), by and between THE SCRIPPS RESEARCH
INSTITUTE, a California nonprofit public benefit corporation located at 10550 North Torrey Pines Road, La Jolla, California 92037 (“TSRI”), and Cytodyn Inc. (“Sponsor”), a for-profit corporation, located at 110 Crenshaw Lake Rd.
Lutz, FL 33548, with respect to the facts set forth below. 
 RECITALS 

A. TSRI is engaged in fundamental scientific biomedical and biochemical research including research relating to the pathogenesis of the
feline immunodeficiency virus, as more particularly described herein. 
 B. Sponsor is engaged in research and development of
feline immunodeficiency virus therapeutics. 
 C. Sponsor desires to provide certain funding as part of TSRI’s research
activities described above. 
 D. Subject to any non-exclusive rights of the U.S. Government, TSRI is willing to grant to
Sponsor an option to acquire rights and licenses to certain intellectual property arising from the Research Program. 

AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants and conditions outlined herein, TSRI and Sponsor hereby agree as follows:

  

	 	1.	DEFINITIONS . 

 1.1
Affiliate. The term “Affiliate” shall mean any entity which directly or indirectly controls, or is controlled by Sponsor. The term “control” as used herein means (a) in the case of corporate entities, direct or
indirect ownership of at least fifty percent (50%) of the stock or shares entitled to vote for the election of directors; or (b) in the case of non-corporate entities, direct or indirect ownership of at least fifty percent (50%) of
the equity interest with the power to direct the management and policies of such non-corporate entities. Unless otherwise specified, the term Sponsor includes Affiliates. 
 1.2 Agreement Number. This Agreement is TSRI number SFP-2005. 
 1.3
Biological Materials. The term “Biological Materials” shall mean any Technology in the form of tangible materials together with any progeny, mutants, or derivatives thereof developed in performance of the Research Program.

  
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 1.4 Confidential Information . The term “Confidential Information” shall
mean any and all proprietary information of TSRI or Sponsor which may be exchanged between the parties at any time and from time to time during the term hereof. The fact that a party may have marked or identified as confidential or proprietary any
specific information shall be indicative that such party believes such information to be confidential or proprietary, but the failure to so mark information shall not conclusively determine that such information was or was not considered
confidential information by such party. Confidential Information shall also include any information which, given the circumstances surrounding the disclosure, would be considered confidential by the disclosing party. Information shall not be
considered confidential to the extent that it: 
 a. Is publicly disclosed through no fault of any party hereto, either before
or after it becomes known to the receiving party; or 
 b. Was known to the receiving party prior to the Effective Date, which
knowledge was acquired independently and not from the other party hereto (including such party’s employees); or 
 c. Is
subsequently disclosed to the receiving party in good faith by a third party who has a right to make such disclosure; or 
 d.
Has been published by a third party as a matter of right. 
 If Confidential Information is required to be disclosed by law or court order, the
Party required to make such disclosure shall limit the same to the minimum required to comply with the law or court order, and shall use reasonable efforts to attempt to seek confidential treatment for that disclosure, and prior to making such
disclosure that Party shall notify the other Party, not later than ten (10) days (or such shorter period of time as may be reasonably practicable under the circumstances) before the disclosure in order to allow that other Party to comment
and/or to obtain a protective or other order, including extensions of time and the like, with respect to such disclosure. 

1.5 Field. The term “Field” shall mean feline immunodeficiency virus therapeutic research and development.

 1.6 Joint Technology. The term “Joint Technology” shall mean any Technology that would constitute a
joint invention under principles arising under US patent law by Sponsor and TSRI. 
 1.7 Patent Rights. Patent Rights
shall mean 
 (i) patents and applications directed to the Technology; 

(ii) the foreign counterpart applications of the respective applications referenced in sub-clause (i) above, but only to the extent
the claims of such patents or applications are entitled to the priority date of the respective applications referenced in sub-clause (i) above; 
 (iii) divisionals, substitutions, and continuations of any applications referenced in sub-clauses (i) and (ii) above; 

  
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 (iv) any claim(s) of a continuation-in-part application of any application set forth in
sub-clauses (i)-(iii) above that are entitled to the priority date of the respective application(s) referenced in sub-clause (i) above; 
 (v) the patents issued from the applications referenced in sub-clauses (i)-(iii) above and any reissues, reexaminations, renewals and patent term extensions of such patents; and 

(vi) any claim(s) of a patent issued from a continuation-in-part application referenced in sub-clause (iv) above that are entitled
to the priority date of the respective application(s) referenced in sub-clause (i) above, and any claim(s) of a reissue, reexamination, renewal and patent term extension of a patent issued from a continuation-in-part application referenced in
sub-clause (iv) above that are entitled to the priority date of the respective application(s) referenced in sub-clause (i) above. 
 1.8 Principal Investigator. The term “Principal Investigator” shall mean Dr. John Elder, together with such replacement persons selected in accordance with the provisions of
Section 2.2 hereof. 
 1.9 Research Program . The term “Research Program” shall mean the research program
to be undertaken by TSRI under the direction and control of the Principal Investigator as expressly set forth on Exhibit A hereto. 
 1.10 Research Reports. The term “Research Reports” shall mean the written report summarizing the results of the research conducted during the term of the Research Program, including but
not limited to all data, conclusions, results, observations and a detailed description of all procedures. 
 1.11 Research
Tool. The term “Research Tool” shall mean any Technology which is designed or utilized for basic research purposes or internal drug discovery purposes and which is not utilized to produce, or incorporated into, a product. 

1.12 Sponsor Intellectual Property. The term “Sponsor Intellectual Property “ shall mean any inventions, discoveries,
know how, information, biological materials and data in the Field, whether patentable or not, developed whole or in part by Sponsor under principles arising under the patent laws or other intellectual property laws of the United States of America.

 1.13 Technology. The term “Technology” shall mean any invention, discovery, know-how, Biological Material,
software, information and data, whether patentable or not, conceived and reduced to practice during the performance of the Research Program. 
 1.14 TSRI Technology . The term “TSRI Technology” shall mean any Technology, excluding Joint Technology, developed in whole or in part by TSRI under principles arising under the patent
laws of the United States of America. 

  
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	 	2.	CONDUCT OF RESEARCH PROGRAM . 

 2.1 Conduct of Research Program . TSRI hereby agrees to use reasonable efforts to perform the Research Program subject to the provisions of this Agreement. Notwithstanding the foregoing, TSRI makes
no warranties or representations regarding its ability to achieve, nor shall it be bound to accomplish, any particular research objective or results. 
 2.2 Supervision of Research Program . TSRI agrees that the Research Program at TSRI shall be conducted by or under the direct supervision of the Principal Investigator. In the event that the
Principal Investigator leaves TSRI, or terminates his/her involvement in the Research Program, TSRI shall use its best efforts to find a replacement Principal Investigator acceptable to Sponsor, which acceptance shall not be unreasonably withheld.
In the event that TSRI shall fail to appoint a replacement Principal Investigator reasonably acceptable to Sponsor, Sponsor shall have a right to terminate this Agreement upon delivery to TSRI of written notice of intent to terminate pursuant to
this Section 2.2, which notice must be delivered to TSRI not less than thirty (30) days nor more than ninety (90) days after delivery by TSRI to Sponsor of the name of the replacement Principal Investigator. 

2.3 Reports . TSRI agrees that within sixty (60) days following the last day of each calendar quarter during the term of this
Agreement, TSRI shall furnish Sponsor with a written report summarizing the results of the research included within the scope of the Research Program conducted by TSRI, during the immediately preceding calendar year, including but not limited to all
data, conclusions, results, observations and a detailed description of all procedures. All such reports shall be treated as Confidential Information by Sponsor. 
 2.4 Financial and Staffing Obligations 
 a. Contributions of parties to
Research Program . Contributions in the form of financial support, equipment, personnel, technology and other necessary components for the conduct of the Research Program shall be made by the parties in accordance with the terms set forth on
Exhibit B. All payments due to TSRI by Sponsor shall be payable in U.S. Dollars in quarterly installments in advance, within ten (10) days of the dates set forth in the following payment schedule: 

 

			
	1st payment: $ 20,000 (USD)	  	due: Effective Date
		  	
	2nd payment: $ 20,000 (USD)	  	 due: 2 month anniversary of

Effective Date

		  	
	3rd payment: $ 20,000 (USD)	  	 due: 4 month anniversary of

Effective Date

		  	
	4th payment: $ 20,000 (USD)	  	 due: upon conclusion of the

Research Program and Sponsor’s
 receipt of a
final Research Report
 meeting the requirements of this
 Agreement

  
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 Each payment must reference the Research Project title, Agreement Number and Principal Investigator for
purposes of identification. Payments under this Section 2.4.a shall be sent to: 
  

			
		  	 The Scripps Research Institute

10550 North Torrey Pines Road, TPC-7
 La Jolla,
California 92037
 Attn: Vice President, Sponsored Programs
 Fax No.: (858) 784-8037

		  	
	With a copy to:	  	 The Scripps Research Institute

10550 North Torrey Pines Road, TPC-9
 La Jolla,
California 92037
 Attn: Director, Technology Development
 Fax No.: (858) 784-9910

 TSRI shall not be obligated to perform any of the research specified herein or to take any other action required under
this Agreement if the funding is not provided as set forth in Exhibit B and in accordance with the payment schedule as set forth in this Section 2.4.a. Furthermore, should Sponsor fail to make the first payment to TSRI in accordance with this
Section 2.4.a., TSRI shall have the right to immediately terminate this Agreement and this Agreement shall be null and void ab initio. 
 b. Capital Equipment. Equipment purchased by TSRI with funds provided by Sponsor shall be the property of TSRI. All capital equipment provided under this Agreement by Sponsor for the use of TSRI
remains the property of the Sponsor unless other disposition is mutually agreed upon in writing by the parties. If title to this equipment remains with the Sponsor, Sponsor is responsible for maintenance and repair of the equipment, insuring the
equipment against damage or loss, and the costs of its transportation to and from the site where it will be used. 
 c.
Indirect Cost Adjustment. TSRI shall have the right to adjust the payment amounts referenced above to reflect changes in the indirect cost rate negotiated between TSRI and the U.S. Government and that will be in effect during the quarter that
the work is performed. TSRI will notify Sponsor in writing of any change in the indirect cost rate before the effective date of such change. The corresponding direct costs will remain fixed as specified in Exhibit B. 

2.5 Consistency with Consulting Agreements. The parties acknowledge (i) that Sponsor has retained the Principal Investigator
identified herein as a consultant under a written consulting agreement to further Sponsor’s efforts in research and development of feline immunodeficiency virus therapeutics, and (ii) that Sponsor may engage other personnel employed by or
affiliated with TSRI with respect to such research and development under similar written agreements (each a “Consulting Agreement”). The Consulting Agreements shall be interpreted in a manner consistent with this Agreement and, where there
is a conflict between this Agreement and a Consulting Agreement, this Agreement (to the extent applicable) shall control. 

  
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 2.6 TSRI Researchers. TSRI’s researchers, including the Principal Investigator
identified herein, are and during the term shall be obligated to assign all inventions made as employees or in their field to TSRI, including any rights in inventions developed under the Consulting Agreements. 

2.7 No Rights In Pfizer Inc. TSRI states that, under certain conditions, Pfizer Inc. (“Pfizer”) holds a right of
first refusal to sponsor certain research at TSRI(the “Pfizer ROFR”). TSRI further states that it has met all of its obligations with respect to the Pfizer ROFR as concerns the Research Program, that Pfizer has not exercised the Pfizer
ROFR, and that Pfizer accordingly has no claim to the Research Program, Research Reports, or the Technology. 
  

	 	3.	OPTION FOR LICENSE . 

3.1 Grant of Option. Subject to the terms of this Agreement and the reservation of rights specified in Sections 4.4 and 4.5, TSRI
hereby grants to Sponsor: 
 (a) an exclusive option (the “Option”) to acquire an exclusive, worldwide license,
including the right to sublicense under TSRI’s rights in the Patent Rights, to make, offer for sale, sell and have sold products, processes and Biological Material in the Field. In the event that a product, process or Biological Material
utilizes a Research Tool, such Research Tool shall be made available to Sponsor solely on a non-exclusive basis. 
 (b) upon
Sponsor’s exercise of the Option, a non-exclusive, royalty-free, non-transferable license to practice, use, and modify (i) the Technology and (ii) the intellectual property and know-how contained in the Research Reports co-extensive
with the uses permitted under paragraph 3.1(a). 
 (c) a non-exclusive, royalty-free, non-transferable license to make and use
Technology solely for Sponsor’s internal research purposes during the performance of the Research Program. Any transfer of materials to Sponsor under this Section 3.1(c) shall require the execution of a Material Transfer Agreement. The
terms of such Material Transfer Agreement shall be materially consistent with the form Material Transfer Agreement attached hereto as Exhibit C. 
 3.2 Disclosure of Technology . After Principal Investigator submits an invention disclosure covering any Technology to TSRI’s Office of Technology Development, TSRI shall disclose such
Technology in writing to Sponsor (the “Technology Disclosure”). TSRI shall use reasonable efforts to provide a Technology Disclosure that contains sufficient detail to (i) enable both parties to determine whether or not the particular
Technology is TSRI Technology or Joint Technology; and (ii) enable Sponsor to evaluate the advisability of exercising the option granted hereunder with respect to such Technology. All such Technology Disclosures shall be maintained in
confidence by Sponsor. 

  
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 3.3 Option . Sponsor shall have a period of ninety (90) days from receipt of the
Technology Disclosure from TSRI (“Option Period”), within which to exercise its Option with respect to the particular Technology disclosed therein. 
 3.4 Exercise of Option . Sponsor shall exercise its Option by delivering to TSRI a written notice within the Option Period which specifies the particular Technology for which the Option is being
exercised. Upon such notification, Sponsor and TSRI shall have a period of ninety (90) days within which to negotiate a definitive license agreement. . 
 Upon exercise of the Option, the parties shall select patent counsel reasonably acceptable to both to file, prosecute and maintain the Patent Rights, provided that TSRI shall be designated as the client
of such outside counsel (except where the parties share common interests, upon mutual agreement), and the documented fees and expenses incurred by TSRI in connection with the work done by such outside patent counsel shall be paid by Sponsor as set
forth below. Subject to the requirements, limitations and conditions set forth in this Agreement, TSRI shall, using such mutually acceptable outside patent counsel, (a) direct and control the preparation, filing and prosecution of the
United States and foreign patent applications within Patent Rights (including without limitation any reissues, reexaminations, appeals to appropriate patent offices and/or courts, interferences and foreign oppositions); and (b) maintain the
patents issuing therefrom. Both parties agree that TSRI shall have the right, at its sole discretion, to utilize TSRI’s Office of Patent Counsel (“OPC”) for the review and oversight of the filing, prosecution and maintenance of
Patent Rights described herein (“Supervisory Prosecution”), and the documented fees and expenses associated with the Supervisory Prosecution by the OPC shall be paid by Sponsor as set forth below, provided that, except in the case of
unforeseen circumstances, such fees and expenses are substantially within the applicable budget provided by TSRI to Sponsor (if requested by Sponsor). Sponsor shall have full rights of consultation with the outside patent attorney so selected
and with TSRI’s OPC on all matters relating to Patent Rights. TSRI shall use reasonable efforts to implement all reasonable and timely requests made by Sponsor with regard to the preparation, filing, prosecution and/or maintenance of the
patent applications and/or patents within Patent Rights; provided, however, that in the event of a disagreement between TSRI and Sponsor on any such patent prosecution or maintenance matters, TSRI shall have final decision-making authority over all
such patent matters, provided that TSRI shall act in good faith and with reasonable prudence and judgment. In addition, upon Sponsor’s written request (but no more frequently than quarterly), TSRI’s OPC shall provide a written
estimate of anticipated patent costs associated with the work to be conducted by OPC on any current or upcoming patent matters for the Patent Rights.
 3.5 Joint Technology. The parties hereby agree that in the event that the disclosed Technology is Joint Technology and that Sponsor either does not exercise its Option or does not sign a license
agreement with TSRI, both parties shall (i) have no further obligations to each other with respect to such Joint Technology and any resulting Patent Rights; and (ii) be free to independently license or otherwise dispose of their rights to
such Joint Technology and any resulting Patent Rights on a worldwide basis without accounting to the other Party. 

  
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	 	4.0	INTERESTS AND RIGHTS IN INTELLECTUAL PROPERTY . 

 4.1 Title to TSRI Technology. TSRI shall retain sole ownership and title to TSRI Technology and to all intellectual property rights related thereto. TSRI shall, in the good faith exercise of its
discretion, undertake reasonable efforts to preserve and maintain its ownership and title as TSRI deems appropriate. Ownership of and title to Joint Technology shall be vested jointly in TSRI and Sponsor, with each owning an undivided interest
therein. Ownership of Patent Rights shall follow inventorship under principles arising under U.S. patent law. 
 4.2 Title to
Sponsor Intellectual Property. Sponsor shall retain sole ownership and title to Sponsor Intellectual Property and to all rights related thereto. 
 4.3 Grant of Rights in Sponsor Intellectual Property. During the term, Sponsor hereby grants to TSRI a non-exclusive, royalty-free, non-transferable license to use Sponsor Intellectual Property
solely for the purpose of carrying out the Research Program and for no other purpose whatsoever, whether such purpose is academic, educational, non-profit, or commercial. 
 4.4 Governmental Interest. TSRI and Sponsor acknowledge that TSRI has received, and expects to continue to receive, funding from the United States Government in support of TSRI’s research
activities. TSRI and Sponsor acknowledge and agree that their respective rights and obligations pursuant to this Agreement shall be subject to the rights of the United States Government, existing and as amended, which may arise or result from
TSRI’s receipt of research support from the United States Government, including but not limited to, 37 CFR 401, the NIH Grants Policy Statement and the NIH Guidelines for Obtaining and Disseminating Biomedical Research Resources. 

4.5 Reservation of Rights. TSRI reserves the right to use for any research or educational purposes any Patent Rights, Biological
Materials, or Research Tools, without TSRI being obligated to pay Sponsor any royalties or other compensation. In addition, TSRI reserves the right to grant non-exclusive research and educational use licenses to other nonprofit or academic
institutions (“Academic Licensees”) to Patent Rights, Biological Materials, or Research Tools, without the Academic Licensees being obligated to pay Sponsor any royalties or other compensation. In no event shall Academic Licensees be
permitted to use any Patent Rights, Biological Materials, or Research Tools for any commercial purposes. TSRI shall respond to Sponsor’s reasonable requests for information related to such Academic Licensees’ use and license terms.

  

	 	5.0	CONFIDENTIALITY AND PUBLICATION . 

  
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 5.1 Treatment of Confidential Information. The parties agree that during the term of
this Agreement, and for a period of five (5) years after the return or destruction of all Confidential Information, a party receiving Confidential Information of the other party will (a) maintain in confidence such Confidential Information
to the same extent such party maintains its own proprietary information; (b) not disclose such Confidential Information to any third party without the prior written consent of the other party; and (c) not use such Confidential Information
for any purpose except those permitted by this Agreement. To the extent the continued protection of Confidential Information is warranted with respect to obligations that continue after the term of this Agreement, each party agrees to not disclose
the other party’s Confidential Information without first consulting with and providing to the other Party an opportunity to object to or limit the scope of such disclosure. 

5.2 Publications. Sponsor acknowledges that it is the general policy of TSRI to encourage publication of research results in
technical or scientific journals; and Sponsor agrees that TSRI shall have a right to publish in accordance with its general policy. TSRI shall submit to Sponsor copies of proposed publications which describe Technology and afford Sponsor a period of
thirty (30) days to review the publication to (i) ascertain whether Sponsor’s Confidential Information would be disclosed by the publication; and (ii) ascertain whether or not the publication discloses any Technology to which
Sponsor wishes to exercise its Option. If such publication discloses Sponsor’s Confidential Information and upon Sponsor’s written request, TSRI shall remove such Confidential Information or delay publication for up to an additional sixty
(60) days to allow Sponsor to protect its Confidential Information by filing a patent application(s). In the event that Sponsor identifies any Technology to which it wishes to exercise its Option, Sponsor shall notify TSRI of such in writing.
Upon such notification, TSRI shall (i) file any patent applications necessary to protect the proprietary positions of both parties in the Technology at Sponsors sole expense; and (ii) provide Sponsor with a Technology Disclosure in
accordance with Section 3.2. Absent receipt by TSRI of any written instruction by Sponsor within the thirty (30) day period, TSRI shall be free to publish the proposed publication. TSRI acknowledges that Sponsor is a public company and
that Sponsor may be required to report information related to its agreements and research/development efforts to its investors and the US Securities and Exchange Commission (“SEC”). The parties agree to meet and confer to determine the
reasonable scope of any such disclosures. 
 5.3 Publicity. Except as otherwise provided herein or required by law, no
party shall originate any publication, news release or other public announcement, written or oral, whether in the public press, stockholders’ reports, or otherwise, relating to this Agreement or to the performance hereunder without the prior
written approval of the other party, which approval shall not be unreasonably withheld. Scientific publications published in accordance with Section 5.2 of this Agreement shall not be construed as publicity governed by this Section 5.3.

  

	 	6.0	WARRANTIES. 

 6.1
Limited Warranty. TSRI hereby represents and warrants that it has full right and power to enter into this Agreement. TSRI MAKES NO OTHER WARRANTIES CONCERNING PATENT RIGHTS, TECHNOLOGY, RESEARCH TOOLS, BIOLOGICAL MATERIALS OR

  
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ANY OTHER MATTER WHATSOEVER, INCLUDING WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
ARISING OUT OF COURSE OF CONDUCT OR TRADE CUSTOM OR USAGE, AND TSRI DISCLAIMS ALL SUCH EXPRESS OR IMPLIED WARRANTIES. TSRI MAKES NO WARRANTY OR REPRESENTATION AS TO THE VALIDITY OR SCOPE OF PATENT RIGHTS, OR THAT ANY PRODUCT, PROCESS, SERVICE,
BIOLOGICAL MATERIAL, OR RESEARCH TOOL WILL BE FREE FROM AN INFRINGEMENT ON PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR THAT NO THIRD PARTIES ARE IN ANY WAY INFRINGING UPON ANY PATENT RIGHTS, TECHNOLOGY, RESEARCH TOOLS
OR BIOLOGICAL MATERIALS COVERED BY THIS AGREEMENT. FURTHER, TSRI HAS MADE NO INVESTIGATION AND MAKES NO REPRESENTATION THAT THE PATENT RIGHTS, RESEARCH TOOLS OR BIOLOGICAL MATERIALS ARE SUITABLE FOR SPONSOR’S PURPOSES. 

IN NO EVENT SHALL TSRI BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT
LIMITATION, DAMAGES FOR LOSS OF PROFITS OR EXPECTED SAVINGS OR OTHER ECONOMIC LOSSES, OR FOR INJURY TO PERSONS OR PROPERTY) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER. TSRI’S AGGREGATE LIABILITY, IF ANY, FOR ALL
DAMAGES OF ANY KIND RELATING TO THIS AGREEMENT OR ITS SUBJECT MATTER SHALL NOT EXCEED THE AMOUNT PAID BY SPONSOR TO TSRI UNDER THIS AGREEMENT. THE FOREGOING EXCLUSIONS AND LIMITATIONS SHALL APPLY TO ALL CLAIMS AND ACTIONS OF ANY KIND AND ON ANY
THEORY OF LIABILITY, WHETHER BASED ON CONTRACT, TORT (INCLUDING, BUT NOT LIMITED TO NEGLIGENCE OR STRICT LIABILITY), OR ANY OTHER GROUNDS, AND REGARDLESS OF WHETHER TSRI HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING ANY
FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. THE PARTIES FURTHER AGREE THAT EACH WARRANTY DISCLAIMER, EXCLUSION OF DAMAGES OR OTHER LIMITATION OF LIABILITY HEREIN IS INTENDED TO BE SEVERABLE AND INDEPENDENT OF THE OTHER PROVISIONS SINCE THEY
EACH REPRESENT SEPARATE ELEMENTS OF RISK ALLOCATION BETWEEN THE PARTIES. 
  

	 	7.0	TERM AND TERMINATION . 

7.1 Term . Unless terminated sooner, the initial term of this Agreement shall commence on the Effective Date and shall continue
until for six months. Sponsor shall have the option to extend the term of the Agreement by giving thirty (30) days written notice of its intention to exercise this extension option to TSRI. Any such extension shall be negotiated by the parties
and evidenced in writing as an addendum to this Agreement. 
 7.2 Termination by Sponsor. Sponsor may terminate this
Agreement by giving thirty (30) days advance written notice of termination to TSRI. 

  
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 7.3 Termination Upon Non-Payment. In the event that Sponsor fails to pay to TSRI any
payment within the time frame set forth in Section 2.4 a, TSRI shall not be obligated to perform any of the research specified herein or to take any other action required under this Agreement and may terminate this Agreement immediately upon
such non-payment, without any possibility for Sponsor to cure such non-payment. Termination pursuant to this Section 7.3 shall not relieve Sponsor of any liability under this Agreement. 

7.4 Termination Upon Default . Except as specified in Sections 7.3 and 7.5, the failure of a party to perform any obligation
required of it to be performed hereunder and the failure to cure within sixty (60) days after receipt of notice from the other party specifying in reasonable detail the nature of such default, shall constitute an event of default hereunder.
Upon the occurrence of an event of default, the non-defaulting party may deliver to the defaulting party written notice of intent to terminate, such termination to be effective upon the date set forth in such notice. Such termination rights shall be
in addition to and not in substitution for any other remedies that may be available to the non-defaulting party serving such notice against the defaulting party. Termination pursuant to this Section 7.4 shall not relieve the defaulting party of
liability and damages to the non-defaulting party for breach of this Agreement. Waiver by any party of a single default or a succession of defaults shall not deprive such party of any right to terminate this Agreement arising by reason of any
subsequent default. 
 7.5 Termination Upon Insolvency . This Agreement may be terminated as to any party
(“Insolvent Party”) by another party giving written notice of termination to the Insolvent Party upon the filing of bankruptcy or bankruptcy of the Insolvent Party or the appointment of a receiver of any of the Insolvent Party’s
assets, or the making by the Insolvent Party of any assignment for the benefit of creditors, or the institution of any proceedings against the Insolvent Party under any bankruptcy law. Termination shall be effective upon the date specified in this
notice. 
 7.6 Effect of Expiration or Termination. 

a. Termination Upon Default of Sponsor. Upon the termination of this Agreement by reason of a default by Sponsor, neither
party shall have any further rights or obligations with respect to this Agreement, other than the obligation of Sponsor to make any and all final payments accrued prior to the date of termination, the obligation of the parties to make all reports
required hereunder, and except as provided below. Upon such termination of this Agreement, the parties shall continue to abide by their non-disclosure obligations as described in Section 5.1 and each party hereto shall fulfill any other
obligations incurred prior to such termination. Any such termination of this Agreement shall not constitute the termination of any license or any other agreements between the parties which are then in effect except as expressly provided therein. In
addition, upon such termination, Sponsor’s Option under Section 3.1 shall be deemed automatically cancelled, and Sections 4, 6, 7 and 9 shall survive any such termination. 

  
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 b. Expiration or Termination upon Default of TSRI. Upon the expiration of this
Agreement at its regularly scheduled expiration date, or upon a termination of this Agreement on account of a default by TSRI, then TSRI shall make the disclosures required by Section 3.2 for TSRI Technology conceived or reduced to practice up
to the date of said expiration or termination; and Sponsor shall have the right to exercise its option with respect to said TSRI Technology in accordance with the schedule and procedures specified in Sections 3.3 and 3.4 above; and any
non-exclusive licenses that have been granted under Section 3.1 shall survive. Additionally, each party shall perform all other obligations up to the date of said expiration or termination; and the parties shall continue to abide by their
non-disclosure obligations described in Section 5.1; and any previously existing license agreements or other agreements between the parties shall continue in effect. In addition, upon such expiration or termination, Sections 4, 6, 7 and 9 shall
survive. 
  

	 	8.0	ASSIGNMENT; SUCCESSORS . 

8.1 Assignment . Any and all assignments of this Agreement or any rights granted hereunder by Sponsor are void except to an
Affiliate of Sponsor, without the prior written consent of TSRI. TSRI shall not assign its rights and obligations under this Agreement outside of the Principal Investigator’s lab. 

8.2 Binding Upon Successors and Assigns . Subject to the limitations on assignment set forth herein, this Agreement shall be
binding upon and inure to the benefit of any successors in interest and assigns of TSRI and Sponsor. Any such successor to or assignee of a party’s interest shall expressly assume in writing the performance of all the terms and conditions of
this Agreement to be performed by such party and such written assumption shall be delivered to the other party. 
  

	 	9.0	GENERAL PROVISIONS . 

9.1 Independent Contractors . The relationship between TSRI and Sponsor is that of independent contractors. TSRI and Sponsor are
not joint venturers, partners, principal and agent, master and servant, employer or employee, and have no other relationship other than independent contracting parties. TSRI and Sponsor shall have no power to bind or obligate each other in any
manner, other than as is expressly set forth in this Agreement. 
 9.2 Arbitration . Any controversy or claim arising out
of or relating to this Agreement, or the breach thereof, shall be settled by binding confidential arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (“AAA”), and the procedures set forth
below. In the event of any inconsistency between the Rules of AAA and the procedures set forth below, the procedures set forth below shall control. Judgment upon the award rendered by the arbitrators may be enforced in any court having jurisdiction
thereof. 

  
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 a. Location . The location of the arbitration shall be in the County of San Diego.
TSRI and Sponsor hereby irrevocably submit to the exclusive jurisdiction and venue of the American Arbitration Association arbitration panel selected by the parties and located in San Diego County, California for any dispute regarding this
Agreement, and to the exclusive jurisdiction and venue of the federal and state courts located in San Diego County, California for any action or proceeding to enforce an arbitration award or as otherwise provided in Section 9.2 e below, and
waive any right to contest or otherwise object to such jurisdiction or venue. 
 b. Selection of Arbitrators . The
arbitration shall be conducted by a panel of three neutral arbitrators who are independent and disinterested with respect to the parties, this Agreement, and the outcome of the arbitration. Each party shall appoint one neutral arbitrator, and these
two arbitrators so selected by the parties shall then select the third arbitrator, and all arbitrators must have at least ten (10) years experience in mediating or arbitrating cases regarding the same or substantially similar subject matter as
the dispute between TSRI and Sponsor. If one party has given written notice to the other party as to the identity of the arbitrator appointed by the party, and the party thereafter makes a written demand on the other party to appoint its designated
arbitrator within the next ten days, and the other party fails to appoint its designated arbitrator within ten days after receiving said written demand, then the arbitrator who has already been designated shall appoint the other two arbitrators.

 c. Discovery . The arbitrators shall decide any disputes and shall control the process concerning these pre-hearing
discovery matters. Pursuant to the Rules of AAA, the parties may subpoena witnesses and documents for presentation at the hearing. 
 d. Case Management . Prompt resolution of any dispute is important to both parties; and the parties agree that the arbitration of any dispute shall be conducted expeditiously. The arbitrators are
instructed and directed to assume case management initiative and control over the arbitration process (including scheduling of events, pre-hearing discovery and activities, and the conduct of the hearing), in order to complete the arbitration as
expeditiously as is reasonably practical for obtaining a just resolution of the dispute. 
 e. Remedies . The
arbitrators may grant any legal or equitable remedy or relief that the arbitrators deem just and equitable, to the same extent that remedies or relief could be granted by a state or federal court, provided however, that no punitive damages may be
awarded. No court action shall be maintained seeking punitive damages. The decision of any two of the three arbitrators appointed shall be binding upon the parties. Notwithstanding anything to the contrary in this Agreement, prior to or while an
arbitration proceeding is pending, either party has the right to seek and obtain injunctive and other equitable relief from a court of competent jurisdiction to enforce that party’s rights hereunder. 

f. Expenses . The expenses of the arbitration, including the arbitrators’ fees, expert witness fees, and attorney’s
fees, may be awarded to the prevailing party, in the discretion of the arbitrators, or may be apportioned between the parties in any manner 

  
 14 

 
deemed appropriate by the arbitrators. Unless and until the arbitrators decide that one party is to pay for all (or a share) of such expenses, both parties shall share equally in the payment of
the arbitrators’ fees as and when billed by the arbitrators. 
 g. Confidentiality . Except as set forth below and
as necessary to obtain or enforce a judgment upon any arbitration award, the parties shall keep confidential the fact of the arbitration, the dispute being arbitrated, and the decision of the arbitrators. Notwithstanding the foregoing, the parties
may disclose information about the arbitration to persons who have a need to know, such as directors, trustees, management employees, witnesses, experts, investors, attorneys, lenders, insurers, and others who may be directly affected. Additionally,
if a party has stock which is publicly traded, the party may make such disclosures as are required by applicable securities laws, but will use commercially reasonably efforts to seek confidential treatment for such disclosure. 

9.3 Entire Agreement; Modification . This Agreement and all of the attached Exhibits set forth the entire agreement and
understanding between the parties as to the subject matter hereof, and supersede all prior or contemporaneous written or oral agreements. There shall be no amendments or modifications to this Agreement, except by a written document which is signed
by both parties. 
 9.4 California Law . This Agreement shall be construed and enforced in accordance with the laws of
the State of California notwithstanding any conflicts or choice of laws provisions. 
 9.5 No Use of Name. The use of the
name “The Scripps Research Institute”, “Scripps”, “TSRI” or any variation thereof in connection with the advertising, sale or performance of Products, Processes, Services, Biological Materials or Research Tools is
expressly prohibited. Notwithstanding the foregoing, nothing in this section shall prohibit Sponsor from using the name “The Scripps Research Institute”, “Scripps”, “TSRI” or any variation thereof in connection with
making publications, news releases or other public announcements consistent with the requirements of Section 5.3 (Publicity). 
 9.6 Headings . The headings for each article and section in this Agreement have been inserted for the convenience of reference only and are not intended to limit or expand on the meaning of the
language contained in the particular article or section. 
 9.7 Severability . Should any one or more of the provisions
of this Agreement be held invalid or unenforceable by a court of competent jurisdiction, it shall be considered severed from this Agreement and shall not serve to invalidate the remaining provisions thereof. The parties shall make a good faith
effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated by them when entering this Agreement may be realized. 

9.8 No Waiver . Any delay in enforcing a party’s rights under this Agreement or any waiver as to a particular default or
other matter shall not constitute a waiver of such party’s rights to the future enforcement of its rights under this Agreement, excepting only as to an express written and signed waiver as to a particular matter for a particular period of time.

  
 15 

 9.9 Attorneys’ Fees . In the event of a dispute among the parties hereto or in
the event of any default hereunder, the party prevailing in the resolution of any such dispute or default shall be entitled to recover its reasonable attorneys’ fees and other costs incurred in connection with resolving such dispute or default.

 9.10 Notices. Any notices required by this Agreement shall be in writing, shall specifically refer to this Agreement
and shall be sent by registered or certified airmail, postage prepaid, or by telefax, telex or cable, charges prepaid, or by overnight courier, postage prepaid, and shall be forwarded to the respective addresses set forth below unless subsequently
changed by written notice to the other party: 
  

			
	FOR TSRI:	  	 The Scripps Research Institute

10550 North Torrey Pines Road, TPC-9
 La Jolla,
California 92037
 Attn: Director, Technology Development
 Fax No.: (858) 784-9910

		  	
	With a copy to:	  	 The Scripps Research Institute

10550 North Torrey Pines Road, TPC-8
 La Jolla,
California 92037
 Attention: Chief Business Counsel
 Fax No.: (858) 784-9910

		  	
	FOR SPONSOR:	  	 CytoDyn Inc.
 110 Crenshaw Lake
Rd.
 Lutz, Florida 33548
 Attn: Kenneth
Van Ness
 Fax No.: __________________________

 Notices shall be deemed delivered upon the earlier of (i) when received; (ii) three (3) days after
deposit into the U.S. mail; (iii) the date notice is sent via telefax, telex or cable; or (iv) the day immediately following delivery to an overnight courier guaranteeing next-day delivery (except Sunday and holidays). 

9.11 Compliance with U.S. Laws. Nothing contained in this Agreement shall require or permit TSRI or Sponsor to do any act
inconsistent with the requirements of any United States law, regulation or executive order as the same may be in effect from time to time. 
 9.12 Indemnity. Sponsor shall indemnify, defend (by counsel reasonably acceptable to TSRI) and hold harmless TSRI and any parent, subsidiary or other affiliated entity of TSRI and their trustees,
directors, officers, employees, scientists, agents, 

  
 16 

 
successors, assigns and other representatives (collectively, the “Indemnitees”) from and against all claims, suits, actions, damages, liabilities, losses and other expenses, including
without limitation reasonable attorney’s fees, expert witness fees and costs incurred by or asserted against the Indemnitees, whether or not a lawsuit or other proceeding is filed (collectively “Claim”), that arise out of or relate to
any allegations regarding Sponsor’s use of the Technology or the exercise of its non-exclusive license rights under Section 3.1(b). Sponsor shall not enter into any settlement of such Claims that imposes any obligation on TSRI, that does
not unconditionally release TSRI from all liability or that would have an adverse effect on TSRI’s reputation or business without TSRI’s prior written consent. Notwithstanding the above, Indemnitees, at their expense, shall have the right
to retain separate independent counsel to assist in defending any such Claims. In the event Sponsor fails to promptly indemnify and defend such Claims and/or pay Indemnitees’ expenses as provided above, Indemnitees shall have the right to
defend themselves, and in that case, Sponsor shall reimburse Indemnitees for all of their reasonable attorney’s fees, costs and damages incurred in settling or defending such Claims within thirty (30) days of each of Indemnitees’
written requests. This indemnity shall be a direct payment obligation and not merely a reimbursement obligation of Sponsor to Indemnitees. Notwithstanding anything to the contrary herein, Sponsor shall have no obligation to indemnify TSRI to the
extent that the TSRI Technology is a contributing factor in a third party infringement claim. 

  
 17 

 IN WITNESS WHEREOF, the parties have executed this Agreement by their duly authorized
representatives as of the date set forth above. 
  

							
	TSRI:	 		 	SPONSOR:
				
		 		 		 	Cytodyn Inc.

  

					
	By: Scott T. Forrest, Ph.D.

							
			
		  	 	By:	  	  	Kenneth J. Van Ness
		  				  	

  

					
	Title: VP, Business and Technology Development

							
			
		  	 	Title:	  	  	President and CEO
		  				  	

  
 18Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT
(“Agreement”) is made and entered into as of the 2nd day of November 2011, by and between MAGELLAN PETROLEUM CORPORATION, a Delaware corporation (“Magellan” or the “Company”) and J. Thomas Wilson, an individual residing
at 55 W. 12th Ave., Unit 409, Denver 80204 (the
“Executive”). Each of the Company and the Executive are individually referred to herein as a “Party” and collectively as the “Parties.” 
 W I T N E S S E T H 
 WHEREAS, the Company wishes to appoint the Executive
as the President and Chief Executive Officer of the Company effective as of September 27, 2011 (the “Effective Date”); 
 WHEREAS, the Parties desire to enter into this Agreement setting forth the terms and conditions of the Executive’s employment; and 

WHEREAS, the Parties will also enter into a restricted stock grant agreement and a stock option award agreement on November 7, 2011
(together, the “Equity Incentive Agreements”) and an indemnification agreement dated as of the date hereof and effective as of the Effective Date (the “Indemnification Agreement”). 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 
 1. Employment.

 1.1 Employment. The Company hereby agrees to employ the Executive as of the Effective Date, and the Executive hereby
accepts employment with the Company in the positions described below in Section 2.1, in accordance with the terms and provisions of this Agreement. 
 1.2 Term. The term of this Agreement (the “Initial Term”) shall be the period commencing on the Effective Date and ending on the earlier of: (a) September 27, 2013; or
(b) the date of termination of the Executive’s employment pursuant to Sections 6, 7 or 8 below, whichever is applicable. However, if not terminated earlier than September 27, 2013 in accordance with the provisions of Sections 6, 7 or
8 below, this Agreement may be renewed for additional one year terms (each, a “Renewal Term”) if the Parties mutually agree to do so and they can agree on the terms and conditions of the renewal contract, which may take the form of an
Addendum to this Agreement. If, at the conclusion of the Initial Term or any Renewal Term, as the case may be, either Party determines that they do not wish to renew this Agreement for an additional one year term, that Party must provide the other
with written notice six months prior to the expiration of the Initial Term or Renewal, as the case may be, upon conclusion of which the Agreement will terminate. Upon termination of this Agreement for any reason (including a Party’s written
notice electing not to renew the Agreement delivered to the other Party under this Section 1.2), the obligations of the Company under this Agreement shall cease and Executive shall forfeit all right to receive any compensation or other benefits
under this Agreement, except the amounts payable under Sections 6, 7, 8 and 12 of this Agreement, as applicable. 

  
 1 

 2. Duties. 
 2.1 Offices. Beginning on the Effective Date, the Executive has assumed the duties of President and Chief Executive Officer of the Company. It is the intention of the Parties that during the
Initial Term and any subsequent Renewal Term hereof the Executive will serve in the capacities described in this Section 2.1 and Section 2.3 and will devote substantially all of his business time and attention and best efforts to the
affairs of the Company and its subsidiaries and the performance of his duties. Nothing in this Agreement, however, shall prevent the Executive from (i) participating in charitable, civic, educational, professional, community or industry affairs
or, with prior written approval of the Board of Directors (“Board”), serving on the board of directors or advisory boards of other companies; and (ii) managing the Executive’s and the Executive’s family’s personal
investments so long as such activities do not materially interfere with the performance of the Executive’s duties hereunder or create a potential business conflict or the appearance thereof. 

2.2 Office Locations. The Executive shall be based at the Denver, Colorado, and Portland, Maine offices of the Company and shall
provide his services at such other locations as shall be reasonably necessary for the discharge of his duties under this Agreement. 
 2.3 Board Service. The Executive currently serves as a Class II Director of the Company. The Board will nominate and support the Executive’s re-election as a Director at the upcoming 2011
Annual Meeting of Shareholders. The Executive agrees to accept such nomination and to serve as a Director, if elected. In addition, during the period of his employment as President and Chief Executive Officer the Board will recommend that the
Executive be elected as a Director of the Company’s wholly-owned subsidiary, Magellan Petroleum Australia Limited (“MPAL”), and the Executive agrees to accept such nomination and to serve as a Director of MPAL. 

3. Compensation and Benefits. 
 3.1 Salary; Bonus. 
 (a) Salary. As of the
Effective Date, the Company shall pay the Executive an annual base salary of Three Hundred and Forty Nine Thousand Four Hundred and Fifty Nine Dollars ($349,459.00). Beginning July 1, 2012 and effective each January 1st thereafter, the Executive shall be eligible for an annual cost of
living increase based on a formula that shall be adopted for all employees of the Company. 
 (b) Bonus. During the Term,
the Executive will not be guaranteed a bonus but rather will be eligible to receive such bonus awards, if any, based on the Company and the Executive’s performance, as shall be determined by the Board in its sole discretion, after receipt of a
recommendation by the Compensation, Nominating and Governance (“CNG”) Committee of the Board. 
 3.2 Equity
Incentives. The Parties understand and anticipate that, upon execution of this Agreement, the Executive will become eligible to receive (i) a stock option award comprised 

  
 2 

 
of options to acquire 250,000 shares of the Company’s common stock, par value $0.01 (“Common Stock”), exercisable at the closing trading market price of the Common Stock on the
Grant Date (defined below); and (ii) a grant of 100,000 restricted shares of Common Stock (together, the “Equity Incentives”). Consistent with the Company’s compensation policy, the Equity Incentives will be granted to the
Executive on November 7, 2011 (the “Grant Date”). Subject to the provisions set forth in Sections 6, 7 and 8 below, one-half of the Equity Incentives shall vest on September 27, 2012, assuming a continuation of Executive’s
employment to such date, and the remaining one-half of the Equity Incentives shall vest on September 27, 2013, assuming a continuation of Executive’s employment to such date. Notwithstanding the foregoing, provided that the Executive
complies with the terms of his employment during the Initial Term, the Equity Incentives shall be fully vested upon the completion of the Initial Term. The anticipated award of the Equity Incentives set forth in this Section 3.2 shall be
consistent with the terms of the Company’s policy on granting equity awards and the terms of the Equity Incentive Agreements. 
 3.3 Benefit Programs. The Executive shall be entitled to participate on substantially the same terms as other members of senior management of the Company in all employee benefit plans and programs
of the Company (other than any severance plan, program or policy), as such plans and programs are made available by the Company, subject to any restrictions or eligibility requirements under such plans and programs, from time to time in effect for
the benefit of senior management of the Company, including, but not limited to, retirement plans, profit sharing plans, group life insurance, hospitalization and surgical and major medical and dental coverages, short-term and long-term disability.

 3.4 Vacations and Holidays. During the Term of this Agreement, the Executive shall be entitled to vacation of four
weeks per year at full pay or such greater vacation benefits as may be provided for by the Company’s vacation policies applicable to senior management. The Executive shall also be entitled to such holidays as are established by the Company for
all employees. 
 4. Business and Advisory Expenses. The Executive shall be entitled to prompt reimbursement for all reasonable,
documented and necessary expenses incurred by the Executive in performing his services hereunder in accordance with the policies of the Company, including business class accommodations when traveling on international business trips, or to the extent
necessary in the Executive’s reasonable judgment, on domestic business trips, for the Company. The Executive shall also be entitled to prompt reimbursement for his reasonable legal expenses incurred in connection with the Executive’s
negotiation and execution of this Agreement, the Equity Incentive Agreements, and the Indemnification Agreement. The Executive shall properly account for all such business and advisory expenses described in this Section 4 in accordance with the
policies and procedures established by the Company. 
 5. Separation from Service. No termination of employment shall be deemed to have
occurred under this Agreement unless there has been a “Separation from Service” as defined under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the term “termination of employment”
and the like in this Agreement shall be construed to mean “Separation from Service” as so defined. 

  
 3 

 6. Termination of Employment by the Company. 

6.1 Termination by the Company Other Than For Non-Renewal, Disability or Cause. 

(a) The Company may terminate the Executive’s employment at any time and for any reason, other than (i) pursuant to a written
notice by the Company of its intention to permit the Agreement to terminate at the end of the Initial Term or a Renewal Term in accordance with Section 1.2; (ii) by reason of the Executive’s Disability (as defined in
Section 6.2); or (iii) for Cause (as defined in Section 6.3), by giving the Executive a written notice of termination at least 30 days before the date of termination (or such lesser notice period as the Executive may agree to).

 (b) In the event of any termination of employment by the Company described in Section 6.1(a) above, the Executive shall
be entitled to receive the following benefits: 
 (i) Salary: His base salary pursuant to
Section 3.1(a) through the date of such termination of employment, plus his base salary for the period of any vacation time earned but not taken for the year of termination of employment (the “Salary Benefit”); 

(ii) Other Benefits: Any other compensation and benefits to the extent actually earned by the Executive under any
other benefit plan or program of the Company as of the date of such termination of employment, with such compensation and benefits to be paid at the normal time for payment of such compensation and benefits to the extent not previously paid (the
“Other Benefits”); 
 (iii) Reimbursements: Any reimbursement amounts for reasonable business
expenses approved by the Company and owing under this Agreement (the “Reimbursement Benefit”); 
 (iv)
Severance: A severance amount equal to the amount of base salary that the Executive would have received if he remained employed for the balance of the Initial Term or any Renewal Term negotiated pursuant to Section 1.2, as the case may
be, based upon his then-current base salary without further increase (the “Severance Benefit”). The amount of the Severance Benefit as so determined by this Section 6.1(b)(iv) shall be paid during the remainder of the Initial or
Renewal Term, as applicable, in equal monthly installments commencing in the first month following the Executive’s Separation from Service. 
 (v) Medical Coverage: If the Executive elects to continue insurance coverage under the Company’s health insurance plans pursuant to COBRA, then for the period beginning on the date of the
Executive’s termination of employment and ending on the earlier of (i) the date which is 18 months after the date of such termination of employment or (ii) the date the Executive becomes eligible for health insurance benefits under
the group health plan of another employer, the Company shall pay, or reimburse the Executive an amount equal to, the same dollar amount of the Executive’s premium for COBRA coverage for the Executive and, if applicable, his spouse and dependent
children, as the Company paid prior to the Executive’s termination for group health 

  
 4 

 
coverage under the Company’s health insurance plans for actively employed members of management generally. The Executive shall notify the Company promptly if he, while eligible for benefits
under this section , becomes eligible to receive health insurance benefits from another employer (the “Medical Benefit”); and 
 (vi) Equity Incentives. The Equity Incentives shall fully vest (the “Vesting Benefit”). 
 (c) Notwithstanding anything else in this Agreement to the contrary, if either Party gives written notice under Section 1.2 hereof of such Party’s intention to permit the Agreement to terminate
at the end of the Initial Term or a Renewal Term, as the case may be, then the Executive shall not be entitled to the Severance Benefit or the Medical Benefit following such termination. 

6.2 Termination by the Company Due to Disability. 
 (a) If the Executive incurs a Disability, as defined in Section 6.2(b) below, the Company may terminate the Executive’s employment by giving the Executive written notice of termination at least
30 days before the date of such termination (or such lesser notice period as the Executive may agree to). In the event of such termination of the Executive’s employment because of Disability, the Executive shall be entitled to receive the
following benefits: 
  

	 	(i)	The Salary Benefit; 

  

	 	(ii)	The Other Benefits; 

  

	 	(iii)	The Reimbursement Benefit; and 

  

	 	(iv)	The Vesting Benefit. 

 (b) For
purposes of this Agreement, the Executive shall be considered to have incurred a “Disability” if and only if the Executive shall be unable to perform the duties of his employment with the Company for an aggregate period of more than 90
days in a consecutive period of 52 weeks as a result of incapacity due to mental or physical illness or impairment (other than as a result of addiction to alcohol or any drug) as determined by a physician selected by the Company or its insurers and
acceptable to the Executive or his legal representative. 
 6.3 Termination by the Company for Cause. 

(a) The Company may terminate the Executive’s employment immediately for “Cause” for any of the following reasons:
(i) an act or acts of dishonesty or fraud by the Executive relating to the performance of his services to the Company; (ii) a breach by the Executive of his duties or responsibilities under this Agreement resulting in significant
demonstrable injury to the Company or any of its subsidiaries; (iii) the Executive’s conviction of a felony or any crime involving moral turpitude; (iv) the Executive’s material failure (for reasons other than death or
Disability) to perform his duties under this Agreement or insubordination (defined as refusal to execute or carry out lawful directions from the Board or its duly appointed designees) where the Executive has been given written notice of the acts or
omissions constituting such failure or insubordination and the Executive has failed to cure such conduct, where susceptible to cure, within 30 days following such notice; or (v) a breach by the Executive of any provision of any material policy
of the Company or any of his obligations under Section 13 of this Agreement. 

  
 5 

 (b) The Company shall exercise its right to terminate the Executive’s employment for
Cause by giving the Executive written notice of termination specifying in reasonable detail the circumstances constituting such Cause. In the event of such termination of the Executive’s employment for Cause, the Executive shall be entitled to
receive the following benefits: 
  

	 	(i)	The Salary Benefit; 

  

	 	(ii)	The Other Benefits; and 

  

	 	(iii)	The Reimbursement Benefit. 

 7. Terminations
of Employment by the Executive. 
 7.1 Termination by the Executive for Good Reason. 

(a) The Executive may terminate his employment for Good Reason, as defined in Section 7.1(b) below, by giving written notice of
termination at least 30 days before the date of such termination (or such lesser notice period as the Company or Executive may agree to) specifying in reasonable detail the circumstances constituting such Good Reason. In the event of such
termination, the Executive shall be entitled to receive the following benefits: 
  

	 	(i)	The Salary Benefit; 

  

	 	(ii)	The Other Benefits; 

  

	 	(iii)	The Reimbursement Benefit; 

  

	 	(iv)	The Severance Benefit; 

  

	 	(v)	The Medical Benefit; and 

  

	 	(vi)	The Vesting Benefit. 

 (b) For
purposes of this Agreement, “Good Reason” shall mean only, without the Executive’s written consent, (A) a material negative change in the scope of the authority, functions, duties or responsibilities of Executive’s
employment from that which is contemplated by this Agreement; provided that a change in scope solely as a result of the Company no longer being a public company or becoming a subsidiary of another entity shall not constitute Good Reason;
(B) the Company engaging the services of a long-term replacement President and Chief Executive Officer; (C) any material breach by the Company of any provision of this Agreement without the Executive having committed any material breach of
the Executive’s obligations hereunder (including Section 13 hereof), in each case of (A), (B), or (C), which breach is not cured by the Company within 30 days following written notice thereof to the Company of such breach; or (D) a
“Change in Control” of the Company. “For purposes of this Agreement, a “Change in Control” shall mean a change in control of the Company of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided that, without limitation, a Change in
Control shall be deemed to have occurred if: 
  

	 	(i)	any individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity, or any syndicate or group deemed to be a person under
Section 14(d)(2) of the Exchange Act, is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the General Rules and Regulations under the Exchange Act), directly or indirectly, of securities of the Company representing more
than 50% of the combined voting power of the Company’s then outstanding securities entitled to vote in the election of directors of the Company; 

  
 6 

	 	(ii)	during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement) individuals who at the beginning of such period
constituted the Board and any new directors, whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least three-quarters (3/4) of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

 

	 	(iii)	all or substantially all of the assets of the Company are sold, liquidated or distributed. 

 To the extent that the Company executes an agreement, the consummation of which results in the occurrence of a Change in Control as described above, then notwithstanding anything to the contrary in this
Section 7.1, a Change in Control shall be deemed to have occurred as of the date of the execution of such agreement. 
 If
grounds for termination of employment for Good Reason occurs, and the Executive fails to give notice of termination within 60 days after the occurrence of such event, the Executive shall be deemed to have waived his right to terminate employment for
Good Reason. In addition, prospective changes to employee benefits for future employment made on an across-the-board basis to all similarly situated executives of the Company and its subsidiaries shall not be considered Good Reason. Further, if
termination for Good Reason is triggered during the Initial Term or a Renewal Term but notice, provided consistent with the terms of this Agreement, is not provided until the immediately following Renewal Term, if any, the Severance Benefit
shall be zero. 
 7.2 Termination by the Executive Without Good Reason. In addition to a non-renewal of the Initial Term
or a Renewal Term by the Executive under Section 1.2 hereof, the Executive may terminate his employment at any time without Good Reason, by giving the Company a written notice of termination to that effect at least 30 days before the date of
termination (or such lesser notice period as the Company may agree to); provided, however, that the Company following receipt of such notice from the Executive may elect to have the Executive’s employment terminate immediately
following its receipt of such notice by paying to the Executive an amount equal to one month of the Executive’s then-current base salary. In the event of the Executive’s termination of his employment pursuant to this Section 7(b), and
in addition to the amount set forth in the preceding sentence, if applicable, the Executive shall be entitled to receive the following benefits: 
  

	 	(i)	The Salary Benefit; 

  
 7 

	 	(ii)	The Other Benefits; and 

  

	 	(iii)	The Reimbursement Benefit. 

 8. Termination
of Employment By Death. 
 8.1 In the event of the death of the Executive during the course of his employment hereunder, the
Executive’s estate (or other person or entity having such entitlement pursuant to the terms of the applicable plan or program) shall be entitled to receive the following benefits: 

 

	 	(i)	The Salary Benefit; 

  

	 	(ii)	The Other Benefits; 

  

	 	(iii)	The Reimbursement Benefit; and 

  

	 	(iv)	The Vesting Benefit. 

 8.2 In
addition, in the event of such death, the Executive’s beneficiaries shall receive any death benefits owed to them under the Company’s employee benefit plans. 
 9. Conditions to Payment of Certain Benefits. Notwithstanding anything in this Agreement to the contrary, the Company’s obligation to pay or provide to the Executive the benefits described in
Sections 6.1(b)(iv) – (vi), 6.2(a)(iv), and 7.1(a)(iv) – (vi) of this Agreement shall be subject to (i) the Executive’s compliance with the provisions of Section 13 hereof; (ii) delivery to the Company of the
Executive’s resignations from all officer, directorships and fiduciary positions, if any, with the Company, MPAL and their respective subsidiaries and employee benefit plans; and (iii) the Executive’s execution and delivery to the
Company without revocation of a valid Termination, Voluntary Release and Waiver of Rights Agreement, in substantially the form attached to this Agreement as Exhibit A (the “Release”). If the documentation described in clause
(ii) above and the Release described in clause (iii) above have not been executed by the Executive and delivered to the Company within 30 days following the termination of the Executive’s employment, the benefits referenced in this
Section 9 shall be forfeited and shall not be reinstated for any reason. 
 10. Golden Parachute Excise Tax. 

10.1 In the event that any payment or benefit received or to be received by the Executive pursuant to this Agreement or any other plan,
program or arrangement of the Company or any of its affiliates would constitute an “excess parachute payment” within the meaning of Section 280G of the Code (“Excess Parachute Payment”), then any Severance Benefit payable
under this Agreement shall be reduced (by the minimum possible amounts) until no amount payable to the Executive under this Agreement constitutes an Excess Parachute Payment; provided, however, that no such reduction shall be made if
the net after-tax payment (after taking into account Federal, state, local or other income and excise taxes) to which the Executive would otherwise be entitled without such reduction would be greater than the net after-tax payment (after taking into
account Federal, state, local or other income and excise taxes) to the Executive resulting from the receipt of such payments with such reduction. 

  
 8 

 10.2 All determinations required to be made under this Section 10 shall be made by a
nationally recognized independent accounting firm mutually agreeable to the Company and the Executive (the “Accounting Firm”) which shall provide detailed supporting calculations to the Company and the Executive as requested by the Company
or the Executive. All fees and expenses of the Accounting Firm shall be borne solely by the Company and shall be paid by the Company upon demand of the Executive as incurred or billed by the Accounting Firm. All determinations made by the Accounting
Firm pursuant to this Section 10 shall be final and binding upon the Company and the Executive. 
 11. Entitlement to Other Benefits,
Plans or Awards. Except as otherwise provided in this Agreement, this Agreement shall not be construed as limiting in any way any rights or benefits that the Executive or his spouse, dependents or beneficiaries may have pursuant to any other
employee benefit plan or program of the Company. All benefits, including, without limitation, stock options, stock appreciation rights, restricted stock units and other awards under the Company’s benefits, plans or programs, shall be subject to
the terms and conditions of the plan or arrangement under which such benefits accrue, are granted or are awarded. In addition, nothing herein shall be construed to prevent the Company from amending, altering, eliminating or reducing any benefits,
plans or programs so long as the Executive continues to receive compensation and benefits consistent with those described in Section 3 hereof. 
 12. Officer Protections. As required by the Company’s Restated Certificate of Incorporation, the Company is entering into its customary Indemnification Agreement with the Executive under which
the Company agrees to indemnify the Executive to the fullest extent allowed under Delaware law for any claims related to the Executive’s service as President and Chief Executive Officer and as a Director of the Company and MPAL and to provide
coverage for the Executive under the Company’s directors’ and officers’ liability insurance with tail coverage. 
 13.
Executive’s Obligations. 
 13.1 Confidentiality. The Executive agrees that he shall not, directly or
indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive’s employment and for the benefit of the Company, either during the period of the Executive’s employment or at
any time thereafter, any nonpublic, proprietary or confidential information, knowledge or data relating to the Company, any of its subsidiaries, affiliated companies or businesses, which shall have been obtained by the Executive during the
Executive’s employment by the Company. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes known to the public subsequent to disclosure to the Executive
through no wrongful act of the Executive or any representative of the Executive; or (iii) the Executive is required to disclose by applicable law, regulation or legal process (provided that the Executive provides the Company with prior notice
of the contemplated disclosure and reasonably cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information). Notwithstanding clauses (i) and (ii) of the preceding sentence,
the Executive’s obligation to maintain such disclosed information in confidence shall not terminate where only portions of the information are in the public domain. 

  
 9 

 13.2 Non-Solicitation. In the event that the Executive receives payment of any
Severance Benefit under this Agreement, the Executive agrees that for the two year period following the date of termination of his employment by the Company the Executive will not, directly or indirectly, individually or on behalf of any other
person, firm, corporation or other entity, knowingly solicit, aid or induce any managerial level employee of the Company or any of its subsidiaries or affiliates to leave such employment in order to accept employment with or render services to or
with any other person, firm, corporation or other entity unaffiliated with the Company or knowingly take any action to materially assist or aid any other person, firm, corporation or other entity in identifying or hiring any such employee (provided,
that the foregoing shall not be violated by general advertising not targeted at Company employees nor by serving as a reference for an employee with regard to an entity with which the Executive is not affiliated). For the avoidance of doubt, if a
managerial level employee on his or her own initiative contacts the Executive for the primary purpose of securing alternative employment, any action taken by the Executive thereafter shall not be deemed a breach of this Section 13.2.

 13.3 Non-Competition. The Executive acknowledges that the Executive performs services of a unique nature for the
Company that are irreplaceable, and that the Executive’s performance of such services to a competing business will result in irreparable harm to the Company. Accordingly, under this Agreement, the Executive agrees that for a period of two years
following the date of termination of his employment by the Company for any reason, whether voluntarily or involuntarily, and whether with or without Cause or Good Reason, he will not, directly or indirectly, become connected with, promote the
interest of, or engage in any other business or activity that directly competes with any or all of the mineral assets, including but not limited to, oil and natural gas, that the Company holds at the date of the Executive’s termination of
employment or has definitive plans to acquire within the 12 months following the date of the Executive’s termination of employment. This clause does not apply to the Executive’s business interests in Oregon existing as of the date of the
execution of this Agreement or to any business activity that results from the Company’s expansion into business activities outside of exploration, purchase, development, marketing, sales or distribution of mineral assets, including but not
limited to oil and natural gas. 
 13.4 Non-Disparagement. Each of the Executive and the Company (for purposes of this
Section 13.4, “the Company” shall mean only (i) the Company by press release or otherwise and (ii) the executive officers and directors thereof and not any other employees) agrees not to make any public statements that
disparage the other Party, or in the case of the Company, its subsidiaries, affiliates, officers, directors or business partners. Notwithstanding the foregoing, statements made in the course of sworn testimony in agency, administrative, judicial or
arbitral proceedings (including, without limitation, depositions in connection with such proceedings) or otherwise as required by law shall not be subject to this Section 13.4. 

13.5 Return of Company Property and Records. The Executive agrees that upon termination of the Executive’s employment, for
any reason whatsoever, the Executive will surrender to the Company in good condition (reasonable wear and tear excepted) all property and equipment belonging to the Company and all records kept by the Executive containing the names, addresses or any
other information with regard to customers or customer contacts of the Company, or concerning any proprietary or confidential information of the Company or any operational, financial or other documents given to the Executive during the
Executive’s employment with the Company. 

  
 10 

 13.6 Cooperation. The Executive agrees that, for a period of one year following
termination of the Executive’s employment for any reason, the Executive shall upon reasonable advance notice, and to the extent it does not interfere with previously scheduled travel plans and does not unreasonably interfere with other business
activities or employment obligations, assist and cooperate with the Company with regard to any matter or project in which the Executive was involved during the Executive’s employment, including any litigation. The Company shall compensate the
Executive for any lost wages (or, if the Executive is not then employed, provide reasonable compensation as determined by the CNG Committee) and reimburse the Executive’s reasonable expenses associated with such cooperation and assistance. All
such compensation shall be paid monthly as the services are being performed by the Executive, and any such reimbursement of expenses shall be subject to Section 4 hereof and shall be made within 30 days after the Executive has provided the
Company reasonable documentation for the expenses incurred and in no event later than the end of the calendar year following the year in which the expenses were incurred. 
 13.7 Assignment of Inventions. The Executive shall promptly communicate and disclose in writing to the Company all inventions and developments including software, whether patentable or not, as well
as patents and patent applications (hereinafter collectively called “Inventions”), made, conceived, developed, or purchased by the Executive, or under which the Executive acquires the right to grant licenses or to become licensed, alone or
jointly with others, which have arisen or which arise out of the Executive’s employment with the Company, or relate to any matters directly pertaining to, the business of the Company or any of its subsidiaries; provided however,
that the Executive shall have no obligation to disclose, and shall retain all rights to, Inventions made, conceived, developed, or purchased by him prior to his employment with the Company or MPAL. Included herein as if developed during the
employment period is any specialized equipment and software developed for use in the business of the Company. All of the Executive’s right, title and interest in, to, and under all such Inventions, licenses, and right to grant licenses shall be
the sole property of the Company. As to all such Inventions, the Executive will, upon request of the Company execute all documents which the Company deems necessary or proper to enable it to establish title to such Inventions or other rights, and to
enable it to file and prosecute applications for letters patent of the United States and any foreign country; and do all things (including the giving of evidence in suits and other proceedings) which the Company deems necessary or proper to obtain,
maintain, or assert patents for any and all such Inventions or to assert its rights in any Inventions not patented. 
 13.8
Equitable Relief; Reformation; Survival. The Parties acknowledge and agree that the other Party’s remedies at law for a breach or threatened breach of any of the provisions of this Section 13 would be inadequate and, in recognition
of this fact, the Parties agree that, in the event of such a breach or threatened breach, in addition to any remedies at law, the other Party, without posting any bond, shall be entitled to obtain equitable relief in the form of specific
performance, temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available. If it is determined by a court of competent jurisdiction in any state that any restriction in this
Section 13 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the Parties that such restriction may be modified or amended by the court to render it enforceable to the

  
 11 

 
maximum extent permitted by the law of that state. The obligations contained in this Section 13 shall survive the termination or expiration of the Executive’s employment with the
Company and shall be fully enforceable thereafter. 
 14. Alternative Dispute Resolution. Any controversy, dispute or questions arising
out of, in connection with or in relation to this Agreement or its interpretation, performance or nonperformance or any breach thereof shall be resolved through mediation. In the event mediation fails to resolve the dispute within 60 days after a
mediator has been agreed upon or such other longer period as may be agreed to by the Parties, or if the Parties fail to agree on a mediator within 30 days of either Party’s request for mediation, such controversy, dispute or question shall be
settled by arbitration in accordance with the Center for Public Resources Rules for Non Administered Arbitration of Business Disputes, by a sole arbitrator. The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sec. 1-16,
and judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof. The place of the arbitration shall be Denver, Colorado. 
 15. General Provisions. 
 15.1 No Duty to Seek Employment. The
Executive shall not be under any duty or obligation to seek or accept other employment following termination of employment, and no amount, payment or benefits due to the Executive hereunder shall be reduced or suspended if the Executive accepts
subsequent employment, except as expressly set forth herein. 
 15.2 Deductions and Withholding. All amounts payable or
which become payable under any provision of this Agreement shall be subject to any deductions authorized by the Executive and any deductions and withholdings required by applicable laws. 

15.3 Notices. All notices, demands, requests, consents, approvals or other communications (collectively “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be delivered personally, sent by facsimile transmission with a copy deposited in the United States mail, registered or
certified, return receipt requested, postage prepaid, or sent by overnight mail addressed as follows: 
  

			
	To the Company:	  	Magellan Petroleum Corporation
		  	7 Custom House Street, 3rd Floor
		  	Portland, ME 04101
		  	Attn: President and CEO
		  	Facsimile: (207) 553-2250
		
	With a copy to:	  	Patricia A. Peard, Esquire
		  	Bernstein Shur
		  	100 Middle Street
		  	P.O. Box 9729
		  	Portland, ME 04104-5029
		  	Facsimile: (207) 774-1127

  
 12 

			
	To the Executive:	  	J. Thomas Wilson
		  	55 West 12th Avenue
		  	Denver, CO 80204
		
	With a copy to:	  	Roger C. Cohen, Esquire
		  	Snell & Wilmer, LLP
		  	1200 17th Street, Ste. 1900
		  	Denver, CO 80202
		  	Facsimile: (303) 634-2020

 or such other address as such Party shall have specified most recently by written notice. Notice mailed as provided
herein shall be deemed given when so delivered personally or sent by facsimile transmission, or, if sent by overnight mail, on the day after the date of mailing. 
 15.4 Covenant to Notify Management. The Executive shall abide by the ethics policies of the Company as well as the Company’s other rules, regulations, policies and procedures. The Executive
agrees to comply in full with all governmental laws and regulations as well as ethics codes applicable. In the event that the Executive is aware or suspects the Company, or any of its officers or agents, of violating any such laws, ethics, codes,
rules, regulations, policies or procedures, the Executive agrees to bring all such actual and suspected violations to the attention of the Company immediately so that the matter may be properly investigated and appropriate action taken. The
Executive understands that the Executive is precluded from filing a complaint not involving or related to the Executive’s individual rights with any governmental agency or court having jurisdiction over wrongful conduct unless the Executive has
first notified the Company of the facts and permits it to investigate and correct the concerns. 
 15.5 Amendments and
Waivers. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and the Company. No waiver by either Party hereto at any time of any
breach by the other Party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. 
 15.6 Beneficial Interests. This Agreement shall inure to the benefit of and be enforceable by
(a) the Company’s successors and assigns and (b) the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive shall die while any amounts
are still payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the
Executive’s estate. 
 15.7 Successors. The Company shall require any successors (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform. 

  
 13 

 15.8 Assignment. This Agreement and the rights, duties, and obligations hereunder may
not be assigned or delegated by any Party without the prior written consent of the other Party and any attempted assignment or delegation without such prior written consent shall be void and be of no effect. Notwithstanding the foregoing provisions
of this Section 15.8, benefits payable pursuant to this Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Executive, and any
attempt to alienate, transfer, assign or attach such benefits shall be void. Notwithstanding the foregoing provisions of this Section 15.8, the Company may assign or delegate its rights, duties and obligations hereunder to any person or entity
which succeeds to all or substantially all of the business of the Company through merger, consolidation, reorganization, or other business combination or by acquisition of all or substantially all of the assets of the Company without the
Executive’s consent. 
 15.9 Choice of Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware without regard to the conflicts of law provisions thereof. 
 15.10 Statute of Limitations.
The Executive and the Company hereby agree that there shall be a three-year statute of limitations for the filing of any requests for arbitration or any lawsuit relating to this Agreement or the terms or conditions of Executive’s employment by
the Company. If such a claim is filed more than three years subsequent to the Executive’s last day of employment it shall be precluded by this provision, regardless of whether or not the claim has accrued at that time. 

15.11 Right to Injunctive and Equitable Relief. The Executive’s obligations under Section 13 of this Agreement are of a
special and unique character, which gives them a peculiar value. The Company cannot be reasonably or adequately compensated for damages in an action at law in the event the Executive breaches such obligations. Therefore, the Executive expressly
agrees that the Company shall be entitled to injunctive and other equitable relief without bond or other security in the event of such breach in addition to any other rights or remedies which the Company may possess or be entitled to pursue.
Furthermore, the obligations of the Executive and the rights and remedies of the Company under Section 13 and this Section 15.11 are cumulative and in addition to, and not in lieu of, any obligations, rights, or remedies as created by
applicable law. The Executive agrees that the terms of this Section 15.11 shall survive the term of this Agreement and the termination of the Executive’s employment. 
 15.12 Severability or Partial Invalidity. The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect. 
 15.13 Entire Agreement. This Agreement, along with Exhibit
A attached hereto, the Equity Incentive Agreements, and the Indemnification Agreement, constitute the entire agreement of the Parties and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and
negotiations between the Parties with respect to the subject matter hereof and thereof. This Agreement may not be changed orally and may only be modified in writing signed by both Parties. This Agreement, along with Exhibit A attached hereto,
the Equity Incentive Agreements, and the Indemnification Agreement, are intended by the Parties as 

  
 14 

 
the final expression of their agreement with respect to such terms as are included herein and therein and may not be contradicted by evidence of any prior or contemporaneous agreement. The
Parties further intend that this Agreement, along with Exhibit A attached hereto, the Equity Incentive Agreements, and the Indemnification Agreement, constitute the complete and exclusive statement of their terms and that no extrinsic
evidence may be introduced in any judicial proceeding involving such agreements. 
 15.14 Code Section 409A. This
Agreement is intended to comply with the provisions of Section 409A of the Code. The Parties intend that the benefits and payments provided under this Agreement shall be exempt from, or comply with, the requirements of Section 409A of the
Code. Notwithstanding the foregoing, the Company shall in no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the IRS pursuant to Section 409A of the Code. 

15.15 Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed
an original but all of which together shall constitute one and the same instrument. 
 * * * * * 

  
 15 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer and the Executive has hereunto set his hand as of the day and year first above written. 
  

			
	MAGELLAN PETROLEUM CORPORATION
		
	By:	 	 /s/ Walter McCann

		 	Name: Walter McCann
		 	Title: Director
		 	November 9, 2011

  

	
	EXECUTIVE
	
	 /s/ J. Thomas Wilson

	J. Thomas Wilson

  
 16 

 EXHIBIT A 
 TERMINATION, VOLUNTARY RELEASE AND WAIVER OF RIGHTS AGREEMENT 
 I, J.
Thomas Wilson, freely enter into this Termination, Voluntary Release and Waiver of Rights Agreement (the “Agreement”), unqualifiedly accept and agree to the relinquishment of my title, responsibilities and obligations as President and
Chief Executive Officer of Magellan Petroleum Corporation (the “Company”), and concurrently and unconditionally agree to sever my relationship as President and Chief Executive Officer of the Company, in consideration for the voluntary
payment to me by the Company of the benefits described in Section 9 of the Employment Agreement, dated as of             2011, by and between me and the Company (the “Employment
Agreement”). 
 1. In exchange for this consideration, which I understand that the Company is not otherwise obligated to provide to me, I
voluntarily agree to waive and forego any and all claims, rights, interests, covenants, contracts, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, attorneys’ fees or other expenses, accounts, judgments,
fines, fees, losses and liabilities, of any kind, nature or description, in law (including all contract and tort claims), equity or otherwise (collectively, “Claims”) that I may have against the Company as the President and Chief Executive
Officer of the Company beyond the rights set forth in the Employment Agreement and to release the Company and their respective affiliates, subsidiaries, officers, directors, employees, representatives, agents, successors and assigns (hereinafter
collectively referred to as “Releasees”) from any obligations any of them may owe to me in my capacity as President and Chief Executive Officer of the Company except as set forth in my Employment Agreement (and specifically not as a
shareholder or director), accepting the aforestated consideration as full settlement of any monies or obligations owed to me by Releasees that may have arisen at any time prior to the date of my execution of this Agreement, except as specifically
provided below in the following paragraph number 2. 
 2. I do not waive, nor has the Company asked me to waive, any rights arising exclusively
under the Fair Labor Standards Act, except as such waiver may henceforth be made in a manner provided by law. I do not waive, nor has the Company asked me to waive, any vested benefits that I may have or that I may have derived from the course of my
employment with the Company. I understand that such vested benefits will be subject to and administered in accordance with the established and usual terms governing same. I do not waive any rights which may in the future, after the execution of this
Agreement, arise exclusively from a substantial breach by the Company of a material obligation of the Company expressly undertaken in consideration of my entering into this Agreement. 
 3. Except as set forth in paragraphs 2 and 9 hereof, I do fully, irrevocably and forever waive, relinquish and agree to forego any and all Claims whatsoever, whether known or unknown, in contract, tort or
otherwise, that I may have or may hereafter have against the Releasees or any of them arising out of or by reason of any cause, matter or thing whatsoever arising out of my employment by the Company (other than as set forth in my Employment
Agreement) from the beginning of the world to the date hereof, including without limitation any 

  
 A-1

 
and all matters relating to my employment with the Company and the cessation thereof and all matters arising under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000 et
seq., the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq., the Age Discrimination in Employment Act of 1967, 29
U.S.C. § 621 et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., all as amended, or under any other laws, ordinances, executive orders, regulations or administrative or
judicial case law arising under the statutory or common laws of the United States, the State of Texas or any other applicable county or municipal ordinance. 
 4. As a material inducement to the Company to enter into this Agreement, I, the undersigned, recognize that I may have been privy to certain confidential, proprietary and trade secret information of the
Company which, if known to third parties, could be used in a manner that would reduce the value of the Company for its shareholders. In order to reduce the risk of that happening, I, the undersigned, agree that for a period of two (2) years
after termination of employment, I, the undersigned, will not, directly or indirectly, assist, or be part of or have any involvement in, any effort to acquire control of the Company through the acquisition of its stock or substantially all of its
assets, without the prior consent of the Board of Directors of the Company. This provision shall not prevent the undersigned from owning up to not more than five percent (5%) of the outstanding publicly traded stock of any company; exercising
any Company stock options in accordance with the terms and conditions of the Company’s 1998 Stock Incentive Plan, or retaining any shares of Company stock owned by me on the date hereof. 
 5. Acknowledgements. 
 (a) I further acknowledge pursuant to the Older
Worker’s Benefit Protection Act (29 U.S.C. § 626(f)), I expressly agree that the following statements are true: 
 (i)
The payment of the benefits described in Section 9 of the Employment Agreement is in addition to the standard employee benefits and anything else of value which the Company owes me in connection with my employment with the Company or the
separation of employment. 
 (ii) I have 21 days from date of receipt to consider and sign this agreement. If I choose to sign
this Agreement before the end of the 21 day period, that decision is completely voluntary and has not been forced on me by the Company. 
 (iii) I will have seven days after signing the Agreement in which to revoke it, and the Agreement will not become effective or enforceable until the end of those seven days. 

(iv) I am now being advised in writing to consult an attorney before signing this Agreement. 

(v) I acknowledge that I have been given sufficient time to freely consult with an attorney or counselor of my own choosing and that I
knowingly and voluntarily execute this Agreement, after bargaining over the terms hereof, with knowledge of the consequences made clear, and with the genuine intent to release claims without threats, duress, or coercion on the part of the Company. I
do so understanding and acknowledging the significance of such waiver. 

  
 A-2

 6. Further, in view of the above-referenced consideration voluntarily provided to me by the Company, after
due deliberation, I agree to waive any right to further litigation or claim against any or all of the Releasees except as specifically provided in paragraphs 2 and 9 hereof. I hereby agree to indemnify and hold harmless the Releasees and their
respective agents or representatives from and against any and all losses, costs, damages or expenses, including, without limitation, attorneys fees incurred by said parties, or any of them, arising out of any breach of this Agreement by me or by any
person acting on my behalf, or the fact that any representation made herein by the undersigned was false when made. 
 7. As a material
inducement to the Company to enter into this Agreement, I, the undersigned, understand and agree that if I should fail to comply with the conditions hereof or to carry out my obligations under this Agreement, all amounts previously paid under this
Agreement shall be immediately forfeited to the Company and that the right or claim to further payments and/or benefits hereunder would likewise be forfeited. 
 8. As a further material inducement to the Company to enter into this Agreement, the undersigned provides as follows: 
 First. No Claims. I represent that I have not filed any complaints or charges against the Company, or any of the Releasees relating to the relinquishment of my former titles and
responsibilities at the Company or the terms of my employment with the Company and that if any agency or court assumes jurisdiction of any complaint or charge against the Company or any of the Releasees on behalf of me concerning my employment with
the Company, I understand and agree that I have, by my knowing and willing execution of this Agreement, waived my rights to any form of recovery or relief against the Company, or any of the Releasees, including but not limited to, attorney’s
fees; provided, however, that this provision shall not preclude the undersigned from pursuing appropriate legal relief against the Company for redress of a substantial breach of a material obligation of the Company expressly undertaken
in consideration of my entering into this Agreement. 
 Second. No Admission. I acknowledge and understand that
the consideration for this release shall not be in any way construed as an admission by the Company or any of the Releasees of any improper acts or any improper employment decisions, and that the Company, specifically disclaims any liability on the
part of itself, the Releasees, and their respective agents, employees, representatives, successors or assigns in this regard. 

Third. Binding Nature. I acknowledge and agree that this Agreement shall be binding upon me, upon the Company, and upon our
respective administrators, representatives, executives, successors, heirs and assigns and shall inure to the benefit of said parties and each of them. 
 Fourth. Entire Agreement. I represent, understand and agree that this Agreement sets forth the entire agreement between the Parties hereto, and fully supersedes any and all prior agreements
or understandings between the Parties pertaining to the subject matter hereof, except for the provisions of Section 15 of the Employment Agreement, the terms of which retain their full force and effect, and which are in no way limited or
curtailed by this Agreement. 
 Fifth. Modification. This Agreement may not be altered or changed except by an
agreement in writing that has been properly executed by the Party against whom any waiver, change, modification or discharge is sought. 

  
 A-3

 Sixth. Severability. All provisions and terms of this Agreement are severable.
The invalidity or unenforceability of any particular provision(s) or term(s) of this Agreement shall not affect the validity or enforceability of the other provisions and such other provisions shall be enforceable in law or equity in all respects as
if such particular invalid or unenforceable provision(s) or term(s) were omitted. Notwithstanding the foregoing, the language of all parts of this Agreement shall, in all cases, be construed as a whole, according to its fair meaning, and not
strictly for or against any of the Parties. 
 Seventh. No Disparagement. I agree and promise that I will not make
any public statements which are disparaging or damaging to the reputation or business of the Company, its subsidiaries, directors, officers or affiliates, and I will not make any oral or written statements or reveal any information to any person,
company, or agency which would interfere in any way with the business relations between the Company or any of its subsidiaries or affiliates and any of their customers, suppliers or vendors whether present or in the future; provided however,
that statements made in the course of sworn testimony in agency, administrative, judicial or arbitral proceedings (including, without limitation, depositions in connection with such proceedings) or otherwise as required by law shall not be subject
to this section Seventh. 
 Eighth. Confidentiality. The Company and the undersigned agree to refrain from
disclosing to third parties and to keep strictly confidential all details of this Agreement and any and all information relating to its negotiation, except as necessary to each Party’s accountants or attorneys. 

9. Notwithstanding anything herein to the contrary, this release shall not affect, release or terminate in any way the undersigned’s rights
(i) to receive payments under the Employment Agreement (ii) under the Indemnification Agreement entered by the Company and the undersigned with respect to certain liabilities that the undersigned may incur as an officer of the Company or
(iii) under any option agreements and grants from the Company to the undersigned, or any agreement between the undersigned and the Company relating to the undersigned’s rights as an owner of stock or options in the Company. 

* * * * * 

  
 A-4

 AFFIRMATION OF RELEASOR 

I, J. Thomas Wilson, warrant that I am competent to execute this Termination, Voluntary Release and Waiver of Rights Agreement and that I
accept full responsibility thereof. 
 I, J. Thomas Wilson, warrant that I have had the opportunity to consult with an attorney
of my choosing with respect to this matter and the consequences of my executing this Termination, Voluntary Release and Waiver of Rights Agreement. 
 I, J. Thomas Wilson, have read this Termination, Voluntary Release and Waiver of Rights Agreement carefully and I fully understand its terms. I execute this document voluntarily with full and complete
knowledge of its significance. 
 Executed this      day of
            , 20     at                     . 

 

	
	  

	J. Thomas Wilson

 STATE OF
                    ) 

:        ss.
                                           ,
2011 
 COUNTY OF
                    ) 

Subscribed and sworn to before me, a Notary Public in and for said County and State, this day of
            , 20     under the pains and penalties of perjury. 
                     , Notary Public 
 My Commission Expires: 
 County of Residence: 

 

			
	AGREED:
	
	MAGELLAN PETROLEUM CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-5

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