Document:

Nonqualified Stock Option Award Agreement

 Exhibit 10.7 
 EXECUTION COPY 
 MAGELLAN PETROLEUM CORPORATION 

NONQUALIFIED STOCK OPTION AWARD AGREEMENT 
 THIS AGREEMENT is made as of the grant date indicated in Section 3 below (the “Grant Date”) between Magellan Petroleum Corporation, a
Delaware corporation (the “Company”), and the undersigned individual (the “Optionee”), pursuant to the Magellan Petroleum Corporation 1998 Stock Incentive Plan, as amended from time to time (the “Plan”). Terms used but
not defined herein shall have the same meaning as in the Plan. 
 WHEREAS, the Optionee
serves as the Chief Financial Officer, Vice President and Treasurer of the Company; and 

WHEREAS, the Company, acting through the Compensation, Nominating and Governance Committee and the
full Board of Directors has approved the award of Nonqualified Stock Options (the “Options”) under the Plan to the Optionee (the “Award”). 
 NOW, THEREFORE, in consideration of the terms and conditions of this Agreement and pursuant to the Plan, the parties agree as follows: 

 

	1.	Grant of Options. The Company hereby grants to the Optionee the right and option to purchase from the Company, at the exercise price set forth in
Section 3 below, all or any part of the aggregate number of shares of common stock, par value $0.01 per share, of the Company, as such common shares are presently constituted (the “Stock”), set forth in said Section 3.

  

	2.	Terms and Conditions. It is understood and agreed that the Options evidenced hereby shall at all times be subject to the provisions of the Plan (which are
incorporated herein by reference) and the following terms and conditions: 

  

	 	(a)	Expiration Date; Effect of Specified Terminations. The Options evidenced hereby shall expire on the date specified in Section 3 below, or earlier as
provided in Section 7 of the Plan; provided however, that: 

 (i) if the Company terminates the
Optionee’s employment under Section 1.1 of Optionee’s Employment Agreement with the Company, then the Options evidenced hereby shall immediately terminate; and
 (ii) if the Optionee terminates his employment with the Company for “Good Reason” (as such term is defined in the Optionee’s Employment Agreement with the Company), then the Optionee may
exercise the Options (unless previously terminated or exercised) at any time during the three (3) month period following such termination of employment, but only to the extent that the Options were exercisable by the Optionee as of the date of
termination of his employment. 

	 	(b)	Exercise of Option. The Options evidenced hereby shall be exercisable from time to time by (i) providing written notice of exercise ten
(10) days prior to the date of exercise specifying the number of shares for which the Options are being exercised, addressed to the Company at its principal place of business, and (ii) either: 

 

	 	(A)	Cash Only Exercise – submitting the full cash purchase price of the exercised Stock; or 

 

	 	(B)	Cashless Exercise – submitting appropriate authorization for the sale of Stock in an amount sufficient to provide the full purchase price in accordance with
Section 5(d) of the Plan; or 

  

	 	(C)	Combination – tendering a combination of (A) and (B) above. 

 

	 	(c)	Withholding Taxes. Without regard to the method of exercise and payment, the Optionee shall pay to the Company, upon notice of the amount due, any
withholding taxes payable with respect to such exercise, which payment may be made with shares of Stock which would otherwise be issued pursuant to the Options. 

 

	 	(d)	Vesting. The shares covered by the Options shall vest as follows: 

 

	 	(i)	Two hundred thousand (200,000) Option shares shall vest in full on November 30, 2012; and 

 

	 	(ii)	Two hundred thousand (200,000) Option shares shall vest in full on November 30, 2013; and 

 

	 	(e)	Acceleration. The Options evidenced hereby shall immediately be accelerated and vest in full upon: (i) the occurrence of a “Change of
Control” of the Company as defined in Section 15 of the Plan; (ii) the Company’s termination of the Optionee’s employment with the Company without “Cause” (as such term is defined in the Optionee’s employment
agreement with the Company); or (iii) upon the Optionee’s resignation from the Company for “Good Reason” (as such term is defined in the Optionee’s Employment Agreement with the Company). 

 

	 	(f)	Compliance with Laws and Regulations. The Options evidenced hereby are subject to restrictions imposed at any time on the exercise or delivery of shares
in violation of the By-Laws of the Company or of any law or governmental regulation that the Company may find to be valid and applicable. 

  

	 	(g)	 Interpretation. Optionee hereby acknowledges that this Agreement is governed by the Plan, a copy of which Optionee hereby acknowledges
having 

  
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received, and by such administrative rules and regulations relative to the Plan and not inconsistent therewith as may be adopted and amended from time by the Committee (the “Rules”).
Optionee agrees to be bound by the terms and provisions of the Plan and the Rules. 

  

	 	3.	Option Data. 

  

			
	Optionee’s Name:	 	Antoine J. Lafargue
		
	Number of shares of Stock Subject to this Option:	 	400,000 shares
		
	Grant Date:	 	November 30, 2011
		
	Exercise Price Per Share:	 	$1.10 per share
		
	Expiration Date:	 	November 30, 2021

  

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

* * * * * * 

IN WITNESS WHEREOF, the Company has caused this instrument to be
executed by its authorized officer, as of the date identified below. 
  

									
	Agreed to:	 		 	 MAGELLAN PETROLEUM

CORPORATION

					
	By:	 	/s/ Antoine J. Lafargue	 		 	By:	 	/s/ J. Thomas Wilson
		 	Optionee: Antoine J. Lafargue	 		 		 	 Name: J. Thomas Wilson

Title: President and CEO

 Date: November 30, 2011 

  
 3Nonqualified Stock Option Performance Award Agreement

 Exhibit 10.8 
 EXECUTION COPY 
 MAGELLAN PETROLEUM CORPORATION 

NONQUALIFIED STOCK OPTION 
 PERFORMANCE AWARD AGREEMENT 
 THIS
AGREEMENT is made as of the grant date indicated in Section 3 below (the “Grant Date”), between Magellan Petroleum Corporation, a Delaware corporation (the “Company”), and the undersigned
individual (the “Optionee”), pursuant to the Magellan Petroleum Corporation 1998 Stock Incentive Plan, as amended from to time (the “Plan”). Terms used but not defined herein shall have the same meaning as in the Plan).

 WHEREAS, the Optionee serves as the Chief Financial Officer, Vice President and
Treasurer of the Company; and 
 WHEREAS, the Company, acting through the Compensation,
Nominating and Governance Committee and the full Board of Directors has approved the award of Nonqualified Stock Options (“Options”) under the Plan to the Optionee (the “Award”). 

NOW, THEREFORE, in consideration of the terms and conditions of this Agreement and
pursuant to the Plan, the parties agree as follows: 
  

	1.	Grant of Options. The Company hereby awards to the Optionee the right and option to purchase from the Company, at the exercise price set forth in
Section 3 below, all or any part of the aggregate number of shares of common stock, par value $0.01 per share, of the Company, as such common shares are presently constituted (the “Stock”), set forth in said Section 3.

  

	2.	Terms and Conditions. It is understood and agreed that the Options evidenced hereby shall at all times be subject to the provisions of the Plan (which are
incorporated herein by reference) and the following terms and conditions: 

  

	 	(a)	Expiration Date; Effect of Specified Terminations. The Options evidenced hereby shall expire on the date specified in Section 3 below, or earlier as
provided in Section 7 of the Plan; provided however, that: 

 (i) if the Company terminates the
Optionee’s employment under Section 1.1 of Optionee’s Employment Agreement with the Company, then the Options evidenced hereby shall immediately terminate; and
 (ii) if the Optionee terminates his employment with the Company for “Good Reason” (as such term is defined in the Optionee’s Employment Agreement with the Company), then the Optionee may
exercise the Options (unless previously terminated or exercised) at any time during the three (3) month period following such termination of employment, but only to the extent that the Options were exercisable by the Optionee as of the date of
termination of his employment. 

	 	(b)	Exercise of Option. The Options evidenced hereby shall be exercisable from time to time by (i) providing written notice of exercise ten
(10) days prior to the date of exercise specifying the number of shares for which the Options are being exercised, addressed to the Company at its principal place of business, and (ii) either: 

 

	 	(A)	Cash Only Exercise – submitting the full cash purchase price of the exercised Stock; or 

 

	 	(B)	Cashless Exercise – submitting appropriate authorization for the sale of Stock in an amount sufficient to provide the full purchase price in accordance with
Section 5(d) of the Plan; or 

  

	 	(C)	Combination – tendering a combination of (A) and (B) above. 

 

	 	(c)	Withholding Taxes. Without regard to the method of exercise and payment, the Optionee shall pay to the Company, upon notice of the amount due, any
withholding taxes payable with respect to such exercise, which payment may be made with shares of Stock which would otherwise be issued pursuant to the Options. 

 

	 	(d)	Vesting. 

  

	 	(A)	100,000 shares covered by the Options shall vest in full upon the completion of Nautilus drilling program; 

 

	 	(B)	50,000 shares covered by the Options shall vest in full upon the completion of the relocation of the Company’s headquarters from Portland, Maine to Denver,
Colorado; and 

  

	 	(C)	50,000 shares covered by the Options shall vest in full upon “completion” (as defined in the SA referenced below) of the asset swap transaction subject to the
September 14, 2011 Sale Agreement between MAGELLAN PETROLEUM (NT) PTY LTD, SANTOS QNT PTY LTD and SANTOS LIMITED (the “SA”). 

  

	 	(e)	Acceleration. The Options evidenced hereby shall immediately be accelerated and vest in full upon: (i) the occurrence of a “Change of
Control” of the Company as defined in Section 15 of the Plan; (ii) the Company’s termination of the Optionee’s employment with the Company without “Cause” (as such term is defined in the Optionee’s employment
agreement with the Company); or (iii) upon the Optionee’s resignation from the Company for “Good Reason” (as such term is defined in the Optionee’s Employment Agreement with the Company). 

  
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	 	(f)	Compliance with Laws and Regulations. The Options evidenced hereby are subject to restrictions imposed at any time on the exercise or delivery of shares
in violation of the By-Laws of the Company or of any law or governmental regulation that the Company may find to be valid and applicable. 

  

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

	3.	Option Data. 

  

			
	 Optionee’s Name:
	 	Antoine J. Lafargue
		
	 Number of shares of Stock Subject to this Option:
	 	200,000 shares
		
	 Grant Date:
	 	November 30, 2011
		
	 Exercise Price Per Share:
	 	$1.10 per share
		
	 Expiration Date:
	 	November 30, 2021

  

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

  
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 * * * * * * 
 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its authorized officer, as of the date identified below.

  

									
	Agreed to:	 		 	MAGELLAN PETROLEUM CORPORATION
					
	By:	 	/s/ Antoine J. Lafargue	 		 	By:	 	/s/ J. Thomas Wilson
	Optionee: Antoine J. Lafargue	 		 		 	 Name: J. Thomas Wilson

Title: President and CEO

 Date: November 30, 2011 

  
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