Document:

e10-75restricted

Exhibit 10.75   MAGELLAN PETROLEUM CORPORATION   RESTRICTED STOCK AWARD AGREEMENT   This Restricted Stock Award Agreement (the "Agreement") is made effective as of the   grant date set forth in Section 3 below (the "Grant Date") between Magellan Petroleum   Corporation, a Delaware corporation (the “Company”), and the grantee named in Section 1   below (the "Grantee"), to whom a Restricted Stock Award has been granted under the   Company's 2012 Omnibus Incentive Compensation Plan (the "Plan").   Pursuant to the terms and conditions of the Plan and this Agreement, as of the Grant Date   the Company has granted the Restricted Stock Award set forth herein to Grantee.  Capitalized   terms used but not defined in this Agreement shall have the meanings given to them in the Plan.   1. Name of Grantee.  The name of Grantee is [_____________________].   2. Number of Restricted Shares.  [___________] restricted shares of Common Stock (the   “Restricted Shares”) have been granted to Grantee and are the subject of this Agreement   (with such grant sometimes hereinafter referred to as the "Award").   3. Grant Date.  The Grant Date of the Restricted Shares is [___________].   4. Acceptance; Execution of Agreement.  If Grantee does not accept this Award of   Restricted Shares within 60 days (or such shorter time as the Plan Administrator may   specify) following the Grant Date by executing and delivering to the Corporate Secretary   of the Company a copy of this Agreement, Grantee's rights with respect to the Restricted   Shares awarded hereby will be forfeited.   5. Vesting of Restricted Shares.  Provided that a Termination of Service of Grantee has not   occurred on or before the following respective vesting dates, the vesting of the Restricted   Shares shall occur as follows:   Number of Shares Vesting Date   [___________] (1/3) [___________]   [___________] (1/3) [___________]   [___________] (1/3) [___________]      Upon such vesting, the respective number of Restricted Shares that have vested shall no   longer be subject to forfeiture by Grantee to the Company as set forth in Section 6, and   shall no longer be subject to restrictions against transfer as set forth in Section 7.  From   the Grant Date until the vesting of the corresponding number of Restricted Shares   associated with such vesting date (the "Restriction Period"), such corresponding number   of Restricted Shares shall be subject to forfeiture as set forth in Section 6, and restrictions   against transfer as set forth in Section 7.      6. Forfeiture.  In the event of a Termination of Service of Grantee, all of the Restricted   Shares that are then remaining unvested shall be immediately forfeited to the Company,     

 

 2   without the necessity of any further act by the Company, Grantee, or Grantee’s legal   representative.   7. Nontransferability; Rights as a Stockholder.  Restricted Shares for which the applicable   Restriction Period has not expired and thus have not become vested may not be sold,   assigned, transferred, or otherwise disposed of or pledged or otherwise encumbered by   Grantee; provided, however, that Grantee shall have all the rights of a stockholder with   respect to the Restricted Shares awarded hereby, including voting and dividend rights,   subject to the provisions regarding nontransferability and the Company’s forfeiture rights   described herein.  Subject to the forfeiture provisions described herein, Grantee shall be   entitled to receive any cash dividends paid with respect to unvested Restricted Shares   during the applicable Restriction Period, but such dividends shall be held by the   Company and paid, without interest, within 10 days following the vesting of such   Restricted Shares.  In the event that Restricted Shares are forfeited to the Company   pursuant to this Agreement, any cash dividends paid with respect to such Restricted   Shares during the applicable Restriction Period shall also be forfeited to the Company.    Restricted Shares that become vested may be transferred by Grantee, subject to   compliance with the Company's Insider Trading Policy and applicable laws, rules, and   regulations.   8. Tax Matters.   (a) Tax Withholding.  The Company may make such provisions and take such steps   as it deems necessary or appropriate for the withholding of any taxes that the   Company is required by law or regulation of any governmental authority, whether   federal, state, or local, to withhold in connection with the Restricted Shares   subject to this Agreement.  Grantee shall elect, prior to any tax withholding event   related to the Restricted Shares and at a time when Grantee is not aware of any   material nonpublic information about the Company and Grantee would be   permitted to engage in a transaction in the Company’s securities under the   Company’s Insider Trading Policy, whether Grantee will satisfy the applicable tax   withholding requirement by paying the taxes in cash, by delivery of shares of   Common Stock of the Company, including by having the Company withhold   delivery of vested Restricted Shares, having a Fair Market Value equal to the   minimum statutory withholding that may be imposed on the transaction (based on   minimum statutory withholding rates for federal, state, and local tax purposes, as   applicable, that are applicable to such transaction), or in a combination of such   means as may be acceptable to the Plan Administrator.  Grantee’s election shall   be irrevocable, made in writing, signed by Grantee, and shall be subject to any   restrictions or limitations that the Plan Administrator, in its sole discretion, deems   appropriate.  In no event shall fractional shares of Common Stock be used or   otherwise result from any tax withholding, but rather such shares shall be rounded   to the nearest whole number of shares.   (b) Section 83(b) Election.  In the event Grantee properly makes an election under   Section 83(b) of the Code to include in taxable income the Fair Market Value of   the Restricted Shares as of the Grant Date, Grantee shall, within 10 days of     

 

 3   making such election, notify the Company in writing of such election and shall   provide the Company with a copy of such election form filed with the U.S.   Internal Revenue Service.  In addition, Grantee shall make appropriate   arrangements satisfactory to the Company to pay the Company all applicable   withholding taxes resulting from such election.  In the event Grantee does not   make such payments, the Company shall, to the extent permitted by law, have the   right to deduct from any payment of any kind otherwise due to Grantee any   federal, state, or local taxes of any kind required by law to be withheld with   respect to the Restricted Shares.   9. Stock Certificates; Book-Entry.  During the applicable Restriction Periods for the   Restricted Shares, any certificates representing unvested Restricted Shares shall be issued   in the name of Grantee, but held in the physical custody of the Company or the   Company's stock transfer agent, and shall bear the following (or a substantially similar)   legend to evidence the restrictions on such Restricted Shares, in addition to any other   legends that may be required under federal or state securities laws:   "THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF   COMMON STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS   AND CONDITIONS (INCLUDING FORFEITURE CONDITIONS) CONTAINED IN   THE MAGELLAN PETROLEUM CORPORATION 2012 OMNIBUS INCENTIVE   COMPENSATION PLAN AND THE RESTRICTED STOCK AWARD AGREEMENT   DATED AS OF [___________] BETWEEN MAGELLAN PETROLEUM   CORPORATION AND THE REGISTERED OWNER OF THE SHARES   REPRESENTED HEREBY.  COPIES OF THE PLAN AND THE AWARD   AGREEMENT ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF   MAGELLAN PETROLEUM CORPORATION."   Any unvested Restricted Shares credited to book-entry accounts during the applicable   Restriction Periods shall be subject to similar stop-transfer orders to evidence the   restrictions on such Restricted Shares.  In connection with the restrictions on the   Restricted Shares, Grantee shall execute the stock power attached hereto as Annex I to   facilitate the transfer of the Restricted Shares in the event they are forfeited pursuant to   Section 6 above.  Promptly upon the vesting of any Restricted Shares, the Company shall   remove the above restrictions for such shares and release to Grantee physical custody of   any certificates for such shares.   10. Compliance with Laws and Regulations.  The issuance of the Restricted Shares pursuant   to this Agreement shall be subject to compliance with all applicable laws, rules, and   regulations, and to compliance with all applicable provisions of the Company's   Certificate of Incorporation, as amended, and By-Laws, as amended.   11. General Provisions.   (a) Notices.  Any notice to Grantee relating to this Agreement shall be in writing and   delivered in person or by mail, fax, or email transmission to the address or   addresses for Grantee on file with the Company.  Any notice to the Company     

 

 4   relating to this Agreement shall be in writing and shall be delivered to the   Company at its principal office, and be specifically directed to the attention of the   Corporate Secretary.  Anyone to whom a notice may be given under this   Agreement may designate a new address by notice to that effect pursuant hereto.   (b) Entire Agreement.  This Agreement and the Plan contain the entire agreement and   understanding of the parties relating to the subject matter hereof and supersede   any prior agreements or understandings with respect thereto.   (c) Benefits of Agreement.  This Agreement shall inure to the benefit of and be   binding upon the Company, its successors, and assigns, and Grantee and   Grantee’s heirs, devisees, and legal representatives.  In the event of Grantee’s   death or a judicial determination of Grantee’s incompetence, references in this   Agreement to Grantee shall be deemed to refer to Grantee’s legal representatives,   heirs, or devisees, as the case may be.   (d) Resolution of Disputes.  Any dispute or disagreement that arises under, or is a   result of, or in any way relates to, the interpretation, construction, or applicability   of this Agreement shall be resolved as determined by the Plan Administrator.    Any determination made hereunder shall be final, binding, and conclusive for all   purposes.   (e) Governing Law.  This Agreement shall be construed and governed in accordance   with the laws of the State of Colorado, excluding any conflicts or choice of law   principles which might otherwise result in construction or interpretation of the   Agreement under the substantive law of another jurisdiction; provided, however,   that all corporate law matters with respect to the Company shall be governed by   the Delaware General Corporation Law.   (f) Incorporation of Plan by Reference; Controlling Document.  The provisions of the   Plan are hereby incorporated by reference into this Agreement.  In the event of   any inconsistency between this Agreement and the Plan, the Plan shall control.   (g) Amendments.  This Agreement may be amended only by a written instrument   executed by both the Company and Grantee.   (h) No Right Under This Agreement or Plan to Continued Employment.  Nothing   contained in this Agreement or the Plan shall confer on Grantee any right to   continue to be employed by the Company or any subsidiary thereof, or shall limit   the Company’s right to terminate the employment of Grantee at any time;   provided, however, that nothing contained in this Agreement shall affect any   separate contractual provisions that exist between Grantee and the Company or its   subsidiaries with respect to the employment of Grantee.   (i) Personal Data.  Grantee hereby consents to the collection, use, and transfer, in   electronic or other form, of Grantee’s personal data as described in this   Agreement by and among, as applicable, the Company and its affiliates for the   exclusive purpose of implementing, administering, and managing Grantee’s     

 

 5   participation in the Plan.  The Company holds, or may receive from any agent   designated by the Company, certain personal information about Grantee,   including, but not limited to, Grantee’s name, home address, personal telephone   number, date of birth, social security insurance number or other identification   number, salary, nationality, job title, any shares of Common Stock held, and   details of this Award and any other rights to shares of Common Stock awarded,   canceled, exercised, vested, unvested, or outstanding in Grantee’s favor, for the   purpose of implementing, administering, and managing the Plan, including   complying with applicable tax and securities laws (the “Personal Data”).  The   Personal Data may be transferred to any third parties assisting in the   implementation, administration, and management of the Plan.  Grantee authorizes   such recipients of the Personal Data to receive, possess, use, retain, and transfer   the Personal Data, in electronic or other form, for the purposes described above.    Grantee may, at any time, view the Personal Data, request additional information   about the storage and processing of the Personal Data, require any necessary   amendments to the Personal Data, or refuse or withdraw the consents herein, in   any case without cost, by contacting the Corporate Secretary of the Company in   writing.  Any such refusal or withdrawal of the consents herein may affect   Grantee’s ability to participate in the Plan.   (j) Electronic Delivery of Documents.  The Company may, in its sole discretion,   deliver any documents related to this Award, or any future awards that may be   granted under the Plan, by electronic means, or request Grantee’s consent to   participate in the Plan or other authorizations from Grantee in connection   therewith by electronic means.  Grantee hereby consents to receive such   documents by electronic delivery and, if requested, to participate in the Plan   through an on-line or electronic system established and maintained by the   Company or another third party designated by the Company.   (k) Receipt of Award and Related Documents.  Grantee hereby acknowledges the   receipt, either directly or electronically, of the Award, a copy of the Plan, and a   prospectus for the Plan.   (l) Execution in Counterparts; Delivery of Signatures.  This Agreement may be   executed in counterparts, and executed signature pages may be delivered by email   or fax transmission.  Execution of a written instrument for this Agreement may be   evidenced by any appropriate form of electronic signature or affirmative email or   other electronic response attached to or logically associated with such written   instrument, which is executed or adopted by a party with an indication of the   intention by such party to execute or adopt such instrument for purposes of   execution thereof.      *     *     *     *     *   [Signature page follows]     

 

 6      IN WITNESS WHEREOF, the Company and Grantee have executed this Restricted   Stock Award Agreement, effective as of the Grant Date set forth in Section 3 hereof.   COMPANY:      MAGELLAN PETROLEUM CORPORATION,   a Delaware corporation      By: ____________________________________   Printed Name: ___________________________   Title: __________________________________   Date signed: ____________________________         GRANTEE:      Signature: ______________________________   Printed Name: __________________________   Date Signed: ___________________________        

 

 7      Annex I   STOCK POWER   FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto Magellan   Petroleum Corporation, a Delaware corporation (the “Company”), [___________] shares of   common stock, $0.01 par value per share, of the Company, registered in the name of the   undersigned on the books and records of the Company, and does hereby irrevocably constitute   and appoint the Corporate Secretary of the Company as attorney to transfer the said stock on the   books of the Company, with full power of substitution in the premises.      Signature: _________________________________   (signature must correspond exactly to   the name on the stock certificate)   Printed Name: _____________________________   Date Signed: ______________________________e10-76nonqual

Exhibit 10.76   MAGELLAN PETROLEUM CORPORATION   NONQUALIFIED STOCK OPTION AWARD AGREEMENT      This Nonqualified Stock Option Award Agreement (the “Agreement”) is made effective   as of the grant date set forth in Section 3 below (the “Grant Date”) between Magellan Petroleum   Corporation, a Delaware corporation (the “Company”), and [__________________________]   (the “Optionee”), to whom a Nonqualified Option (the "Option") Award has been granted under   the Company's 2012 Omnibus Incentive Compensation Plan (the “Plan”).   Pursuant to the terms and conditions of the Plan and this Agreement, as of the Grant Date   the Company has granted the Option Award set forth herein to Optionee.  Capitalized terms used   but not defined in this Agreement shall have the meanings given to them in the Plan.   1. Grant of Option.  The Company has granted to Optionee the right and option to purchase   from the Company, at the exercise price set forth in Section 3 below (the "Option Price"),   all or any whole number portion of the aggregate number of shares (the "Shares") of   Common Stock set forth in Section 3 (with such grant sometimes hereinafter referred to   as the "Award").   2. Terms and Conditions.  The Option 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.  The Option shall expire on the expiration date set forth in   Section 3 below; provided, however, that:   (i) Termination of Service for Cause.  In the event of a Termination of   Service of Optionee by the Company for Cause (as defined in the Plan),   the Option, to the extent vested but not previously exercised, shall   terminate and be forfeited (without value) to the Company immediately   upon such Termination of Service for Cause.   (ii) Other Termination of Service.  In the event of a Termination of Service of   Optionee for any reason other than a Termination of Service described in   Section 2(a)(i) above or in Section 2(a)(iii) below, Optionee may exercise   the vested portion of the Option (unless previously terminated or   exercised) at any time until the earlier of: (A) the tenth (10th) anniversary   of the Grant Date; or (B) the expiration of twelve (12) months from the   last business day of the calendar month in which such Termination of   Service of Optionee occurred.   (iii) Termination of Service by Death or Disability.  In the event of a   Termination of Service of Optionee due to death or Disability (as defined   below) of Optionee, the vested portion of the Option (unless previously   terminated or exercised) may be exercised (but only to the extent     

 

 2   exercisable by Optionee as of the date of Optionee’s death or Disability)   within the one (1) year period following Optionee’s death or Disability,   but in no event later than the tenth (10th)  anniversary of the Grant Date,   by the person or persons designated in Optionee’s will for that purpose, or,   in the absence of any such designation, by the legal representative of   Optionee’s estate, or by Optionee or Optionee’s legal representative, as the   case may be.  For purposes of this Agreement, the term “Disability” shall   mean a permanent and total disability as defined in Section 22(e)(3) of the   Code.   (b) Exercise of Option.  To the extent vested, the Option may be exercised in whole   or in part from time to time by providing written notice of such exercise, in a form   of such notice specified by the Company, to the Corporate Secretary of the   Company at the Company’s principal office ten (10) days prior to the date of   exercise.  Any exercise of the Option must be for a whole number of Shares, and   no fractional Shares may be issued or otherwise result from any exercise of the   Option.  No Shares shall be issued or delivered pursuant to any exercise of the   Option until full payment of the Purchase Price for such Shares pursuant to such   exercise, and applicable withholding taxes, if any, has been made.  The Company   has provided that payment of all amounts due upon exercise (the Purchase Price   and any applicable withholding taxes) may be made by any combination of the   following methods:   (i) by cash, check, bank draft, or money order payable to the Company;    (ii) pursuant to a broker-assisted cashless exercise program approved by the   Company that, prior to the issuance of the Common Stock subject to the   Option, results in delivery of a properly executed exercise notice together   with irrevocable instructions to a broker approved by the Company to   promptly deliver to the Company sufficient proceeds from the sale of   Common Stock to pay the aggregate Purchase Price and any applicable   withholding taxes;   (iii) by delivery to the Company (either by actual delivery or attestation   presenting satisfactory proof of beneficial ownership of such Common   Stock) of shares of Common Stock already owned by Optionee, with the   Fair Market Value of such Common Stock as delivered to be determined   as of the day of exercise; or   (iv) by a “net exercise” arrangement pursuant to which the Company will   reduce the number of shares of Common Stock issued upon exercise by   the largest whole number of shares with a Fair Market Value (determined   as of the same day as the exercise of the Option) that does not exceed the   aggregate Purchase Price; provided, however, that the Company shall   accept a cash or other payment from Optionee to the extent of any   remaining balance of the aggregate Purchase Price not satisfied by such   reduction in the number of whole shares of Common Stock to be issued;     

 

 3   provided, further, that shares of Common Stock will no longer be   outstanding under an Option and will not be exercisable thereafter to the   extent that (A) shares are used to pay the Purchase Price pursuant to the   “net exercise,” (B) are delivered to Optionee as a result of such exercise,   and (C) shares are withheld to satisfy tax withholding obligations.   (c) Tax Withholding.  The Company may make such provisions and take such steps   as it deems necessary or appropriate for the withholding of any taxes that the   Company is required by law or regulation of any governmental authority, whether   federal, state, or local, to withhold in connection with the Option or Shares subject   to this Agreement.  Optionee shall pay to the Company, upon notice of the   amount due, any withholding taxes payable with respect to any exercise of the   Option or any other transaction in connection with the Option or Shares subject to   this Agreement, which payment may be made by any appropriate combination of   the methods set forth in Section 2(b) above.   (d) Vesting.  Provided that a Termination of Service of Optionee has not occurred on   or before the following respective vesting dates, and subject to the other   provisions of this Agreement, the Option shall vest and become exercisable as   follows:   (i) one-third of the Option ([________] Option Shares) shall vest and become   exercisable on [___________];   (ii) an additional one-third of the Option ([________] Option Shares) shall   vest and become exercisable on [___________]; and   (iii) the remaining one-third of the Option ([________] Option Shares) shall   vest and become exercisable on [___________].   (e) Adjustments Upon a Change of Control and Termination Without Cause or for   Good Reason.  In the event that a Change of Control (as defined in the Plan)   occurs with respect to the Company, then any portion of the Option which   remains outstanding and is not then otherwise vested and exercisable shall   become fully vested and exercisable upon the termination of Optionee’s   employment with the Company or a Subsidiary without Cause or for Good   Reason (as defined in the Plan) during the Applicable Period (as defined in the   Plan).   (f) Transferability of Option.  Subject to Section 2(a)(iii) above, the Option shall be   transferable only through a gift or domestic relations order to immediate family   members of Optionee in accordance with Section 7.3(f) of the Plan.   (g) Stockholder Rights.  Optionee shall have no rights as a stockholder with respect to   any Shares subject to the Option prior to the date that such Shares are issued to   Optionee upon the exercise of the Option.     

 

 4   (h) Compliance with Laws and Regulations.  The Option and the issuance of Shares   pursuant to any exercise of the Option pursuant to this Agreement shall be subject   to compliance with all applicable laws, rules, and regulations, and to compliance   with all applicable provisions of the Company's Certificate of Incorporation, as   amended, and By-Laws, as amended.   3. Option Data:   Optionee’s Name:  [_____________________]   Optionee’s Address: [_____________________]    [_____________________]   Number of Shares   Subject to Option: [_________]   Grant Date: [_________]   Exercise Price per Share: $[_________]   Expiration Date: [_________]   4. Adjustments Upon a Change in Capitalization.  In the event of a Change in Capitalization   (as defined in the Plan) that is not also a Change of Control, the Plan Administrator shall   make such proportionate adjustments, if any, as it determines are appropriate and   equitable, and to the extent such an action does not conflict with the Delaware General   Corporation Law or other applicable laws or securities exchange rules, to the number and   class of shares of Common Stock which are subject to the Option and the Option Price   therefore.   5. General Provisions.   (a) Notices.  Any notice to Optionee relating to this Agreement shall be in writing   and delivered in person or by mail, fax, or email transmission to the address or   addresses for Optionee on file with the Company.  Any notice to the Company   relating to this Agreement shall be in writing and shall be delivered to the   Company at its principal office, and be specifically directed to the attention of the   Corporate Secretary.  Anyone to whom a notice may be given under this   Agreement may designate a new address by notice to that effect pursuant hereto.   (b) Entire Agreement.  This Agreement and the Plan contain the entire agreement and   understanding of the parties relating to the subject matter hereof and supersede   any prior agreements or understandings with respect thereto.   (c) Benefits of Agreement.  This Agreement shall inure to the benefit of and be   binding upon the Company, its successors, and assigns, and Optionee and   Optionee’s heirs, devisees, and legal representatives.  In the event of Optionee’s   death or a judicial determination of Optionee’s incompetence, references in this     

 

 5   Agreement to Optionee shall be deemed to refer to Optionee’s legal   representatives, heirs, or devisees, as the case may be.   (d) Resolution of Disputes.  Any dispute or disagreement that arises under, or is a   result of, or in any way relates to, the interpretation, construction, or applicability   of this Agreement shall be resolved as determined by the Plan Administrator.    Any determination made hereunder shall be final, binding, and conclusive for all   purposes.   (e) Governing Law.  This Agreement shall be construed and governed in accordance   with the laws of the State of Colorado, excluding any conflicts or choice of law   principles which might otherwise result in construction or interpretation of the   Agreement under the substantive law of another jurisdiction; provided, however,   that all corporate law matters with respect to the Company shall be governed by   the Delaware General Corporation Law.   (f) Incorporation of Plan by Reference; Controlling Document.  The provisions of the   Plan are hereby incorporated by reference into this Agreement.  In the event of   any inconsistency between this Agreement and the Plan, the Plan shall control.   (g) Amendments.  This Agreement may be amended only by a written instrument   executed by both the Company and Optionee.   (h) No Right Under This Agreement or Plan to Continued Employment.  Nothing   contained in this Agreement or the Plan shall confer on Optionee any right to   continue to be employed by the Company or any subsidiary thereof, or shall limit   the Company’s right to terminate the employment of Optionee at any time;   provided, however, that nothing contained in this Agreement shall affect any   separate contractual provisions that exist between Optionee and the Company or   its subsidiaries with respect to the employment of Optionee.   (i) Personal Data.  Optionee hereby consents to the collection, use, and transfer, in   electronic or other form, of Optionee’s personal data as described in this   Agreement by and among, as applicable, the Company and its affiliates for the   exclusive purpose of implementing, administering, and managing Optionee’s   participation in the Plan.  The Company holds, or may receive from any agent   designated by the Company, certain personal information about Optionee,   including, but not limited to, Optionee’s name, home address, personal telephone   number, date of birth, social security insurance number or other identification   number, salary, nationality, job title, any shares of Common Stock held, and   details of this Award and any other rights to shares of Common Stock awarded,   canceled, exercised, vested, unvested, or outstanding in Optionee’s favor, for the   purpose of implementing, administering, and managing the Plan, including   complying with applicable tax and securities laws (the “Personal Data”).  The   Personal Data may be transferred to any third parties assisting in the   implementation, administration, and management of the Plan.  Optionee   authorizes such recipients of the Personal Data to receive, possess, use, retain, and     

 

 6   transfer the Personal Data, in electronic or other form, for the purposes described   above.  Optionee may, at any time, view the Personal Data, request additional   information about the storage and processing of the Personal Data, require any   necessary amendments to the Personal Data, or refuse or withdraw the consents   herein, in any case without cost, by contacting the Corporate Secretary of the   Company in writing.  Any such refusal or withdrawal of the consents herein may   affect Optionee’s ability to participate in the Plan.   (j) Electronic Delivery of Documents.  The Company may, in its sole discretion,   deliver any documents related to this Award, or any future awards that may be   granted under the Plan, by electronic means, or request Optionee’s consent to   participate in the Plan or other authorizations from Optionee in connection   therewith by electronic means.  Optionee hereby consents to receive such   documents by electronic delivery and, if requested, to participate in the Plan   through an on-line or electronic system established and maintained by the   Company or another third party designated by the Company.   (k) Receipt of Award and Related Documents.  Optionee hereby acknowledges the   receipt, either directly or electronically, of the Award, a copy of the Plan, and a   prospectus for the Plan.   (l) Execution in Counterparts; Delivery of Signatures.  This Agreement may be   executed in counterparts, and executed signature pages may be delivered by email   or fax transmission.  Execution of a written instrument for this Agreement may be   evidenced by any appropriate form of electronic signature or affirmative email or   other electronic response attached to or logically associated with such written   instrument, which is executed or adopted by a party with an indication of the   intention by such party to execute or adopt such instrument for purposes of   execution thereof.      *     *     *     *     *   [Signature page follows]         

 

 7   IN WITNESS WHEREOF, the Company and Optionee have executed this Nonqualified   Stock Option Award Agreement, effective as of the Grant Date set forth in Section 3 hereof.   COMPANY:      MAGELLAN PETROLEUM CORPORATION,   a Delaware corporation      By: ____________________________________   Printed Name: ___________________________   Title: __________________________________   Date signed: ____________________________         OPTIONEE:      Signature: ______________________________   Printed Name: __________________________   Date Signed: ___________________________

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